70trades Broker Scam
Be on the Lookout; 70trades is an offshore broker; Your investment is at risk.
This article will be targeting individuals researching 70trades Broker for reviews or information on how to retrieve investments from such scam forex brokers.
Is 70trades a legit broker?
70trades is an unregulated offshore broker that offers services such as forex, CFD and or binary options trading. The broker is registered in a fiscal haven that lacks the intervention of any investment regulatory process. This means that taking legal action against this forex broker is next to impossible. Read this review to recover your investment from 70trades.
70trades broker relies on a number of tricks to reach their prospects and make them believe that the money they are investing with them is in safe hands and will generate humongous returns. Such tricks include the use of the state of the art websites and apps, with all sorts of attractive trading conditions followed by well-spoken staff and very efficient customer support after signup. This is all smoke and mirrors.
As far as this kind of scheme goes, the 70trades staff could very well be operating as part of a network of anonymous call centers in undisclosed locations. They could outright lie to you about their location and even their names. In typical investment scams, the staff uses stage names when communicating with the clients to add a layer of anonymity. Using excellent sales skills paired with manipulative psychology techniques, the staff involved in these sophisticated scams will prompt the victims to invest always more money, often beyond what they had planned in an attempt to avoid losing it all. This type of scam is now widespread and used to defraud unsuspecting victims billions of dollars annually.
Did you invest with an offshore broker?
A look into 70trades Reviews on various internet forums will reveal that 70trades clients have had issues withdrawing their investments and/ or profits. Though the reviews regarding 70trades have been drawn from various sources, it reveals a similar challenge. 70trades entices clients into this scam through interesting profits posted to their clients’ trading accounts.
The company even goes to the extent of transferring some of the money back to the clients. Once the clients’ trust is gained, they are prompted to invest more money for much better returns. Once the client has transferred the money, the problems begin.
70trades broker will then manipulate the trading platform to create scenarios jeopardizing the clients’ investments. The clients are then prompted by 70trades Financial Analysts to transfer more money into their accounts to reduce the losses they are facing, often to avoid losing their investments altogether. Immediately after they do this, withdrawing the funds becomes an issue.
How To Get Your Money Back From 70trades Broker?
There is no easy way to get your money back once you have invested it with 70trades. 70trades is structured in such a way that it makes it hard to pinpoint the scam to specific individuals and prove any wrongdoing. 70trades constitutes a brokers brand that is managed by a chain of shell companies registered in fiscal havens. Building a legal case against the broker would require one to utilize the services of a private investigator to track the money trails and trace it to individuals who could testify of the fraudulent practices of the broker. This does not even factor in the huge legal costs that would be required to institute a civil action in such offshore locations. Such prohibitive costs make it hard for customers of 70trades to take any action.
However, hope is not lost. There are other means through which investors can recover their funds from 70trades, without going the civil action route. A number of 70trades victims have managed to recover their funds by maneuvering the banking legal system. While this method might be unknown to many people, it is possible for an individual to get his or her bank to reverse credit card charges and bank wire transactions in his or her favor. While this is possible, the route has a lot of rules and regulations around such a procedure and it would be wise to hire an expert if you want to recover your money from a 70trades broker.
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More reasons not to trust 70trades
70trades is owned by Commodius FX Ltd., a broker registered in Vanuatu. Vanuatu Local Financial Services Commission – the VFSC regulator is better than nothing, but we still would not recommend negotiating with an offshore company.
The island of Vanuatu is a bit of a hot spot for dishonest forex brokers. This is mainly due to the fact that you only need $ 2,000 to open a new brokerage. Of course, not all registered businesses are scammers, but this lack of rigor attracts scammers and ruins the reputation of the island.
Regulation should be an important factor for you when you compare forex brokers. A company registered under the Australian ASIC, for example, must keep client funds in separate accounts. This effectively means that the broker cannot freely access and spend clients’ deposits in any way. In addition, ASIC needs $ 1 million in capital from new brokerages as a sign of goodwill. Compare that with the $ 2,000 requirement in Vanuatu and you will see our cause for concern.
70trades is a forex broker registered in Vanuatu. The company is under the supervision of the local VFSC. We generally have a little distrust of offshore companies. The trading conditions at 70 trades are worse than the current offer of other brokers. In addition, the trading platform is not spectacular. It certainly does the job of manual trading, but we felt that we had missed a lot of little details, available on other platforms. In addition, the website misses some key details, creating a general feeling of neglect.