ForTrade Review

Background

Fortrade Limited is a UK based brokerage that was established in 2013. It now has offices in Belarus, Australia, Canada, and Cyprus. Fortrade currently has a proprietary platform and a version of MT4 with two factor authentication for added security. Unfortunately there is only a single trading account type, although traders receive $10,000 in virtual money on the free demo account. There are enough assets to satisfy most traders, although the choice isn’t the best that we’ve seen.

Open an Account With This Broker

Protection & Security

Fortrade is a registered broker with tough SSL security protocols. All traders have segregated accounts and the brokerage has a good online reputation.

Global Presence

Fortrade is a London based broker. It has a number of offices around the world and welcomes traders from Europe, Asia, and many smaller countries that forex brokers often overlook. Fortrade is also popular in the Middle East and can provide Islamic accounts.

Account Types

Fortrade only provides a single live trading account and there is almost no flexibility with account conditions for ordinary traders. Minimum deposits vary according to region, but the broker recommends $500. This is probably too high for many newcomers.

Minimum Deposit – $/C100

Deposits & Withdrawals

Account management at Fortrade is about average. Deposits and withdrawals are usually simple, but there can be some fees involved for withdrawals by bank wire. Fortrade accepts most of the best-known third party payment providers, but encourages traders to use bank wire or credit/debit card payments for speed and convenience. Fortrade can be slow when it comes to processing withdrawals, but its account terms and conditions are transparent.

Deposit

You can deposit at Fortrade via credit/debit card, bank transfers, and e-wallets such as Neteller and Skrill. Fortrade ‘recommends’ an initial deposit of 500 (GBP/USD/EUR). They are vague about the exact requirement and a call to a rep may see the minimum deposit reduced to 100.

Withdrawals

Withdrawals at Fortrade can be frustrating, especially if you need your money quickly. Processing times can take up to 5 business days for bank wire and up to 15 business days for cards. Any bank withdrawal fees incurred by Fortrade are passed on to the customer, which is usually around $40.

Trading Platforms

Fortrade provides a version of the MT4 platform and its own proprietary trading platform. The overall trading experience is acceptable, with fast order execution and enough risk management tools and automated features to easily control your open positions. Charting and analytics is average and there are signals, alerts and indicators.

Markets & Products

Fortrade has enough assets to satisfy the average CFD trader, but their index isn’t on a par with the top brokers. They offer over 60 forex pairs and the main cryptos, commodities (including all precious metals) indices, bonds, stocks and ETFs. There are enough assets for a diversified portfolio.

Edcuation Center

The Fortrade educational center is a little better than you might expect for an average brokerage. It offers a comprehensive selection of educational resources for traders of all experience levels. The Academy contains several online seminars, eBooks, training courses, and VOD tutorial films.

Customer Service

The multilingual support team is efficient and has a thorough knowledge of the platforms and brokerage. They are available 24/5 via email, live chat, phone and there is also an online enquiry form. Live chat is recommended, having short wait times and helpful staff.

Promotions & Offers

Fortrade doesn’t offer bonuses and promotions. The account managers may be willing to offer tighter spreads and better trading conditions to regular traders and high volume traders. It’s probably worth asking.

Trading Tools & Reaserch

Traders have a choice of analytical resources and market research from the Market Analysis centre. There is morning, evening, and weekly news analysis which can be helpful – although the quality varies. There are also technical analysis tools from Trading Central, as well as a currency converter, calculators, and an economic calendar.

Overall Summary

PLUS:
Fortrade is a secure brokerage with a reasonable variety of assets for VFD trading. The overall trading experience is efficient. Fortrade does have a good selection of educational resources and daily market analysis, making it a possible choice for beginners.

MINUS:
There is only one trading account, withdrawals can take too long, and the spreads could be tighter.

Pros & Cons

Pros

Secure established brokerage

MT4 platform

Good education center

Fre demo account

Cons

High spreads

One account type

Average trading experience

Not enough educational tools

ForTrade

ForTrade

Protection & Security
3/5
Global Presence
4/5
Account Types
3.5/5
Deposits & Withdrawals
3/5
Trading Platforms
3/5
Markets & Products
0/5
Edcuation Center
0/5
Customer Service
0/5
Promotions & Offers
0/5
Trading Tools & Reaserch
0/5

Minimum Deposit $/C100

Recent Comments

Nick V.

November 17, 2020 08:00

3.3

Protection & Security

3.0

Deposit & Withdrawal

2.1

Trading Platform

3.7

Markets & Products

3.4

Education & Research

3.8

Customer Service

2.8

Very dubious… they kept phoning me and trying to put pressure on me to deposit more money. I would advise caution when dealing with this broker.

Pros

Cons

MT4 platform

Slowest withdrawals I've ever experienced

Multilingual

Not much in the way of bonuses

Free demo account

Only one account type

Add a new comment