Fortrade Review 2020 Is Fortrade Broker Scam or Legitimate

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Fortrade Review 2020: Is Fortrade Broker Scam or Legitimate?

Fortrade Broker Reviews: Scam or Legit Broker? fortrade.com is a forex and cfd broker that offers trading in a huge range of assets spanning commodities, indices, stocks, currency pairs and cryptocurrencies They have their regulated centres at London, Belarus and Australia.

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What You Should Know About Fortrade.com Broker

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is the trading name of Fortrade Ltd., a company based in UK, authorised and regulated by the Financial Conduct Authority (FCA). This broker was established in 2020, and has become a household name in the world of forex brokerage.

FORTRADE TRADING PLATFORM

Fortrade offers the Metatrader4 platform, as well as an inhouse platform called Fortrader. Fortrader is available for desktop, mobile and web versions. It is a simple platform for newbies who are not used to the advanced Metatrader4 platform.

FORTRADE.COM LOGIN

Fortrade login is authenticated because it is regulated with the FCA. You’ll need-

  • A scanned colour copy of your passport, driving license or national ID
  • A utility bill or bank statement from the past three months showing your address

DEPOSIT AND WITHDRAWAL METHODS

Fortrade withdrawal and deposit methods are credit/debit cards, bank transfer, wire transfer, Skrill and Neteller.

WHAT CAN YOU TRADE WITH FORTRADE

ForTrade offers over 304 different instruments to trade, including over 70 currency pairs. This forex broker offers its clients just one live trading account type with leverage up to 1:200, micro tradeable lots and no commission fees.

IS FORTRADE BROKER TRUSTWORTHY?

The answer is Capital Yes. Below are reasons why Fortrade Broker is worth your time and money-

  • Regulated by Financial Conduct Authority- This means there is a regulatory body serving as a watchdog over their services. That way they can not tamper with your funds.
  • Min. deposit from $1- To open a live account, you’ll need a minimum deposit of at least $1. Alternatively
  • Allows a demo account- With which you can use to practice and familiarize yourself with their platform.
  • This broker offers a bonus- If you make a deposit with the broker, you can enjoy a maximum of 30% Fortrade bonus on your initial deposit

SUPPORT

This broker offers support to its traders, they could be reached through phone calls or emails, whichever you prefer.

CONCLUSION

Fortrade broker is a trusted and tested broker, who has a verified history, and has been tagged one of the best brokers in the world. Visit their official website

Fortrade Review – Is it scam or safe?

Trading Accounts

Account type Minimum deposit Minimum trade size Maximum leverage Spread
Live $100 0.01 1:200 2 pips on EUR/USD

This forex broker offers its clients just one live trading account type with leverage up to 1:200, micro tradeable lots and no commission fees.

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The Company

Company Country Regulation
Fortrade Ltd. UK FCA

Fortrade is the trading name of Fortrade Ltd., a UK-based company authorised and regulated by the Financial Conduct Authority (FCA).

It was established in 2020, and now it offers a wide range of trading instruments covering more than 150 currencies, as well as commodity, index and stock CFDs through their in-house platform, as well as the MetaTrader 4.

Security of Funds

Fortrade Ltd., operating under the brand Fortrade, is duly licensed and regulated by FCA. UK-regulation is famous for its strictest standards and supervision. To acquire a license from the UK financial watchdog, brokers have to prove their financial stability and to meet a number of requirements. For instance, clients` funds are to be kept in segregated bank accounts separated from the company’s operating funds. What is more, regulated companies must hold a minimum of €730 000 to be considered financially stable. Similar minimum capital requirements apply in other jurisdictions: Australian brokers are obliged to possess at least $ 1 million; Cyprus-based brokerages are required to hold € 1 million; and US forex brokers must possess $ 20 million.

Regulation by FCA also involves additional guarantee to clients’ funds, since they fall under the Financial Services Compensation Scheme, where the maximum compensation cover is £50,000 per person per regulated firm.
Here is a list of more FCA-regulated brokers.

Trading Conditions

Minimum Initial Deposit
Fortrade recommend a minimum initial deposit of 500 EUR/USD/GBP, however it is possible to start trading with just €100. This is an average minimum initial deposit. In comparison, other UK-based forex brokers, like FxPro, require $500, and XM for instance demands just $1 from traders to start with.

Spreads & Commissions
Fortrade charges no commissions, as it gets its remuneration through the spread. This broker offers fixed spreads, amounting to 2 pips on EUR/USD, which is average for the market. Yet, trading costs with other brokers are lower. For example, FxPro provides average variable spread of 1.4 pips on the EUR/USD for its commission-free MT4 accounts.


Leverage

This broker offers different maximum leverage levels, depending on the instruments traded: 1:50 for indices and commodities CFDs, 1:10 for stock CFDs and 1:200 for most currency pairs.

A maximum leverage level of 1:200 is standard for the forex market. If you need higher leverage, other UK-based brokers provide such: HY Markets – 1:300; Admiral markets – 1:500. More forex brokers offering leverage equal to or exceeding 1:500 can be viewed here.

Leverage allows traders to gain large exposure to diversified markets with a relatively small amount of invested capital, however it is healthy to keep in mind that the higher the leverage ratio, the higher the risk. Leverage is a double-sided coin.

Trading Platform

Fortrade offers its services on two trading platforms, its in-house Fortrader and the the popular MetaTrader 4.

Fortrader is available as desktop, mobile and web versions available. This is its proprietary platform, which is very simple and easy to use, yet traders who are used to the advanced features offered by MT4 may find it too simple and not very handy.

Besides, Fortrade supports the most common platform for currencies trading, MT4. It also is available in all forms and shapes, for desktop, web and mobile users. This platform is highly valued for its reliability, ease of use, and top notch professional tools and features: great charting package, wide range of Expert Advisors, indicators, backtesting options, etc.

Welcome Bonus

Like many other brokers, Fortrade also offers a welcome bonus, amounting to 30% of the first deposit (up to €3000). The deposit must be €100 as a minimum and the bonus expires within 90 days.

Bonus monies may be used for trading only and cannot be withdrawn until account trading volume reaches 10 000 base units for every €1 bonus.

Methods of Payment

Fortrade’ s clients can make deposits and withdrawals from and to their accounts via credit/debit cards, bank transfer, wire transfer, Skrill and Neteller.

Conclusion

Fortrade is a well-regulated UK-based broker offering trading in forex and various CFDs under competitive trading conditions. To sum up the above, here are the Pros & Cons in relation to this broker:

Pros Cons
FCA-regulated Only one account type offered
30 % on deposit welcome bonus
MT4 available, as well as in-house platform
Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

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