Fortrade Review - Is it scam or safe?

Fortrade Review - Is it scam or safe?
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Trading Accounts

 

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.


The Company


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.


Security of Funds


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


Trading Conditions


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.


Leverage

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.


Trading Platform


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.

 

 

Welcome Bonus


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.


Methods of Payment


Fortrade’ s clients can make deposits and withdrawals from and to their accounts via credit/debit cards, bank transfer, wire transfer, Skrill and Neteller.


Conclusion


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:

 

Pros  Cons
FCA-regulated High spreads
30 % on deposit welcome bonus  Only in-house platform available, no MT4
  Only one account type offered

     

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Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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Traders` reviews for Fortrade Add review

A Truly Worthwhile Trading Platform

I've been using the demo account on my phone for a week, and have got no complaints so far. Its easy to understand and has a very user friendly interface. I haven’t deposited any funds yet but I trust they’re legitimate – with them being in the UK and all that. All in all, I'm impressed. Cheers!

John Norman 08/08/2016

Un corredor de primera... en el que confío totalmente

¡Gracias! Esta es una muy buena compañía. No los conocía antes, pero hacen un trabajo excelente– siempre responden a mis correos y me ayudan con mi cuenta. He ganado mucho dinero. Es fácil de pagar con una tarjeta de crédito y también retirar dinero de la plataforma.
A favor: Es sencillo y muy seguro
En contra: nada

Brenda Gutierrez 08/08/2016

Piattaforma super-facile da usare

Non ho quasi esperienza di trading, ma la Fortrader è molto intuitiva, ho imparato molto velocemente
ad utilizzarla senza problemi!
Pro: Intuitiva, piacievole, bella visualmente.
Contro: Non c'e.. Provatela!

Laura Brizzi 08/08/2016

Fortrade

Je ne savais vraiment pas beaucoup sur le courtage en ligne avant, mais J'ai entendu par un ami que je doive essayer les plates-formes d’entraînemen- Demo de quelques sites, il m'a donné quelques liens de sites différents et je peux dire que je trouve cette plate-forme la plus facile à gérer, pour le moment je fais que le trading de démo j'apprends tous les jours de plus en plus, même si leurs bonus sont vraiment intéressants de commencer la vraie affaire, 30% pour le premier dépôt et 20% pour tous les autres dépôts, c'est quand même bcp.

Louise 08/08/2016

Es gibt eine Vielzahl handelbarer Märkte, zu denen natürlich auch deutsche Unternehmen gehören! Ich bin wirklich beeindruckt, von der einfachen Bedienbarkeit der Plattform. Außerdem gibt es eine Menge nützlicher Informationen und Handelstools. Zum Handeln benutze ich mein iPhone 6 und von Zeit zu Zeit erhalte ich Benachrichtigungen über Neuigkeiten der Märkte. Ich würde mich allerdings über noch mehr Benachrichtigungen sehr freuen. Nach meiner Anmeldung bekam ich sofort einen Bonus und nach meiner ersten Einzahlung einen weiteren Bonus.
Pluspunkte: professionell und schnell
Nachteile: Ich würde gerne auch sonntags handeln

Alexander 08/08/2016