|Account type||Minimum deposit||Minimum trade size||Maximum leverage||Spread|
|Live||$100||0.1||1:200||3 pips on EUR/USD|
This forex broker offers its clients just one account type, except the demo practice one.
Fortrade is the trading name of Fortrade Ltd., a UK-based company authorised and regulated by the Financial Conduct Authority (FCA).
It was established in 2011, and now it offers a wide range of trading instruments covering more than 150 currencies, as well as commodity, index and stock CFDs through their in-house platform.
Fortrade Ltd., operating under the brand Fortrade, is duly licensed and regulated by FCA. UK-regulation is famous for its strictest standards and supervision. To acquire a license from the UK financial watchdog, brokers have to prove their financial stability and to meet a number of requirements. For instance, clients` funds are to be kept in segregated bank accounts separated from the company’s operating funds. What is more, regulated companies must hold a minimum of €730 000 to be considered financially stable. Similar minimum capital requirements apply in other jurisdictions: Australian brokers are obliged to possess at least $ 1 million; Cyprus-based brokerages are required to hold € 1 million; and US forex brokers must possess $ 20 million.
Regulation by FCA also involves additional guarantee to clients’ funds, since they fall under the Financial Services Compensation Scheme, where the maximum compensation cover is £50,000 per person per regulated firm.
Here is a list of more FCA-regulated brokers.
Minimum Initial Deposit
Fortrade recommend a minimum initial deposit of 500 EUR/USD/GBP, however it is possible to start trading with just €100. This is an average minimum initial deposit. In comparison, other UK-based forex brokers, like FxPro, require $500, and XM for instance demands just $1 from traders to start with.
Spreads & Commissions
Fortrade charges no commissions, as it gets its remuneration through the spread. This broker offers fixed spreads, amounting to 3 pips on EUR/USD, which is considered high. In comparison, Plus500 (also FCA-regulated) also offers fixed spread amounting to 2 pips on the EUR/USD and charges no commission fees, and FxPro provides average variable spread of 1.4 pips on the EUR/USD for its commission-free MT4 accounts. You may look up real-time spreads of 15 leading brokers here.
This broker offers different maximum leverage levels, depending on the instruments traded: 1:50 for indices and commodities CFDs, 1:10 for stock CFDs and 1:200 for most currency pairs.
A maximum leverage level of 1:200 is standard for the forex market. If you need higher leverage, other UK-based brokers provide such: HY Markets – 1:300; Admiral markets - 1:500. More forex brokers offering leverage equal to or exceeding 1:500 can be viewed here.
Leverage allows traders to gain large exposure to diversified markets with a relatively small amount of invested capital, however it is healthy to keep in mind that the higher the leverage ratio, the higher the risk. Leverage is a double-sided coin.
Fortrade offers its services on just one trading platform, Fortrader. There is desktop, mobile and web versions available. This is its proprietary platform, which is very simple and easy to use, yet traders who are used to the advanced features offered by the popular MetaTrader 4 may find it too simple and not very handy.
Like many other brokers, Fortrade also offers a welcome bonus, amounting to 30% of the first deposit (up to €3000). The deposit must be €100 as a minimum and the bonus expires within 90 days.
Bonus monies may be used for trading only and cannot be withdrawn until account trading volume reaches 10 000 base units for every €1 bonus.
Fortrade’ s clients can make deposits and withdrawals from and to their accounts via credit/debit cards, bank transfer, wire transfer, Skrill and Neteller.
Fortrade is a well-regulated UK-based broker offering trading in forex and various CFDs solely on its proprietary platform. Most experienced traders would probably prefer a broker offering tighter spreads on the MT4. To sum up the above, here are the Pros & Cons in relation to this broker:
|30 % on deposit welcome bonus||Only in-house platform available, no MT4|
|Only one account type offered|
FXTM is a EU regulated forex broker, offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $1 and take advantage of tight fixed and variable spreads, 1:1000 leverage and swap-free accounts.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
Grand Capital is a MT4 forex broker, offering $500 no deposit bonus and 40% bonus on all deposits.
Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
|Cyprus||CySec||MT4, MT5, Web||$5||Review Website|
|US, UK, Australia||CFTC/NFA, FCA, ASIC||MT4, Web,
|UK, Australia, Singapore||FCA||MT4, Web,
|UK, Cyprus||FCA, CySec||MT4||$5||Review Website|
|UK, Cyprus||FCA, CySEC||MT4, MT5, Web,
|UK, Bulgaria||FCA, FSC||Web||$150||Review Website|
|Belize||IFSC||MT4, MT5||$100||Review Website|
|Cyprus||CySEC||MT4, MT5||$300||Review Website|
|New Zealand||FMA||MT4||$1000||Review Website|