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70Trades Facts and Figures

– Advertisement – – Advertisement – Forex trading is a lucrative business. However, many traders often end up getting damned by the brokers they use. To benefit maximally from the Forex market, you must use a broker that is generally reliable and offers excellent trading conditions and competitive trading costs. That is, you could use…

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Forex trading is a lucrative business. However, many traders often end up getting damned by the brokers they use. To benefit maximally from the Forex market, you must use a broker that is generally reliable and offers excellent trading conditions and competitive trading costs. That is, you could use a broker like 70Trades. 

Here is our review of this broker that is revolutionizing the way the Forex brokerage business is done.

70Trades offers brokerage services on Forex and CFD trading of stocks, currencies, indices, and commodities. The broker holds its clients’ funds in high regard. It segregates the accounts in which they are kept and ensures that those funds are protected at all times. While there can be skepticism about the strength of the regulatory framework of the country in which it is licensed, it is very important to note that the broker has proved — and continues to do so — that it is genuine.

Trading Platforms Supported

70Trades does not use MetaTrader 4, which can be contrary to the popular industry expectation. However, it offers the PROfit platform in the two forms: web and mobile. The web-based version of the PROfit trading platform has a highly user-friendly interface, instantaneous execution of trades functionality, and real-time market and data feed.

Likewise, the mobile version is convenient and easy to use. Still, however, it neither lags nor lacks, also, in any of the features the web-based version supports. Traders can conduct their analyses, monitor the markets, and enter and exit trades all on the go! And no matter the device you use, smartphone or tab, Android or iOS, you can be sure that compatibility will never be a problem.

Offered Trading Accounts

70Trades offers two primary account types: demo account and real account. These two accounts successfully cater to the needs of a wide variety of traders seeking to learn and to earn from the Forex market. The demo account is provided with $100,000 in virtual funds which the client can practice with, without incurring any fee.

The real account has all the tools and functionalities provided by the broker enabled. Its minimum deposit requirement is just $200. And to register, you do not have to pay any fee. 70Trades also offers a leverage ratio of 1:200, one of the highest in the industry. As a result, users have a high profit-making potential to exploit.

Customer Support Service

70Trades has a customer support service that attends to the enquiries and complaints of clients. This service is provided through the three popular channels of email, phone, and live chat. The live chat, integrated with the trading platform itself, is the fastest of the three.

70Trades’ customer support service is offered 24/7. Since its clients are drawn from multiple countries with different tongues, the service does not come only in English, but also in French, Arabic, Italian, and even Spanish! Therefore, no matter your preferred language, you will always be able to have your needs attended to by 70Trades.

Another interesting feature of 70Trades is the professional advisory role it assumes for its clients. Hardly is there any other broker that goes to such length for clients — at no additional cost.  As a result of the role, every user has access to the broker to enhance their trading skills and to help them take the right trades.

Education

A standard broker should seek to educate its clients. It is a test to which you should subject any broker you want to use. In this regard, 70Trades excels. It provides professional trading advice to its clients, which is geared towards birthing expert traders. This professional advisory service is divided into three levels: beginner, intermediate, and expert.

The service is aimed at introducing newbie traders to the basics of Forex trading from which it walks them through to professionalism via the teaching of advanced Forex trading skills such as technical analysis and risk management. Both the professional advice and tutorials cover a wide range of products from gold to oil.

Additionally, 70Trades avails its clients with analysis tools such as real-time data on the market, an economic calendar, and similar resources. Consequently, using the broker and adequately exploiting the educational and analysis resources it provides, will ultimately make you a Forex success.

Deposit and Withdrawal

Before you use any broker, first check for the methods of deposit and withdrawal it offers and the ease of use of those methods. Most fraudulent brokers perpetrate their heinous acts here. They make depositing easy but withdrawing hard. However, 70Trades is a broker you can trust in this regard.

It provides deposit and withdrawal methods which include bank transfers, credit and debit cards and electronic wallets such as Skrill. With the broker, depositing and withdrawing are both easy. You do not need to fill any form and your withdrawn amounts are credited in no time.

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Daily Financial News

Don’t Count On JPY Correction; Staying Long GBP/JPY

The path of the potential pace of the JPY decline may still be underestimated by markets, which continue trading the JPY long.

While the 10% USDJPY advance from September lows looks impressive from a momentum point of view, it may no thave been driven by Japan’s institutional investors reducing their hedging ratios or Japan’s household sector reestablishing carry trades.

Instead, investors seemed to have been caught on the wrong foot, concerned about a sudden decline of risk appetite or the incoming US administration being focused on trade issues and not on spending. Spending requires funding and indeed the President-elect Trump’s team appears to be focused on funding. Here are a few examples: Reducing corporate taxation may pave the way for US corporates repatriating some of their USD2.6trn accumulated foreign profits. Cutting bank regulation could increase the risk-absorbing capacity within bank balance sheets. Hence, funding conditions – including for the sovereign – might generally ease. De-regulating the oil sector would help the trade balance, slowing the anticipated increase in the US current account deficit. The US current account deficit presently runs at 2.6% of GDP, which is below worrisome levels. Should the incoming government push for early trade restrictions, reaction (including Asian sovereigns reducing their holdings) could increase US funding costs, which runs against the interest of the Trump team.

Instead of counting on risk aversion to stop the JPY depreciation, we expect nominal yield differentials and the Fed moderately hiking rates to unleash capital outflows from Japan.The yield differential argumenthas become more compelling with the BoJ turning into yield curve managers. Via this policy move, rising inflation rates push JPY real rates and yields lower, which will weaken the JPY. Exhibit 12 shows how much Japan’s labor market conditions have tightened. A minor surge in corporate profitability may now be sufficient, pushing Japan wages up and implicity real yields lower.

JPY dynamics are diametrical to last year . Last year, the JGB’s “exhausted”yield curve left the BoJ without a tool to push real yields low enough to adequately address the weakened nominal GDP outlook. JPY remained artificially high at a time when the US opted for sharply lower real yields. USDJPY had to decline, triggering JPY bullish secondround effects via JPY-based financial institutions increasing their FX hedge ratios and Japan’s retail sector cutting its carry trade exposures. Now the opposite seems to be happening. The managed JGB curve suggests rising inflation expectations are driving Japan’s real yield lower. The Fed reluctantly hiking rates may keep risk appetite supported but increase USD hedging costs.Financial institutions reducinghedge ratios and Japan’s household sector piling back into the carry trade could provide secondround JPY weakening effects

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Daily Financial News

Mexico raises interest rates, cites Trump as risk

The head of Mexico’s central bank says U.S. Republican candidate Donald Trump represents a “hurricane” sized threat to Mexico.

Banco de Mexico Gov. Agustin Carstens told the Radio Formula network Friday that a Trump presidency “would be a hurricane and a particularly intense one if he fulfills what he has been saying in his campaign.”

Trump has proposed building a wall along the border and re-negotiating the North American Free Trade Agreement.

Mexico’s central bank raised its prime lending rate by half a percent to 4.75 percent Thursday, citing “nervousness surrounding the possible consequences of the U.S. elections, whose implications for Mexico could be particularly significant.”

Mexico’s peso had lost about 6 percent in value against the dollar since mid-August. It recovered slightly after the rate hike

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Financial News

Africa’s first Fairtrade certified gold co-operative offers hope to gold miners living in poverty

Syanyonja Artisan Miners’ Alliance (SAMA) has become the first artisanal small scale mining co-operative in Africa to become Fairtrade certified, bringing much needed hope to impoverished communities who risk their lives to mine the rich gold seam that runs around Lake Victoria.

SAMA is one of nine previously informal groups from Uganda, Kenya and Tanzania which has benefitted from a pilot project launched by Fairtrade in 2013. This innovative program aims to extend the benefits of Fairtrade gold to artisanal miners across East Africa.

In that short time, SAMA has undergone training in business and entrepreneurship, as well as safe use of mercury, internal control systems, labour rights and better working conditions, health and safety and more. Previously, daily contact with toxic chemicals used to process gold meant members risked disease, premature births and even death.  Fairtrade gold was first launched in 2011, and SAMA now joins Fairtrade certified gold mines MACDESA, AURELSA and SOTRAMI in Peru.

The co-operative produces just 5 kg gold per year, but nevertheless has the potential to significantly benefit many people in the local community through better conditions through certification. It is expected that Fairtrade and organizations like Cred Jewellery will support the miners, ensuring their gold can be refined and made available to jewellers in the UK and other markets.

Gonzaga Mungai, Gold Manager at Fairtrade Africa said: “This is a truly momentous and historical achievement and the realisation of a dream that is many years in the making. Gold production is an important source of income for people in rural economies. Congratulations to SAMA, it sets a precedent which shows that if groups like this can achieve certification, then it can work for others right across the African continent.”

The Fairtrade Gold Standard encourages better practice and changes to come in line with international regulation around the production and trade of so-called ‘conflict minerals’. Under the Standard, miners are required to:

  • Uphold a human rights policy preventing war crimes, bribery, money laundering and child labour
  • Clearly represent where the minerals were mined
  • Minimise the risks of conflict minerals through robust risk assessments and collaboration across supply chains
  • Report to buyers and trading partners regarding the risks of conflict minerals

Now in its second phase, the programme will focus on supporting other mining groups in the region to access affordable loans and explore a phased approach to accessing the Fairtrade market, allowing more mining co-operatives across Africa to participate in the programme.

Gonzaga added: “Sourcing African metals from smallscale miners in the Great Lakes Region is the responsible thing to do. For a long time companies have avoided buying gold from this region, with devastating consequences for impoverished communities who were already struggling. It has driven trade deeper underground, as unscrupulous buyers pay lower prices and launder illegal gold into legitimate supply chains. That’s why we have chosen to work with these groups to help them earn more from their gold within a robust compliance system that offers social, environmental, and economic protections.”

The Fairtrade gold programme offers a small but scalable solution to sustainable sourcing of gold from the region in line with Section 1502 of the Dodd-Frank Act in the US, OECD Due Diligence Guidance and recent EU Supply-Chain Due Diligence proposals which could come into effect in 2016. This means that up to 880,000 EU firms that use tin, tungsten, tantalum and gold in manufacturing consumer products could be obliged to provide information on steps they have taken to identify and address risks in their supply chains for so-called ‘conflict minerals’.

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