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Score

1.54 /10
Danger

70Trades

Seychelles

5-10 years

Suspicious Regulatory License

Suspicious Scope of Business

High potential risk

https://www.70trades.com/home

Influence

C

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Score

Regulatory Index0.00

Business Index7.22

Risk Management Index0.00

Software Index4.00

License Index0.00

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Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

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Broker Information

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Company Name

Securcap Securities Limited

Company Abbreviation

70Trades

Platform registered country and region

Seychelles

Company website

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  • 447418375067

Company summary

Pyramid scheme complaint

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Warning: Low score, please stay away! 3
Previous Detection : 2024-12-23
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The SeychellesFSA regulation (license number: SD012) claimed by this broker is suspected to be clone. Please be aware of the risk!

WikiFX Verification

70Trades · Company summary

General Information & Regulation

70Trades, a trading name of Wanakena Ltd, is allegedly a broker registered in 73 Arch. Makarios III Avenue, Office 301, 1070 Nicosia, Cyprus with registration number 379327, claiming to provide its clients with the web-based and mobile trading platforms, leverage up to 1:200, a wide range of tradable assets, as well as a choice of three different trading plans and 24/7 customer support service.

Market Instruments

70Trades advertises that it offers a wide variety of trading instruments in financial markets, including commodities, forex, futures, stocks, indices and Bitcoin.

Trading Plans

There are three trading plans offered by 70Trades, namely Entry Level, Advanced and Pro. Starting an Entry Level plan. However, there is no information about the minimum initial deposit requirement specified.

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Leverage

The maximum leverage ratio provided by 70Trades is much higher than most brokers, up to 1:200. Bear in mind that leverage can magnify gains as well as losses, inexperienced traders are not advised to use too high leverage.

Trading Platform Available

When it comes to trading platforms available, 70Trades gives traders two choices: the Web profit app and the mobile profit app (suitable for Apple and Android). Anyway, we suggest you use MT4 or MT5 as the trading platform. MetaTrader is the most popular forex trading platform, which the traders praise for its stability and trustworthiness. It features sophisticated trading tools such as Expert Advisors, Algo trading, Complex indicators and Strategy tester. Metatrader created a marketplace with currently 10,000+ trading apps the traders can utilize to achieve better results. Both the MT4 and MT5 have mobile APPs, trading can be done from anywhere and at any time through the right mobile terminals including iOS and Android devices.

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Tools

Also, 70Trades provides its clients with some trading tools consisting of Portfolio Builder, Live Data Center, Economic Calendar and RSS News, whose interfaces seem to be quite simple and easy to use, just as the following screenshots show.

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Deposit & Withdrawal

From the logos shown at the foot of the home page on 70Trades official website, we found that this broker seems to accept numerous means of deposit and withdrawal choices, which include but are not limited to Visa, MasterCard, Maestro, Bank Transfer, Skrill, Neteller, ecoPayz, Paysafecard, Fast Bank Transfer, etc., yet we cannot be sure if these payment options are all available.

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Customer Support

70Trades customer support can be reached by telephone: +6531592317, WhatsApp: +2482577534, email: customer.service@70trades.com. Besides, you can also follow this broker on some social media platforms like Twitter, YouTube, LinkedIn and Facebook. Registered address: 73 Arch. Makarios III Avenue, Office 301, 1070 Nicosia, Cyprus.

News

NewsClients Reviews: What Are Investors Saying About 70Trades?

Scams have always been a dark side of the forex industry. Back in the old days, it was hard for new traders to tell a scam broker from a real one due to the lack of resources.

WikiFX
2023-01-31 14:00
Clients Reviews: What Are Investors Saying About 70Trades?

NewsWikiFX Broker's Review: Beware of Unregulated Forex Broker 70Trades

Scams have long been a problem in the Forex market. Due to a lack of resources, it was difficult for inexperienced traders to distinguish between a legitimate and a fraudulent broker in the past. However, times have changed. It is now much easier to avoid fraudulent Forex brokers. It merely takes a few minutes to read up on basic information on independent reviewing websites like WikiFX and determine if the broker is worthwhile. This essay will draw your notice to a dubious broker, 70Trades.

WikiFX
2022-09-14 14:31
WikiFX Broker's Review: Beware of Unregulated Forex Broker 70Trades
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Comments

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yac
6-12months
Beware, it is 100% scam and fake platform. They will continuously pressurize you for deposits, they will force you to open positions to loose all your balance and ask for more deposits. It is 100% fraud and scam platform. I had a terrible experience and they made me loose 100K due to the recommendation of their account manager that they assigned to me. I am warning all users to stay away from this fake broker.
Beware, it is 100% scam and fake platform. They will continuously pressurize you for deposits, they will force you to open positions to loose all your balance and ask for more deposits. It is 100% fraud and scam platform. I had a terrible experience and they made me loose 100K due to the recommendation of their account manager that they assigned to me. I am warning all users to stay away from this fake broker.
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2024-01-10 13:58
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孙秀香
more than one year
70Trades is registered in Vanuatu. We all know that this place is famous for issuing offshore licenses, but this company doesn't even have an offshore license. I don't recommend everyone to trade with it.
70Trades is registered in Vanuatu. We all know that this place is famous for issuing offshore licenses, but this company doesn't even have an offshore license. I don't recommend everyone to trade with it.
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2023-02-16 10:12
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