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FortisFX Review - is it scam or safe?

FortisFX Review - Is fortisfx.com scam or good forex broker?

RATING: 1.1 / 1 REVIEWS ForexBrokerz FortisFX
FortisFX is an offshore broker. Your money is not safe.

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FortisFX is a forex and CFD broker, offering five account types with a maximum leverage of up to 1:1000. If you are considering investing with them make sure you read this review first.

 

Account type Min. deposit Max. leverage Spreads
Mini Classic Cent Account $10 1:1000 3 pips, floating
Mini Classic n/a 1:500 3 pips, floating
Mini Classic 5 Fixed n/a 1:500 3 pips, fixed
Standard Account n/a 1:500 0,5 pips, floating
PRO-STP Account n/a 1:300 0,1 pips, floating

*commission

 

FortisFX Advantages:

 

Leverage of up to 1:1000

 

As a rule of thumb traders rarely use leverage over 1:100 and even that is considered a high risk investment. You should remember that while higher leverage gives you the opportunity to score relatively good profit with a smaller deposit, you also risk loosing your money much faster. With its Mini Classic Cent FortisFX gives you the option to trade with a leverage as high as 1:1000. In the same time the maximum leverage with the Mini Classic, the Mini Classic 5 Fixed and the Standard accounts is 1:500, while with  the PRO-STP Account the leverage is caped at 1:300. Surely such leverage levels are generous enough to fit any trading strategy.

 

Open an account with just 10 USD

 

You can open a Mini Classic Cent Account with FortisFX, investing just 10 USD and that is good news as with most forex brokers the minimum deposit requirement is around 100 USD. Still we should note that with some big international players like XMFXTM and IG you can open an account with just 5 USD or less.

 

Various payment methods

 

With FortisFX you can deposit or withdraw funds with a variety of e-wallets - Neteller, Alipay, OKPay, Perfect Money, Skrill, FasaPay and WebMoney, as well as all major credit or debit cards, including VISA and MasterCard. Bank wire is also accepted, but we do not see Bitcoins. In recent years Bitcoin payments became increasingly popular so here you may check our list of brokers, accepting Bitcoins as payment:

 

>>Forex Brokers Accepting Bitcoin<<

 

MetaTrader4 supported

 

The latest statistics show that nearly 80% of traders worldwide use the MetaTrader4 – a trading platform that has become an industry standard for the past 10 years. MT4 has great charting tools, intuitive interface and it can support automated trading sessions with the help of specially designed trading bots or Expert Advisors, as they are called. And what is more, you can easily modify and even compile your own trading algorithms and market indicators on a proprietary scripting language – the MQL4. Here you can check our list of brokers, also supporting MetaTrader4:

 

>>Find other MT4 brokers here<<

 

FortisFX Disadvantages:

 

No license

 

FortisFX is a brand of Fortis Market Corp., which is registered on The Seychelles, but has a company address in Malaysia and a contact number in the UK. 

 

The broker also says it is authorized and regulated by the Belize International Financial Services Commission. However, we were not able to find the company in the registers of the Commission. For that reason we will treat FortisFX as an unregulated broker and that significantly lowers its credibility.

 

Unregulated brokers are not obliged to follow any fiscal or ethical rules and most often than not are involved in scam.

 

Properly licensed brokers on the other hand do provide investors with sufficient security. Brokers, regulated by respectable financial authorities, such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC) are subject to strict fiscal regulations, including the requirement to maintain a certain level of operational capital. They are also obliged to keep all clients funds in a segregated, protected form creditors account and in some cases even to insure traders money.

 

FCA and CySEC brokers for example, have to participate in clients' money compensation schemes. Under the FCA backed Financial Services Compensation Scheme in case the broker goes insolvent traders can receive back up to 50 000 GBP of their capital. 

 

With a similar insurance scheme, traders with CySEC brokers can receive back up to 20 000 EUR. Here you can check our list of brokers licensed by the FCA:

 

>>FCA Regulated Forex Brokers<<

 

Uncompetitive spreads

 

As advertised on the FortisFX website, spreads with all three base accounts – the Mini Classic Cent, the  Mini Classic and the Mini Classic 5 Fixed start at 3 pips, with the only difference that with the Mini Classic 5 Fixed the spreads are fixed. With the Standard account spreads are said to start at 0,5 pips and with the PRO-STP - as low as 0,1 pips. With the  PRO-STP account, however, you will pay a commission.

 

Have in mind that as an industry standard, starting spreads with base accounts should not exceed 1,5 pips, so here you may check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

No demo account

 

FortisFX also says it is offering trade with 41 currency pairs, as well as CFDs on gold, silver and 11 indexes. We tried to open a Demo account with broker to try the trading conditions first hand, but were unable to do that. We tried to contact the support, but our request got no reply. 

 

 

Conclusion:

 

FortisFX is a low credibility, unregulated, offshore broker, which on top of that offers unreasonably high spreads with its base accounts. On the positive side we should mention that the minimum deposit requirement is just 10 USD.

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Traders` reviews for FortisFX

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Price feed

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