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ForTraders Review - is it scam or safe?

ForTraders Review - is fortraders.io scam or good forex broker?

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

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Trading Accounts and Conditions

 

Trading account Min. deposit  Max. leverage Spread
Basic  $200  1:200  
Silver  $3 000 N/A N/A
Gold  $10 000 N/A N/A
VIP  $50 000 N/A N/A

  

ForTraders offers its clients a choice of four account types, but fails to disclose the trading conditions. The broker claims to be “one of Europe’s leading financial institutions specializing in Forex and CFDs trading”, yet it doesn’t hold a legit license. If you are considering investing with ForTraders, make sure you read this review prior to sending any money.

 

 

ForTraders Advantages

 

MT4 & Activ8 platforms available

Although we generally don’t recommend doing business with this broker, ForTraders still has a few possible strong sides, provided that it’s not scam.

 

First of all, it offers trading on a Leverate’s Activ8, as well as access to the ever popular MetaTrader4 (MT4). The availability of the MT4 is always good news, as most traders know this trading software and enjoy using it for a number of reasons – it is user friendly, reliable, and equipped with all a trader needs. More specifically, this platform has one of the best charting packages, great analytics, and supports customizable trading boots a.k.a. Expert Advisors.

 

 

>> Looking for a better MT4 broker? <<

 

 

 

Solid leverage, huge selection of assets

Furthermore, ForTraders offers huge selection of assets for trade, as well as solid leverage ratios, up to 1:200, which will suit most trading styles. Its product portfolio features many currency pairs from all over the world and a broad range of CFDs, including commodities, indies, precious metals, various stocks and many digital assets like Bitcoin.

 

 

ForTraders Disadvantages

 

No regulatory oversight

Overall, the corporate information on ForTraders’s website is quite chaotic. There are two company names mentioned - Near Corpboard Ag, a company allegedly based in Switzerland, and EZ2GO Ltd. On the other hand, in the broker’s Terms and Conditions w read that Estonian Governing laws apply.  Either way, the website mentions nothing about regulation, so we can safely conclude that whichever the entity behind the brand, it doesn’t hold a legit license.

 

The lack of credible regulation compels us to state all the risks potential clients of this broker are exposed to. Traders should be aware that when dealing with such a broker the safety of their funds might not be the priority of the people behind the brand, to put it mildly. There may be commingling, platform manipulation, or the broker may simply disappear with your money.

 

Also, the fact that ForTraders doesn’t hold a legit license means that it is not entitled to target residents of countries where the forex market is heavily regulated, such as the EU, let alone being a leading European forex provider.  

 

Trading conditions not disclosed

Besides, ForTraders’ website lacks information on the most important details of its offer, such as the typical spreads, maximum leverage levels provided, and that is another negative.  Such lack of clarity on trading costs and conditions, combined with the lack of legit license makes this financial services provider seem utterly unreliable. 

 

We had to open a live trading account (without depositing) in order to sneak peek into its platform, which leads us to the next point.  

 

High spreads

When we logged into ForTraders’ Activ8 platform, we found the benchmark EUR/USD spread floating around 3 pips, which is by no means an attractive pricing.

 

 

ForTraders’ Activ8 platform. Click on the image to view full size.

 

Here you may check our list of recommended brokers offering tighter spreads:

 

 

>> Lowest spread forex brokers<<

 

 

Conclusion

 

In case you are looking for a reliable European forex brokerage, ForTraders is hardly the best choice. The broker is not regulated, and not transparent with its offer, which inclines us to suspect that it might be involved in some sort of investment scam.

 

We keep reiterating the importance of regulation in the wild west of forex trading. Regulation is crucial for the safety of any investment and only well-established financial institutions like the UK’s FCA, or the Cyprus Securities and Exchange Commission (CySEC) can provide sufficient security to traders residing in the EU. 

 

 

>> Trade with a broker regulated in Cyprus <<

 

 

And finally, here are the highlights of the present review of ForTraders:

 

Pros Cons

MT4 & Activ8 platforms available, solid leverage

No regulatory oversight, chaotic company information

Huge selection of assets

Trading conditions not disclosed

 

High spreads

 

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Traders` reviews for ForTraders

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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