Fortrade Review and Tutorial 2020
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|Fortrade Facts & Figures|
Fortrade is a multi-asset broker offering a simple live account with advanced tools.
|Instruments||Forex, CFDs, indices, shares, commodities, cryptocurrencies, ETFs, bonds|
|Min. Trade||0.01 lots|
|Regulated By||FCA, ASIC, CySEC, NBRB, IIROC|
|Auto Trading||Yes (EAs)|
|Trade CFDs with up to 1:30 leverage in multiple markets.|
Trade a breadth of forex pairs with up to 1:30 leverage.
Trade four leading crypto coins against the US Dollar.
|Coins||BTC, DSH, LTC, ETH|
Fortrade is an international forex broker offering online CFD trading across multiple asset classes and two platforms. This review of the website looks at demo accounts, minimum deposits, the login process, and more. Find out if you should start trading with Fortrade.
Fortrade Company Details
Fortrade Limited was established in 2013 in the United Kingdom and is regulated by the Financial Conduct Authority (FCA). Over the last few years, the brokerage has also established offices and regulatory frameworks in Belarus, Australia, Canada, and Cyprus.
The broker’s core team is based in London and Watford in the UK, and headed up by CEO, Nick Collison.
Fortrade now provides trading services in forex, commodities, indices, stocks, and ETFs on the MetaTrader 4 platform as well as the proprietary Fortrader web platform. The group offers clear and simple solutions for both individual and institutional clients.
Whether you are a novice or a seasoned trader, the MetaTrader 4 (MT4) platform is an award-winning favourite. The platform hosts a selection of features that provide a powerful trading experience to suit a variety of strategies.
Users benefit from 30 built-in technical indicators and 24 graphical objects, plus nine timeframes and three charting types. Automated trading is also available through Expert Advisors (EAs) along with multiple order types and one-click trading. Users also benefit from access to full trading histories.
MT4 WebTrader is suitable for Mac users or those who don’t wish to install software. Clients have easy and convenient access to all the same customisable features as the desktop platform, including over 30 technical indicators to analyse trends and graphical tools such as Gann lines or Fibonacci curves. The nine time-frames allow you to track detailed price movements on one of three types of charts; line, candlestick, or bar.
WebTrader can be accessed straight from the broker’s website using your login details.
Fortrade also offers its own proprietary platform – Fortrader Webtrader, accessible from any PC with an internet connection. The platform is a low-latency system, yet powerful at delivering real-time data with high speed and precision. The One-Stop-Shop function allows traders to track, analyse, and trade using a cross-device platform which saves time and hassle.
Traders can access a wide range of markets at Fortrade:
- Currencies – Trade over 60 forex pairs from around the world, including majors
- Precious metals – Trade long and short on gold, silver, copper, platinum, and palladium
- Indices – Access world-leading market indices such as the FTSE 100 and DAX 30
- Commodities – Trade on energies and agricultural products including crude oil and sugar
- Cryptocurrencies – Trade Bitcoin and other crypto coins against the US Dollar
- Bonds – Trade on 5-year, 10-year, or 30-year US Treasury notes and bonds
- Stocks – Buy and sell equity CFDs in some of the largest global companies
- ETFs – Trade long or short on Exchange Traded Funds
Spreads & Commission
Fortrade’s commission is built into the spread. Average spreads on major currency pairs are around 2 pips for the EUR/USD and 3 pips for the EUR/GBP. These are perhaps not as low as competitors like eToro, but they are fairly reasonable. Gold is around 1 pip and the NASDAQ around 1.5.
Other fees include overnight rollover fees as well as an inactivity fee of 10 (GBP/EUR/USD) on accounts left dormant for 6 months.
Leverage up to 1:30 is available at Fortrade, with specific limits depending on the market:
- Commodities – 1:10
- Currencies – 1:30
- Indices – 1:20
- Metals – 1:20
- Cryptos – 1:2
- Bonds – 1:10
- Stocks – 1:5
- ETFs – 1:5
Margin requirements can be found on the Trading Conditions page.
The MetaTrader 4 platform is available as a convenient mobile app, compatible with iOS and Android (APK) smart devices. Users can access trades and manage accounts from anywhere, with many of the same features as the desktop version, including easy scrolling, push notifications, one-touch trading, and more.
The Fortrader platform is also available as a mobile app, suitable for iOS and Android smart devices. Traders can enjoy full-scale functionality on a user-friendly interface from anywhere and at any time.
Both apps can be downloaded from the App Store or Google Play store.
Fortrade offers some good funding options, including credit and debit cards, bank transfers, and e-wallets such as Neteller and Skrill. The recommended initial deposit requirement is 500 (GBP/USD/EUR), however, it is possible to deposit as little as 100. Deposits need to be approved by emailing a copy of the deposit receipt to the broker. Fortrade does not charge any deposit fees.
Unfortunately, limited information is available on deposit times.
The same methods apply for withdrawals, however processing times can take up to 5 business days for bank wire and up to 15 business days for cards. These aren’t the quickest timescales compared to other brokers. Also, any bank withdrawal fees incurred by Fortrade are passed on to the customer, which is usually around $40.
Users can practice their trading strategy with a €10,000 virtual investment, available on either the Fortrader or MetaTrader 4 platforms. There is no time limit to the demo account, making it a great training tool for beginners who wish to practice within a real environment, with no risk or pressure.
Deals & Promotions
Fortrade is a fully regulated broker and therefore does not offer no deposit bonus deals or promotions.
Fortrade Ltd is regulated by the Financial Conduct Authority (FCA) in the United Kingdom, with Firm Reference Number 609970. The brokerage is also regulated under several other global entities, including the NBRB (Belarus), ASIC (Australia), IIROC (Canada), and CySEC (Cyprus).
The FCA’s Client Assets (CASS) rules ensure that Fortrade.com segregates its client funds at trusted financial institutions. Fortrade Ltd is also covered by the Financial Services Compensation Scheme (FSCS), meaning £85,000 compensation per person is available in the event of liquidation.
Overall, this review is satisfied that Fortrade is a legitimate broker and not a scam.
Fortrade offers a comprehensive selection of educational resources and tools suitable for all levels. The Academy contains several online seminars, eBooks, training courses, tutorial videos, tips, and more.
Traders can also access a wide range of resources and market research from the Market Analysis centre, with morning, evening, and weekly news analysis, as well as Trading Central, a package of technical analysis tools.
Other practical features include a currency converter, calculators, and a useful economic calendar.
Fortrade operates a single account, where specific trading conditions vary depending on the asset and trade size. The minimum recommended deposit is 500 (GBP/EUR/USD), though you can deposit as little as 100.
To open an account, head to the Sign Up button on the website to fill in your personal registration details and verify your identity. You can then manage your account from within the client portal.
Islamic swap-free accounts are also available and can be requested by email.
Advantages of trading with Fortrade include:
- Cross-platform trading
- Unlimited time demo account
- Wide range of markets available
- Multi-entity regulation including FCA
- Good customer reviews & online opinions
Fortrade’s ratings fall down in the following areas:
- Limited information on funding methods
- Clients from the USA not accepted
- Slow withdrawals process
- Wide spreads
In general, trading hours for most forex pairs are Sunday to Friday at 21:01 – 20:59 GMT. Trading hours for other markets are listed below. Note that some will vary depending on the specific asset. All times are in GMT.
- ETFs – 13:31 – 19:59
- Bonds – 22:01 – 20:59
- Metals – 22:01 – 20:59
- Cryptos – 21:05 – 20:59
- US stocks – 09:00 – 19:59
- Indices – Varies, see website
- Commodities – Varies, see website
- EU stocks – Opens 07:01, closing times vary
You can contact the multilingual support team via:
- E-mail – email@example.com
- Online enquiry form – Support page
- Live chat – Chat logo located at the top of the home page
- Telephone – +44 203 966 4506 (UK). Other country phone numbers available
Live chat support is particularly good with short wait times and staff able to help with a range of queries, from withdrawal problems and apps not working to how to close or delete an account. Alternatively, see the FAQ section for self-service assistance.
Fortrade’s head office is located at Michelin House, 81 Fulham Road, London, SW3 6RD, United Kingdom. See the broker’s website for the address of their Belgrade, Istanbul, Albania, Kosovo or other offices.
Both the Fortrader and MetaTrader 4 platforms are safe to use and protected by Secure Sockets Layer (SSL) encryption. You can also enable two-factor authentication (2FA) at the login stage. All client transactions are also carried out via an SSL-encrypted connection and servers are located in high-quality SSAE 16/SAS 70 Type I and Type II locations.
Fortrade offers online trading across a wide variety of asset classes through one simple account. Trading conditions are decent, though not the lowest spreads in the industry. The broker does, however, offer a good selection of educational resources and daily market analysis, making it a great option for beginners.
Fortrade accepts traders from Australia, Thailand, Canada, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use Fortrade from United States, Belgium.
Does Fortrade offer any no deposit bonuses?
As per regulatory restrictions, Fortrade does not offer no deposit bonus deals or promotions.
Is Fortrade legit?
Fortrade is a legitimate brokerage company registered in multiple jurisdictions and regulated by the FCA, ASIC, CySEC, IIROC, and NBRB. On this basis, we have no reason to believe that Fortrade is operating as a scam.
How do I delete my Fortrade account?
You can close your account by emailing firstname.lastname@example.org. Alternative contact details can be found in our review.
How do I make a withdrawal at Fortrade?
Withdrawals can be made from within the client area by filling out the online withdrawal form. Requests are processed within 2 days of being submitted.
What platforms does Fortrade offer?
The broker offers the MetaTrader 4 platform on desktop, mobile and web, and the Fortrader platform on mobile and web.
|Fortrade is a multi-asset broker offering a simple live account with advanced tools.|