70 Trades is a fairly recent broker that is owned by Commodius FX Ltd., which is registered as a broker in Vanuatu. And this is exactly one of the few things we don’t like about this broker.
In case you don’t know, Vanuatu is a small off-shore paradise and has been one of the favorite places for dishonest Forex brokers to open their doors. Please notice we are not saying they are a fraud as well as we are not saying every company registered in Vanuatu is a fraud. However, we advise you to pay attention to this fact: they only needed $2,000 to open a new brokerage there. So, this kind of lack of strictness ends up affecting the entire island reputation as well as all the legit companies based there. But this doesn’t mean that 70 Trades is a scam broker.
When you are looking for a good Forex broker, you need to make sure the one that you choose complies with the regulations. For example, in Australia, when you want to register a broker, you need to register it under the Australian ASIC. This will make sure that your client’s funds will be protected since the broker needs to have them in segregated accounts. Plus, you do need a lot more than just $2,000 to open your own broker in Australia. You actually need AUD 1 million in capital holdings just as a sign of good will.
So, what does 70 Trades offer you? What do you need to open an account with them?
– Minimum Initial Deposit:
Every broker usually has a minimum initial deposit and 70 Trades is no different. Their minimum is $200. When you compare it with other Forex brokers, they are asking more to open an account with them.
– Average Commissions & Spreads:
When you trade Forex using 70 Trades you will have fixed spreads. As you know, one of the currency pairs that usually has a smaller spread is the EUR/USD since it is the one that has more transactions. 70 Trades has a 3 pips spread for the EUR/USD which is more than most other Forex brokers. However, they have the advantage of having fixed spreads. So, when there is volatility, you’ll find easier to execute your orders.
This is usually one of the features that generally attracts most Forex traders. At 70 Trades, you have a 1:200 leverage which is the average between Forex brokers.
– Trading Platforms:
If you already trade Forex for some time and you’re used to using MetaTrader, you’re going to miss it a bit. However, 70 Trades has their own trading platform – the PROfit trading platform. Even though you might feel a bit strange, the platform is highly intuitive and easy to use. So, you won’t have any problems adapting to it.
– Payment Methods:
In what concerns to payment methods, 70 Trades allows you to use a few. They include credit and debit cards, typical bank transfer, and e-wallets like Weboney, Netteller, and Skrill.
Even though there are some things we would prefer to be different like their registration country, the fact is that 70 Trades offers you a lot of features including a great trading platform.