70 Trades fake? Here is the Opinion of an Expert Trader
by Abdul Aziz Mondal Investing 30 November 2018
“Don’t ever make the mistake of believing that market success has to come to you fast. Trade small, stay in the game, persist, and eventually, you’ll reach a satisfying level of proficiency.” – Yvan Byeajee, Paradigm Shift: How to cultivate equanimity in the face of market uncertainty
Are you interested in trading on the global Foreign Exchange market? And, do you live in India or Malaysia?
Forex Trading: Three options:
If so, there are three basic options you can choose to derive a profit from Foreign Currency (Forex) trading:
- Firstly, you can task an expert broker to handle your funds and trade on your behalf.
- Secondly, you can manage your own investment funds by opening a trading account with a top online trading brokerage like 70 Trades.
- Thirdly, you can buy actual Forex coins and notes (such as the US Dollar (USD)) and store it in a secure vault until it is worth more than you paid for it. It should be noted that this option should only be considered once you have determined what your country’s laws and policies are concerning the purchasing and holding of Forex for an indefinite period of time.
Realistically speaking, the third option is not viable. As mentioned above, most countries’ fiscal policies dictate that citizens only purchase Forex when they travel abroad or buy and import items from a commercial enterprise headquartered in another country. In fact, eCommerce together with global shipping has increased the need for people across the globe to purchase Forex.
Also, the first option, where you pay a certain amount into an investment banker’s or financial house’s bank account so that the company’s Forex traders can trade on your behalf is viable. It is also a safe, low-risk option, primarily if the company invests in hedge funds like gold, and the USD.
Thus, this is an option worth considering under the umbrella of long-term, low-risk investments. It must be noted that low-risk investments are an essential part of the retirement fund accruement process. However, low-risk investments equate to low profitability in the short- to medium-term. On the other hand, these investments provide stability and accrue income in the long-term.
70 Trades: Scam, fraud, or bona fide online broker?
The second option, that of opening your own trading account with a genuine, legitimate online trading brokerage is a worthwhile part of growing your investment in the short- to medium-term.
Thus, the question that needs to be asked and answered is how do you choose a bona fide online broker? It is a well-known fact that, because of the global increase in access to the Internet through a variety of mobile devices, there is also, unfortunately, an increase in the number of fraudulent or front companies whose main aim is to relieve you of your investment.
By way of answering this question, as a case study, let’s discuss how to determine the legitimacy of an online broker like 70 Trades:
Read reviews:
This step has a caveat built into it, and it is best discussed right at the outset of this point. While it is vital to read reviews on the online trading partner you are considering, it should also be taken into account that there will be fake reviews which criticize the company in question. Therefore, it’s vital to find a balanced view to determine that the broker is actually not a scam, even though there are reviews that might suggest it is.
Look at the website:
Believe it or not, it is fairly simple to determine whether an online trading broker is fraudulent or not. Look at elements like the company’s website’s usability and user-friendliness. Does the site have easy to read, clear, and simple-to-follow instructions on how to open an account, what KYC (Know Your Customer) documents to submit? Does the website have a clear warning that online trading is a high-risk activity and traders should not invest funds they can’t afford to lose?
If any of the answers to these questions are negative, or the website design is shoddy and confusing to navigate around, then it is best to avoid signing up with this broker.
Formulate your own opinion:
Unfortunately, in today’s post-modern world with a population who tend to believe that freedom of speech does not come with the responsibility of careful consideration before it is posted all over social media and on review sites, it is easy for online trading brokers to be charged with things they are not guilty of. Thus, it is vital to formulate your own opinion based on careful consideration of the research conducted into whether a broker is legitimate or not.
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