Fortrade is this a scam? Review and Customers Reviews

Fortrade – it is an international Forex brokerThe group of companies is represented by several legal entities, each responsible for its own territory. The group of companies is represented by several legal entities, each responsible for its own territory.

In this review we will talk directly about Fortrade limited, because this company is responsible for the Russian direction. And let’s try to find out how safe and profitable it is to invest in its resources. So, the question on the agenda: is Fortrade a scam or a reliable and serious market player?

 

Terms of trading with Fortrade

Fortrade offers STP-trading in over 300 assets: currency pairs (physical and cryptocurrency units), commodities (oil, gas, etc.), precious metals (gold, silver, platinum), indices, stocks (USA, Europe) and bonds (USA only).

Accounts are opened in euros, American dollars, Turkish lira and British pounds sterling. There are 2 formats:

• Traditional. The company earns here on swaps, there is no commission for transactions. The minimum deposit is 100 c.u. Spreads for the forex market are rather high: from 20 pt.
• Islamic. No Swaps, but with a commission per lot (from 30 to 1400 pips or 13% pips for long positions, from 8 pips or 12% for short positions). Spreads on currency pairs are determined by trading hours (USD/TRY – 19 pts by day and 54 pts by night, EYR/TRY – 24 pts by day and 64 pts by night, GBP/TRY – 64 pts by day and 104 by night, GAU/TRY and USD/RUB – 100 pip increment).

Standard lot in both cases – 100,000 units of the base currency (recall that we are talking about forex). The minimum lot – 0.01 pt. Available leverage (floating, from 1:20). To help traders a large number of analytical materials (section “Trading Academy” on the website. fortrade.com): morning and evening general as well as detailed (micro) market analysis, economic calendar and technical analyzer.

In addition, the broker has launched its own online academy on the website fortrade.comwhich includes trading webinars with expert analysts and distance learning courses plus advanced reference books, e-books, videos, and trading strategies are available (Forex Trading Training).

Support is available 24/5 by phone (dedicated line for each country), email, feedback form/online chat at fortrade.com. A FAQ (“Frequently Asked Questions and Help”) section is available.

 

Fortrade Platform

Fortrade has developed its own trading platform – available on desktop (online only) and mobile (for iOS and Android). The software supports trading currency pairs and CFDs. Available options:

• Viewing quotes on charts with the ability to open them in a separate window, scrolling and zooming.
• Exposing orders of all types.
• 5 main timeframes (M1, M30, H1, D1, W1).
• Several indicators.
• A detailed description of each pair of assets in a separate tab of the chart window.

In addition, the broker works with everyone’s favorite MetaTrader 4 (MT4). Terminals not only have a rich functionality (for comparison with Fortrade Platform: here there are more than 30 indicators and 24 analytics objects, 6 timeframes, displaying up to 4 charts in one window and the ability to install an offline version on your PC), but also have good performance and returns, while maintaining a user-friendly interface. To work with any of the platforms, you need to create an account (but we have already told you about that) and identity verification. You provide:

• Scan/photo of foreign or national passport, driver’s license, military passport or ID-card (for EU citizens).
• Documents proving your address. For example, a statement from your card issuing bank, insurance/investment company, rental (lease) agreement, or bill for communication services, where you can see your place of residence and your full name.

Documents are sent to: [email protected]. The broker has the right to require verification at any time (for example, when there is a suspicion that the account has been hacked, the rules of the user agreement have been violated, or before confirmation of the withdrawal request).

Broker quotes

Forex market Fortrade is represented by 51 currency pairs, of which:

• 7 main (EUR/USD, USD/JPY, AUD/USD, GBP/USD, NZD/USD, UAS/CAD, USD/CHF).
• 21 minor ones (AUD/CAD, AUD/CHF, AUD/JPY, AUD/NZD, CAD/CHF, CAD/JPY, CHF/JPY, EUR/CAD, EUR/AUD, EUR/CHF, EUR/GBP, EUR/JPY, EUR/NZD, GBP/AUD, GBP/CAD, GBP/CHF, GBP/JPY, GBP/NZD, NZD/CAD, NZD/CHF, NZD/JPY).
• 22 exotics (EUR/DKK, EUR/HUF, EUR/ILS, EUR/NOK, EUR/PLN, EUR/SEK, EUR/TRY, EUR/ZAR, GBP/SGD, GBP/TRY, USD/CNH, USD/DKK, USD/HUF, USD/ILS, USD/MXN, USD/MOK, USD/PLN, USD/RUB, USD/SEK, USD/SGD, USD/TRY, USD/ZAR).

Liquidity providers are not indicated. And it is not possible to compare quotes of the broker with others in the online mode, because it is not in the key lists. Thus, the question of data accuracy remains open. Let’s see what the reviews have to say.

 

Demo account fortrade.com

Before investing in trading with a broker, you can test their resources by opening a free demo account. In this case you do not trade in real dollars, but in conventional ones. To get access you will need to register on the website fortrade.comYou must provide your personal information (name, phone number, e-mail) and give permission for its processing. There is no time limit for training: you trade until the balance is zeroed (it has 10,000 conditional dollars). Subsequently, you will be able to create a trading account from the same account by pressing the “Switch to Live Mode” button and topping up your balance.

 

Mobile application

Let’s not dwell on the MT4 mobile (most people already know its advantages and do not particularly characterize the broker itself) and talk about Fortrade Mobile. The software supports Android 4.4 and iOS devices (version requirements depend on the model). The functionality here is the same as online, but only the CFD direction is available:

• 150+ assets.
• Leverage up to 1:200.
• Advanced order types.
• Product Descriptions.
• One-click execution.
• Alerts (notifications) about price changes.
• Training, news and analytics.

The rating of the software is average: 3.8 points out of 5 possible. However, the negative reviews are mainly focused on the work with accounts, rather than technical shortcomings.

 

Bonuses at Fortrade

We did not find any bonuses stimulating the users of fortrade.com platforms in the personal account. But a good affiliate program is offered, which involves monetary rewards for attracting new traders (to be more exact – for their trading activities). In general, CPA-format, the essence of which is as follows:

• You register in the program and get promotional materials (banners, teasers, etc. with a link to the broker’s resources) in the form of a code.
• You embed the code into your website, a blog page, or any other site you have access to, without violating any legal requirements or human rights.
• As soon as an internet user clicks on your ads and opens the broker’s website, he becomes your subscriber. For each transaction you will receive from 300 to 700 USD, depending on the country where he is registered. There is also an option with progressive payment, but here the exact figures are not voiced – you need to clarify everything in a conversation with a support team.

 

Deposit and withdrawal

Depositing and withdrawing funds for Russian users of Fortrade is available in the following ways:

• VISA, MasterCard.
• Bank Transfer.
• Electronic Systems/Wallets: PayPal, Neteller, QIWI, WebMoney, Yandex.MoneyMoneta.ru

Deposits from 100 to $10,000 per transaction are made. Processing time depends on the chosen method and can reach one working day (in the case of bank transfers, for example). To transfer earnings to your details you need to make an online application (section “Withdrawal of funds” of the LK), which is processed by the support team within 5 working days.

Please note that the method of withdrawal must coincide with the method of deposit, and the account/card must be registered to your full name (these are security measures against unauthorized receipt of money by unauthorized persons who have access to your account). At this point, you may need to go through verification again. If all goes well, you will be paid within another 15 business days. You will pay a transfer fee: as stated by the broker, it usually does not exceed $40. Another important point: for bank cards, the payout cannot exceed the size of the deposit.

 

Complaints about Fortrade

About half of the Fortrade reviews are positive (if, of course, only serious rating platforms are taken into account, where the authors of comments are checked for real cooperation with brokers). Traders note the good choice of assets and the quality of support.

And yet there are a lot of complaints: about quotes, problems with receiving payments, technical difficulties, etc.

If there are any reviews of complaints about Fortrade forex broker, we will be sure to post the information on social media. Sign up so you don’t miss anything!

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Fortrade broker regulator

As mentioned, Fortrade is operated by several legal entities, each responsible for its own jurisdiction (territory) and controlled by a separate regulator:

• Fortrade Limited operates in Europe and Russia and is regulated by the UK FCA (license FRN 609970).
• Fort Securities LLC operates in the CIS and is regulated by the National Bank of the Republic of Belarus – NBRB (license FRN 193075810).
• Fort Securities Australia Pty Ltd. operates in Australia and is regulated by ASIC – Australian Securities & Investments Commission (license AFSL 4935230).

All approvals are current (active). Check their status at the links below

• Check Fortrade Limited license on the FCA website
• Check the license of Fort Securities LLC on the NBRB website
• Check the license of Fort Securities Australia Pty Ltd on the ASIC website

Fortrade.com User Agreement

The Fortrade Customer Agreement (Terms and Conditions – Customer Agreement) defines the rights and obligations of the trader and the owners to each other. Let’s study a few clauses of the document. So, already in clause 4.6 it is noted that the broker is not responsible for losses you incur as a result of transactions based on the information provided by him (with the exception of fraud).

You must ensure that the information you give about yourself is accurate, true and complete, and you will notify us immediately if any of the information – such as telephone number or address – changes. Or if an event occurs that might affect your ability to comply with the terms of the agreement. The company has the right to set credit limits for you at its discretion, to change them or to cancel them whenever it wants. Besides violation of the terms of the agreement and occurrence of negative value on your balance, the reason for closing your account can be the opinion of the company about you as an insolvent client (clause 8.6.1.3).

The base currencies of the transaction are the euro and the U.S. dollar. All others are converted through them. An account whose owner does not trade for 180 days is considered inactive (clause 8.12). And is subject to a monthly fee (clause 8.12.2), which is deducted until the balance is zeroed. It is not specified in the user agreement, but it is specified in the FAQ: 10 USD (or its equivalent in another currency).

 

Is Fortrade a scam?

Fotrade – An officially operating broker with a license and a serious regulatory framework. However, the users’ opinion about it, based on the content of checked feedbacks, is not always flattering. And first of all, this concerns the question of payments (as it always is on this market). In addition, we found a number of very unpleasant clauses in the user agreement:

• The ability to close a user’s account (and therefore all of his transactions) if the latter is deemed insolvent. By the way, it does not say anything about the fact that it has to be proved or justified.
• No responsibility for the data displayed (quotes, analytics, etc.).

This kind of provision creates “loopholes” – for example, when a trader sees that a winning trade has not affected his balance for some reason, and the company reports that it’s all due to a server error. Of course, legally Fortrade is not a scam, but it doesn’t look like the provider cares about its clients’ interests.

 

Conclusion

Fortrade is distinguished by a good arsenal of assets, analytical and training materials. In addition, the broker offers not only traditional trading accounts, but also Islamic ones (without swaps) and has its own mobile application for CFD and licenses of reliable regulators.

And yet not all conditions here seem to us favorable. For example, the minimum deposit of $100, in our subjective opinion, is somewhat inconsistent with the orientation for beginners in the market, who are offered such an array of knowledge (the same webinars, courses, glossaries). Or the spreads in 20 points and above. Absence of the information about liquidity providers is an important fact not in favor of a broker. And, of course, complaints of clients about the problems with getting payouts. As a result promising service provider does not look so reliable, as on the first sight.