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How To Choose The Best Forex Broker

Even though Forex broker scams are less common nowadays, they still exist. So, as always, it is better to be safe than sorry.

Before you actually choose a Forex broker, you need to take some steps that will ensure you that you are making business with a reputable company.

#1: Since you probably already have a list of the best Forex brokers (according to your search), the first thing you need to do is to find online reviews about them. However, not all reviews are the same. You will find reviews where the website owner is trying to get his affiliate commission when you open an account with that specific broker, there are others from people who made bad trading decisions and are now blaming the broker, and there are even reviews from brokers that appear under individual names.

#2: Your list is probably decreasing in size which is a good thing. So, now, you need to find out if any of the Forex brokers that are still on your list have any outstanding legal actions against them.

#3: Within your search, you will probably find many people complaining about numerous things. One of the red flags that you really need to spot is if any of these things include difficulty in withdrawing funds. If you find someone complaining about it, try to reach out the user and ask him about the entire situation.

#4: When it is time to finally open your account, make sure that you print all the contracts that you need to sign and read them carefully. Some of the things that you need to be particularly careful about is about bonuses for opening an account as well as withdraws. In case you take a monetary bonus that is added to your trading account when you open your account with the broker, make sure to know what happens if you lose part of that money and want to withdraw all your money from the account. Some companies will discount the bonus they offered in the first place and will only allow you to withdraw the one that was actually yours (minus the loss you had).

#5: If you finally found a forex broker that seems to be a good, you should open a mini account or a very small account with them first. Just trade a bit with it for about a month or so and then try to make a withdrawal. If everything works well, you can then deposit the amount you were first considering. In case they keep delaying the withdrawal, you know you are dealing with a dishonest broker. So, if this happens, just spread the word about them and their service. Tell others about your personal experience.

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70 Trades Broker Review

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.

– Leverage:

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.

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Forex: top 5 topics to check before to start trading

So, you’ve been practicing on your Forex demo account and the results have been good. It seems that you’re finally ready to trade on a real live account. However, you still have some questions that are kind of tormenting you.

So, here are 5 things that you need to know before you start trading Forex on a real live account.

#1: Your Biology:

We are programmed to be averse to risk. We tend to be less averse when we win and more averse when we lose. However, the aversion is always there.

Let’s say that you just had 5 winnings in a row. In the next trade, you feel a lot more confident. However, if you just lost 5 trades in a row, you’re starting to feel that it will go wrong so you better trade with less money, even if you’re looking at the perfect trade.

All you need to know is that there are times that you will win and there are times that you will lose. As long as you keep the losses controlled, you’ll be able to learn from your mistakes, from your losing trades. And these can be the more precious lessons you can ever get.

#2: You Love Trading:

In case you simply don’t love trading, you might as well give up now. Trading Forex successfully is not easy and if you ‘re not completely committed to it, if isn’t something that you truly love, there’s no point in continuing.

#3: Online Brokers And Platforms Are Not All The Same:

Many things have already been said about Forex brokers. And unfortunately, most of them are true. Despite there are still trusty and reputable brokers out there, the vast majority is unscrupulous.

In what concerns with the trading platforms. most brokers offer you the MetaTrader platform. Despite it’ free, it’s actually pretty good and works well. Some other brokers have their own exclusive platforms that they might want you to buy or pay a monthly fee to use them. Make sure that you know exactly with who you’re dealing with before you open an account with a Forex online broker.

#4: You Don’t Have To Be Right All The Time:

The notion that most people have before they enter in Forex trading is that they just need to be right to make a killing in Forex. However, these are the types of individuals that will easily lose all the money they had in their trading account.

Trading Forex and having some winning trades has nothing to do with being right all the time. If there’s someone or something that is right all the time, this is only the market. Not you, not me, not everyone.

#5: Keep Your Trading Strategy Simple:

As a rule of thumb, you can’t explain to a 10-year old our trading strategy it’s simply because it’s too complicated. The more complicated the strategies, the worst they tend to be. So, make sure that you simplify your strategy the max you can.


Author: Editorial staff of 70trades reviews blog