70 Trades: all you should know before starting
There are millions of traders all over the world. Traders do their trading in various ways, but the biggest trading is done in the FOREX (Foreign Exchange) markets. In the FOREX Market, traders do not need to buy and sell anything because what they simply do is trade the currency of their money with the currency from another country. Each currency has its own pair and through this pair-trading, the currency exchange of the day is determined.
In order to start engaging in the FOREX market, one must need to have a broker or a dealer to be used as a medium in trading. One of these brokers is 70 Trades. Before going on the processes of this company, let’s get a quick detail check on who this company is. 70Trades, owned by Commodius FX Ltd, has its office based on Cyprus.
70TradesMalysia also does trading in stocks, indices, commodities, CFD’s, gold, silver and other metals for personal investment and trading options.
It is a Vanuatu Financial Services Commission registered broker, meaning it used only 2000USD as capital. The main concern is basically the lack of a solid regulatory presence since it has only a Vanuatu license. This is the usual issue brokers have with 70 Trades.
How It Works
70Trades uses a trading software called PROfit. It’s not the most famous software application, but it’s really easy to get used to. This software has built-in features such as Currency, Market Indices, Shares, Bond and Commodities. In order to start trading, you need to deposit money to your account. The minimum deposit requirement is 200 USD. Many people have made their own opinion on the minimum deposit because it is relatively higher, compared to other brokers who have the same license. Some even set as low as $50 as their minimum fee. Since this is the minimum, the ones who are new to investing could lose a lot since they are still learning.
What the company did to compensate for this high minimum requirement is that new users have a demo account, in which they can use to practice investing. The demo account has a balance of 100,000 USD, and it simulates how the entire trading goes. The 100k USD demo account is used to aid the new users on how to make decisions, and aside from that, there are videos and books that can be used in order to master the techniques in trading. These videos and books are grouped into beginner, intermediate and expert.
Earning and Losing Money
70TradesMalaysia uses fixed spread, meaning the difference in bid and ask prices do not change with time or market fluctuations. It starts from 3pips for EUR/USD paired currency, which is higher than the existing industry average. Like the minimum deposit requirement, people have their opinion as this is higher than the average in the whole, thus making the site look like it’s a scam.
Aside from that, this company uses a maximum leverage ratio of 1:200. The high leverage ration is the risk factor in all the transactions that you will do. Buying something at this level of leverage ratio can cause substantial gains but could also lead to great losses. Having a higher leverage means that the risks are increased.
Methods of Payment and Withdrawal
Depositing to your account in 70Trades can be done through bank transfers and credit/debit cards. E-wallets such as Netteller, WebMoney, and Skrill can also be used.
Overall, 70TradesMalaysia is a broker which has a fairly easy-to-use system in trading. Its system is suitable for beginners, intermediate, and experts since they offer guides, tips, and tricks in order to maximize your profits and be able to make the right decisions. The site has a pleasant look and the program PROfit has built-in features that you can use to have quick access in trading. Their features are pretty compelling. That is why more and more users are beginning to use it as their go-to platform.
Their security features might not be the strongest, but despite that, there is a demo program that you can use before you use your own money. Whether you’re a new or experienced investor, this perk is pretty handy.
Aside from that, the company offers high pips and leverages which may result in great gains or losses. Because of this, the high minimum deposit pays off as making the right decisions can turn out as big gains.
But the most important of all, before investing, one must make sure that the broker or trading partner is a platform that they trust. Mastering the ins and outs of forex investing cannot be done in a single day – it takes a lot of patience and hard work. Also, remember to invest only the money you can afford to lose.