Fortrade review: Are they a legit broker?

Fortrade is one of the most successful online CFD brokers we currently have. The company was launched in the UK in 2013 and has continued to offer excellent products and services that many traders have come to love. Given their tremendous success since they launched, they have expanded their service to Australia, Belarus, Cyprus, and Canada. 

When Fortrade kicked off operations, its primary goal was to make online trading accessible, profitable, and enjoyable. Thanks to this, the company has been able to penetrate many countries and now offers its services in many countries across the globe. The cool part is that top-tier financial institutions regulate the company. 

Fortrade stands out from many brokers because of the tight and competitive spread they offer for most of their trading instruments. In addition to that, they also have various leverages and promotions designed to give traders a fantastic trading experience.

While trading can be super challenging, especially if you’re just starting out, Fortrade has integrated some of leading technologies into their platform to make trading rewarding for newbies and experienced traders.

Pros and cons of Fortrade

Fortrade has a lot of great things going for it. But besides some of its selling points, the company has some drawbacks we would love to highlight. Let’s jump right in, shall we?

Pros

Top Recommended Platforms

MIN. DEPOSIT

$50

EXCL. OFFER

USER RATING

9.8

4.9/5

78% of retail investor accounts lose money trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

MIN. DEPOSIT

$100

EXCL. OFFER

USER RATING

9.7

4.8/5

Trading forex or CFDs on margin involves a high degree of risk and may not be suitable for all investors. There is a possibility that you may suffer a loss equal to or greater than your entire investment.

MIN. DEPOSIT

$250

EXCL. OFFER

USER RATING

9.6

4.5/5

CFDs are complex instruments and involve a high risk of losing money quickly because of the leverage effect. 68% of retail investor accounts lose money trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

  • Fortrade offers cross-platform trading.
  • They have a robust demo trading feature you can leverage to hone your trading skills. 
  • Top-tier financial institutions, including the FCA, regulate the company.
  • They provide access to multiple trading instruments you can  trade
  • Their customer support is top-notch. 

Cons

  • There is very little information available on supported funding methods
  • The platform doesn’t currently serve the U.S., so traders from the U.S. can’t use Fortrade
  • Their withdrawal process is slow
  • Their spreads aren’t so competitive, especially compared to other brokers on the market. 
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Is Fortrade safe?

If you’re wondering whether Fortrade is safe, the answer is yes. And more interestingly, the company is regulated by FCA, making them a low-risk broker for forex and CFDs

In terms of regulation, Fortrade is regulated by the Financial Conduct Authority (UK) and ASIC (Australia). If you have been in the forex space for a while, you’ll know that the FCA and ASIC are some of the most vigorous regulators of forex activities. Seeing that these top-tier financial institutions regulate Fortrade, it gives them some kind of legitimacy.

And like we mentioned right from the get-go, Fotrade has expanded its services to other countries, including Belarus, Cyprus, Canada, and more. To offer its services in these countries, Fortrade is regulated by the financial institutions in these countries. 

Trading platform

Fortrade has a brilliant trading platform that can be accessed via computer and mobile devices. They also support the famed MetaTrader 4 platform. Let’s break things down, so you understand precisely what we mean. 

MetaTrader 4

Whether you’re just getting started with trading or have been doing so for a while, there is no doubt that the MetaTrader 4 software is the leading trading platform out there. The platform’s impeccable features provide a seamless trading experience. 

With MetaTrader 4, traders have access to over 30 built-in technical indicators. Not just that, traders can seamlessly access 24 graphical objects and multiple time frames for seamless technical analysis. 

Besides supporting multiple order types, MetaTrader 4 also supports automated trading, making it great for traders who want to deploy expert advisors. 

While MetaTrader 4 is available for desktops and compatible with Mac or Windows computers, it is also compatible with mobile devices and tablets. This ensures that you can trade on the go. In fact, MT4 mobile is super easy to use, and you can find your way around the app without being tech savvy. 

If you’re a sucker for technical analysis, you’ll be happy to learn that MT4 mobile allows traders to deploy over 30 technical indicators, including Fibonacci Curves, Gann lines, and more, to predict the market’s direction. 

Web Fortrader

While Fortrade supports third-party trading platforms like MetaTrader 4, the company also has its own proprietary trading platform called the Fortrader Webtrader. This brilliant desktop trading system can be accessed via any computer with an internet connection. Like the MetaTrader 4 platform, the Fortrader WebTrader is clean, intuitive, and easy to navigate. Thanks to its one-stop-shop functionality, traders can track, analyze and trade from one place. 

Leverage

One thing many traders look out for when searching for a reliable broker is the type of leverage they offer. And to be honest, Fortrade isn’t doing too badly in this regard. For those just learning about leverages, it would interest you to know that leverage is a kind of loan offered by brokers to traders. Using leverage, traders can take more risk than the initial money invested. But while leverage increases the chances of making higher gains, on the flip side, it comes with some risks too. To this end, it’s best to understand how it works before choosing which leverage option works best for you. 

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Fortrade offers competitive leverages that comply with regulatory requirements in the respective jurisdictions the company operates in. Before choosing leverage, make sure you review the company’s leverage conditions to know what’s available in your region. 

  • Recent regulatory changes in Europe has brought about fixed leverage level for different assets. So if you’re in Europe, you’ll be able to access x30 leverage for major currency pairs, x10 for commodities, x2 for cryptocurrencies, and x5 for CFD stocks. This new regulation is aimed at protecting retail traders. Remember that these leverages are used for FCA and CySEC-regulated companies. 
  • Australian financial authority ASIC still allows brokers like Fortrade to offer leverage ratios up to 1:400 for forex instruments. This leverage option means Australian traders can access high leverage for their trading. 
  • In Belarus, Fortrade offers clients leverages up to 1: 100 for forex. 
  • Similarly, in Canada, Fortrade can offer customers leverage ratios up to 1:50 for forex instruments. 

Account types

Unlike many brokers out there, Fortrade supports only one account type. That said, options and conditions vary according to deposits and trading size. 

For traders just getting started, we highly recommend exploring the Fortrade demo account feature to get hands-on experience on how trading works before going live. Jumping into live trading without understanding how trading works is tantamount to shooting yourself on the foot, and we are sure you won’t like that. 

Supported instruments

With Fortrade, traders have access to a variety of instruments, including over 60 forex pairs. The platform also supports precious metals, including gold, copper, silver, platinum, and palladium. 

Other trading instruments available on the platform include indices, commodities, cryptocurrencies, bonds, stocks, ETFs,s and more. 

Spreads and commissions

Fortrade’s commission is included in the spread. On Fortrade, the average spread on major currency pair is set at 2 pip. This is true for popular currency pairs like EUR/USD and EUR/GBP. Unfortunately, their spreads aren’t as low as what you get with top brokers like eToro. Nonetheless, their spreads are reasonable. The spread for precious metals like gold is around 45 pip, while Nasdaq comes in at around 1.5 pips. 

Other fees charged by Fortrade include overnight rollover fees and an inactivity fee of $10 on accounts that have been dormant for six months. 

Deposits and Withdrawals

Fortrade has made deposits and withdrawals super easy. And to make things even more interesting, they allow you to make deposits either on your desktop or your smartphone, whichever works for you. To make deposits or withdrawals, all you need to do is visit your account section and choose deposit or withdrawals, it’s that simple. 

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Deposit options

When it comes to deposits, Fortrade supports numerous deposit options. With Fortrade, you can make deposits via credit/debit card, Netteller, bank transfers, Skrill, and even PayPal

Does Fortrade have a minimum deposit?

While Fortrade has a minimum deposit of $100, which is excellent for someone just testing the waters, we recommend funding your account with at least $500 for better results. Fortrade has one of the lowest minimum deposit requirements compared to other brokers. 

Withdrawals

Withdrawals on Fortrade don’t attract additional fees. And to be honest, they support multiple withdrawal options, including credit/debit cards, PayPal, and e-wallets like Neteller, so feel free to choose which one works best for you. 

Customer Support

Fortrade knows the importance of customer support services and has put together a professional support team that works 24/5 to respond to customers’ questions and complaints. Contacting a customer service rep is easy as they provide support via multiple channels. Their live chat support function is important if you’re looking for a quick fix to whatever problems you may have. Other customer support options include email, phone calls, and the contact form available on their website. 

Education 

Trading can be pretty risky and rewarding at the same time. To be insanely successful, we always encourage traders to invest in education and resources that will improve their skills. Thankfully, Fortrade provides traders access to exclusive educational tools and resources designed to give traders an edge. 

From providing access to market research data to organizing webinars to providing technical analysis with the Trading Central option, Fortrade provides you with everything you’ll need to hone your trading skills. 

There are also great tutorial videos and explainers to improve your knowledge of forex and CFDs. 

Our verdict

Even though Fortrade may not be at the levels of top brokers like eToro, they still provide exceptional services. The platform offers online trading and supports a variety of instruments, including commodities, CFDs, forex, cryptocurrencies, indices, and more. And yes, they offer a good selection of educational materials you can take advantage of to sharpen your trading skills. 

Compared to other brokers, Fortrade has one of the lowest minimum deposit requirements ($100). In addition to that, they have an excellent customer support team that is available around the clock. Besides allowing traders to trade via the MT4 trading platform, they have their own indigenous trading platform, the Fortrader WebTrader, which makes trading smooth and hassle-free. 

If you’re looking for a broker that puts you first, you’ll definitely not go wrong to give Fortrade a try. 

 

 

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