Fortrade is a UK-based online brokerage established in 2013. Known for its user-friendly trading platforms, extensive educational resources, and wide range of trading instruments, Fortrade aims to cater to traders of all experience levels.
This review will delve into the key features of Fortrade, including its trading platforms, account types, customer support, and more, to help you determine if it’s the right broker for your trading needs.
- Competitive spreads with no commissions
- Wide range of trading instruments
- Multiple trading platforms, including WebTrader, Mobile App, and MT4
- Strong regulatory oversight (FCA, ASIC, NBRB, IIROC)
- User-friendly interface suitable for beginners
- Limited account types for advanced traders
- Higher spreads compared to some other brokers
- Leverage restrictions for EU and Australian clients
Updated on: August 4th, 2024
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Overview of Fortrade
Fortrade is regulated by several prominent financial authorities, including the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), the National Bank of the Republic of Belarus (NBRB), and the Investment Industry Regulatory Organization of Canada (IIROC). This multi-jurisdictional regulation ensures that Fortrade adheres to strict financial standards and offers a secure trading environment.
The broker offers access to a wide range of financial instruments, including Forex, indices, commodities, stocks, ETFs, and cryptocurrencies. This diversity allows traders to build a well-rounded portfolio and take advantage of various market opportunities.
Trading Platforms
Fortrade provides access to several trading platforms, including its proprietary web-based platform, the Fortrade Mobile App, and MetaTrader 4 (MT4).
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Fortrade WebTrader: This is Fortrade’s proprietary trading platform, designed to be intuitive and easy to use. It offers real-time market data, advanced charting tools, and a user-friendly interface, making it suitable for traders of all experience levels.
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Fortrade Mobile App: The mobile app provides the same features as the web-based platform, allowing traders to manage their accounts and execute trades on the go. It is available for both iOS and Android devices.
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MetaTrader 4 (MT4): MT4 is a widely used trading platform known for its comprehensive charting tools, advanced analysis capabilities, and support for automated trading through Expert Advisors (EAs). It is popular among traders worldwide for its reliability and versatility.
Account Types and Pricing
Fortrade offers a single type of live trading account, which simplifies the decision-making process for traders. This account type features variable spreads and no commissions, with the cost of trading included in the spread.
- Standard Account: This account offers variable spreads starting from 2 pips. It is suitable for both beginner and experienced traders who prefer a straightforward pricing structure.
Fortrade also provides a free demo account, allowing traders to practice their strategies and familiarize themselves with the platform without risking real money.
Trading Conditions
Fortrade is known for its competitive trading conditions, including tight spreads and fast execution speeds. The broker offers leverage up to 200:1, allowing traders to control larger positions with a relatively small amount of capital. However, it’s important to use leverage responsibly, as it can amplify both gains and losses.
Fortrade provides negative balance protection, ensuring that clients cannot lose more than their account balance. This feature adds an extra layer of security, particularly in volatile markets.
The broker also offers a range of educational resources, including webinars, video tutorials, and market analysis, to help traders improve their skills and knowledge.
Customer Service and Support
Fortrade provides high-quality customer support, available 24/5 via live chat, email, and phone. The support team is known for being responsive and knowledgeable, providing prompt assistance with any issues or inquiries.
Additionally, the broker’s website features a comprehensive FAQ section and a knowledge base, covering a wide range of topics from account setup to trading strategies. These resources are particularly useful for new traders who may need extra guidance.
Security and Regulation
Fortrade places a strong emphasis on the security of its clients’ funds and personal information. The broker uses advanced security protocols, including SSL encryption and segregated client accounts, to protect client assets.
The broker’s regulation by the FCA, ASIC, NBRB, and IIROC provides an additional layer of security and assurance, as these regulatory bodies enforce strict financial standards and regular audits. Fortrade’s commitment to transparency and ethical business practices further enhances its credibility and trustworthiness.
Final Thoughts
Fortrade stands out as a reliable and user-friendly broker that offers a comprehensive trading environment for traders of all levels. With a wide range of trading instruments, multiple platforms, and competitive trading conditions, it provides ample opportunities for both beginners and experienced traders. The broker’s commitment to transparency, security, and customer service makes it a strong contender in the online trading industry.
Whether you’re a novice looking to start your trading journey or an experienced trader seeking a straightforward and reliable broker, Fortrade has something to offer. However, traders should be mindful of the risks associated with high leverage and ensure they fully understand the implications before trading.
