How 70 Trades swindled Santanu’s money?
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70Trades is owned by Commodius FX Ltd. and is located in Vanuatu. It has licensed from Vanuatu Financial Services Commission specifying dealers in securities. But since it is an off-shore company and cannot be much trusted. Their payment processor is Wanakena Ltd. from Cyprus. The Island of Vanuatu is a hot-spot for dishonest forex brokers. Since regulation from Britain’s FCA, Australia’s ASIC America’s FINRA, or Cyprus’s CySEC are much better as brokers do not have free access to client’s capital.
They have three plans Introduction, Advance, and Pro. The trading platform is called PROfit and is available for forex and CFD on mobile and web version. They deal in Currencies, Stocks, Bonds, Market Indices, and Commodities. Broker’s website is available in English, French, Arabic Italian and Spanish. Most of their clients are from Gulf countries like UAE, Qatar, Saudi Arabia, and Oman.
They accept payments thru Visa, Skrill, EcoPayz Direct Pay Online and Wire 2 Pay among others.
While trading in forex and CDF’s many investors use margin money which can be very risky. One should understand the risks of margin calls and leverage trading.
Santanu in his comment in .scambroker.com says he had very bad experience with 70 Trades fraud him. It is a one-way flow of money i.e. towards your account and no withdrawals. They have no mechanism to send money back to your bank. The company does take withdrawal request but will not be processed. Along with the withdraw request the company does address verification, signature verification, and other formalities just for show and an eyewash. He was not able to contact the required person from staff. On the other hand, his account manager kept calling for further investments. Like Santanu or numerous other fraud victims if you have been scammed by 70 Trades or any other forex scam you can contact MyChargeBack to recover your money. They will help you at each and every step guiding you how to recover money from scammers.