ForTrade

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AspectDetails
broker popularity top broker high popularity best reviews benchmark
Leverageup to 1:30
Minimum Deposit$100
Year Established2013
RegulationFCA, ASIC, CySEC, NBRB, FSC, CIRO
Payment methodsNeteller, Skrill, Visa, Mastercard, Debit Card, Credit Card, Wire Transfer, PayPal
Publicly Traded
Employees302
Type of BrokerECN, DMA, MAM, PAMM
MT4
MT5
Trading AssetsForex, CFDs, indices, shares, commodities, cryptocurrencies, DMAs, ETFs, bonds
Demo Account
Islamic Account
CopyTrading
Signals
Deposit Fee
Withdrawal Fee
Rating★★★★ 4.3
Offers Official Website

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Pros and Cons

Pros
  • Diverse array of markets, encompassing cryptocurrencies.
  • Extensive educational resources and informative content.
  • Stringent regulation by FCA and CySEC, ensuring reliability.
  • Multiple platform options, including the popular MT4.
  • Unlimited duration for the demo account, facilitating practice.
  • Accessible online CFD trading through the APK.
Cons
  • Spreads on certain assets are broader than the industry average.
  • Limited to a single account type.
  • The withdrawal process may be comparatively slower.
  • Deposit activation requiring proof via email, which can be inconvenient.
  • Inactivity fee of $10 on dormant accounts for six months.

Introduction

Fortrade, founded in 2013, has positioned itself as a global force in the forex and CFD markets.

With a commitment to providing top-notch services and cutting-edge technology, the company has garnered a user base of nearly two million traders worldwide.

Led by CEO Nick Collison, the broker operates under multiple regulatory frameworks, including the FCA, ASIC, CySEC, and more, reflecting its dedication to adhering to industry standards.

Offering a diverse range of assets, competitive trading conditions, and a user-friendly interface, Fortrade caters to both novice and experienced traders.

Fortrade aims to be a leading provider in the forex and CFD markets, offering top-class services, products, and technologies with competitive fees.

Their services cover a wide range of assets, including forex, commodities, indices, stocks, ETFs, and more, available on both the MetaTrader 4 platform and the proprietary ForTrader web terminal.

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Trading Platforms

MetaTrader 4 (MT4)

Whether you’re a novice or an experienced trader, MetaTrader 4 (MT4) is a favored platform known for its award-winning features.

With 30 built-in technical indicators, 24 graphical tools, and nine timeframes, MT4 caters to various trading strategies.

Automated trading through Expert Advisors (EA) and access to full trading histories enhance the user experience.

Fortrader

Fortrade’s proprietary platform stands out with its low-latency system, delivering real-time data with high speed and precision.

Offering a sleek and modern design, this platform provides a one-stop-shop for tracking, analyzing, and trading across devices.

The platform’s simplicity and modern design make it user-friendly for traders of all levels.

How to Place a Trade

  1. Choose your trading platform.
  2. Find the asset via the search bar or drop-down list.
  3. Select a new order or execute a trade directly via charts.
  4. In the new order screen, enter relevant details.
  5. Confirm order details and select buy or sell.
  6. Confirm the order.

Trading instruments

Traders can access a diverse range of markets, including ETFs, bonds, indices, direct market access stocks, currencies, cryptocurrencies, commodities, and stocks of global companies.

Spreads & Commission

Fortrade operates on a no-commission model, charging a small mark-up on market spread prices.

While spreads are floating and may fluctuate during high liquidity, the average spreads offered are competitive.

Additionally, traders should be aware of overnight rollover charges and a 10 (GBP/EUR/USD) inactivity fee for dormant accounts.

Leverage

Fortrade offers leveraged trading, complying with regulatory restrictions in each jurisdiction.

Maximum leverage varies depending on the trading entity, such as Fortrade Ltd and Fortrade Cyprus Ltd offering a maximum leverage of 1:30 on major currency pairs under ESMA margin cap regulations.

Mobile Apps

Both MT4 and the Fortrader platform are available as convenient mobile apps for iOS and Android devices.

These apps offer full-scale functionality, allowing traders to manage their accounts and place trades on the go.

However, his mobile app has received mixed reviews, with some users citing slow server times and inefficient deposit processing times.

Payment Methods

Deposits

Fortrade offers various funding options, including credit and debit cards, bank transfers, and e-wallet solutions like Neteller and Skrill.

The recommended initial deposit is 500 (GBP/USD/EUR), with the possibility to deposit as little as $100. Deposits do not incur fees, but proof of payment must be emailed to activate funds in the live profile.

Withdrawals

Withdrawals use the same payment methods, with requests processed within two business days.

However, fund clearance times vary, with bank transfers taking up to seven working days and credit/debit cards up to 15 business days.

Any bank withdrawal fees incurred are passed on to the customer.

Demo Account

Fortrade provides a free demo account for users to practice trading with a €10,000 virtual investment.

The demo account is a valuable tool for beginners to learn and practice trading strategies in a risk-free environment, with no time restrictions.

Open Demo Account

Regulation & Licensing

The company operates under various trading entities, each subject to different regulatory oversight:

  1. Fortrade Ltd – Regulated by the UK Financial Conduct Authority (FCA)
  2. Fortrade Cyprus Ltd – Regulated by the Cyprus Securities and Exchange Commission (CySEC)
  3. Fort Securities Australia Pty Ltd – Licensed and regulated by the Australian Securities and Investments Commission (ASIC)
  4. LL Fort Securities BLR – Authorized and regulated in Belarus by the National Bank of the Republic of Belarus (NBRB)
  5. Fortrade Mauritius Ltd – Authorized and regulated by the Financial Services Commission, Mauritius (FSC)
  6. Fortrade Canada Limited – Regulated by the Canadian Investment Regulatory Organization (CIRO)

The broker offers negative balance protection across all entities, and client funds are segregated at trusted financial institutions.

Depending on the trading entity, clients may have access to consumer protection schemes.

Additional Features

Fortrade impresses with a comprehensive selection of educational resources, categorized by experience level.

The Academy includes online seminars, e-books, training courses, tutorial videos, tips, and more.

Traders can access market research from the Market Analysis center, featuring morning, evening, and weekly news analysis, as well as technical analysis tools from Trading Central.

Practical features such as a currency converter tool, calculators, and an economic calendar enhance the overall trading experience.

Live Account

Fortrade operates a single account with trading conditions varying based on the asset and trade size.

The minimum recommended deposit is 500 (GBP/EUR/USD), but traders can deposit as little as $100.

Opening an account is a straightforward process through the website, allowing users to manage both live and practice profiles.

Islamic swap-free accounts are available upon request.

Open Free Account

Trading Hours

Trading hours vary by instrument, operating on a GMT server time with adjustments for daylight saving hours.

Forex pairs can be traded 24 hours a day, five days a week, while the cryptocurrency market remains open on weekends.

Customer Support

Fortrade offers multilingual support through email, an online inquiry form, live chat, and telephone.

Live chat support turns out to be the most convenient, with quick responses to a range of queries. A FAQ section is also available for self-service assistance.

The head office is located at Michelin House, 81 Fulham Road, London, SW3 6RD, United Kingdom.

Client Security

Both the Fortrader.com and MetaTrader 4 platforms prioritize security, employing Secure Sockets Layer (SSL) encryption.

Two-factor authentication (2FA) is available at the login stage, ensuring secure transactions and client data protection.

Client funds are fully protected according to the strictest rules and regulations, and the company emphasizes trust and transparency in its operations.

Our Verdict

Fortrade emerges as a robust online trading option across various asset classes.

While trading conditions are competitive, some drawbacks include not having the lowest spreads compared to competitors like eToro or Plus500, and a somewhat dated deposit authorization process.

However, it compensates with an extensive selection of educational resources, daily market analysis, and a user-friendly platform, making it a viable choice for both beginners and experienced traders.

Conclusion

In the ever-evolving landscape of online trading, Fortrade stands out as a formidable player, combining experience and innovation to create a well-rounded platform.

While the spreads may not be the absolute lowest in the industry, the array of assets available for trading, including forex, commodities, indices, stocks, ETFs, and cryptocurrencies, makes it a versatile choice for investors with diverse portfolios.

One of its notable strengths lies in its commitment to education.

The comprehensive selection of resources, including online seminars, eBooks, training courses, tutorial videos, and market analysis tools, reflects the broker’s dedication to empowering traders at all skill levels.

This emphasis on education, coupled with a user-friendly interface and a free demo account without time restrictions, creates an environment conducive to learning and refining trading strategies.

Furthermore, Fortrade’s global presence, regulated status across various jurisdictions, and negative balance protection offer a level of security that is crucial in the financial markets.

The inclusion of Islamic swap-free accounts also demonstrates the broker’s commitment to accommodating diverse trading needs.

While the deposit authorization process and withdrawal times may have room for improvement, Fortrade’s customer support, accessible through multiple channels, provides prompt assistance and contributes to a positive overall trading experience.

In essence, Fortrade emerges not merely as a trading platform, but as a comprehensive ecosystem designed to foster growth and proficiency in trading.

Its strengths in education, security, and global accessibility position it as a viable choice for both beginners and seasoned traders looking for a reliable and feature-rich trading partner in the dynamic world of online financial markets.

Official Website: www.fortrade.com

FAQ – Frequently Asked Questions

Is it a regulated broker?
Yes, Fortrade is regulated by multiple authorities, including the FCA, ASIC, CySEC, NBRB, FSC, CIRO, ensuring compliance with industry standards.
What trading platforms does it offer?
Fortrade provides two main trading platforms: MetaTrader 4 (MT4) and a proprietary terminal catering to different preferences and needs.
Are there different account types, or is there only one available?
Fortrade offers a single account type, simplifying the selection process for traders.
What markets can I trade with Fortrade?
This broker offers a wide range of trading instruments, including forex, commodities, indices, stocks, ETFs, and cryptocurrencies, providing diversification opportunities.
Is there a demo account available?
Yes, Fortrade offers a demo account with an unlimited duration, allowing users to practice trading strategies without time constraints.
What is the minimum deposit requirement to open an account?
The recommended minimum deposit is 500 (GBP/EUR/USD), although you can start with as little as $100 or equivalent currency.
How long does it take for withdrawals to be processed?
Withdrawals are processed within two business days, but the time for funds to be received may vary based on the chosen withdrawal method.
Does it charge any deposit fees?
Fortrade does not impose deposit fees; however, certain payment methods may have associated transaction fees from the payment service provider.
Are there any promotions or no deposit bonuses available?
As a fully regulated broker, it does not offer no deposit bonus deals or promotions.
Can residents from the United States trade with Fortrade?
No, the company does not accept residents from the United States.

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Last updated: June 11, 2024