In this review, we will describe why you should be cautious dealing with 70Trades.
Is 70Trades Legit?
Looking at 70Trades website, it shows that they are owned by Commodius FX Ltd. Commodius FX Ltd is located in Saint Vincent and the Grenadines, a well-known offshore zone and a preferred location for shady brokerage. 70Trades is an offshore. Problem with offshore brokers is that they are not reliable and abuse the regulations. Make sure to stay away from this broker as they are anonymous and that they can disappear any time without notice.
To make sure you are dealing with a regulated and known broker, you should be able to find easily who is the CEO of this brokerage firm, who is running it etc. Lack of information is a big red flag since you don’t know who will be dealing with YOUR MONEY. This is the reason why 70Trades is a dangerous broker to deal with.
Are Funds Safe with 70Trades ?
With such lack of information and 70Trades being offshore, funds are not safe. Security of funds is a huge problem with offshore brokers. A red flag that we noticed is 70Trades is withholding vital information to users.
70Trades could go bankrupt from one day to another since there are no banking information about this broker.