Fortrade is a popular CFD brokerage platform renowned for its customer-centric services and trading conditions. However, before starting with any trading platform, it is crucial to look for its reliability. In Fortrade’s case, we have a challenge as there are mixed reviews about the broker, which only leads to confusion. So, we decided to evaluate the broker through Fortrade Review to come up with a clear overview.
Without wasting a second, we quickly moved to the platform, created our live account and placed a few trades. Based on our experience, we created an in-depth analysis report to help traders determine whether it is best suited for them. Also, this Fortrade Review 2024 will assess the broker’s fee, account types, platform offerings and available markets & products.
What Is Fortrade?
Fortrade is an online Forex and CFD broker that offers to trade in 300+ underlying assets from global markets, including Stock, Forex and Commodities.
The domain – www.fortrade.com is owned and operated by Fortrade Limited. Ever since its inception in 2013, the broker has expanded its presence and earned regulatory licenses from the world’s top jurisdictions.
With headquarters in London, the broker operates several offices in Canada, Australia, Cyprus, the Republic of Belarus, and Mauritius.
The brokerage’s London head office is situated at Michelin House, 81 Fulham Rd., London SW3 6RD, UK.
Is Fortrade Scam?
No, Fortrade is not a scam; in fact, it is a legit brokerage firm regulated by multiple top-tier financial regulators. Apart from regulations, we tested the broker from other aspects, like its market standing and customer reviews.
However, the platform’s market standings don’t seem to support its claim of being the top forex broker. It has 3/5 star ratings on Trustpilot, which can be considered satisfactory. As a multi-regulated broker, the different entities of this brokerage company operate under the following names:
- Fortrade Ltd: Authorised and regulated in the UK by the Financial Conduct Authority (FCA), FRN: 609970.
- Fortrade Canada Limited: Regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and a Canadian Investor Protection Fund (CIPF) member CRN: BC1148613.
- Fort Securities Australia Pty Ltd: Licensed and regulated by the Australian Securities and Investments Commission (ASIC) ABN: 33 614 683 831 | AFSL: 493520.
- Fortrade Cyprus Ltd: Regulated and supervised by the Cyprus Securities and Exchange Commission (CySEC) with CIF license number 385/20.
- LLC Fort Securities BLR: Authorised and regulated in Belarus by the National Bank of the Republic of Belarus (NBRB), FRN: 193075810.
- Fortrade Mauritius Ltd: Authorised and regulated by Financial Services Commission, Mauritius (FSC).
In terms of regulation and other aspects, the broker passed our test, and we can term it legit. Henceforth, Fortrade is not a scam, as per findings from Fortrade Review 2024.
User Experience
The broker has a user-friendly platform lets users experience savvy and hassle-free forex trading. Both its desktop and online app are integrated with the latest features, services, data and logical analysis so that consumers can make informed investment decisions.
Its persona-based navigation feature recognises the personal requirements of the traders and responds to them accordingly. The broker differs from its competitors as it has a vast educational resources and assistance via features like live chat and intelligent search.
Available Trading Instruments At Fortrade
If you’re a Crypto trader, the broker’s product listing will greatly distress you as it currently doesn’t provide Crypto trading. However, you can still access more than 300 underlying assets from major markets, like Forex, Indices, Stocks & Commodities.
While gathering research for this Fortrade Review, we compiled a list of all major trading instruments available on the platform.
Forex
- Over 50 currency exchange rates: EUR/USD, GBP/USD
- Zero commissions
- Leverage of up to 1:200
Indices
- 20+ indices from US, European and Asian markets
- Zero commissions
- Leverage ratios of up to 1:100
Stocks
- 100+ US and European stocks
- Zero commissions
- Leverage ratios of up to 1:10
Commodities
- Zero commissions
- Leverage ratios of up to 1:50
- Gold, Silver and other precious metals
- Crude oil and energies
- Agriculture CFDs
Fortrade Fees & Commissions
In our Fortrade Review, we have taken into consideration all the fees & charges incurred in trading with this broker. It is worth mentioning that the brokerage doesn’t charge any commission charge. Let’s take a look at other fees:
- Spreads – The minimum spread charges start from 2.00 Pips.
- Deposit Fees – $40 for using Bank transfer.
- Withdrawal Fees – Zero
- Inactivity Fees – $10 after 6 months
Fortrade Review: Maximum Leverage
The maximum leverage offering may distress the traders as the platform offers up to 1:30 for retail traders. Meanwhile, it increases to 1:200 for professional traders.
However, while trading with high leverage, it is important to note that it is high risk and your losses could exceed your deposited capital.
Fortrade Trading Platforms & Specifications
The trading platforms offered by Fortrade are limited and average in comparison to other brokers. In addition to the MT4 platform, the broker has a WebTrader and mobile trading apps.
Let’s take a look at all available platforms offered by the broker:
MetaTrader4 (MT4)
- Available for desktop & Mobile App
- 30 built-in technical indicators
- 24 graphical objects
- 9+ timeframes
- 3 charting types
- Expert Advisors (EAs)
- Multiple order types
- One-click trading
Web Fortrader
- Accessible from any PC and browser with an internet connection
- Real-time data
- Dedicated account manager
- One-Stop-Shop function
Fortrader App
- Available for both iOS & Android
- Full-scale functionality
- Intuitive, simplistic and user friendly
- Take Profit Stop Loss Function
- 30 built-in technical indicators
- 24 graphical objects
- Dedicated account manager
- 9+ timeframes
- Managed accounts
- 3 charting types
- Expert Advisors (EAs)
Fortrade Review: Pros & Cons
Pros
- Regulated broker with a strong reputation
- Low minimum deposit requirement
- Competitive spreads and commissions
- User-friendly trading platform
- Educational resources and market analysis
Cons
- No Crypto trading is Available
- Unavailability Of MT5
- ETFs not available
Trading Account Options At Fortrade
Unlike other forex brokers, Fortrade offers service through two account types: Live & Demo accounts. The live account requires a minimum deposit of $100, while the demo account is free to use.
Meanwhile, there is also a SWAP-free Islamic account, with minimum deposit requirements of $2000. The Fortrade demo account doesn’t require any type of minimum deposit.
How To Open A Live Trading Account On Fortrade?
To open a live trading account is the next step. All it takes is a few minutes, identity documents and a stable internet connection. So, let’s understand the account opening process of Fortrade:
- First, click on the ‘Sign Up’ icon available on the homepage.
- Enter your first name, last name, e-mail & phone number and click on the ‘Next’ icon.
- Now, submit government-issued documents for the account verification process, which generally takes 1-2 days.
- Upon verification, your Fortrade login details will be sent to the registered email address.
Fortrade Deposit & Withdrawal Conditions
As per our Fortrade Review 2024, the platform offers plenty of payment methods for depositing and withdrawing money. While there is no fee for withdrawal, some deposit modes may incur a specific fee.
The following methods can be used for deposits and withdrawals:
- Bank Transfer
- BPAY
- Mastercard
- Neteller
- Paypal Skrill
- Visa
How To Deposit Funds Into Fortrade Account?
To deposit money into your ForTrade account, you need to log in to your account and navigate to the ‘Deposit’ section. Select your preferred payment method, enter the amount you wish to deposit, and follow the on-screen instructions to complete the deposit process.
How To Withdraw Funds From Fortrade?
Here are the steps to withdraw money from your account:
- Step 1: Sign in using the Fortrade login credentials and navigate to the ‘Withdrawals’ section.
- Step 2: Select your preferred withdrawal method. ForTrade offers various withdrawal methods, including credit/debit cards, bank wire transfers, and e-wallets.
- Step 3: Enter the amount you wish to withdraw and any additional details required for the selected withdrawal method.
- Step 4: Verify your withdrawal request and confirm it.
- Step 5: Wait for the withdrawal request to be processed. ForTrade aims to process withdrawals within 24 hours, but the processing time may vary depending on the payment method used and any additional verification requirements.
- Step 6: Once the withdrawal request has been processed, the funds will be credited to your chosen payment method in one day.
Fortrade Bonus and Promotions
The platform offers generous bonuses and promotions from time to time. The available bonuses are for both new users and existing ones. However, these offers keep changing in a week or two, so it is advisable to check them out before you move on.
Ongoing offers include
- Balance Bonus: $25 no deposit bonus after registering
- Referral Bonus
- Trading Bonuses
Fortrade Partners Program
The platform currently runs a variety of partner programs. However, much information about the terms & conditions and the commission for these programs is unknown.
The available partners’ program includes:
- Affiliates
- Introducing Brokers
- Financial Institutes
- White Labels
Educational & Research Resources Offered
The platform’s rich educational and research support is probably its unique selling point. It literally has everything a beginner or even a professional trader wants to start trading. We were really impressed with its offering, each with dedicated sections for hassle-free manage.
Let’s take a look at the available research resources and educational support through Fortrade Review:
Educational Resources
- Trading Online Seminars
- Trading eBooks
- Beginner’s Trading Courses
- Advanced Trading Courses
- Trading Videos
- Top Day Trading Strategies
- Glossary of Terms
Research Resources
- FAQs
- Market Research
- Trading Central
- Trading Central Analysis
- Trading Product Details
- Fortrade Rollover Rates
- Trading Tools (Currency Converter Tool, Pip Value Calculator, Swap Rates Calculator and Margin Percentage Calculator)
Fortrade Review: Customer Support
The brokerage company ensures none of its customers faces issues by providing multilingual customer support 24×5. Talking about the reliability of customer support, the professional team is readily available to resolve any type of query. The Live Chat option has a low wait time and usually responds in 5 minutes.
For fast resolutions, there are dedicated phone and email support. Users can raise complaints or address their problem immediately with the executives.
Here are the contact details for Fortrade Customer support:
E-mail: [email protected]
Phone No: +44 203 966 4506 (UK)
Final Verdict On Fortrade Review
The analysis report from this detailed Fortrade Review 2024 found the platform is really safe to start with & its trading conditions are suitable for both beginners and professional traders. On the positive side, the broker’s fee, educational & research offerings, and product availability are exceptionally great.
However, Fortrade needs improvement in the following areas: The platform should incorporate Crypto trading, extend customer support from 24×5 to 24×7, and increase its leverage offering.
Overall, the platform falls short of offering these widely-used features and falls short of being listed in our recommend list. If these are your top concerns, you should choose a better option like InvestFW. Open your demo account with InvestFW today!
Frequently Asked Questions (FAQs)
How To Invest In Fortrade?
ForTrade is a broker, so individuals can invest in companies shares through it by opening a trading account and depositing money. However, investing in it as a company may not be possible for retail investors.
Does Fortrade Have Fees?
Yes, the broker charges a specific fee in the following ways:
- Spreads – The minimum spread charges start from 2.00 Pips.
- Deposit Fees – $40 for using Bank transfer.
- Inactivity Fees – $10 after 6 months
How Do I Trade With Fortrade?
To trade with ForTrade, you first need to open a trading account and deposit funds. Once your account is verified and funded, you can access the trading platform and start trading various asset groups, including forex, stocks, commodities, and cryptocurrencies.
Does Fortrade Have Fees?
Yes, ForTrade charges fees on certain activities, such as spreads on trades, overnight swaps, and inactivity fees. The specific price for each transaction may vary depending on the trading instrument and account type. It’s important to review the fee schedule on the ForTrade site or contact customer support for more information.
What are Fortrade withdrawal problems?
Some of the common withdrawal problems with Fortrade trading broker are as listed below:
- The withdrawal amount might be rejected if the user’s free margin or equity changes after the withdrawal request is submitted.
- According to the Anti-Money Laundering regulations, Fortrades follows a strict “back to source” policy. Due to this, all the funds must be returned to the original account from where the funds were deposited.
- One major concern in withdrawing funds from Fortrade is that withdrawal approval might take longer than usual. It might also require alternative account details as well.
- Your withdrawal amount is at risk of rejection if the user’s free margin/equity is changed after you submitted the withdrawal request.
How Does Fortrade Work?
ForTrade is an online trading & investing platform in Canada that allows users to trade various financial instruments through its web and mobile trading platforms. Users can access real-time pricing, technical analysis tools, and news and research resources to make informed trading decisions.
How To Delete a Fortrade Account?
To delete your Fortrade account, contact Fortrade customer support at [email protected] or call them at +44 203 966 4506 and raise requests to close your account.
Is Fortrade Legit?
Other than offering negative balance protection across entities, Fortrade separates its clients’ funds at trusted financial institutions. Fortrade is also a regulated broker so, yes, Fortrade is a legit and trustworthy forex broker.
Is Fortrade A Good Broker?
The broker is good for traders wanting a simple trading platform, low fees and good educational support. Meanwhile, the broker may not suit traders whose top concerns are having an advanced trading platform, 24×7 customer support and extensive product offering.
How Do I Contact The Fortrade Customer Support?
The broker’s customer support can be contacted via two channels:
- E-mail: [email protected]
- Phone No: +44 203 966 4506 (UK)
Is Fortrade Trustable?
Yes, the broker can be trusted as it is regulated by multiple regulators, including UK FCA, IIROC, ASIC, CySEC, NBRB and FSC. The broker is also a member of the Canadian Investor Protection Fund, which helps protect clients’ funds in case of the broker’s insolvency. It also holds a physical head office at Michelin House, 81 Fulham Rd., London SW3 6RD, UK.
Is Fortrade Real Or Fake?
Fortrade is an accurate Forex and CFD brokerage platform with operating licenses from top financial regulators like UK FCA, IIROC, ASIC, CySEC, NBRB and FSC.
What Is The Minimum Deposit For Fortrade?
The minimum deposit to start trading on the platform is set at $100. The minimum deposit requirements are quite lower than most forex brokers available in the market.
How Trustworthy Is Fortrade?
Fortrade is a trusted Forex and CFD brokerage platform, holding tier-1 regulatory licences from UK FCA, IIROC, ASIC, CySEC, NBRB, and FSC.
Can Canadians Use Fortrade?
Yes, Canadian traders can use the platform. The Investment Industry Regulatory Organization of Canada (IIROC) regulates the broker.
Can I Trade Crypto On Fortrade?
ForTrade Canada has temporarily suspended cryptocurrency trading on its platform. The company made this decision in order to comply with the recent regulatory changes regarding bitcoin trade in the UK. Therefore, it might be a distressing experience for Crypto investors. The suspension is likely to continue for 6 months.
