Fortrade Broker Review
This forex broker is operated by Fortrade Ltd, a company based in London, UK and licensed by the Financial Conduct Authority in the UK. The broker is also licensed by the Australian Securities and Investments Commission (ASIC).
Fortrade works on a Straight Through Processing (STP) model, which means the broker does not take any counter-party position at an order’s execution. Instead, all customers orders are routed to the broker’s liquidity providers.
Fortrade has a wide range of trading platforms, which makes it easy to access your account from anywhere. The two main platforms are Web ForTrader and MetaTrader 4. You can access both via a web browser, mobile app or desktop installation.
- Strong regulation
- STP broker
- Web platform
- Only $100 deposit
- Leverage 1:200
- iOS and Android app
On a simplified and smooth web platform, Fortrade gives you quick access to the forex and crypto markets. The company also provides CFDs trading on stocks, commodities, indices and bonds. Traders can choose to trade from over 300 assets.
As the STP execution goes without re-quotes, you can benefit from lightning speed on all order processing. The platform is well-designed for traders who want to use scalping strategies and also trade the news.
Once you select the size of your position, the Fortrade platform automatically displays your potential profit. You might also fully automate your trades by simply predefining Pending Order, Take Profit and Stop Loss levels.
The Fortrade app is developed for both iOS and Android devices. It doesn’t skimp on any features, and you can enjoy the same experience as on the web platform. Simply choose your favorite assets, select the size of your position and you are ready to trade.
The $10,000 demo account gives you a quick start on the platform. You just need to enter your e-mail address to start your demo trading. The company doesn’t require you to enter names or any other personal information for a demo account.
To start a live account, a minimum $100 deposit is required. You will also need to verify your identity. The leverage you can use will depend on your location. If you are based in the EEA, the maximum leverage is limited to 1:30. For Australia and countries outside of the EEA, the leverage could go up to 1:200.
Fortrade is transparent about all assets’ trading conditions. When you visit the website, you will find details on spreads, leverage and the initial margin for each asset. The broker offers over 70 currency pairs and some of the major cryptocurrencies. We have listed the most important trading conditions, including the maximum leverage and average spreads.
The leverage you can use will massively depend on your citizenship. Traders from the European Economic Area will be limited to 1:30. Traders based in Australia and Asia might benefit from 1:200 leverage.
- Forex - 1:200
- Crypto - 1:5
- Stocks - 1:10
- Indices - 1:50
- Commodities - 1:200
Fortrade spreads are a bit higher than other brokers. Below, we have listed the average spread on some of the most traded forex pairs. You can easily see all the details about spreads when you visit Fortrade website’s and check the pdf files.
- EUR/USD - 2 pips
- GBP/USD - 2 pips
- USD/JPY - 2 pips
- GBP/JPY - 7 pips
- AUD/USD - 3 pips
If you keep your positions overnight, you will have to pay swap charges. The swap fee is calculated by pip value, swap rate and number of nights your position has been opened. The amount reflects the interest rate difference between the central banks involved.
How to profit
Trading on the Fortrade demo might make real trading look easy, but in reality, 81% of customers lose money in the long run with this broker. To make profit with Fortrade, you must apply strong money management, which will keep you profitable.
Whatever strategy you use, you better apply a risk/reward ratio of 1:2 or higher. Thus, when you make profit, you will cover your previous losses.
Using the maximum leverage of 1:200 could quickly damage your account. A leverage of 1:10 or 1:20 will keep you in the game longer.
As you can see in the example above, we are buying a standard lot on EURUSD. We risk €170 (Stop Loss) and our potential profit is €722 (Take Profit). The risk/reward ratio is about 1:4, which is ideal.
You can fully automate your trading at Fortrade by entering a level on the Pending order field. This allows the software to automatically open and close positions at your desired levels. Using a Stop loss level to limit your risk is always recommended.
Deposits and Withdrawals
Fortrade offers a wide range of payment options, which can be used to deposit and withdraw funds. The standard range of payment methods includes major credit/debit cards, bank wire and e-wallets, such as Skrill, Neteller and PayPal. The company also accepts Bitcoin deposits.
At Fortrade, the recommended initial deposit is $500. However, you can deposit as little as $100 and start trading. Note that with leverage of up to 1:200, the margin requirements will make it difficult to take big positions with a deposit of just $100.
Withdrawal requests are usually processed in less than 24 hours. While the e-wallet transactions are quick, bank wire and credit/debit card withdrawals can take a bit longer.
While there are no fees charged, traders should note that if they fail to make any trade within 180 days, a dormancy fee is charged. This is typically $10, and the dormancy fee is deducted from any available account funds.
Fortrade offers 24/5 customer support via live chat, phone and e-mail. Support is available in 17 languages, and the response is quite professional and quick. Fortrade also offers an academy dedicated to beginners, who are allowed to join free webinars and take part in live trading sessions. By participating in the free webinars, traders can expect to pick experts’ brains and understand new concepts in trading.
- FCA and ASIC regulated
- STP broker
- PayPal deposits
- Bitcoin deposits
- Leverage up to 1:200
- MetaTrader 4
Currently, Fortrade does not accept clients from the following countries: USA, Canada, Japan, and Hong Kong