Fortrade is a leading forex and CFDs broker that was founded in 2011. The platform is managed by Fortrade Ltd. and their head office is located at Michelin House, 81 Fulham Road, London, SW3 6RD, United Kingdom. Fortrade offers online traders access to more than 300 different types of instruments to trade. The broker, in aiming to make online trading more accessible to the general public has provided its clients with user-friendly and technologically advanced trading platforms that are able to serve the trading needs of both beginner and more experienced traders.
In terms of regulatory oversight, Fortrade is regulated by two financial regulatory agencies. In the UK, the broker falls under the purview of the UK’s Financial Conduct Authority (FCA) under registration number FRN: 609970. In the Republic of Belarus, Fortrade is regulated by the National Bank of the Republic of Belarus (NBRB). These regulatory agencies help to ensure that Fortrade operates within strict regulatory guidelines and with transparency. To protect traders, Fortrade is required to maintain segregated bank accounts and have regular audits by an independent third party.
With regards to Fortrade reliability, the broker operates in accordance with international industry best practices and under the watchful eyes of the FCA. In addition, as a regulated broker under the FCA, Fortrade’s traders are protected under the Financial Services Compensation Scheme (FSCS). In the event that Fortrade faces insolvency issues and is unable to meet its contractual obligations, you can file a claim for compensation under the FSCS for a maximum amount of £50,000.
Trading access for Fortrade’s traders is achieved through 2 main types of trading platforms, the in-house Fortrader platforms, and the MetaTrader4 (MT4) trading platforms.
The Fortrader platforms come with live price feeds, comprehensive charts and trading indicators to help you trade the markets with accuracy and confidence. They are available as a desktop client or a web-based platform. The web-based version of the Fortrader platform lets you access the platform with any compatible web browser and does not require any software download or installation.
MetaTrader 4 Platforms
The MT4 platform is the world’s most popular trading platform that is adopted by the majority of the brokers in the industry. It is also popular among traders as it is highly customizable in terms of languages for the user interface. It also has an advanced charting package packed with a wide array of technical indicators. Most importantly of all, the MT4 platform supports automated trading with the use of Expert Advisors (EAs). Like the Fortrader, the MT4 platforms at Fortrade are available as a desktop client and web trader.
Fortrade Mobile Trading
To cater to an ever-increasing smartphone equipped trading community, Fortrade has also provided its traders with mobile trading apps for both the MT4 and Fortrader platforms. These mobile trading apps are available free of charge at the Google Play store and Apple App store. While not as resource heavy as the desktop counterparts, these mobile apps allow traders to manage their trading accounts, transfer funds and execute trades directly from their smartphones.
For trade types, Fortrade focuses on providing its traders access to the CFDs markets. The range of asset classes covered includes currency pairs, cryptocurrencies, stock market indices, stocks, precious metals, commodities, bonds, and ETF. In total, there are more than 60 forex pairs, 20 indices, 180 stocks, 5 types of metal CFDs, 5 types of energy CFDs and 5 types of soft commodities.
Fortrade does not discriminate between its traders. It offers only one standard type of trading account, rather than several types of trading accounts which at times can be extremely confusing for beginner traders. Nevertheless, the single standard type of trading account is able to cater to the needs of both beginner and seasoned traders. Although the minimum deposit requirement to open an account at Fortrade is just $100, Fortrade recommends that you deposit a minimum of $500 instead, so as to give you more choice when it comes to trading the markets.
In case you wish to try out the broker’s services before committing any real money first, Fortrade has also provided a demo account and $10,000 virtual money which allows you full access to all the trading platforms’ functionalities. For Muslim traders that wish to trade the financial markets in accordance with Shariah principles of “No Riba”, Fortrade has also made available a swap-free trading account where no interest is imposed on overnight positions.
Commissions & Spreads
Like all brokers in the industry, Fortrade charges traders a spread on the trades that they execute on the broker’s trading platforms. The following table below is indicative of some of the spreads on frequently traded currency pairs charged by Fortrade.
Spreads (in pips)
Deposits & Withdrawals Options
For the convenience of its traders, Fortrade supports several popular methods of payment options. The broker accepts major credit cards, wire transfers, and deposits through eWallets such as Skrill and Neteller.
When making a deposit or withdrawal, simply log in to your trading account and proceed to the Deposits/Withdrawals section found in the drop-down menu at the right-hand corner of the screen. Simply select the preferred method for withdrawal and fill out all the required fields. Once you have filled out all the fields, simply click the “Submit” button. Fortrade stipulates that it processes all the withdrawal requests within 2 business days. Nevertheless, it can take up to as long as 15 days for the funds to be posted into your bank account balance. Take note that because of anti-money laundering regulations, withdrawn funds can only be sent to the same account that was initially used for funding the trading account.
Bonus & Promotions
Fortrade has 2 types of bonuses that it can offer traders. They consist of the Balance bonus and Credit bonus. The balance bonus is essentially a deposit bonus that you receive when making a deposit into your trading account. The credit bonus is basically an alternative bonus offered by Fortrade to loyal customers. Both these bonuses are only given out at the broker’s discretion.
One of the most positive aspects of the Fortrade online trading platform is the comprehensive educational support offered by the broker. Fortrade tries its best to ensure that beginner trader are well equipped before they begin their trading activities with the broker. There are ample educational materials in the educational academy section to ensure that this goal is achieved.
In the event that you need to reach out to the customer support at Fortrade, you can contact the support team through email, live chat or the telephone.
Pros and Cons
Comprehensive educational support
FCA regulated Broker
Two types of trading platforms
A wide range of trading assets
Yes, Fortrade is a regulated broker under the jurisdiction of the UK’s FCA and the National Bank of the Republic of Belarus.
Fortrade is based in the UK and their head office is located at Michelin House, 81 Fulham Road, London, SW3 6RD, United Kingdom.
How does Fortrade make money?
Fortrade makes its money by charging traders a spread on the trades that they executed on the broker’s trading platforms.
How do I deposit in Fortrade account?
You can remit funds to your Fortrade trading account by bank wire transfer, credit cards or eWallets.
How do I withdraw money from Fortrade?
Withdrawals of funds must be made through the same channel used for making the initial deposit.
How do I open an account with Fortrade?
To open an account with Fortrade, simply fill out the registration form and submit it with all the relevant documentation.
Yes, Fortrade is a reliable broker as it operates with transparency and under the strict regulatory requirements imposed by the FCA.
Does Fortrade use MetaTrader?
Yes, Fortrade uses the MetaTrader 4 trading platform in addition to the in-house platform called Fortrader.
What is Fortrade leverage?
The maximum leverage offered by Fortrade is 1:100.
No, Fortrade is not a scam. The broker has been operating since 2011.
Fortrade is a safe broker as it operates in accordance with international best practices with regards to web security.
From what we have observed about Fortrade in our review, the broker has been able to provide its traders with a decent level of service. For beginner traders, the comprehensive educational materials provided by the broker are definitely a plus point. Also having a single type of trading account helps to simplify the account opening process. For conclusion, Fortrade has proven to be a superb choice for newbies and intermediate traders as well as for professional traders.