FOREX trading can be a highly profitable market and, because of this, it has quickly become one of the leading destinations for traders and investors looking to put their skills to the test on a more extensive and puzzling industry than traditional stock exchanges. However, to find success in this environment, it will be necessary to use a broker, and with the high number of brokers available online, it’s imperative to see the right one. This time, we shall review 70 Trades.
The reason for this necessity is how easy it is to find an online broker thanks to the high supply of them. However, seeing how the internet can be a dangerous place for those not savvy enough to sort out scams, it becomes quickly apparent that blindly choosing a FOREX broker can be a risky move.
One of the said brokers is 70 Trades Malaysia, one that has been having quite a rough time when it comes to reviews and the opinion of previous users on several comments.
Due to the appealing options it offers. However, we think it’s necessary to check it out ourselves, looking to corroborate what other people say. So, for your learning, here’s our summary, review, and personal opinion.
Table of Contents
Basics Of FOREX According To Wikipedia.
Taking from Wikipedia’s definitions, we shall give you a quick walkthrough of the terms and fundamentals of FOREX, so that you can understand everything we are about to explain here.
FOREX is short for FOReignEXchange, and it deals with the trade of currencies from around the world by traders who seek to capitalise the prices between different currency pairs and the disparity between buying and selling prices in various exchanges. If you are wondering what is forex trading, FOREX is short for FOReignEXchange, and it deals with the trade of currencies from around the world by traders who seek to capitalise the prices between different currency pairs and the disparity between buying and selling prices in various exchanges.
This market, being decentralised, is dependant on the individual situation of every country whose coin is being traded, seeing how political and economic events can drive the perceived value of a country’s currency.
The currencies are traded in pairs, such as USD/EUR, or JPY/GBP, in which one coin is worth an X amount of its couple.
According to Wikipedia, the most exchanged couples are EUR/USD, USD/JPY, and GBP/USD, with a 23%, 17.7%, and 9.2% of the transactions being performed between these currencies.
That confirms its decentralisation since we can quickly note that those currencies belong to some of the most influential economic entities in the world.
Investors interact with the FOREX market through the use of brokers like 70 Trades, which act as an intermediary and conduct the trades themselves, following the instructions given to them by their client.
Summary: Features Of 70 Trades.
What investors should look for when choosing a broker should be, first, what they offer over their competitors.
70 TradesMalaysia works with a trading platform named “PROfit”, which can be somewhat awkward for new investors who are used to other, more famous platforms like MetaTrader 4. However, it’s not very difficult to grow accustomed to the layout, with adjustable chart windows and several customisation options that help make the overall experience much more intuitive.
Other relevant aspects include:
- The minimum initial deposit for your first login and account registration is $200.
- Fixed spreads starting at 3 pips (in the EUR/USD pair), which is
- above average when compared to the rest of the industry.
- The maximum leverage allowed by 70 Trades is of 1:200, which should be enough to suit your trading strategies, unless you wish to go for over-the-top trades and risks.
- Several payment methods, including bank transfers, credit and debit cards, and online banks like Skrill or Neteller.
- Professional advice for those who wish to understand better the FOREX market, divided into three levels (beginner, intermediate, expert). These classes go from explaining the basic concepts of the FOREX market on the beginner section to technical analysis and asset tracking for intermediates; the courses on the expert level close up with risk management and execution strategies as well as understanding analysis.
- Professional advice for investing in primary products like energy and other industries, investing in gold, and even trading oil.
- Trading tools like wallets, real-time data, and economic calendars and analysis.
- Several operating plans that go from introductory to advanced and professional.
- $100,000 demo account for you to practice before login into your real account and invest your money wisely.
Our Review Among Reviews.
The tools offered by 70 TradesMalaysia are varied and provide more than enough for any trader, both new and experienced, to start their FOREX career.
The only technical issue would present to seasoned investors who are used to other trading platforms since PROfit can appear dramatically different at first sight.
The $200 minimum deposit is notably high when compared to other brokers in the market and may be off-putting for a lot of traders, especially when seen against agencies who might go as low as a $50 minimum fee.
Similarly, the fixed spread (3 pip) is another thing to look out for, it being reasonably high if you take into consideration that you can find 1 pip spreads on the same EUR/USD currency. Another attractive option might be floating spreads.
On the upside, the demo account and professional assessment might be worth the $200, given how complete they are.
However, the primary concern is the lack of a strict regulatory presence, with 70 TradesMalaysia having only a Vanuatu license. And, while some might say that it’s still a license, the truth is that is not hard at all to obtain. That has undoubtedly been one of the weakest points noted in reviews.
Final Opinion about 70 Trades Malaysia
Our opinion would be to try out this broker only if you have the money to risk.
To be fair, this is good advice to apply to any online Broker. However, the high fee for minimum deposits is a big reason to be especially careful when trying out 70 Trades.
While the high spreads and bad reviews can put you off, the demo account alone should be good enough for you to try it out while making the most out of the training it provides which, on the surface, seem like one of the better plans there are.
About Carson Derrow
It is great to see a review of some of the lesser known forex brokers. It really helps you to see what the other options that upcoming traders can have. The educational features with this broker alone makes me feel like they are worth a shot. Keep up the good work!
I have to agree about the demo account – it’s not easy to come across a platform that will give you so much of practice. Since I am all about perfecting my strategies I feel like the extra time on the demo account will really come in handy.
I am considering switching brokers and was hoping to find one that provided me with some perks that I couldn’t get anywhere else. I do like the fixed spreads (similar to eTORO and easyMarkets) but I’m worried that the platform is going to be just too different for me to pick up. I’m used to (and like) MetaTrader 4 and don’t really want to have to learn a new system.
The “price limit” on the demo account with this broker is definitely higher than many of the other ones out there. While the minimum deposit isn’t the greatest, maybe the experience that you get with the demo can be enough to gloss over this fact? It might be worth looking into…
The whole licensing issue may be a bit of a red flag if only it wasn’t quite so common among forex brokers these days. I would usually look at the spreads, platform, and the bonus features before actually going ahead with a broker. 70 Trades seems to be OK on this front.
If the trading tools with this live up to expectation then I will definitely be sticking with it. The leverage and fixed spreads seem just right for my strategies.
I actually tried out 70 Trades when I was just getting started with forex trading. I really appreciated all of the educational tools and the tutorials. They helped me to understand how to go about with my trading which was really useful at the time.
Whenever I analyze the brokers, one of the first things that I look at are the deposit and withdrawal options. It’s good to see that this broker offers up some well-known choices like Neteller. I find that’s usually a good indicator of just how easy a broker will be to deal with in the future.
It is a bit tough to say with this broker. On the one hand, the pro advice and tools make it seem like a great option. But, I don’t know if I feel comfortable with a broker that doesn’t have a proper license.
I’ve been looking at various forex brokers because I am thinking of dipping my toe in the trading waters soon. The minimum deposit for 70 Trades isn’t actually as bad as some of the others that I have been researching. In any case it’s the demo account and the tutorials that are really pushing me towards them.
What I like about the 70Trades broker setup is that the maximum leverage is very sensible. It ensures that traders – especially new ones – will not risk too much. Not to mention, it also makes the broker seem more trustworthy since they are clearly not trying to scam people.
Glad this review caught my eye as I’m always looking for better brokers. The fixed spreads and trading tools definitely have my interest up. At the same time, though, I’m not entirely sure that I want to put down so much for a minimum deposit for a broker that I don’t know.
I’ve been considering getting into forex trading for a while now and I think that 70Trades might just be the push that I need. I know that demo accounts and learning materials are key and this broker fits the bill with these. Definitely going to give it a try.
If you aren’t sure about how to get started, I would recommend this broker to you. I went through far too many bad brokers before stumbling onto 70Trades. It was only when I set up an account here that I actually began to start making a profit.
So I gave the broker a shot but decided to try and go it alone. Bad idea since I bungled my first few trades. Will listen to my designated account manager next time.
The main thing to remember when selecting a forex broker is to select one that is right for your experience level. So, if you are just starting out, make sure to pick a broker like 70Trades where there are plenty of educational resources. It will make your trading go a lot more smoothly.
So, I’ve been using TradingView platform for a while now but I wouldn’t mind giving this broker a chance as well. I’m still on the fence about just how easy it will be to make the switch, though. To be on the safe side I’m going to try out the demo account and see how I feel then.
Finally a demo account that will actually let me get some real experience! I love that the $100,000 threshold means that I get to spend more time perfecting my strategies. With other brokers I always feel so rushed when trying to create and test my strategies. Thank you 70Trades!
Ah, the never ending argument about whether or not to sign up with a broker that is not licensed by recognizable authorities. As long as the other features check out, though, I feel fairly confident that this broker should work well for most traders.
Hopefully this review will be seen by all forex traders looking for a broker. I signed up with this broker and I’m so happy that I did. The platform is easy to use once you get used to it and it is easy to place trades quickly and efficiently. This should become your go-to broker.