Fortrade traders have a choice between the broker’s proprietary Fortrader platform and the popular MetaTrader4 (MT4) platform. Fortrade's strengths include its user-friendly technology, scalable platform, and regulation by one of the top international regulatory bodies – the Financial Conduct Authority (FCA), making it attractive for traders in the European Union. This Fortrade review will cover all of the important details about the broker to help you make an informed opinion about its products and services.
Yes, Fortrade is very safe. They are regulated by The Financial Conduct Authority, and they ensure that all due international trading guidelines and processes are followed.
They also keep trader’s monies saved in segregated accounts, which is separate from theirs. These accounts are managed by top tier banks in Europe, who also adhere to international banking and guidelines.
Fortrade assures their customers that their monies are kept safe and will not be used to perform any other transactions. They are bound by regulations to honor their obligations.
Fortrade offers customers CFD trading in over 300 instruments grouped into nine categories: forex, cryptocurrencies, stock CFDs, index CFDs, precious metals, energy products, agricultural products, US treasuries, and ETFs.
IMPORTANT: CFDs are not available in the USA due to local regulation, and regulated brokers do not accept US citizens or US residents as clients. However, US traders in 40+ states & territories are welcome at eToro, who hold a US license for cryptocurrency trading, including Bitcoin, Ethereum & many more.
Fortrade offers seven major forex currency pairs, as well as minors and exotics. The major currency pairs are: AUD/USD EUR/USD GBP/USD NZD/USD USD/CAD USD/CHF USD/JPY
Fortrade lets clients trade CFDs for four cryptocurrencies against the US dollar: Bitcoin / USD Dash / USD Ethereum / USD LiteCoin / USD
CFDs on some of the most popular shares from companies in these countries and regions: United Kingdom Germany France Spain Italy Western Asia United States Other European Countries
Precious Metals - Copper Gold (EUR) Gold (GBP) Gold (USD) Gold Gram / Turkish Lira (GAU / TRY) Palladium Platinum Silver
Energy Products - Brent Oil Crude Oil Gasoline Heating Oil Natural Gas
Fortrade keeps things simple and offers only three types of accounts.
These are –
Standard Trading Accounts Fortrade requires a minimum initial deposit of £100 depending on the base currency of your account. However, the broker recommends that traders make an initial minimum deposit of at least of £500 in order to maximize the benefits of trading with Fortrade.
Islamic Accounts Fortrade also offers an option to open an Islamic forex account. These accounts are swap-free, with no rollover interest on overnight positions in accordance with sharia. Islamic accounts require a minimum balance of $2,000.
Demo Accounts Unlike with some brokers, you don't need a standard trading account to open a demo account.
Demo accounts have all the same features that a standard account offers, including real-time charts and quotes for hundreds of financial assets. There is no time limit to the practice account. Fortrade deposits an initial notional sum of €100,000 of practice money into your trading account, allowing you to learn and practice online trading in a real trading environment.
Traders need to provide the following information in a process that takes just a few minutes: Name, Email address, Physical address, Mobile phone number, Country of origin, Base currency (US dollars, Euros, or British pound sterling), and Date of birth.
You'll also be asked a few questions about your financial and employment situation and your trading goals
To verify your identity with Fortrade, you will need one document for proof of identity and one for proof of address. You can fax, email or upload these documents to Fortrade.
Proof of Address Utility
Fortrade requires a minimum deposit of £100, but the broker suggests customers deposit at least £500.
Traders can deposit and withdraw funds with Fortrade using one of several different methods –
Funding Method Timing & Fees
Withdrawal Fees : Any International Telegraphic Transfer (TT) Fees incurred by Fortrade are passed on to the customer.
Most International TTs are approximately $40.
Overnight Funding Fees : This overnight Fortrade fee (or credit) is either added to or subtracted from a trader’s account when a position remains open past a certain period of time.
Traders can obtain information on overnight funding rates on the website. Dormancy Fee : If for any consecutive period of 180 days, you do not trade on your Client Account, then Fortrade considers the Client Account to be inactive or dormant.
Fortrade charges a monthly administrative fee on dormant accounts of USD $10.00 (or a similar amount in such other currency).
Fortrade stops charging this fee if the balance in the client’s account reaches $0.
You can reach Fortrade customer support via email, phone and live chat.
Their call centers are open 24/5 and can attend to diverse languages.
I hope this Fortrade review has been informative.