Who Is 70Trades?
70Trades is an online and investing platform that deals in currency, commodities, shares, and indices that claims to offer particular benefits to new traders through its coaching options, multitude of tools, and easy-to-use software. The 70Trades website states that it is unique in the way that its platform caters to different levels of expertise, and that the company name is a reflection of how many trades a trader needs to make before they can be considered experienced in the market.
But, with increasing concerns over the legitimacy of this broker, we explore below whether the company is actually legitimate and if a 70Trades scam is defrauding investors of their funds.
Is 70Trades a Licensed Broker?
If you’re thinking of using this platform, you may be wondering, is 70Trades a licensed broker? This is vital to consider before depositing funds, as a fully licensed and regulated option is a much safer choice for your investment.
70Trades is an offshore company that is located in the Seychelles. As such it is registered and regulated in Vantua by the company Commodius FX Ltd/Wanakena Ltd. But this isn’t all that it seems. 70Trades’ own website concedes that the Commodius/Wanakena company is the owner as well as the regulator of this platform, which makes redundant any claims that it is being impartially overseen by an outside, licensed body. Also, potential investors should be aware that different countries have different types of regulation: some regions are much stricter than others when it comes to the form of regulation applied to a financial entity; what may be an enforceable regulatory requirement in one country may not be in another.
Is 70Trades a Scam or Legit?
Ascertaining whether or not 70Trades is a scam company, and the extent to which this is the case is tricky. While there are no 70Trades lawsuits active at present, there is a multitude of past investors to the platform who claim they have been defrauded of funds by this company, and we explore these complaints further below.
What is certain is that this company is not professionally regulated to the standards that investors should be looking for in the trading platform they use. The company is being operated from an off-shore haven, which suggests 70Trades is trying to fly under the radar when it comes to regulation, and this is rarely a good sign.
Biggest Complaints Against 70Trades
One of the most common 70Trades complaints is regarding clients being unable to withdraw their funds. Past investors have also pointed to the lack of security that is often a downside of using an offshore broker.
There have been allegations, too, of money disappearing from traders’ accounts, and of consistently aggressive marketing tactics to persuade traders to invest funds. The 70Trades review below, in its citing of the trader’s inability to withdraw money as well as the applying of an idle charge that the investor wasn’t made aware of, is far from isolated:
Other grievances from former 70Trades investors include feeling ‘tricked’ out of their funds, and there are many poor reviews, frequently claiming that scamming has occurred, on the Trustpilot site:
Can I Get My Money Back from 70Trades?
If you’ve been the victim of a 70Trades scam, then it is possible to recover your lost funds. It’s an option to undertake this process yourself, by getting in contact with the broker and all the necessary regulatory and financial bodies that may have been in any way connected with the loss of your money. However, to maximize exponentially your chance of obtaining a 70Trades refund, then it is advisable to enlist the services of a professional chargeback company.
An experienced chargeback company will have the skills, experience, and industry knowledge to track down and recover the funds that investors have been scammed out of and, in many cases, can achieve a full refund for their clients within a matter of months.
How Does the Chargeback Process Work?
To begin the process of getting your 70Trades money back, begin by finding a reputable chargeback company to approach: you’re looking for a company that has consistently high reviews from past clients and a high success rate in obtaining refunds from scam brokers and platforms.
Once you’ve made contact with your chosen chargeback company then, in most cases, they will discuss your circumstances fully and, if the team believes it is a winnable case, will take it on. From this point on, the company will work to bring together all the evidence and documentation needed to successfully pursue the scam brokers, and will subsequently track down all the entities, both individual figures, and organizations, that were involved in the fraud. The team will confront these bodies and arbitrate and fight on your behalf in a bid to secure a 70Trades refund which, in most cases, will then be deposited straight back into your account.
If you’ve lost money to a 70Trades scam it is highly advisable to make contact with a professional chargeback company as soon as possible, to begin the process of recovering your lost funds.