Fortrade forex broker offers a web-custom trading platform, as well as the MetaTrader 4 platform. The browser-based interface allows you to trade over 50 currency pairs from your ForTrade account on any device.
To test drive the web platform, you can open a demo account, which gives you access to $10,000 in virtual funds.
ForTrade presents a well-designed and easy to manage trading platform. Additionally, the features do not overreach, which makes the platform run smoothly on any device. You can trade on your PC, MacBook, iPad or any smartphone. You just load the web platform into your browser and log into your account.
In fact, the ForTrade brokerage offers two main ways to trade forex: the web platform and MetaTrade 4. There are also mobile solutions for both platforms, which are available free in the App Store and Google Play.
In the following review, we take a close look at the ForTrader web platform and examine how you can open trades and manage your positions to make profit.
- FCA Regulated
- Web Platform
- MT4 Platform
- Android and iOS App
- Live support 24/5
ForTrade is a FCA regulated broker that offers Forex and CFDs trading to retail traders. It operates on a straight through processing (STP) model. The company has developed its own web platform, desktop application, iOS app and Android app. Furthermore, traders can use MetaTrader 4 in a browser, on a desktop and in a mobile app.
If you are new to trading, you will be pleased to find many educational video tutorials and e-books. ForTrade also offers free guidance by phone, so you can understand in a few minutes how the trading platform works.
ForTrade web platform
The web-based trading platform is packed with all the basic tools you need to trade and profit on the Forex markets. The following are the main tasks you can perform:
- Place and manage trades
- Place pending orders
- Set stop loss level
- Set take profit level
- Duplicate your trades
ForTrade allows you to trade over 50 currency pairs, including the majors, minors and many exotic pairs, such as EUR/DKK, USD/MXN and USD/ZAR. You can easily switch between instruments and place orders with the SELL/BUY options.
By using the advanced features, you set your Stop loss and Take profit levels. You can also place a pending order that will be executed at the predefined price level. To duplicate your order, you have the quick option “Duplicate” on your opened trades.
The HTML5 charting interface appears natural and also allows some modest customization. You can enlarge the chart to full screen with one click and switch between line and candlesticks visualization. The technical indicators are very limited if you compare it to MetaTrader 4, but you have the most popular ones.
On the charts, traders can implement Moving Averages, Bollinger Bands, MACD, RSI, Stochastics, ADX/DMS and Commodity Channel Index. Unfortunately, there are no technical drawing tools available. The time frames include 1-minute, 30-minute, 1-hour, daily and weekly candles.
How to trade on ForTrade platform
To trade and profit on the web platform, you first need to open a live trading account. Once your account is approved, you can make a deposit; the minimum required amount is $100, and you can trade with maximum leverage 1:200.
To open a position, you use the SELL and BUY options, which you see on each instrument. For example, you believe the Euro will gain in value against the U.S. Dollar, and you open a BUY position on EUR/USD.
You set the position size by choosing the amount, from 1,000 to 3,000,000. The “amount” refers to the number of units of the base currency, which in our example is the Euro.
You are then able to set the Stop Loss and Take Profit levels, which will automatically close your position when it reaches a certain amount of loss or profit.
Manage your trades
You will see your opened positions under the “Open Trades” tab. You can duplicate your trade and edit it. The “Edit” window will actually allow you to modify the Stop Loss and Take Profit levels, or you can simply remove these functions.
You can, of course, mange your positions without setting the automated level “Take Profit” and close your trade manually when you decide it is the best time to take the gains.
Despite the limited chart tools, the ForTrade web platform comes with just enough features that will enable you to trade forex and manage your risk. For those who prefer more functionality and flexibility on the charts, then of course, using the MT4 platform is more ideal.
The desktop based application is obviously more powerful and flexible in terms of providing you with the right tools and environment to build strong, custom trading indicators and expert advisors.