Fortrade Review – Is The Forex Broker Legitimate & Reliable?
Fortrade is one of the newest Forex brokers that aims to be different than most of its peers in the industry. Established in 2011, Fortrade’s headquarters is situated in the UK, putting it at the epicenter of the world’s largest financial market for FX trading. Fortrade has numerous positive attributes that make it a highly suitable broker for investing in the financial markets.
The broker offers a wide variety of instruments and tradable assets, which is indeed a great strategy to become an established broker. Some retail traders wish to invest in a diverse range of financial markets, and most FX brokers just stick to the basics such as Forex, commodities, and CFDs. On the other hand, Fortrade offers access to almost all the numerous assets in the financial markets that include currency pairs, precious metals, stocks, indices, commodities, energy products, bonds, CFDs, and even bonds. Therefore, investors get a wide array of assets to diversify their trading portfolio, which is one of the major advantages of Fortrade.
How About Fortrade Regulation & Safety Of Funds?
All UK based brokers are required to be regulated by the FCA to offer Forex brokerage and related services in the UK. Accordingly, Fortrade regulation is also taken care of by the highly regarded and immensely popular financial watchdog of the UK. Fortrade is also a part of the FSCS client protection scheme that protects clients for investments up to £50,000; however, the insurance is only available if the broker winds up their business due to issues such as insolvency or bankruptcy. FCA regulated brokers should submit a periodic audit report of all financial transactions, and are held accountable for the handling of their client’s finances. Since the FCA regulates Fortrade, traders can be confident that their capital will be kept safe and secure through segregated accounts.
What Are The Forex Trading Features & Account Benefits?
The main advantage of opening a Fortrade account is the ability to trade in different markets throughout the world. Clients get to choose from 200 different financial products, which should help traders to invest in their preferred asset without making any compromises. Of course, another benefit of opening an account with the broker is a low initial deposit of just $100; however, those who are looking for the maximum margin for trading will be disappointed, since the maximum available Fortrade margin is 1:200. The maximum leverage available for commodities, indices, and CFDs is limited to 1:50, while stock trading has a maximum leverage of 1:10. The leverage is not too high when compared to other FX brokers, but having a huge margin is certainly a risky venture, and the broker seems to be shying away from accepting any high-risk traders.
One of the major drawbacks of the company is the Fortrade spreads, which is larger than the industry-average spread. The EUR/USD currency pair sees an average spread of 4 pips, which is huge, considering that even other market maker brokers offer highly competitive spreads of 1 pip on average. If you are contemplating about opening an ECN account, you will be hugely disappointed to find that Fortrade does not offer the option of an ECN account. Therefore, if your sole concern is to keep down the cost of trading, Fortrade does not make much sense.
The broker does offer multiple payment options, and you can make a deposit or withdrawal according to your convenience. The accepted payment options include Visa, MasterCard, Skrill, Neteller, and wire transfer.
Do I Get To Trade On A Reliable Fortrade Platform?
Traders are treated to a proprietary Fortrade platform that is designed and developed in-house by Fortrade for incorporating all the different financial assets provided by the company. The broker has created three distinct Fortrade trading platforms known as the Desktop Fortrader, the Mobile Fortrader, and the Web Fortrader. The Desktop Fortrader is an installable trading interface that is available only for the Windows platform, as the company is still developing dedicated versions for the Mac and Linux operating systems. The Fortrader platform is different from the popular MT4 platform and offers an excellent user interface with all the tools and charting capabilities that are built into the program. While the concept of a proprietary platform is innovative, there aren’t any ground-breaking features that can convert existing MT4 users into Fortrader users.
The Mobile Fortrader is available for both the iOS and Android operating systems; therefore, clients can access all the available instruments through the Fortrade mobile platforms. The mobile trader is much more intuitive and user-friendly than the popular MT4 mobile apps but does not have the sheer technical prowess the MT4 apps provide to the user. The Web Fortrader is a useful combination of both desktop and mobile trading that allows users to access their accounts using the browser, which enables traders to log into their accounts through a desktop, smartphone, or a tablet.
The Fortrader platform is reliable, but MT4 users will surely miss the option of trading on the most popular FX trading platform. It might have made sense for the company to incorporate MT4 into their products portfolio, but the broker chose to stay away from any licensed platforms by designing their own trading interface. Nevertheless, the Fortrader should get the job done.
Am I Rewarded For Opening A Fortrade Account?
If you make a deposit with the broker, you can enjoy a maximum of 30% Fortrade bonus on your initial deposit. Of course, it is certainly an attractive proposition, especially if you want to increase your initial capital without any risk before venturing into the markets. Although a bonus can help in increasing equity and margin, traders should be careful of the associated bonus terms and conditions.
Fortrade customer support also doesn’t disappoint. However, they do lack a live chat function, which is bound to dissatisfy traders. A live chat enables traders to contact customer support for emergency problem resolution. Nevertheless, they can be contacted through the website contact form, email, or through a direct phone call. Fortrade is a regulated broker that has several advantages as well as a few disadvantages, but overall Fortrade is a reliable and legitimate FX broker.
OTHER TRUSTED FOREX BROKERS
|Broker||Min Deposit||Regulation||Bonus||Read More||Visit Site|
|Plus500||$100||CySEC||Up to $10,000 per T&Cs||Read Review||Visit Broker|
|Easy Forex||$25||CySEC||50%||Read Review||Visit Broker|
|Instaforex||$1||FFMS||250%||Read Review||Visit Broker|
|XM||$5||CySec||100%||Read Review||Visit Broker|
|IronFX||$500||CySEC||Up to $10,000||Read Review||Visit Broker|