ForTrade is an online Broker owned and operated by Fortrade Limited, established in 2013 and licensed by the British Financial Conduct Authority (FCA) with Reference number 609970. The brokerage offers FX and CFD services on a multitude of asset classes, but not binary options. Their address is Michelin House 81, Fulham Road, London SW3 6RD, UNITED KINGDOM; email: [email protected] and phone number 44 2077102700.
Is Fortrade A Scam?
Judging by their long time in business (since 2013) and regulation by a major financial watchdog, I don’t see any chance that Fortrade is a scam. However, keep in mind that 5 years in the business is a lot if we’re talking about a binary options broker but some FX/CFD brokers have been around for 10+ years, so Fortrade can be considered a junior compared to the leading FX brokers. That being said, the FCA regulation and the professional website make me believe strongly that we are not dealing with a scam.
The estimated number of visits for last month is 1.5 Million, which is huge and further proves that Fortrade is not a scam but a surging brokerage.
Editor’s Note: Why Doesn’t Fortrade Suck In 50 Words
FCA regulation, 7 trading platforms, Demo account, multiple asset classes including cryptocurrencies, technical analysis from Trading Central (free of charge), strategies, educational articles, and videos. Should I keep going? This brokerage has all the ingredients of a professional and trustworthy venue.
Why Does Fortrade Suck In 50 Words
Because the amount information available on their website is so big, it can be a bit overwhelming at first. Actually, when I started this review I had some trouble locating the information I needed but don’t get me wrong, it’s not something that bad and will go away in a few minutes. Just that first impression is “Whoa, that’s a lot of info!”. You’ll get used to it quite easily.
Should I Open An Account With Fortrade?
Fortrade offers a proprietary web platform, which is quite easy to use but doesn’t have any fancy features such as custom indicators or advanced orders (for example limit orders). However, if that’s your thing, they also offer Meta Trader 4, which is one of the best and most complex platforms out there (and hands down the most popular). Meta Trader 4 is available as a web platform (no download), desktop and mobile. Their proprietary platform is available in the same versions as MT4.
The recommended deposit is $500 but the minimum they allow is $100. There are no account tiers, meaning that you won’t get any special perks if you deposit more; of course, a higher sum allows better money management strategies, but I am not saying that you should deposit a big sum.
The education section is huge and I can safely say it’s one of the biggest I’ve seen on a brokerage. The information there is very newbie friendly and is organized in an easy to digest manner. You’ll find written tutorials, videos, strategies, e-books, and daily market updates/reviews, as well as an extended FAQ section, where you will probably find an answer to most of your questions. Part of their education is a Demo account, with no strings attached and a very easy opening procedure.
Overall this looks to me as a legit and solid brokerage, so the answer to the title question is pretty much Yes, especially if you are looking for a CFD brokerage that offers leveraged trading on Bitcoin and altcoins. That being said, please always remember that our reviews shouldn’t be a substitute for your own research on the brokerage that you are about to give your money to.
I managed to find two complaints about not being able to withdraw. However, the clients then said that Fortrade returned their balances, so I don’t think there’s such a big problem here. Another client complained that some of his profitable trades were closed by the brokerage and there was no follow up from Fortrade. This type of behavior is a big problem but the user didn’t continue writing about it so I have no idea how it concluded. Overall, there’s not a ton of bad press surrounding Fortrade.
Fortrade Regulatory Warnings And Announcements
At the time of writing the British Financial Conduct Authority hasn’t issued any fines on Fortrade or any other type of warnings regarding this brokerage. We couldn’t find any such announcements coming from other regulators.
There are two types of bonuses offered by this brokerage: Balance Bonus and Credit Bonus. The former is received only after document verification and the amount is at their discretion. In order to withdraw it, you will need to trade 0.1 lot for every 1 USD/GBP/EUR received as a bonus. Lot size depends on the asset traded (for example, it is 10,000 Pounds for FX, 1,000 barrels for Crude Oil, etc.).
The Credit Bonus is a bit more complicated and I recommend you thoroughly read their Bonus Terms And Conditions. Never accept a bonus unless you are sure you fully understand the conditions.
They allow credit/debit card and wire withdrawals but the time it takes for the money to reach the client is too long in my opinion: 15 working days for cards and 3-5 days for wires. It can take less, but these are the usual periods stated by Fortrade. There’s also the option to use Skrill but the procedure is somewhat rudimentary: you will have to send them an email with the sum you wish to withdraw and the email address linked to your Skrill account. An automated process of withdrawing would be nice.
Trading Bitcoin And Altcoins With Fortrade
Their basket of cryptocurrencies is rather limited and includes only Bitcoin, Dash, Ethereum and Litecoin. The leverage is 1:5 for Bitcoin and 1:1 for the others. Spreads are pretty high (100 USD for Bitcoin and between $5 – $7 for the others) but are recalculated every three months and are also floating, meaning they can change without notice.
User Friendliness: 15/20
At first, the amount of information available on their website can get a bit confusing but give it a little time and you will get used to it. The website is available in 15 languages, Demo accounts are available, as well as mobile versions of their trading platforms.
Range of Markets, Spreads And Leverage 16/20
Their trading basket is composed of hundreds of assets ranging from fiat currencies to cryptocurrencies (Bitcoin, Dash, Litecoin, and Ethereum), to stocks, indices, commodities, US Treasuries and ETFs. Overall it’s a wide choice but I would like to see more cryptos. The spreads are floating (they change according to market conditions) and somewhere in the medium range (approx. 2 pips for EUR/USD). The leverage for fiat currencies goes up to 1:200, for Bitcoin it’s 1:5 and 1:1 for the other cryptos.
Deposit And Withdrawals 15/20
The minimum deposit is $100 but they recommend at least $500; withdrawals can be made via credit/debit card (up to 15 days for the money to reach you), wire transfers (3-5 days) and Skrill.
Fees and Support 16/20
There are no fees to open an account (just like anywhere else) but inactive accounts will be deducted a $10 fee every 30 days after a period of 180 days of inactivity. Support was quick to respond and answered my questions in a professional manner.
Fully regulated by the British FCA, huge amount of educational material, 7 trading platforms, technical analysis from Trading Central. Also, they are among the few CFD brokerages to offer a bonus.
Fortrade Ratings (78) + Regualated (+3) = 81/100