Fortrade ReviewCategory: Reviews | Author: Trading Brokers | Date: November 17, 2022
Founded in 2013, Fortrade is a regulated broker focused on simple and accessible trading for all. They provide you with user-friendly trading platforms so that you can trade hundreds of financial instruments with minimal fuss, including CFDs on Forex, Stocks, Commodities and Cryptos. I like how they have plenty of powerful trading tools and a vast market analysis area to help with your trade decisions. For those of you who are beginners, you can learn a lot with the large amount of educational materials including videos and guides. I found the brokers trading conditions excellent, including tight spreads, no commission fees and rapid trade execution speeds at the best market prices available. You can get started with a minimum deposit of just $100 and choose from a good variety of convenient deposit and withdrawal methods. There is also the option to open a demo account if you would like to practice trading online risk free until you feel ready to switch over to a live account.
Pros & Cons
- User-friendly trading platforms that are packed with tools
- Competitive trading conditions including tight spreads and rapid execution speeds
- Various convenient account funding options to choose from
- Vast range of educational materials to educate beginners
- Trading central for professional market analysis
- In-depth market news and insights
- Free demo trading accounts to practice your trading strategies
- Islamic swap-free accounts are available
- Excellent 24/5 multilingual support team
- Inactivity fees
- Cannot accept clients from some countries
- Could expand on product portfolio to include more non-fx instruments
- Does not support cryptocurrency funding at this time
- Minimum $100 deposit is not the lowest
- No fixed spread accounts
Fortrade is an online trading broker offering 24-hour market access so that you can trade hundreds of trading instruments including Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, ETFs & CFDs. I like how the broker has everything needed so that they can cater to individual and institutional traders across the globe. The broker prides themselves on being a transparent, secure, trusted and reliable broker with a large online trading community. They aim to make trading more accessible and enjoyable with simple yet powerful solutions for all levels of trader. I personally feel that they go above and beyond to ensure that they deliver on this and more.
Fortrade provides the popular MetaTrader 4 (MT4) platforms as well as their very own Fortrade web, desktop and mobile platform. The platforms have intuitive designs for friendly, simple and fast online trading whether you are a novice or advanced trader. They also include advanced technology for analysing the markets and executing trades. You can browse a vast selection of educational materials and access powerful trading tools to help you improve you trading knowledge and skills. Amongst the free resources are daily market analysis, video tutorials, trading courses, webinars, eBooks and more. There is plenty for everyone to peruse in their own time.
Trading accounts can be opened with a minimum deposit of $100 whilst spreads and execution speeds are competitive compared to other online brokers. They also charge no commission on trades which is great. I found the overall costs to be not that different to what you would find from some of the best brokers in the industry such as XM Group.
According to managing director Nick Collison, “Fortrade now serves over 10,000 private and institutional traders from across the globe, and continues to grow. We are not content to rest on our laurels and we continue to improve, innovate and develop products to ensure we offer the best to our customers. We believe that trust is essential to succeed in our industry, and we pride ourselves on our integrity, dependability and transparency. As a UK-based broker we are authorised and regulated by the Financial Conduct Authority (FCA). This ensures our commitment to safeguarding our customers’ interests and adherence to the FCA’s Treating Customers Fairly code.”
Fortrade are regulated and hold client funds in accordance with strict rules and regulation. Regulation helps to give clients the peace of mind that they are using a reliable and trusted broker in addition to having advantageous trading conditions. Fortrade’s motto is “trust and transparency in all that we do”. I feel comfortable trading with them knowing that they are a regulated broker who must operate with the utmost integrity. I can focus on my trading without worrying about the safety of my funds.
The broker is regulated by the following regulators:
- Fortrade Ltd.is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom.
- Fort Securities LLC. is authorised and regulated by the National Bank of the Republic of Belarus (NBRB) in Belarus.
- Fort Securities Australia PTY LTD (T/A Fortrade Australia) is licensed and regulated by the Australian Securities and Investments Commission (ASIC).
- Fortrade Canada Limited is regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and a member of the Canadian Investor Protection Fund (CIPF).
The broker can accept clients from most countries excluding residents of the United States, Japan or Belgium and any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation. If you find that they cannot accept clients in your country, please feel free to look for an alternative in our broker reviews.
You can choose between the popular MetaTrader 4 (MT4) trading platform or Fortrade’s very own platform. I find both platforms to be very user-friendly, with modern and intuitive interfaces that make it quick and easy to perform all of your trading activities. You shouldn’t have any issues doing everything from market analysis to placing and managing trades. Both of the platforms are available for desktop, web and mobile. This is great as it means you can access your account from multiple devices depending on what works best for you at the time. I am often switching between the desktop platform which is great for analysing charts and the trading app which I find ideal for checking my trades when not at my computer.
MetaTrader 4 (MT4) Desktop
The MT4 desktop platform allows you to trade global markets from your PC or laptop. It streams hundreds of real time price quotes and charts from a range of trading instruments across different markets. You can view charts on multiple timeframes and use the built-in technical indicators to analyse charts for potential trading opportunities. There are a good range of order types available, trading strategy templates, drawing objects and alert notifications. MT4 also supports custom indicators and automated trading strategies commonly known as expert advisors (EAs). Automated trading is the main reasons that I have used MT4 for many years. I find it the best trading platform for when it comes to developing and running trading robots. Although Fortrade only offer the MT4 desktop platform for windows, it is available from other brokers for Mac.
MetaTrader 4 (MT4) Mobile App
The powerful MT4 app includes all of the advanced capabilities of the traditional desktop version, offered in an intuitive and feature-rich package. It is available for download on both Android and iOS from the relevant app stores. I love the MT4 app as it is perfect to check the markets and manage trades wherever you are. You can take the markets with you in your pocket and set price alerts to make sure that you never miss a trade.
MetaTrader 4 (MT4) WebTrader
The MT4 WebTrader is accessible from all major PC and Mac browsers, without needing to download or install any software. It provides you with seamless access to a great range of over 300+ CFD asset classes including forex, stocks, commodities, indices, ETFs and Bonds, all from directly within your web browser. The WebTrader maintains most of the advanced capabilities of the traditional desktop version. I don’t like how it doesn’t support automated trading (EAs) as that is my main reason for using MT4. However, I think it is goof that you can access your account from any device and the platform is always up to date.
The Fortrader desktop platform gives you access to trade a limited selection of 150+ forex currencies and CFDs with the intuitive software, benefitting from the accuracy and functionality of fully-automated trade executions. You can download and access the feature-packed platform to conveniently and securely place orders online.
The platform displays live-streaming price quotes, charts and has built-in technical indicators to help your market analysis and get the most out of your trading strategies. It has a flexible and user-friendly interface that allows you to control and customise your trading environment in a way that best suits your trading style and strategies.
The Fortrader web platform gives you instant access to the global financial markets without needing to download or install any additional software. You can enjoy a reliable trading solution via an internet connection and most modern browsers, accessible in just a few clicks of your mouse. You can open, modify and close positions – in the office, on your holidays or during any other situation you please – provided there is an internet connection. It’s fully synced, quick and easy to use.
The Fortrade mobile app enables you to stay connected and manage your account from anywhere in the world and at any time. You can easily and effectively turn your Android or iOS device into a virtual trading desk from within the palm of your hand. The mobile platform is available for download on both Android and iOS.
Fortrade have a good selection of useful trading tools including trade calculators, currency convertor and the brilliant Trading Central analysis software. Not all brokers have this so it helps them to standout form the competition. However, it would be great if they would also include Autochartist like GO Markets who have both. That being said, I would expect most of you to find more than enough tools implemented within the platforms to meet your needs.
Fortrade have partnered with Trading Central to offer a complete package of technical analysis tools to help improve your trading skills and to understand the basics of charting. Its technical analysis outputs, charts and indicators are based on information collected from a consortium of investment banks and asset managers.
Trading Central can assist with trading decisions and is constantly being updated with more insightful technical analysis reports and sophisticated chart-pattern recognition tools. It is simple to use and can be located in the platform’s chart section on the desktop, web and mobile platforms.
Currency Converter Tool
The currency converter tool uses real-time market rates to convert your predefined amount to and from various currencies.
Margin Percentage Calculator
The margin calculator provides a simple percentage calculation of the required leverage for each tradable instrument offered by Fortrade. This enables you to calculate exactly how much margin is required in order to open a position, and adjust its size accordingly, if necessary.
Swap Rates Calculator
Swap rates determine the costs for holding a position overnight. This occurs at 21:00 GMT time, on any trades held open at this time. You can use the swap calculator to quickly calculate the swap fees that you will be charged, based on the instrument, account currency and trade size.
Pip Value Calculator
The pip calculator finds out the exact value of your trading positions in the currency of your trading account. This can help to understand how your trade sizes are being calculated.
Fortrade have a free online trading academy with a generous range of useful resources for improving your market knowledge and trading skills. You will find an abundance of materials including webinars, eBooks, trading courses, trading videos, video tutorials, trading strategies, news and market analysis.
Fortrade offer professional and free online webinars covering a range of trading topics such as market analysis (technical & fundamental), money management, technical indicators, trading psychology and much more. Don’t worry if you are not available at the date/time of each webinar as they are recorded for you to watch back in your own time.
The trading eBooks offer a detailed overview of the markets and trading principles. They are a good place to get started and learn more about trading with a good variety of topics covered.
You can choose from beginner and advanced trading courses covering a wide range of topics including different markets, trading strategies, types of orders, terminology and more. These courses are fun and easy to follow, in bitesize digestible slides.
The trading videos are very professional and detailed, providing a wide range of advanced education on numerous topics ranging from market analysis, trading psychology, technical and fundamental analysis and more. The videos are fun and friendly, suitable for all trader skill levels.
The broker has a nice collection of video tutorials covering various trading topics and how to use Fortrade services. There are videos for opening accounts, using trading platforms, conducting chart analysis, using trading tools and more. I found them to be enjoyable and informative.
The broker has some interesting trading strategies that can be used as standalone strategies for market analysis or implemented as part of another strategy. Whilst browsing through them, I learned a few things that I will consider using as part of my own strategies.
Glossary of Terms
The glossary of terms contains frequently used trading terminology and definitions.
News & Market Analysis
Fortrade have a frequently updated analysis area that covers daily / weekly / historical analysis which can be used for finding potential market opportunities and to assist with strategies. Analysis is very detailed with technical and fundamental analysis covered across multiple markets. There is an economic calendar that displays upcoming news releases at possible impact on the markets.
Fortrade give you access to trade over 300+ CFD products across a range of asset classes including Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, ETFs & CFDs. They have more than 60+ forex currency pairs based on majors, minors and exotics. There are 20 indices, 180 stocks, 5 metals including gold and silver, 5 types of energy including gas and oil, and 5 types of soft commodities. Although there is something for everyone to trade, they don’t quite compare to brokers such as IG who have over 17,000 trading instruments. That being said, if you are primarily a forex trader, you should find there to be plenty of variety.
The broker only has the one real trading account and a demo practice account. It can be a good thing that there is only the one account as it means everyone (apart from professionals) can get access to the same trading conditions. It also helps to simplify the signup process. However, other brokers will let you choose from accounts with lower spreads if you are happy to pay additional commission. If you need tighter spreads for your strategies, then Pepperstone may be worth consideration instead.
They do not charge a commission and instead add costs into the spread which is marked up. I still found spreads to acceptable even with the mark-up included. It is also nice to not have to pay the commission fee on top. The minimum deposit required is $100 which provides access to all platforms and trading products. If this is too much for you, Fusion Markets have a $1 deposit requirement.
Traders who qualify as a professional client can apply for a professional account. To be eligible for a professional account you need to have traded in significant size an average frequency of 10 times in each of the last 4 quarters on CFDs or forex, have an investment portfolio of + €500,000. (Including cash savings / financial instruments), have worked for at least one year in the financial sector in a professional position, gaining knowledge of CFD and forex trading. Whilst a professional account can give EU traders leverage of up to 1:200 instead of 1:30, it also reduces the protection offered from the broker.
If you are not quite ready to take the plunge into the markets, then the demo account can be a great way to practice trading online risk free. It comes preloaded with virtual funds and enables you to test your strategies on the platforms and see if the broker can meet your needs.
Islamic swap free accounts that comply with Sharia law are also available for Muslim traders. I think it is great that they support traders with different religious beliefs.
If for any consecutive period of 180 days, you do not trade on your account then Fortrade will deem the account to be inactive or dormant and charge you an administrative fee of $10.00 which represents Fortrade’s administrative cost of continuing to operate the inactive account. The fee is deducted from the client account balance following the expiration of the grace period and every thirty days thereafter.
Opening an account to start trading at Fortrade is quick and easy. You simply complete the short account opening form and verify your account with some form of identification and proof of address such as a passport and utility bill. Once verified, you can create a free demo practice account or fund your live account and start trading on the MT4 or Fortrade platform desktop, web and mobile platforms. I had no issues during the signup process and received my login details almost instantly.
The broker has a helpful multilingual customer support team who you can reach 24/5 via online chat, telephone and email. There are international telephone numbers and the live chat is very prompt to attempt to answer questions. Support are happy to answer any questions you may have about Fortrade products or services. They also welcome any feedback or comments. I have always had a pleasant experience when dealing with them in the past. If you are looking for 24/7 support then FP Markets could be an option for you.
Fortrade accept a range of versatile funding options including all major credit/debit cards, bank transfers, Neteller and Skrill. The method you opt for may depend on how long it takes to process. If you want something quick then you may consider an online payment processor. Please note that some methods may only be available to specific countries. Some fees may be charged when using certain payment methods. Bank transfers may take a few business days to clear whilst some methods can be instant. Accounts can be opened in a few currencies including GBP, EUR, USD. The different currency options are beneficial as currency conversion fees do not apply when using an account in your own currency. I think they could improve by adding some more currencies and support for crypto payments.
Overall, I think that Fortrade can be a great option for those who want to trade forex and other instruments without any hassle. They are a regulated broker which gives you protection and they have a good range of trading instruments on flexible trading platforms suitable for different trader skill levels. The educational materials provided are extremely vast and helpful for beginners. You can get access to a dedicated market analysis area, whilst useful trading tools such as Trading Central are available to further improve your trading experience. Furthermore, I found the brokers trading conditions to be very competitive, with tight spreads, fast execution speeds and no commission fees. This is all backed up by convenient payment options and excellent multilingual support.