Fortrade Review 2024
Website: www.fortrade.com
Min. Deposit: US$ 100
Leverage: 1:30 | 1:400
Trading Platforms: Fortrader Platfrom, MT4
Regulation: FCA, ASIC, IIROC, CySEC, NBRB, FSC
Headquarters: UK
Founded: 2013
Regulatory Licenses:
- Fortrade Limited - authorized by FCA (UK) registration no.609970
- Fort Securities Australia PTY LTD - authorized by ASIC (Australia) registration ABN: 33 614 683 831 | AFSL number: 493520
- Fort Securities LLC. - authorized by the National Bank of the Republic of Belarus (NBRB) registration FRN: 193075810
- Fortrade Limited - authorized by IIROC (Canada)
- Fortrade Ltd - authorized by CySEC (Cyprus) registration no. 385/20
- Fortrade Ltd. - authorized by FSC (Mauritius) registration no. GB21026472
Updated on March 1, 2024
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In our comprehensive assessment of Fortrade, we meticulously evaluated the broker against a set of rigorous standards. This evaluation included an in-depth analysis of its regulatory framework, user experience, account types, fees, platforms, customer service, and educational resources. Our review also compared Fortrade's offerings with over 1000 brokers to ensure a well-rounded perspective. This thorough process ensures that our recommendations and findings are trustworthy and reflect the broker's current standing in the forex market.
Founded in the UK in 2013, Fortrade has developed into a noteworthy forex and CFD trading provider. The broker has expanded its operations globally by opening branches in Australia, Belarus, Cyprus, and Canada, showcasing its commitment to offering its services to a wider audience. Fortrade aims to provide traders with a conducive trading environment, offering access to a wide array of asset classes. The broker's philosophy revolves around making trading both enjoyable and profitable, while ensuring security, as evidenced by its heavy regulation and global presence. Fortrade is known for its competitive spreads, starting from 4 pips for forex, across diverse leverage ratios, and a selection of promotional offerings. The technology behind Fortrade is designed to simplify the trading experience for traders at all levels, featuring a mix of basic and advanced trading tools.
Pros
Fortrade boasts an easy account opening process
It is a regulated broker with prestigious licenses such as the FCA and ASIC
The broker offers a comprehensive education section, including webinars, courses, and videos
Trading platforms and research tools are of a high standard
Average level spread costs
A demo account is available for practice trading
Cons
Fortrade does not provide 24/7 support
Trading conditions vary across different entities
Spreads can be high for certain instruments
An inactivity fee is charged by the broker
Fortrade is recognized as a safe broker, bolstered by its adherence to multiple top-tier regulations. It complies fully with the stringent requirements set by several authoritative bodies, ensuring a secure trading environment for its clients. The presence of multiple regulations is a strong indicator of the broker's commitment to maintaining high safety standards. Fortrade's authorization and regulation by reputable bodies like the Financial Conduct Authority (UK) and ASIC (Australia) further affirm its legitimacy and dedication to protecting its clients. Additionally, the broker's expansion into regulated markets in Belarus, Canada, and Cyprus highlights its reliability and operational integrity. While the existence of an offshore entity is noted as a drawback, Fortrade's overall Trust Score stands at 9.1 out of 5, reflecting its established reputation and consistent adherence to regulatory standards.
Leverage, acting as a form of loan provided by the broker, permits traders to control larger positions than their initial capital would allow. While leverage can amplify potential gains, it also escalates the risk of losses, making its management crucial. Fortrade offers leverage ratios that comply with the regulatory standards of the jurisdictions in which it operates. Traders should verify the applicable leverage conditions based on their location and the specific Fortrade entity. European regulations, including ESMA, cap leverage at a maximum of x30 for major currency pairs, with lower limits for other instruments, applicable to entities regulated by the FCA and CySEC. In contrast, ASIC-regulated entities in Australia offer higher leverage ratios, up to 1:400 for forex instruments. Belarus and Canada have their specific leverage caps at 1:100 and up to 1:50 for forex instruments, respectively, demonstrating Fortrade's compliance with diverse regulatory environments.
Our analysis has demonstrated that Fortrade offers a unified account model, although the features and terms can vary based on the size of trades and the amount of deposits. We strongly advise beginning with the practice mode account or Demo account, which simulates real trading and allows users to explore all the platform's features with a virtual balance of $10,000. Once you're prepared to engage in actual trading, transitioning to a real account is straightforward.
Some insights on Fortrade account types include:
How to use Fortrade?
To commence trading, opening an account is the initial step. The account creation process on the Fortrade platform is straightforward, necessitating the completion of a few simple steps to provide personal details and undergo further verification. If you're seeking practice, you can opt for a demo account, or move directly to live trading if you're ready.
Fortrade Instruments
Our investigation has revealed a broad spectrum of trading assets, offering access to over 300 currency pairs, including cryptocurrencies like Bitcoin, encompassing major, minor, and exotic pairs, indices, stocks, precious metals, energies, and commodity CFDs. This also includes Agriculture CFDs with zero commissions and flexible leverage. Fortrade's market range receives a rating of 4.0 out of 5 for its extensive instrument selection. The primary limitation is its exclusive focus on FX and CFD trading, with the available range varying by jurisdiction.
Fortrade ensures swift execution without intermediaries, meaning all orders are executed in real-time with no commissions or fees, as all costs are incorporated into the spread. While most operations are free of charge, Fortrade imposes a dormancy fee on inactive accounts. An account is deemed inactive after six consecutive months of no activity.
How much does Fortrade charge?
An administrative fee of 10.00 USD is charged for accounts classified as inactive, with the fee converted into the account's currency using the standard exchange rate. Fortrade's fees receive a score of 3.9 out of 5 in our evaluation, comparing favorably with over 1000 brokers. Although fees are generally low, they may vary depending on the regulatory entity. For detailed pricing, refer to funding, inactivity, and non-trading fees. Fortrade's variable spread model ensures transparency regarding fees. Our findings indicate that fees are competitive, although commodity fees could be lower compared to other brokers. With a typical spread for the EUR/USD pair at 2 pips, it's important to consider the overall trading proposal, as attractive fees alone do not constitute a superior broker.
Fortrade's spreads are rated at 3.9 out of 5, aligning with industry averages except for slightly higher commodity spreads. Below is a comparison of the most traded instruments:
Other fees
We also advise considering rollover or overnight fees for positions held longer than a day. Traders adhering to Sharia laws can opt for an Islamic or Swap-free Account with Fortrade.
Financial transactions and requests are managed through your online account area, where fee reports are accessible, and funds can be deposited or withdrawn in compliance with regulatory standards. Fortrade's funding methods score 4.2 out of 5, based on our evaluation and comparison with over 1000 brokers. The broker stipulates a minimum deposit of $100, with most fees being nonexistent or very low.
Here are some points regarding Fortrade's funding methods:
Deposit Options
Fortrade supports a variety of deposit and withdrawal methods, including all major credit/debit cards, bank transfers, Neteller, Skrill, and PayPal.
What is the minimum deposit for a Fortrade account?
Fortrade sets the minimum deposit at $100. However, the broker recommends a deposit of $500 or more for optimal trading outcomes and the ability to trade multiple instruments while covering all necessary fees. This requirement might vary based on your account's base currency and the regulatory framework in your jurisdiction.
How to deposit money into Fortrade?
To deposit funds, log into your account, select your preferred method, deposit the desired amount, and commence trading.
Withdrawal
Fortrade does not levy additional fees for deposits and withdrawals, which are also governed by laws and regulations specific to each region. Withdrawal methods are extensively available, including bank transfers, cards, and some e-wallets like Neteller.
How to withdraw money from Fortrade?
For withdrawals, log in and navigate to "Deposits/Withdrawals" within the drop-down menu in the top-right corner of your screen. Choose your withdrawal method, enter the amount and any necessary account information.
In our comprehensive analysis, the development team at Fortrade has crafted a range of scalable trading platforms tailored to monitor global financial markets and derivatives efficiently, allowing traders to leverage price movements whenever and wherever it suits them best. The brokerage provides a robust suite of the industry-standard MetaTrader 4 (MT4) platforms in addition to its proprietary trading environment.
After an in-depth evaluation, we awarded Fortrade's platforms a score of 4.2 out of 5, commending its versatile selection of the MT4 platform alongside the sophisticated proprietary platform known as Fortrader, which incorporates all the broker's technological innovations.
Web Platform
Fortrade's proprietary platforms come in three variants: Fortrader Web, Fortrader Desktop, and Fortrader Mobile. This trio offers traders the flexibility to engage with the market in their preferred manner, whether on the move, via a web browser, or through a downloadable application. Transactions are executed efficiently through a robust model that leverages interbank quotes.
Desktop platform
Moreover, Fortrade also provides the widely acclaimed MetaTrader4 as an alternative. This platform is accessible in various formats for desktop, web, and mobile use. It features an array of leading indicators, oscillators, EA strategies, and an automated desktop station, offering numerous investment and trading solutions.
Mobile Platform
Additionally, the mobile application, compatible with Android or iOS devices, is included in Fortrade's offering. This application enables traders to stay informed about market conditions and manage their accounts and positions directly from their mobile devices.
Our assessment reveals that Fortrade extends its international reach by offering comprehensive customer support. The brokerage ensures round-the-clock customer service during business days, available in multiple languages across its global entities. Support channels include email, live chat, contact forms, and international phone lines, all manned by responsive service centers.
Fortrade's customer support is rated as Excellent, achieving an overall score of 4.5 out of 5 based on our evaluations. We received quick and pertinent responses across all channels. The support system is omnichannel and supports multiple languages. The primary drawback is the lack of availability during weekends.
Fortrade distinguishes itself through its extensive educational resources, aiming to provide the best possible information alongside effective trading features. The brokerage offers a rich selection of webinars, videos, eBooks, and glossaries.
A plethora of webinars, market research data, and analyses, augmented by the Trading Central feature, are readily accessible to clients through the Fortrade Academy. The research tools provided are also of a high standard, either integrated within the trading platforms or available as client resources.
We have given Fortrade's educational offerings a score of 4.5 out of 5, recognizing the broker's comprehensive selection of educational materials and superior research tools. It's noteworthy that the broker collaborates with leading market providers such as Trading Central.
Our review of Fortrade highlights an intuitive trading platform designed for simplicity, speed, and user-friendliness in online trading. Key advantages include a low minimum deposit requirement, well-developed educational programs, and timely market information, which serve as valuable tools for novices, while professionals will appreciate the myriad solutions tailored to their trading requirements.
Crucially, Fortrade provides a secure, licensed, and regulated trading environment, endorsed by reputable regulators such as the FCA and ASIC, among others. The company's ongoing expansion, including its foray into Canada, indicates robust growth and a commitment to broadening its market reach.
Based on our comprehensive analysis and the insights of financial experts, Fortrade is well-suited for:
Experienced traders
Beginners
Those engaging in Scalping/Hedging
Users of MT4
Participants in Currency and CFD Trading
Enthusiasts of Trading Central
Users of EAs
Traders employing a variety of strategies
