Fortrade is a British CFD broker with several licenses. It promises comfortable and safe round-the-clock trading. However, in the reviews, you can find a variety of opinions about this company. Some clients even claim that it is a scam. We will check whether it is not dangerous to trust this project with your money.
- Fortrade General Information
- Registration and Client Portal Review
- Fortrade Trading Conditions
- Account Types
- Trading Platform
- Fortrade — Deposit and Withdrawal of Funds
- Additional Options
- Is Fortrade a Scam?
- Legal Information and License
- Fortrade.com Domain Info
- Contacts Review
- More Details
- Pros and Cons
- Frequently Asked Questions (FAQ)
Fortrade General Information
|Phone Number||+44 203 966 4506|
|Address||Michelin House, 81 Fulham Road, London. SW3 6RD|
|License||FCA, IIROC, ASIC, CySEC, NBRB, FSC Mauritius|
|Leverage||Up to 1:500|
|Trading Platform||WebTrader, MT4|
Registration and Client Portal Review
The official website of Fortrade does not make a good impression. That’s because it is oversaturated with unnecessary information. On the main page, there are widgets with quotes, a variety of videos, news, etc. All this distracts the client from the main thing — the broker itself. However, we are still dealing with a licensed company. Therefore, the footer contains legal information so that the trader can check the broker’s compliance with the standards.
The registration process is divided into four steps. First, you will need to specify the following information about yourself:
- First and last name
- Email address
- Phone number.
Then you will need to provide data about the country and city of your residence. Finally, you will need to choose the currency of the account, come up with a password, and specify the date of birth.
Next, you will need to provide data about your income and employment status. However, the information that Fortrade will require you to provide will depend on which country you live in.
The Client Area is quite standard. Here you can:
- Make changes to your profile
- Upload documents
- Read the news or an economic calendar
- Fund your account or withdraw money.
Fortrade Trading Conditions
Fortrade offers CFD trading for different types of assets and several additional services.
The broker does not have a division into account types. At the same time, it discloses catastrophically little about the terms of trade. From the FAQ section, we learned that the minimum deposit on the site is $100. However, Fortrade recommends depositing at least $500 into the account. That, according to the company, will help to follow risk management. Although it doesn’t matter what amount of money you start with. Risk management rules work for any deposit.
We also know that the company has a regular account, and there is an account that supports ECN technology. However, the conditions for them are different. At the same time, Fortrade does not tell in detail about any of them. To learn more about the ECN, you will need to contact the manager.
The broker does not specify any spreads, leverage, or commissions. We should note that these parameters may differ for clients. It all depends on which branch you open an account in and on the type of asset.
Fortrader offers two options: a WebTrader of its own production and MT4. MetaTrader can be downloaded to a PC or smartphone. It will be much more convenient for trading. The WebTrader is inferior to MT4 regarding the number of indicators, convenience, and performance.
Fortrade — Deposit and Withdrawal of Funds
The company offers to fund the account in several ways. Among them are: all major credit/debit cards, bank transfers, and Neteller. The money will be credited to your account within 7 days.
However, funds can be withdrawn even longer. The broker says that the withdrawal of money by wire transfer can take up to five days. In some cases, you will have to wait even longer for the transfer to the card.
The FAQ section says that Fortrade can withdraw money to cards within 15 working days.
Fortrade insists on passing verification for all clients. This procedure is standard. You will need to upload copies of several documents. Proof of identity will be required. A copy of your passport, driver’s license or ID card will do for this. You also need to confirm your place of residence. To do this, upload a utility bill or a bank statement. When changing residence, it is necessary to provide up-to-date documents. The broker may also ask for additional documents at its discretion.
Of the additional services, Fortrade has a referral program. You can become an introducing broker or build a network of referrals. In any case, you will be rewarded. The broker promises regular payments. However, as always, it does not name the amount of awards. It seems that literally everything is kept secret here. However, such secrecy is rather because you will receive different rewards for new customers from different countries.
Fortrade also has a whole education section. The broker offers e-books, webinars, and various glossaries of terms. Also, its experts regularly release market analyzes and give forecasts for the trading week. Here we should note that the professionalism of these experts is not proven by anything. We don’t know who these people are or whether they have the appropriate qualifications.
Is Fortrade a Scam?
It would seem that a licensed broker cannot deceive its clients. Let’s figure out why there is so much negativity in reviews about Fortrade.
Legal Information and License
The company has registered in several countries. These include the United Kingdom, Canada, Australia, Cyprus, Belarus, and the Republic of Mauritius. At the same time, Fortrade received licenses from local regulators. However, there is a small nuance. When you open an account, you cannot choose which branch you are served in.
If you live in England, Canada, or Australia, then you are lucky and your account will be under the supervision of reputable regulators. In all other cases, you will be assigned to the offshore Mauritius branch. At the same time, the offshore jurisdiction has less strict rules for regulating the activities of brokers. Companies may offer higher leverage, bonuses, etc.
Fortrade.com Domain Info
Fortrade has been working for quite a long time. Therefore, it is expected that there are no problems with the domain. The site was created back in 1997. However, of course, the broker’s content appeared on it much later.
Contact details are provided in full. Fortrade specifies several phone numbers and an email address. However, traders complain in reviews that it is very difficult to contact managers. You’ll have to wait a very long time for a response to your appeals.
Even though the broker does not talk about it, the trading conditions here are not so pleasant. Spreads on the site are high. For example, for the EUR/USD pair, it is at least two points.
Additionally, it is important to remember that each branch of the broker has only a local license. That means that customers from other countries may have problems with the consideration of individual complaints. Not everyone will be able to fly to the offshore zone of Mauritius.
Pros and Cons
- Several licenses.
- Low minimum deposit.
- There is a demo account.
- No detailed trading conditions.
- The broker does not disclose details about the deposit.
- You cannot choose which branch you will be served at.
- Leverage is too high in some branches.
- High spreads.
Frequently Asked Questions (FAQ)
Register an account, pass verification, and fund your account. After that, you can start trading in Fortrade.
Fortrade is a CFD and Forex broker.
According to the broker’s terms and conditions, the minimum deposit is $100. However, Fortrade recommends depositing the account by at least $500.