SeventyBrokers, registered in Vanuatu on December 28, 2016, is a Forex and Contracts for Difference (CFD) broker that primarily offers investment trading services in Forex, commodities, stock CFDs, and index CFDs. The company is headquartered in Singapore and has branches in London, Bangkok, Hong Kong, Sydney, Vanuatu, and Kuala Lumpur. Their official website is https://seventybrokers.com/, and the website supports Simplified Chinese, Traditional Chinese, Thai, Malay, and English languages.
Company Background and Regulatory Status:
According to information publicly available on their website, SeventyBrokers is registered in Australia under the entity Seventy Investech Pty Ltd since January 2, 2024, with a registered address in ADELAIDE SA 5000 and an enterprise registration number of 665 400 699. This entity is an authorized representative of Wholesale Investor Service Pty Ltd (AFSL: 530128), with authorized representative number 001301806. It has been verified that their registration with the Australian Securities and Investment Commission (ASIC) is accurate. However, their authorization as a representative from Wholesale Investor Service Pty Ltd started on February 17, 2023, and ended on September 13, 2023. Therefore, SeventyBrokers is currently not regulated by ASIC and does not hold a Forex brokerage license.
SeventyBrokers claims that their entity registered with the Financial Services Authority of Saint Vincent and the Grenadines (SVGFSA) is Seventy Investech Co., LLC, with enterprise registration number 2682. Upon verification, enterprise number 2682 corresponds to ENBENO CORP, and no information regarding Seventy Investech Co., LLC could be found on the SVGFSA website.
The entity registered in Vanuatu is Seventy Investech (Vanuatu) Co., Limited, with enterprise registration number 14885. This entity is also registered with the U.S. National Futures Association (NFA) under registration number 0515151. However, as of September 1, 2023, the Vanuatu Financial Services Commission (VFSC) does not list Seventy Investech (Vanuatu) Co., Limited as a licensed financial trader. Therefore, it does not operate under VFSC regulation. SeventyBrokers is registered with the NFA as a non-member entity and is not regulated by the NFA.
Market Instruments:
SeventyBrokers offers the following market instruments:
- Forex: Trading in the global foreign exchange market.
- Commodities: Trading in various commodities.
- Stock CFDs: Contracts for Difference on stocks of different companies.
- Index CFDs: Contracts for Difference based on indices representing specific industries or well-known companies' stock collections.
Account Types:
SeventyBrokers provides five different types of trading accounts:
- Integrated Account: Minimum deposit of $25, offering various trading instruments, floating spreads, maximum leverage of 1:500, stop-out level at 50%, and no commission except for a $0.099 per lot for stock CFDs.
- Lite Account: Minimum deposit of $1, offering various trading instruments, floating spreads, maximum leverage of 1:500, stop-out level at 50%, and no commission (except for certain regions).
- ECN Account: Minimum deposit of $5000, offering various trading instruments, fixed spreads starting at 1 pip, maximum leverage of 1:200, stop-out level at 50%, and $5 commission per lot for Forex, commodities, and indices, and $0.079 commission per lot for stock CFDs.
- Institution Account: Minimum deposit of $25,000, offering various trading instruments, fixed spreads starting at 1 pip, maximum leverage of 1:100, stop-out level at 50%, and no commission.
- Real Asset Account: Minimum deposit of $2000, offering stock trading with a commission of $0.079 per lot, an annual interest rate of 3.6%, no leverage or spreads, and a position fee.
Trading Platform:
SeventyBrokers offers the MT5 trading platform to its users.
Customer Support:
Users can contact SeventyBrokers via phone at +1(856) 421-5844, WhatsApp, Telegram (@SeventyBrokersSupportBot), and email at info@seventybrokers.com. The broker's website also supports online contact.
Summary:
SeventyBrokers is currently not regulated. Trading Circle advises investors to stay away from this platform and choose larger platforms with strong regulation and transparency to avoid potential financial losses. As of now, SeventyBrokers is marked as "suspected fraud" on Trading Circle.
