Fortrade Forex Broker

Aspect Description Company Name Fortrade Registered Country/Area United Kingdom Founded Year 2-5 years Regulation Financial Conduct Authority (FCA) - Suspicious Clone Market Instruments CFDs on commodities futures Account Types Live account Minimum Deposit N/A Maximum Leverage N/A Spreads Contact support@fortrade.com for details Trading Platforms Web-based and downloadable platforms Demo Account Free demo account available Customer Support Email support (info@fortrade.com), available 5 days a week Educational Resources Daily market analysis provided by research team Overview of Fortrade Fortrade is a UK-based company offering Contracts for Difference (CFDs) on commodities futures like wheat, gold, and oil. They are regulated by the FCA, but be aware of their “Suspicious Clone” designation. You can practice trading with a free demo account before opening a live account. Fortrade's web-based and downloadable trading platform allows you to trade from your desktop or mobile device. They offer daily market analysis to help you make informed decisions, but their spreads and maximum leverage are not available on the website. Customer support is limited to email. Pros and Cons Pros Cons User-Friendly Platform Suspicious Clone Designation Free Demo Account Limited Transparency Daily Market Analysis Limited Customer Support Variety of Tradable Assets Pros: User-Friendly Platform: Fortrade boasts a user-friendly trading platform accessible from desktops and mobile devices. This can be beneficial for both beginners and experienced traders. The intuitive interface should make it easy to navigate and execute trades. Free Demo Account: A free demo account allows you to practice trading with virtual funds before risking your own capital. This is a great way to familiarize yourself with the platform, test trading strategies, and gain confidence before going live. Daily Market Analysis: Fortrade provides daily market analysis from their research team. This analysis can be a valuable tool to stay informed about current economic events, trends, and how they might affect the commodities you're interested in trading. Variety of Tradable Assets: Fortrade offers CFDs on a range of commodities futures, including wheat, gold, and oil. This allows you to speculate on price movements across various commodity markets, potentially diversifying your trading portfolio. Cons: Suspicious Clone Designation: This is the biggest red flag. Fortrade is regulated by the FCA, a well-respected financial authority. However, the FCA has designated them as a “Suspicious Clone.” This designation raises serious concerns about Fortrade's legitimacy and trustworthiness. It's highly recommended to thoroughly research this red flag before depositing any funds. Limited Transparency: Fortrade doesn't disclose spreads and maximum leverage on their website. Spreads and leverage are crucial factors that impact your trading costs and potential returns. Having to contact support for these details can be inconvenient and make it difficult to compare Fortrade's fees with other brokers. Limited Customer Support: Customer support is restricted to email and is only available 5 days a week. This limited availability could be a concern if you encounter issues or require assistance outside of those operating hours. Regulatory Status Fortrade is regulated by the Financial Conduct Authority (FCA) in the United Kingdom, which is a well-respected regulatory body. However, it's important to note that Fortrade is currently listed as a 'Suspicious Clone' by the FCA. This designation raises a potential red flag for potential customers and should be thoroughly investigated before depositing any funds with Fortrade. Market Instruments Fortrade offer Contracts for Difference (CFDs) on dozens of underlying commodities futures. These CFDs track the price movements of the futures contracts for things like wheat, gold, and oil, allowing you to speculate on price changes without taking ownership of the physical commodity. Account Types Fortrade offers a free demo account specifically designed for you to learn the ropes of trading without risking any real money. This account type is a great way to practice trading various instruments, in a simulated environment that mimics real-market conditions. With a demo account, you can test out different trading strategies and get comfortable with the Fortrade platform before you start putting your own capital at risk. How to Open an Account？ Here are the steps on how to open an account with Fortrade: Visit the Fortrade website and navigate to the account opening section: Head to the Fortrade website (https://www.fortrader.com/) and look for a button says “REGISTER HERE TODAY”. Fill out the online application form. This will require your personal information such as your name, email address, phone number. Submit your application: Once you've filled out the form and agreed to the terms, click the “SEND” button to submit your application. Download and install the Fortrade trading platform. Fortrade offers web-based and downloadable trading platforms. Choose the platform that best suits your needs and download it. Spreads & Commissions Fortrade doesn't directly disclose specific spreads and commissions on their website. To get a complete picture of Fortrade's spreads and commissions, you'll need to contact them directly at support@fortrade.com. Trading Platform Fortrade claim they offer a user-friendly trading platform accessible from desktops and mobile devices. Their interface is designed to be intuitive for both experienced traders and beginners. The platform prioritizes speed and security to ensure a smooth trading experience. Customer Support Fortrade extends assistance to users five days a week. Their dedicated team is readily available to address inquiries and resolve concerns promptly. You can easily reach them via email at info@fortrade.com, ensuring communication and reliable assistance whenever needed. Educational Resources Fortrade offers daily market analysis provided by their research team. This analysis is likely available through their website and includes insights on current economic events, trends, and how they might affect various financial instruments. This can be a valuable tool to help you make informed trading decisions. Conclusion Fortrade offers a user-friendly platform, demo account, and educational resources for CFD trading on commodities futures. However, proceed with caution due to the serious red flag of their “Suspicious Clone” designation by the FCA. Limited transparency regarding fees and restricted customer support add to the concerns. While the platform and resources are appealing, dig deep into Fortrade's legitimacy and compare them to other brokers with a clean record before risking any funds. FAQs Question: Is Fortrade a safe and reliable broker？ Answer: Fortrade is regulated by the FCA, a respected financial authority. However, a concerning aspect is their “Suspicious Clone” designation. Question: What can I trade with Fortrade？ Answer: Fortrade offers CFDs on various commodity futures contracts. This allows you to speculate on price movements of things like wheat, gold, and oil, without owning the physical commodity itself. Question: Does Fortrade offer a practice account？ Answer: Yes, Fortrade provides a free demo account with virtual funds. This is a great way to test out their platform, explore trading strategies, and gain confidence before using real money. Question: How much does it cost to trade with Fortrade？ Answer: Fortrade doesn't disclose spreads on their website. You'll need to contact them directly to get this crucial information about trading costs. Question: How can I get help with using Fortrade's platform？ Answer: Customer support is available via email, but only 5 days a week.