70Trades review

More information about the broker(text provided by the company representative)

The thinking behind of the broker when creating this name was that seventy trades are needed for a beginner trader to speed with the market, get some traction, be aware of how trades are made, how the withdrawal process goes, and have had some contacts with the support department. That was their logic, and it seems legit. But is this broker legit as a whole? In this 70Trades review, several key aspects of 70Trades will be analyzed.

The first reason why 70Trades is suitable for beginner traders

Only $200 is needed for a client to start trading with 70Trades. And on top of that, every customer receives five protected from loss trading positions. The number can go up to 15 and is depending on the initial deposit. The amazing thing about the protected positions is that a client can only profit from them. What exactly is happening? If a trader profits from a protected position, he or she can take the profit. If a trader loses on a protected position, the broker compensates and “redeems” the losses. That is why the protected positions are a perfect tool to enter the great trading adventure at zero risk.

The second reason why 70Trades should be on your shortlist

The personal advisor, the excellent support service, and the educational materials can win even an expert customer. One of the significant competitive advantages of 70Trades is the videos that coach new traders. There is an entire training course for each type of customer. From beginner to professional. There is even a separate course dedicated to commodities trading, gold trading, and oil trading. 70trades takes the education of its customers personally and has invested a lot in the creation of lessons. Could all these positive aspects in combination with the protected trading positions make up for any eventual downsides? The answer is at the end.

The big leverage of 70Trades – is it a good or a bad thing?

70Trades provides excellent leverage ratios, but the customers should be aware that using this instrument can go both ways. When an inexperienced trader uses leverage, this financial instrument could lead to a more significant loss. But in the right hands of a master, leverage can take the profits sky-high. For example, when trading commodities with 70Trades, a client can count on 1:200 leverage. The broker will multiply the investing and thus the possible profit of a client 200 times in simple words. For indices such as NASDAQ or S&P500, the ratio is 1:100.

Not everything about the 70Trades platform is positive. Here is one thing.

The broker does not provide Metatrader integration, which can put off traders who are used to it. 70trades uses its own trading platform, called PROfit. It allows the customer to trade around 140 market instruments and has decent features like charts, market calendar, technical analysis tool.

How to withdraw money from 70trades?

The withdrawal process with 70Trades is quite a simple one. Every customer could withdraw funds anytime he or she wants. The broker requires proof of identity before processing the withdrawal because of anti-money laundering requirements. Keep in mind that the transaction could take between 2 and 6 working days. It all depends on the payment method and the financial institution the customer is using.

Frequently asked questions about 70trades

Is 70trades scam?

A lot of people are asking themselves, is 70Trades fake. Well, 70Trades is not a scam since it has the following prizes: Foreign Exchange Awards 2010, Best Financial Derivative Trading Provider 2010, Best FX Broker 2010 Australia, Best FX Broker 2010 Latin America and is authorized by the Seychelles Financial Services Authority with License No. SD012. So, no worries with the question – is 70trades safe? Many traders are having a perfect relationship with this broker and are using it for years now.

Does 70Trades offer a demo account?

No, 70Trades does not provide a demo account which is a drawback. One could ask himself – then, how do I trade with 70trades? The thing that compensates for the lack of a demo account is the availability of protected positions. They are a secure way to get used to trading and see how it works but even to make a profit – which is not the case with a demo account. In conclusion, the lack of a demo account is one of the major negatives of this broker, but it makes up for the possibility of profit at no risk.

Our conclusion about 70Trades

The most important thing every trader should know is that 70Trades is not a scam even though there are several drawbacks with this broker – the lack of demo account, the lack of integration with MetaTrader 4 and 5, and the sometimes-slow withdrawal process. On the other hand, the leverage ratios and the protected positions redeem all the negatives. The customers are allowed to profit at no risk, and they have tons of educational materials to learn their way through the trade and then use the outstanding leverage to make a great profit.