- What is Fortrade?
- Fortrade Pros and Cons
- Is Fortrade safe or a scam?
- Account types
- Deposits and Withdrawals
- Trading Platform
- Customer Support
Our Review Method
- 55Brokers Financial Experts with over 10 years experience in Forex Trading check trading offerings including fees, platforms, verified regulations, contacted customer service, and placed traders to see trading conditions and give our expert opinion about Fortrade
What is Fortrade?
Fortrade is established in the UK in 2013 trading provider and a Forex broker with products and services for online foreign exchange and CFD trading. Further on, throughout its development, Fortrade opened its branches in Australia and Belarus while recently enlarging even further and establishing branches in Cyprus and Canada.
- The company provides a favorable trading environment with easy access to multiple asset classes. The broker strives to make trading more enjoyable and profitable and at the same time secure which is confirmed by its worldwide presence and what is more important heavy regulation.
- Hence, Fortrade offers tight and competitive spreads that vary depending on the trading instrument; the spreads start from 4 pips for forex through various leverage ratios and a variety of promotions.
Fortrade’s technology has been developed with the purpose to help traders, both beginners, and experts, simplify their trading experience; it provides a highly efficient trading environment suitable for beginners, however, it also comprises more sophisticated features as well.
Fortrade Pros and Cons
Fortrade has easy account opening and is a regulated broker with respected licenses like FCA and ASIC, the education section is well-developed, platforms and research are on a good level, also spread costs are on average levels. A demo account is available. Registering takes up to 10 minutes.
For the negative points, there is no 24/7 support, conditions are different in each entity also spreads might be high for some instruments. Also, the broker charges inactivity fees.
|Support not available 24/7
|Heavily Regulated Broker
|Conditions may vary in particular entities
|Great education through Fortrade Academy
|MT4 platform and proprietary software
|Fast account opening and free Demo account
|No commission deposits and withdrawals
Fortrade Review Summary in 10 Points
|FCA, ASIC, IIROC, CySeC, NBRB, FSC
|Fortrader Platfrom, MT4
|200 currency pairs including Cryptocurrencies like Bitcoin, index, stock, precious metals, energies and commodity CFDs
|🎮 Demo Account
|💳 Minimum deposit
|💰 EUR/USD Spread
|💰 Base currencies
|Various Account base currencies
|Free education with webinars, courses and videos
|☎ Customer Support
Overall Fortrade Ranking
Based on our expertise and review, Fortrade is considered a highly reliable broker with a good reputation and great trading conditions suitable for both beginners and experienced traders. The broker has almost global coverage and excellent safety measures.
- Fortrade Overall Ranking is 8.9 out of 10 based on our testing and compared to over 500 brokers, see Our Ranking below compared to other industry Leading Brokers.
Fortrade Alternative Brokers
Despite all the benefits, Fortrade does seem to have some disadvantages like higher spreads on some asset classes. Besides, the market range is limited to FX and CFDs trading, so there is no real trading. On top of that, broker support is not available on weekends. Let’s see the list of some Fortrade alternative brokers:
Is Fortrade safe or scam?
Yes, Fortrade is a safe broker due to its regulation. The broker is multiply regulated by several top-tier regulators and is fully compliant with all jurisdictions. We find this aspect a firm guarantee for clients’ safety since the broker ensures compensation in case of insolvency.
Is Fortrade legit?
As for Fortrade, it is authorized and regulated by multiple authorities in reputable jurisdictions including the Financial Conduct Authority (UK) and ASIC (Australia). These two are actually some of the most serious world organizations that regulate financial services companies with the purpose to protect consumers, and financial markets and promoting competition.
In addition, Fortrade enlarges its trading proposal and moves on further by opening official entities in Belarus, Canada, and Cyprus. Where, Fortrade is fully authorized, regulated, and overseen in terms of its reliability and operation.
Our conclusion on Fortrade Reliability:
- Our ranked Fortrade Trust Score is 9 out of 10 due to its established reputation and proper operation over the years. The broker is highly regulated with multiple top-tier regulators ensuring trading safety. However, the only drawback is that the broker runs an offshore entity
|Fortrade Strong Points
|Fortrade Weak Points
|FCA, ASIC. IIROC, CySEC regulated international broker
|Runs offshore entity
|Global coverage and license from Belarus National Bank
|Negative Balance Protection
|Representative offices globally
|Islamic (Swap Free) account availability
How are you protected?
According to these licenses, Fortrade operates under full compliance with numerous restrictions and guidelines to provide a secure trading environment for all transactions, while keeping clients’ funds in segregated accounts and in the unlikely event protected by schemes.
Leverage or a loan is given by the broker to the trader enables traders to trade with a larger size than the initial invested capital. Indeed, leverage significantly increases the potential for higher gains, yet in reverse, it does increase risk level too. Therefore, leverage may be risky at the point you set it wrongly or too high.
Based on our research, Fortrade offered leverage ratios complying with the regulatory requirement in each jurisdiction it operates, so make sure to verify leverage conditions according to the Fortrade entity and your residence.
- Recent regulatory updates in Europe along with the ESMA regime set a maximum leverage level with a maximum of x30 for major currency pairs, x10 for commodities, x5 for CFD stocks, and x2 for Cryptocurrencies with the purpose to protect retail clients. This leverage is used for FCA and CySEC-regulated entities
- The Australian authority ASIC (Best Forex Trading Platforms Australia) still allows a leverage ratio up to 1:400 for Forex instruments, which will allow the Australian client to use high leverage while trading.
- Belarus regulation set leverage to 1:100 for Forex
- Canada traders can use a maximum of 1:50 for Forex instruments and lower levels of 1:40, 1:30, 1:20, and 1:10 according to the instrument specifications.
Our experts found out that Fortrade offers only a single account feature, yet the options and conditions may vary according to the trading sizes and deposits. We highly recommend you primarily sign in for the practice mode account or Demo account that delivers real trading with an option to discover all features of the platform with the notional sum of 10,000$. At the time you are ready to switch to real trading mode, you can easily switch to the real account.
Have a look at some of our notes on Fortrade account types:
|Fast digital account opening
|No ECN trading
|Single Account offering
|Variable spread accounts
How to use Fortrade?
First things first, you need to open an account to start trading. Opening an account on the Fortrade platform is an easy process that requires following a few simple steps of filling in your personal details with further verification. You can start with a demo account if you need practice or you can proceed to live trading if needed.
Our research showed a wide range of trading assets with access to more than 300 currency pairs including Cryptocurrencies like Bitcoin, with majors and minors, along with exotic pairs, indices, stocks, precious metals, energies, and commodity CFDs. Also including Agriculture CFDs with zero commissions and flexible leverage.
- Fortrade market range is ranked 8 out of 10 for its wide range of instruments, the only disadvantage is that they are limited to only FX and CFDs trading, and the range itself varies based on the jurisdiction
Fortrade offers a rapid execution with no middle person in the process, thus all orders execute in real-time with no commissions or fees while all costs are built into a spread. While most of the operations are free, Fortrade does charge a dormancy fee for inactive users. The account is considered inactive after 6 consecutive months of inactivity.
How much does Fortrade charge?
Once the client’s account has been deemed to be inactive, Fortrade charges you an administrative fee of 10.00 USD (this amount will be charged in the account’s currency at the standard exchange rate)
- Fortrade Fees are ranked 7.9 out of 1o based on our testing in comparison with over 500 brokers. The broker’s fees are relatively low, however, they might differ depending on the entity you are registered under. For full pricing, however, see funding fees, inactivity fees, and non-trading fees.
Fortrade also offers only variable spread proposals, so that there is no confusion about the fees. Based on our findings, fees are quite pleasant, however, maybe only for Commodities fees might be lower with other competitors, with typical spread for EUR USD pair 2 pips. Yet, always see and consider all the trading proposals in total, as not only good fees define a good broker.
- Fortrade Spreads are ranked with an overall rating of 7.7 out of 10 based on our testing and compared to other 500 brokers. The spreads are mostly in line with the industry average except for commodities that might be slightly higher
Below you can see the comparison of the most traded instruments:
|EUR USD Spread
|Crude Oil WTI Spread
We also recommend you always consider a rollover or overnight fee, which is charged in case you hold opened position for longer than a day. While traders following Sharia laws may apply for Islamic or Swap-free Account with Fortrade.
Deposits and Withdrawals
All money manipulations, transactions, and requests are done through your online account area where you can see fee reports, and deposit or withdraw your money according to the regulatory rules.
- Fortrade Funding methods are ranked 8.3 out of 10 based on our testing and compared to over 500 brokers. The broker offers a minimum deposit of $100, also most of the fees are nonexistent or very low
Here are some good and negative points for Fortrade funding methods found:
|No deposit fees
|Minimum deposit and conditions vary according to the entity
|Withdrawals free of charge
|Wide range of payment methods supported including PayPal
Fortrade supports several ways to deposit or withdraw funds to or from the trading accounts and accepts a range of options including all major credit/debit cards, bank transfers, Neteller, Skrill, and PayPal.
What is the minimum deposit for a Fortrade account?
Fortrade offers a minimum 100$ deposit, anyway, the broker also recommends depositing 500$ and more to achieve better results and trading multiple instruments, and cover all necessary fees. Also, this requirement may vary according to your account base currency and regulation in your resident jurisdiction.
Fortrade minimum deposit vs other brokers
|Most Other Brokers
How to deposit money into Fortrade?
For depositing, you need to log in to your account ad choose the method you like then deposit the requested amount of money and start trading.
Fortrade does not charge additional fees for deposits and withdrawals that are also subject to laws and regulations in a particular region. Withdrawal options are widely available including Bank transfers, Cards, and some e-wallets like Neteller.
How to withdraw money from Fortrade?
For withdrawal, you need to log in and go to “Deposits/Withdrawals” located inside the drop-down menu in the right corner of your screen. Select the withdrawal method you wish and enter the amount and any other account information that may be required.
We found that the Fortrade team of developers designed a line of fully-scalable trading platforms that enables the monitoring of global financial markets and derivatives, and capitalize on price movements at the time and place most convenient. The broker offers its clients a full suite of industry-standard MT4 platforms as well as its proprietary platform.
- Overall, we ranked Fortrade Platforms 8.3 out of 10 for its good choice of the MT4 platform. Also, the broker offers its sophisticated platform named – Fortrader, which comprises all broker’s technological advancements.
Trading Platform Comparison to Other Brokers:
The proprietary platforms are available in three versions Fortrader Web, Fortrader Desktop, and Fortrader Mobile which gives the ability to access trading in any convenient way, either on the go, by a browser, or by installed version. While all process is performed via the powerful execution model through interbank quotes.
Nevertheless, the company still offers as an option the popular MetaTrader4, which is accessible through various versions for desktop, web, and mobile accordingly. The platform features leading indicators, oscillators, EA strategies, and an automated desktop station that all in all brings numerous options for smart investment and trading processes.
The mobile app is suitable for Android or iOS devices are offered in the package as well. So you are able to stay updated about market conditions and manage your account and positions right from your mobile device.
Our findings showed that Fortrade’s international proposal also covers the support of their customers, hence providing around-the-clock customer service during working days available in multiple languages through its worldwide entities. Customer service is available via emails, live chat, contact form, or international phone lines and is ready to answer through its service centers.
- Customer Support on Fortrade is ranked Excellent with an overall rating of 9 out of 10 based on our testing. We got quick and relevant answers. The support is omnichannel and available in multiple languages. The main disadvantage is that the broker is not available on weekends
See our Ranking of Customer Service Quality:
|Quality customer support with live chat
|Support not available 24/7
|Multilingual support covering all regions
As for education, Fortrade offers a variety of comprehensive educational tools and generates the best possible data along with trading features. The broker provides a good selection of webinars, videos, eBooks, and glossaries.
The are numerous webinars, market research data, and analyses together with the Trading Central option at the client’s toolbar and disposal well-organized through Fortrade Academy. Research tools are also at a good level and either inbuilt into the platforms or available at the client resources.
- Our overall ranking of Fortrade Education is 9 out of 10 based on our research. The broker provides a very good selection of educational resources and excellent research tools. The broker also cooperates with market-leading providers like Trading Central
Fortrade Review Conclusion
Our Fortrade review shows an intuitive trading platform that has been designed to make online trading simple, fast and friendly. The good points are low deposit to start, well-developed educational programs and up-to-date market information is a helpful tools for the new to trading, while professionals will find numerous solutions to their trading needs.
And what is important, Fortrade provides a safe, secure, licensed, and regulated trading environment as per their reputable regulators FCA (Check FCA Regulated Forex Broker Infinox), ASIC, and others, while company continues growing and acquiring new territories like we see expansion to Canada, which is always good.
Based on Our findings and Financial Expert Opinion Fortrade is Good for:
- Experienced traders
- Run Scalping/Hedging
- Trading through MT4
- Currency Trading and CFD Trading
- Traders who prefer Trading Central
- EAs running
- Suitable for a Variety of Trading Strategies