However, things have changed now. Today, staying safe from scam forex brokers is much easier. It only takes a few minutes to look up general information on independent reviewers' websites like WikiFX and confirm whether the broker is worth your investment. This article brings your attention to a suspicious broker 70Trades.
70Trades – A Quick Review
70Trades (https://70trades.com/) is an offshore forex broker founded in 2016. The company offers retail trading services across various asset classes, such as stocks, commodities, currencies, and indices. While the broker's proprietary web-based platform allows clients to access financial markets online, the company also provides a mobile trading app to facilitate on-the-go investors. Customer support is available in multiple languages via telephone, email, and live chat. Other features include online trading classes, market news and updates, professional analysis, and occasional webinars.
Is 70Trades Regulated？
70Trades is the brand name of Securcap Securities Limited, based in Seychelles. The broker operates under the authorization of Seychelles Financial Services Authority with License (Seychelles FSA) No. SD012. And it isn't registered or regulated anywhere else.
What do people say about 70Trades？
Clients have rated the company as one of the worst brokers available. The company receives criticism for its daunting high-pressure marketing tactics and the disappearance of funds from accounts.
Investors have also reported withdrawal issues with the company and voiced their displeasure concerning its poor customer support. Let us share some screenshots from a few other independent reviewers' websites.
What Makes 70Trades a Suspicious Broker？
It is invalid to assert that a broker is a dishonest concern without solid proof. So here are the signs that should be enough to confirm that 70Trades is a suspicious broker:
First, about the regulation – the Seychelles FSA is an offshore regulator. The minimum license capital requirement for brokers is US$50,000, and the application fee is US$2,500. Depending on the type of license, it generally takes 6 to 18 months to obtain a license. Overall, regulation in Seychelles is not very strict.
Second, not any third-party trading platforms like MT4, MT5, and cTrader are offered by the company. So clients have to trade with the custom-built web terminal or mobile app, carrying certain risks.
Third, a client complained that he or she was subjected to pressure-oriented marketing tactics used by the company to lure him or her into “false profitable trades”. At the same time, clients were also dissatisfied with the account inactivity fee of up to $500 and believed that the broker cares nothing about clients' feelings but making money.
In addition, negative customer feedback on several websites speaks ill of 70Trades. On WikiFX, the company is only rated 4.7 out of 10 stars. 1.083/5 rate on a forex forum and 71% of negative feedback on a review website shed enough light on the broker's affairs and reputation.
Why are customers complaining about this broker？
The company follows up via email or telephone after you sign up and asks for deposits. The marketing staff pretends to be your dedicated account manager and lies to get you to add money to your account.
When you fund your account and start placing trades, the broker manipulates prices and lets you win a few bets. According to some clients, it even allows you to withdraw small funds from your account.
Clients believe that the company does this on purpose, and that's nothing else but to gain your trust and get you to add more funds to your account. However, when you appear to have funded your account up to the maximum extent. It starts playing against you. You start losing most of your trades, and your account balance vanishes quickly. The broker barely answers your calls or reply to your emails afterwards.
Bottom Line
It is not very recommended to trade with 70Trades.
Remember, the forex market is full of unreliable brokers. Therefore, you need to be extra cautious while selecting a broker. Checking reviews about brokers on WikiFX may save you from inconvenience.
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