Fortrade Review 2023: Is It A Scam? Unbiased Review

Fortrade Review

Table of Contents

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, which is possible through unbiased reviews. In Fortrade’s case, we have a challenge as there are mixed reviews about the broker, which only leads to confusion. 

So, without wasting a second, we quickly moved to the platform, created our live account and placed a few trades. Based on our experience, we create an in-depth analysis report to help traders determine whether it is best for them. 

Also, this Fortrade Review 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. 

Fortrade Review: Is Fortrade Scam? 

Fortrade is regulated by multiple top-tier financial regulators, making it a legit broker. Apart from regulations, we tested the broker from other aspects, like its market standing and customer reviews. 

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 broker 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 regulations and other aspects, the broker passed our test, and we can term it legit. Henceforth, Fortrade is not a scam. 

Fortrade Review 2023: What About Available Products & Markets? 

If you’re a Crypto trader, the broker’s product listing will greatly distress you as it currently doesn’t offer 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 markets & products 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 and metals
  • Oil and energies
  • Agriculture CFDs

How To Get Started On Fortrade? 

After going through the scam report and product offering section, if you believe the broker can be your long-term trading companion, here’s a step-by-step guide to getting started. 

Choose Between Available Account Options At Fortrade

Unlike other forex brokers, Fortrade offer services through two account types: Live & Demo account. 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 trading conditions and fees associated with live trading accounts will be discussed below. 

Opening A Live Account: How Can You Open One On Fortrade?

The next step is to open a live trading account. 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 Review: Deposits & Withdrawals

The platform offers plenty of payment methods for depositing and withdrawing funds. 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

Fortrade Review: Fortrade Fees, Commissions & Spreads

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 broker 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. 

What Trading Platforms Does The Broker Offer?

The broker’s platform support is limited and average in comparison to other Forex & CFD brokers. In addition to the MT4 platform, the broker doesn’t have its own proprietary trading platform.

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 with an internet connection
  • Real-time data
  • 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
  • 9+ timeframes
  • 3 charting types
  • Expert Advisors (EAs) 

Fortrade Review: 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 on a weekly basis, 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

Fortrade Review: Educational & Research Support

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. 

Let’s take a look at the available research and educational support: 

Educational Support

  • Trading Online Seminars
  • Trading eBooks
  • Beginner’s Trading Courses
  • Advanced Trading Courses
  • Trading Videos
  • Top Day Trading Strategies
  • Glossary of Terms

Research Support

  • 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 broker ensures none of its clients face issues by providing multilingual customer support 24×5. 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 quick resolutions, there is dedicated phone and email support. Users can raise complaints or address their issues immediately with the executives. 

Here are the contact details for Fortrade Customer support: 

E-mail: [email protected]

Phone No: +44 203 966 4506 (UK)

Fortrade Review:Conclusion

The analysis report from this detailed Fortrade Review indicates the platform is really safe to start with & its trading conditions are well suited 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. If these are your top concerns, you should choose a better option like InvestFW. Open your demo account with InvestFW today!

FAQs

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: 

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. 

Is Fortrade Real?

Yes, Fortrade is a real Forex and CFD brokerage platform that holds operating licenses from top financial regulators like UK FCA, IIROC, ASIC, CySEC, NBRB and FSC. 

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

Is Fortrade Legitimate?

Yes. the broker is legit in terms of regulations. It holds regulatory licenses from 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. 

Is Fortrade A Forex?

Fortrade is a Forex and CFD broker, which means it allows to trade in currencies and other asset classes from global markets, including Stocks, Indices and Commodities. 

What Kind Of Broker Is Fortrade?

Fortrade is a CFD broker that allows trading in 300+ underlying assets from the global markets, including Forex,  Stocks, Indices, and Commodities.

What Are Fortrade Reviews? 

The platform’s user review indicates it is an average broker. It has got 3/5 stars rating on Trustpilot. 

How Trustworthy Is Fortrade?

Fortrade is a trusted Forex and CFD brokerage platform, holding tier-1 regulatory licenses from UK FCA, IIROC, ASIC, CySEC, NBRB, and FSC. 

Can Canadians Use Fortrade?

Yes, Canadian traders can use the platform. Meanwhile, the broker’s regulations in the country add further to its trust value. 

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