It is obvious to get to know about the brokers before taking the appropriate decision for trading. We all know that there are lots of scams around. This time we’re going to take a look at Fortrade review and to find out whether it is a scam or not. If it's not, how better is it for you?
About Fortrade Trading Broker – Introduction
Fortrade is a UK based company, regulated and authorized by the Financial Conduct Authority
(FCA). This trading name was established in 2011 and offers multiple trading tools.
Fortrade offers more than 150 currencies, stock, and CFD trading through their own platform and as well as one of the prominent options, Meta Trader 4
How Fortrade Secure Its Customers Funds?
This is the far main concern of every person who wants to trade to know how a broker secures its customers’ money. So, before moving to Fortrade features, let’s discuss this one.
As we know that FCA licensed and regulate Fortrade, it means that it is financially stable. Now in order to get licensed, brokers have to financially stable as according to the rule. They shall have minimum hold of €730,000. The clients’ funds should keep in aggregated bank accounts, away or separated from the company’s operating funds.
FCA does have more regulations as well, such as a guarantee for the clients’ funds. Since they fall under the Financial Services Compensation Scheme, where the maximum compensation cover is £50,000 per person per regulated firm.
Fortrade traders can gain trading access through two main of their options; in-house trading platform and Meta Trader 4 (MT4) trading platforms.
Fortrader Trading Platforms:
This platform has features like trading indicators, comprehensive charts and price feeds to help you place your trade in the markets with absolute accuracy and assurance. They are available as a web-based client or a desktop client for download. You can access web client from anywhere with the compatible browser and it doesn’t even require any additional software download.
Meta Trader 4 Trading Platforms:
It is the world’s most prominent trading platform and many of the brokers across the world adopted it. This platform provides a variety of features like; it has a charting package with a wide array of technical indicators. Besides, it has language-customization that the traders across the world in different countries with different languages use it. With this platform, you can also have the automation of trading with the use of Expert Advisors (EAs). It is available in the desktop version and web-based client like the Fortrader platforms.
What Account Types Fortrade Offers?
It seems like Fortrade has a different point of view for its traders, but it's good. Unlike other brokers, Fortrade offers only one ‘Standard’ account type for its traders. It might seem confusing, right? But this only single account type is capable of holding all requirements and learning process for beginners and seasoned or experienced traders.
It needs a minimum deposit of $100, but Fortrade recommends you to make it $500 for better choices to make for trading in markets. Before going for real money, Fortrade offers a demo account with virtual money of up to $10,000. It is to learn and play around with all of its features and functionality to get familiar with.
Best of all, for Muslim traders, it offers swap-free trading. Besides, there is no interest imposed as trading in accordance with Shariah law.
Fortrade allows trading of many instruments such as the currency pairs, cryptocurrencies, stock market indices, stocks, precious metals, commodities, bonds, and ETF.
Spreads, Commissions, and Leverage:
Fortrade does not charge any commissions. Though, it gets it payment through spreads. Fortrade offers an average of 2 pips on USD/EUR which is quite average for the market. But still, the trading cost is higher as compared to the other brokers.
Fortrade offers different leverage depending on the instruments that are traded such as,1:50 for indices and commodities CFDs, 1:10 for stock CFDs and 1:200 for most currency pairs.
Speaking of leverages, you should keep in mind that the higher is the leverage ratio, the more it is risky because it is a double-sided coin. But leverage does help the traders to gain exposure in big markets.
Does Fortrade Offers Bonuses To Its Customers?
Yes. Fortrade offers two types of bonuses to its customers; Balance Bonus and Credit Bonus. The trader gets Balance Bonus when he/she deposits funds, so basically it is a deposit fund. And then there is Credit Bonus from Fortrade which is transferred to loyal customers’ accounts.
How To Deposit and Withdraw?
For the convenience of depositing funds, Fortrade accepts payments through major credit cards, wire transfers, and deposits through eWallets such as Skrill and Neteller. It makes simple and easier for the traders. For withdrawal of money through a web portal, simply go to Deposits/Withdrawals section and take further steps for withdrawal properly. There's a possibility that your withdrawal will processed and transferred to your bank account within2 days to 15 days.
Fortrade ensures that its beginner customers take the most out of it and therefore, it offers comprehensive educational support. There is plenty of educational material in their comprehensive educational support which is why the customer gets well equipped with all the knowledge. And also, when the customer needs any help, he/she can call Customer Support, on their telephone, or email them, or do a live chat with their support team.
So, we’re here to the conclusion of Fortrade review that it is the better one by all the features it offers to the traders. Further, it is your decision to take that which one is best. We also have written many other reviews about other brokers. You can find them, read them and then decide for yourself. We are giving 4 stars to Fortrade
for its features and options that enable traders to take the most out of it.