70Trades Review 2023: Broker Operating Out of Offshore Haven
The online forex and CFD broker 70Trades operates out of Vanuatu. Their operations there are handled by the parent company, Commodius FX Ltd. The broker first began offering financial services in 2016. The broker has a license with the Vanuatu Financial Services Commission, but that isn’t saying much.
The small island nation in the Pacific is a known haven for companies trying to avoid strict rules elsewhere. Because of the prevalence of non-compliant companies, the European Union has added Vanuatu to its ongoing blacklist of non-cooperative jurisdictions.
|Regulated by:||No regulation|
|Supported Platforms:||web trader|
|Types of Assets:||FX, indices, shares, commodities, bonds|
70 Trades Complaints
Much like similar offshore broker Eurotrader, the broker has built up a negative reputation among their former clients. Generally, the most prominent 70 Trades complaints are being unable to process withdrawals and the general lack of security when doing business with an offshore broker. Without a competent financial regulator reigning in the broker’s conduct, traders are left without substantial means to recover their funds without external help.
Trading With 70Trades
Even without the 70Trades scam allegation from their past clients, traders don’t have much reason to choose this broker. The broker’s spreads are incredibly high, ruling out any chance of competitive trading. The standard EUR/USD pair runs at about 3 pips. Ideally, traders would want a broker that offers as close to 1 pip as possible. At over three times that 70Trades doesn’t stand a chance.
The trading environment with the broker is incredibly poor across the board. Instead of offering the standard MetaTrader 4 that every trader knows and loves, the broker has their own platform called PROfit. This platform doesn’t have the variety of features that traders need to succeed because it lacks in both technical indicators and automated trading tools.
Setting up an Entry Level account with the broker requires a minimum deposit of $200, slightly lower than average. The broker also has Advanced and Pro accounts available. They offer leverage of 1:200 for all accounts, many times beyond the ESMA safe limit of 1:30.
Let Our Team Recover Your Funds
The international status of Vanuatu as an offshore haven should be enough to deter traders from choosing a broker there. Some traders persist because they hope that by avoiding the rules, they stand to benefit. It’s only the scam broker who will benefit. You can contact us today to develop a strategy to recover your funds from an offshore broker that won’t let you make a withdrawal.
What is 70trades?
70trades is an online trading brokerage with no regulation.
Is 70trades a scam?
Since the broker has no regulation, it operates illegally. Based on that, we can say it is conducting a scam by providing financial services unlicensed.
Is 70trades regulated?
No, the broker does not have a regulation whatsoever about its work.