Fortrade CFD Broker Review 85

Launched in 2013, close to the height of the binary option fever, Fortrade did indeed start off as a binary option brokerage, but that is all in the rearview mirror now. Nowadays, it is a licensed and regulated Forex and CFD operator, which has racked up a decent reputation, despite some ghosts of the past it had to beat off in this regard.

Overview

The brokerage features an impressive selection of tradable assets and its trading platforms are nothing to sneeze at either. They feature MT4, a very strong sign that they are now playing in the big leagues indeed.

As already mentioned, the brokerage is regulated and licensed, by the UKs FCA no less. The FRN (Firm Reference Number) of the operation is 609970. Besides the fact that the company offers a 100% secure trading environment, this license also means that it is free to peddle its financial services through most of the European Economic Area. What it also means above and beyond that though is that the brokerage is a member of the Financial Services Compensation Scheme and that traders’ funds are protected, up to a maximum of GBP 50,000 per person.

Fortrade does not accept traffic/traders from the US and Belgium, and its offers are not directed towards the residents of those jurisdictions.

Everything considered, the reliability of the broker is questioned by traders and would-be traders all too often for comfort. It is indeed a relatively young operation, but its age alone should definitely not be a factor held against it.

Account Types

Only two account types are available at Fortrade, one of which is a free Demo account, aimed at allowing traders to give the setup a go without running the risk of losing real money. The Demo account features EUR10,000 in virtual funds and it does indeed give traders access to most of the products and features of the full, real-money account.

Real money-wise, there’s a single account type available. Its minimum deposit requirement is just USD/EUR/GBP 100, which is indeed very accessible. It is recommended however that you make a more sizable deposit if you’re truly serious about trading.

A swap-free Islamic trading account is apparently also available, but only to those who fulfill the specific requirements set forth through this account.

The trading conditions on Forex are a bit unattractive, but overall, the spreads even out to almost decent.

Trading Platform/Software

The quickest and easiest way to access Fortrade’s tradable assets leads through the Fortrade Web Trader. This proprietary trading platform is available in a desktop variant as well, not to mention mobile versions for Android- and iOS-based devices. The main advantage of this platform is obviously the fact that it can be accessed from anywhere and that it does not need to be downloaded and installed. The Web Trader is compatible with most major browsers.

The other platform supported by Fortrade is MT4. MT4 has been the gold standard in trading for years now, and the advantages it offers are obvious at Fortrade too. The analysis package of the platform is unparalleled: it comes with scores of preinstalled technical indicators, and users can always add more. What’s even better is that the powerful software lets users create their own technical indicators as well as EAs (Expert Advisors). EAs are auto-traders which can be used (in combination with a proper VPS service) to trade away according to parameters set by the user.

Like Fortrader, MT4 is available in several different versions at the site. There is a web-based version, a proper, downloadable version (which can be grabbed off the site for free) as well as mobile versions. All these different versions support all the popular features of MT4.

Deposit Options

Fortrade accepts a fairly standard selection of deposit and withdrawal options. Among them, credit- and debit cards, such as VISA and MasterCard are front and center, but eWallets such as Neteller and Skrill are also supported. Bank wire transfers are accepted as well.

Markets

The market-coverage of the broker is just ample. Currencies, stock- and index CFDs and precious metals are all covered. The selection includes energy products, agriculture products, ETFs and US treasuries too. Cryptocurrencies are covered as well. It has to be noted that these are all CFDs, meaning that one will never actually get to purchase any actual cryptos through Fortrade.

Customer Support

Besides English, the Fortrade website is available in Spanish, French, and German. Support can be contacted by email and phone.

Safety

Given its regulatory status, Fortrade can indeed be considered a safe trading destination. One should not forget about its less-than-ideal reputation in this regard either though.

Final Thoughts

Fortrade features good market-coverage and excellent trading platforms. Its spreads are a little too high though.

Pros

  • Excellent trading platforms
  • Regulated and licensed by FCA
  • Attractive minimum deposit

Cons

  • High spreads
  • No account-type variations
  • Somewhat dubious reputation
ForTrade Overview
Regulation: FCA
Assets offered: Currencies, Indices, EU stocks, US stocks, Commodities, US treasuries, ETFs
Minimum Deposit: $100
Deposit Options