Now that you have ventured into forex trading, you need a broker that will act as a medium of exchange with the forex market. You’ve made the best decision by chosen 70trades as your ideal broker. But you shouldn’t wet your feet blindly. You must arm yourself with the right information to climb the investment ladder.
We’ve got a detailed guide to take you through 70trades and know what is expected from both of you. Remember, this is a collaboration, and both parties should play their parts.
How 70trades operate
Unlike other forex brokers on the web, forex uses one of the least popular trading software called PROfit. The platform is straightforward to adapt to and use. That’s why it is the go-to platform for newbies.
The software possesses features like shares, market indices, bonds, built-in currencies, and commodities.
Since trading is a volatile venture, pouncing in it without a plan is unwise. However, most brokers don’t have programs to introduce newbies; hence, they end losing loads of cash. It’s the reason why they allow you to trade with as little as $50. For 70trades, the least amount of money you can start with is $200. Don’t let the figure fool you; they have a way of compensating for this high requirement.
The broker has a demo account for starters. You use the account to practice investing and familiarizing yourself with forex trading. Some of the things you’ll learn with the demo account are making investment decisions and getting acquainted with master techniques. When you are good to go, you can throw in your $200 and practice what you learnt in the demo.
One of the characteristics that make 70trades stand out is having a traders’ protection policy that prevents any negative balance. It’s one of the most common trading challenges that traders face, and you can end up losing more than what you expected to receive.
Forex trade advisers and experts stress on this issue. Not all the forex brokers do this while still allowing you to trade in the platform.
Earning and Withdrawing Money
You ventured into forex trading for money. It doesn’t come easy, and your strategies must be right. Plus, you must know your time to drop down from the business.
The maximum ratio leveraging the risk factor for your transactions is about 1:200. On such immense proportions, you can either make big wins or big losses. Since you don’t know what to expect, you can consider it a high risk.
Once you’ve started earning money, the only thing that remains is withdrawing it. The platform doesn’t have issues here, but you need to get everything right.
For instance, you must have a valid bank account and successfully initiating a withdrawal request. Whether you are using PayPal, WebMoney, skrill, Bitcoin, or credit card, you are good to go.
Summary of 70trades features
You should first know that what 70trade offers is more than what you’ll get from other competitors out there. Why? Here are some features to prove that point.
As much as their platform layout is not the typical MetaTrader 4, it isn’t hard to get the hang of it. You will find this new or strange altogether, but you’ll love the experience of cruising through the platform. The first thread starts at 3 pips which can only work in the USD/EUR pair. When compared to the brokers in the industry, this might sound high, but remember that you already got a free demo and got trained.
The platform also offers professional advice from experts if you want to delve deeper into the forex market. They have divided the class into 3, the beginner intermediate and expert levels. All the classes have different bouquets which grow as you go up the ranks. By the time you’ve set foot on the expert level, you’ve got ideas on risk management, technical forex trade strategies, and analysis.
Whether you are an expert or beginner in forex trading, 70 trades offer you a good platform to try out your luck. The free guides and tips you will get are golden opportunities that traders using other forex brokers envy. So don’t waste your time, use it while you still can.