Online Investment Platform
Is 70Trades Fake or Real?
Why Is 70Trades Fake?
70Trades is a website that claims to be an online platform for investing in foreign exchange (forex). They position themselves are being the right option for beginners and experts alike as they provide guidance on how to invest in forex and have advanced investment tools.
A domain name lookup of the website shows that it was registered on 10th April 2016. The registrant’s information such as name and location have been hidden for privacy. The traffic data shows that the website is active since 2016 but had very little traffic till late-2019, probably because they started running Facebook ads around that time. The majority of the traffic for 70trades comes from India, USA and UAE, suggesting that it may be an Indian website.
Though the domain has been registered only in 2016, the website states that the company has won several awards in 2010. This is impossible and therefore a lie.
There are some testimonials on the website which portray Indian clients who are happy with the platform. However, these testimonials seem to be fake as the images used are stock images. This suggests that the testimonials are written by the company itself and not real clients. One of these testimonials repeats the lie that the website has been active since 2010.
70Trades has a social media presence on Facebook, Twitter, YouTube and LinkedIn. All the pages were created in 2016 and are active, though the posts are infrequent with long gaps. The first video was uploaded on the Youtube page only a year back. The Facebook page information shows that a majority of the page admins are from Bulgaria along with one from India.
On the Contact Us page, I was surprised to see that there is absolutely no mention of 70Trades being a Bulgarian or Indian company. They claim that the company is registered in Cyprus but I was not able to verify this as no ID number is provided. Therefore, it is either a shell company or fake altogether. The address has been claimed by 70Trades on Google maps.
There are two phone numbers provided – one of the UK and another one of Cyprus. Both of these have no information available on TrueCaller and seem to be fake. There are also two email IDs provided which were found to be unverifiable and may be fake.
Firstly, I would like to address the reviews on Quora which claim that 70Trades is not a scam. These accounts all seem to be created for the purpose of promoting 70Trades, as they are using using fake names and have written answers only about the company.
The reviews on all the other platforms are highly negative and there are several complaints of fraud against 70Trade. There is one review by someone who claims to be an ex-employee who alleges that the company is actually located in Mumbai, India. This information is corroborated by another reviewer on a separate website, which makes it seem credible that 70Trades is actually based in Mumbai.
The supposed ex-employee has also mentioned that 7-Trades operates under the company names Vantange and ePacific, the office is located in Eureka Tower, Malad West, Mumbai and is run by an individual named Danial Patel.
It seems quite obvious that 70Trades is a scam. The website is trying to mislead readers that it is an award-winning company which is operating since 2010, even though it is active only since 2016. The contact details provided all seem to be fake. The website provides a UK phone number and a Cyprus address even though evidence suggests that it is operated from either India or Bulgaria. There is a high likelihood that the company is actually located in Mumbai, India. Most importantly, there are numerous reviews by clients of the company, as well as a supposed ex-employee, claiming that 70Trades is a scam. Due to these reasons, it is advisable to avoid investing using this platform.
Remember: If something seems too good to be true, it probably is.
If you have been a victim of an investment scam, you can take the following steps:
- File a complaint with the payment portal. However, investment scammers mostly use methods such as Bitcoin, Western Union, MoneyGram and other untraceable methods which make refunds impossible.
- File a formal police complaint with the Cybercrime department.
- Leave a negative review on review portals such as ScamAdvisor and TrustPilot
- Report the website to Google using the Suspicious Site Reporter extension for Chrome
- Give a low rating to the website on Web of Trust. You can also install their extension for the same.
- If the company has a listing on Google My Business or Google Maps, file a complaint using the Business Redressal Complaint Form. Also, leave a negative review explaining what kind of experience you had.
Disclaimer: The views expressed in this article are presented as an educated opinion based on facts and evidence. There is no malicious intent or attempt to defame any individual/s or organization/s. If you are a website owner and would like to provide clarifications regarding your business and/or website, please get in touch on email@example.com