Seychelles based foreign exchange broker gives access to three different trading accounts. The affordable minimum investment is needed to access the basic Entry Level account that facilitates max leverage of 1:200 and fixed spreads of 3 pips. However, it is established on the overseas country and claims to be regulated by Cyprus based financial watchdog with several serious issues. All of them will be covered in this appropriate and unbiased 70Trades review. Better not to forget to read it completely.
Three offered account types are Entry Level, Advanced, and Pro. The broker claims to offer to trade on a basic account by deposition of $200 only. What investment is needed to operate another trading account is not shown on the official website. The broker claims to be situated on the islands of Seychelles and regulated under the license of Cyprus based regulation on the name of Wanakena LTD. The broker allegedly claims to provide a large list of trading assets including Commodities, Stocks, Cryptocurrencies, Forex, and Indices.
The trading condition of 70Trades is not that competitive. As mentioned above higher leverages and spreads are offered on highly paid trading accounts. The leverages above 1:100 are blocked in controlled trading markets. Also, spreads of 3 pips are very much on the higher sides and sufficient to shoot up the overall cost of trading. The broker 70Trades offer a PROfit trading terminal. It does offer charts that have relatively low information. It does not come with attractive features like EA, Auto Trading, Multiple Account Support and more.
It applies several charges on the inactive accounts. If account is inert for three months then $500 are charged. Also, the trader must be active for 45 days if it misses any day of trading it is applied a penalty and all the funds in the account will be frozen. It only accepts payment via the United State Dollar. Many payment options are provided to its clients including 3D secure, many electronic wallets including Neteller and Skrill, also credit cards and wire transfer is supported.
Is 70Trades scam or legit?
The forex broker 70Trades has a baffling corporate structure. Its claims can not be validated and it fakes its regulation. Trading conditions and minimum investments are higher than what is anticipated by traders. Instead of MT, a PROfit trading platform is offered. All of this leads us to believe that the broker is a potential scam broker 2020.