70 Trades is an online broker owned by Commodius FX Ltd, which is officially located at Law Partners House in Vanuatu. They offer CFD trading on stocks, currency pairs, commodities, and indices, and are authorized by the Vanuatu Financial Services Commission (VSFC).
Why 70 Trades is Unique?
70trades has a unique trading platform known as PROfit. This great platform is available on mobile and web-based versions and offers investors a variety of trading assets including market indices, bonds, currencies, commodities, crypto, and shares. Since most of the potential traders come from India, the United Arab Emirates, Qatar, and South Africa, the 70Trades website is available in English, Arabic, Spanish, and Italian.
When 70Trades entered the forex trading scene, its priority was to simplify the trading process for novices. So the platform is structured in such a way that you can register and trade successfully on the platform no matter your level of expertise. Whether you are a beginner, advanced level trader, or a professional, the 70trades platform is suitable for you.
However, the broker offers even more. Not only is its platform suitable for people with little to no experience, but 70Trades also provide 24/6 customer support. The customer service is in all the previously mentioned languages. Also here you can find a free demo account to practice your trading skills.
Security of Deposits
Many persons are concerned that the island of Vanuatu where 70Trades is registered is a hotbed for scammers and dishonest forex brokers, and rightfully so. However, this does not mean that all companies registered at this location are scammers.
The requirement for an initial deposit at 70Trades is $200. Though you can invest as much as you decide, for the beginners it would be ideal to start trading with the minimum amount.
70Trades is unique because of the many things they offer potential traders that other forex brokers do not. But this does not mean they are fraudulent in any way. They are a reliable broker with the main objective of helping traders of different experience levels achieve success.
70Trades is dedicated to providing investors with a safe, informative environment in which to trade. The goal of this company from its fruition is to make a change in the world of investing in currencies and shares online. 70Trades built their platform by keeping in mind that they wanted an easy experience for beginner traders and those who do not have much experience.
To attain that goal, 70Trades put in a lot of time and effort to research the best course of action. The culmination of that research and testing provided 70Trades with the number 70 (hence 70Trades).
What is so important about the number 70? Through their research, the people who would become 70Trades team found that seventy is the average number of trades that an investor needs to make before they can say with certainty that they know how to trade.
70Trades now works with investors with a range of experience to offer a premier trading experience. This is a deep dive into exactly what this platform has to offer and the encounter that a new trader can expect from 70Trades.
Regulations
70Trades is owned and regulated by Commodius FX Ltd / Wanakena Ltd located at Law Partners House, Kumul Highway, Port Vila, Vanuatu. The regulations that 70Trades’ parent company instills is strictly followed by their flagship business.
70Trades cares about the wellbeing of their customers and therefore, they want to do their absolute best to give every one of their investors the best chance at building a profitable trading portfolio.
Leverage Options
70Trades covers all the leverage options that are expected of them, from Forex to a few different types of CDFs. Here are all the leverage options that 70Trades has to offer their investor clients:
- Foreign Exchange currency trading (Forex): 1:200
- Commodities trading: 1:200
- CFD on Indices: 1:100
- CFD on Shares: 1:10
- 5 Protected Positions: 1:20
These leveraging options are average, which certainly isn’t a bad thing. It could be worrisome to investors if their leverage was in the 400s or the 500s because that would mean the investors would be taking on a big risk. So, with this average leverage, investors from all disciplines can rest assured that they could make some good money but they are not overextending their luck and experience in the trading market to do so.
Trading Assets
70Trades does not offer a lot of trading assets but what they do offer covers a broad spectrum of opportunity. These particular trading assets appeal to a lot of different types of investors:
- CDFs
- Commodities
- Stocks
- Indices
- Bitcoin
Trading Commissions and Fees
Trading commissions and fees can easily overwhelm an investor, especially if they are new to trading. Fortunately, the trading commissions and fees that are charged by 70Trades are simplified, comprehensive, and to the point. These are the costs associated with 70Trades:
- A Rollover Fee is charged at 0.02% of the overnight exposure on CFDs (Indices, Currencies, Stocks, and Commodities) and 0.1% on CFDs (Cryptocurrencies) due to high volatility.
- An inactivity fee for the absence of any trading activity for a period of at least three (3) months will be $100 USD per month, to be charged on a quarterly basis.
Deposit Conditions
70Trades gives its investors a host of different, reliable, safe, and secure deposit methods to choose from. That way, the investor can pick a deposit method that they are comfortable with. These are all the deposit options that are available for 70Trades investors:
- Direct Debit / Credit Cards
- Skrill / Moneybookers
- NETTELLER
- Webmoney
- Wire Transfer
Withdraw Conditions
In addition to offering a lot of deposit methods, 70Trades also recently simplified their withdrawal process. Here are the simplified withdraw conditions:
Step 1: Log in to the trading platform and register your withdrawal request.
Step 2: Send the payments department the following documents via email customer.service@70trades.com:
- A copy of your passport, I.D. or driver’s license (Front and back.)
- A recent utility bill dated within the last six months, bank or credit card statement, and a current local authority tax bill. (Please provide the entire document.)
- The entire 70trades agreement – hand signed and dated.
*Please Note: For investors who use a credit/debit card for funding your account, to withdraw funds, you must provide 70Trades with a copy of the card you used to make a deposit. (Front and back.)
Tools for trading
There are many educational opportunities and useful tools available for 70Trades investors. However, these tools are the most unique and intriguing tools for a broker platform to provide:
Portfolio Builder
This portfolio builder provides potential investors with a breakdown of exactly what types of trading assets they should invest in, based on their age, investment budget, and risk level comfortability.
Coaching
The coaching lessons that are available through 70Trades go far beyond working at different experience levels. The different coaching opportunities are so finite, investors can choose which type of trading assets they would like to learn about.
Pros
- 70Trades offers an abundance of resources for investors, who have traded on all different levels.
- This broker provides investors with a unique approach to trading by catering to different levels of expertise. While there are usually some references for different skill levels available on broker’s websites, 70Trades has built their entire platform around these resources.
- 70Trades offers much easier and more selective deposit and withdrawal methods than other brokers.
Cons
- For a broker that has gone over and beyond what is expected to attract investors of greatly different experience levels, much of their 70Trades are mediocre at best. There is a lot of resources there but the actual offerings are far outweighed by the educational material.
- 70Trades is owned and regulated by the same company. That could be completely fine. However, that is something that could make a lot of potential investors uncomfortable.
Conclusion
70Trades is a good option for investors that have experience in trading as well as those that are just starting out. The platform is ripe with educational material and tools to assist investors from all different trading backgrounds.
Ultimately, 70Trades set out with the goal of creating a better online trading option for investors. While 70Trades might not be the right broker for you, their wealth of information, and dedication to their craft makes them a promising contender in any investor’s search for a reliable trading platform.
Useful links, related to forex and 70trades
What is a forex company? (Wikipedia)
70trades official website – 70trades.com
Our advice about forex and trading
Last update: 14.07.2020
70Trades: Reviews and Forum 