Fortrade Forex Broker provides real users with * positive reviews, 1 neutral reviews and * exposure review!
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As a forex trading platform, we believe that regulation is very important to ensure the safety of client funds and the fairness of transactions. However, as far as I know, Fortrader's regulatory license is controversial, which can pose unnecessary risks to some traders. Traders are advised to exercise extreme caution when choosing a forex trading platform that is regulated by a trusted regulatory body.
Fortrade has established itself as a significant player in the online trading landscape since its inception in 2013. This review synthesizes various insights from multiple sources, revealing a generally positive reputation for the broker, particularly in terms of regulation and educational resources. However, some concerns regarding withdrawal processes and trading costs have also been noted.
Note: It is essential to recognize that Fortrade operates through different regional entities, which may lead to variations in trading conditions and regulations. This review aims to present a balanced perspective based on the latest information available.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 7.5 |
| Tools and Resources | 8.5 |
| Customer Service and Support | 7.0 |
| Trading Setup/Experience | 7.5 |
| Trustworthiness | 9.0 |
| User Experience | 8.0 |
| Overall Score | 7.5 |
We evaluate brokers based on user feedback, expert opinions, and factual data from various reviews.
Founded in 2013 and headquartered in the United Kingdom, Fortrade has expanded its presence internationally, establishing offices in Australia, Canada, Cyprus, and Belarus. The broker offers a straightforward trading experience through its proprietary platform, "For Trader," as well as the widely used MetaTrader 4 (MT4). Fortrade provides access to a variety of asset classes, including forex pairs, indices, commodities, and stock CFDs. The broker is well-regulated, holding licenses from several reputable authorities, including the UK's Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC).
Fortrade operates under multiple regulatory frameworks, ensuring a secure trading environment. It is regulated by the FCA in the UK, ASIC in Australia, the Investment Industry Regulatory Organization of Canada (IIROC), and the Cyprus Securities and Exchange Commission (CySEC). Additionally, the broker is authorized by the National Bank of the Republic of Belarus (NBRB) and the Financial Services Commission (FSC) in Mauritius. This diverse regulatory oversight enhances the trustworthiness of Fortrade, as clients are assured that their funds are protected under stringent regulations.
Fortrade supports several base currencies, including USD, EUR, and GBP. The minimum deposit requirement is set at $100, although it is recommended that traders start with at least $500 for optimal trading conditions. While there are no deposit fees, withdrawals via bank wire transfers can incur a fee of approximately $40, and the processing time can take up to five business days. Credit and debit card withdrawals may take longer, up to 15 business days. Notably, Fortrade does not currently support cryptocurrency deposits or withdrawals, which may be a drawback for some traders.
The broker's minimum deposit is relatively low at $100, making it accessible for new traders. However, many sources suggest that a higher initial deposit of around $500 can provide better trading opportunities and flexibility.
Fortrade does not offer traditional deposit bonuses due to regulatory restrictions in various jurisdictions. However, they provide a balance bonus that can be withdrawn after meeting specific trading volume requirements. This approach aligns with their commitment to transparency and regulatory compliance.
Fortrade offers a diverse range of trading instruments, including over 60 forex pairs, stock CFDs, indices, commodities, and ETFs. The inclusion of U.S. Treasuries adds to its unique offerings, as it allows traders to engage with a broader range of financial products. However, the broker's focus remains primarily on CFDs, which may limit traditional investment opportunities for some traders.
Fortrade operates on a spread-based model, with average spreads for major currency pairs like EUR/USD starting at around 2 pips. While there are no commissions on trades, some users have reported that the spreads can be higher than those offered by competing brokers. Additionally, the broker charges an inactivity fee of $10 per month after six months of inactivity, which is a common practice in the industry.
Leverage options at Fortrade vary depending on the regulatory jurisdiction. For clients regulated by the FCA and CySEC, leverage is capped at 1:30 for major currency pairs. In contrast, Australian clients under ASIC can access higher leverage ratios, up to 1:400, which may appeal to more experienced traders looking for greater risk exposure.
Fortrade provides access to both its proprietary platform and the popular MT4. The For Trader platform is designed for user-friendliness and offers essential trading features, while MT4 supports more advanced trading strategies, including automated trading through expert advisors. Both platforms are available on desktop and mobile devices, ensuring flexibility for traders on the go.
Fortrade does not accept clients from several jurisdictions, including the United States, Japan, and Israel, due to regulatory restrictions. This limitation may affect potential clients looking to engage with the broker in those regions.
The broker offers customer support in multiple languages, including English, Spanish, French, and German. Support is available via email, live chat, and phone, although it is noted that customer service is not available 24/7, which may be a concern for some traders.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 7.5 |
| Tools and Resources | 8.5 |
| Customer Service and Support | 7.0 |
| Trading Setup/Experience | 7.5 |
| Trustworthiness | 9.0 |
| User Experience | 8.0 |
Fortrade's single account type offers a low minimum deposit and access to various trading instruments. However, the lack of multiple account types may limit flexibility for some traders.
The broker excels in providing educational resources, including webinars, eBooks, and market analysis tools like Trading Central, which is beneficial for traders at all levels.
While customer support is generally responsive, the lack of 24/7 availability may be a drawback for traders needing assistance outside regular business hours.
Fortrade offers a straightforward trading experience with competitive spreads, although some users have reported higher costs compared to other brokers.
With multiple regulatory licenses from esteemed authorities, Fortrade is considered a trustworthy broker. The separation of client funds and negative balance protection further enhance its credibility.
The user-friendly interface of both the For Trader platform and MT4 contributes to a positive trading experience. However, some users have noted occasional delays and issues with the mobile app.
In conclusion, Fortrade presents a solid option for both beginner and experienced traders, particularly due to its regulatory compliance and educational resources. However, potential clients should weigh the higher spreads and withdrawal times against their trading needs before opening an account.
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