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Fortrade

Belarus|5-10 years|
Regulated in Australia|Market Making(MM)|MT4/5 full license|Global Business|High potential risk|

https://www.fortrade.by/

Website

Rating Index

MT4/5 Identification

MT4/5

Full License

ForTrade-Demo01

Germany
MT4
2

Influence

AA

Influence index NO.1

Croatia 8.03

MT4/5 Identification

MT4/5 Identification

Full License

2
Server Name
ForTrade-Demo01 MT4
Server Location Germany

Influence

Influence

AA

Influence index NO.1

Croatia 8.03

Surpassed 23.65% brokers

Biz AreaSearch StatisticsAdvertisingSocial Media Index

Contact

+375 17 2240625
support@fortrade.com
https://www.fortrade.by/
144 Mayakovsky St., 8th floor, room 11, 220028, Minsk, Republic of Belarus

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

Open Now

Disclosure

Danger

ID BAPPEBTI
2022-02-02
Ministry of Trade Blocks 1,222 Illegal Commodity Futures Trading Websites
Fortrade
CCC
NSFX

Contact number

English

+375 17 2240625

German

+44 204 571 7564

Broker Information

More

Company Name

Fortrade Limited

Company Abbreviation

Fortrade

Platform registered country and region

Belarus

Company website
Twitter
Facebook
YouTube

Pyramid scheme complaint

Expose

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WikiFX Risk Alerts
Previous Detection : 2024-03-03
  • The number of this brokers's negative field survey reviews has reached 1. Please be aware of the risk and the potential scam!

WikiFX Verification

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Fortrade · Company Summary

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

General Information

Fortrade Review Summary in 10 Points
Founded 2013
Registered Country/Region Belarus
Regulation ASIC, FCA, CYSEC, IIROC, NBRB
Market Instruments Currencies, Stocks, Indices, Precious Metals, Energy Products, Agriculture Products, US Treasury Bonds
Demo Account Available
Leverage 1:200
EUR/USD Spread 2 pips
Trading Platforms MT4
Minimum deposit $100 (with a suggestion of $500 or currency equivalent)
Customer Support phone, email

What is Fortrade?

Fortrade is an online forex market trading service provider founded in 2013 and currently holds a full license from the Australian Securities and Investments Commission (ASIC), a full license from the UK Financial Conduct Authority (FCA), a full license from the Cyprus Securities and Exchange Commission (CYSEC), a full license from the Investment Industry Regulatory Organization of Canada (IIROC), and a retail forex license from the National Bank of Belarus (NBRB).

In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on. At the end of the article, we will also briefly make a conclusion so that you can understand the broker's characteristics at a glance.

Fortrade's home page

Pros & Cons

Fortrade is a regulated broker that offers a wide range of assets for trading, including forex, indices, commodities, and securities. The broker provides a free demo account with no time restrictions, making it an excellent tool for beginners to practice trading. Fortrade has a powerful MT4 trading platform available on desktop, web, and mobile devices, providing traders with flexibility and convenience.

In terms of fees, Fortrade charges no trading commissions and offers competitive spreads, although overnight rollover fees and inactivity fees may apply. Customer support is available via email and telephone, but the lack of live chat support may be a drawback for some traders. Overall, Fortrade is a solid choice for traders looking for a regulated broker with a user-friendly trading platform and a variety of underlying assets for trading.

Pros Cons
• Regulated by multiple authorities • Negative reviews regarding withdrawals
• Wide range of assets for trading • Limited live account types
• Free demo account with no time restrictions • Inactivity fee after 6 months
• Powerful MT4 trading platform with mobile, web, and desktop options • Limited educational resources
• No trading commissions • Limited payment options

Fortrade Alternative Brokers

    There are many alternative brokers to Fortrade depending on the specific needs and preferences of the trader. Some popular options include:

    • Hugo's Way - A relatively new broker with competitive spreads, high leverage, and a limited range of trading instruments.

    • ICM Capital - A well-regulated broker offering a diverse range of trading instruments, advanced trading platforms, and excellent customer support.

    • IFC Markets - An innovative broker with a unique approach to trading, offering a wide range of financial instruments, low minimum deposits, and advanced trading tools.

Ultimately, the best broker for an individual trader will depend on their specific trading style, preferences, and needs.

Is Fortrade Safe or Scam?

Regulation by multiple reputable authorities such as ASIC, FCA, CYSEC, IIROC, and NBRB can provide some level of assurance of safety and reliability for traders. However, negative reviews of Fortrade regarding withdrawal issues are concerning, and potential traders should conduct thorough research and exercise caution before depositing funds with this broker. It is always recommended to carefully read the terms and conditions, including withdrawal policies, before trading with any broker.

Market Instruments

Fortrade provides investors with a range selection of tradable financial instruments, including more than 300 foreign currency, stock index, securities, oil, and precious metals CFD products. This wide range of financial instruments allows traders to have more options to diversify their portfolios and potentially increase their profits.

Market Instruments

Accounts

Demo account: A free demo account is available to Fortrade customers. Users can practice their trading strategy with a €10,000 virtual investment, available on either the Fortrader or MetaTrader 4 platforms. Fortrade's demo account seems to be a useful tool for traders to practice their strategies without any pressure, and the lack of time restrictions makes it more convenient for beginners.

Live account: Fortrade only offers a single live account type, where the specific trading conditions vary depending on assets and trading size. The minimum deposit is reasonable at $100, with a suggestion of $500 or currency equivalent.

Leverage

Leverage is up to 1:200 for forex products, 1:20, 1:25, 1:50 for stock indices, 1:10 for EU securities, 1:50 for CFDs on agricultural commodities, 1:100 for gold and silver, 1:33 for corn, cotton, and soybeans. It is important to keep in mind that leverage can magnify profits, but it can also lead to greater losses, so traders should use leverage wisely and carefully manage their risk.

Spreads & Commissions

It seems that Fortrade charges mark-ups on spreads instead of trading commissions, which could be beneficial for traders who want to avoid commission fees. However, it is important to note that the mark-up on spreads may fluctuate, and traders should take this into consideration when planning their trades.

The average spread for EURUSD is 2 pips, and the average spread for USDGBP is 3 pips. Indices spread: Canada 60 average spread is 1 pip, US 2000 average spread is 0.6, US 500 average spread is 0.6. The gold average spread is $0.45, and the silver average spread is $0.04.

Below is a comparison table about spreads and commissions charged by different brokers:

Broker EUR/USD Spread Commission
Fortrade 2 pips None
Hugo's Way 0.0 pips $5 per lot
ICM Capital 1.6 pips None
IFC Markets 0.4 pips None

Note that the commission for Hugo's Way is per lot, and a lot size varies depending on the account type and asset being traded. Additionally, spreads are variable and subject to change, especially during times of high market volatility.

Trading Platforms

Fortrade offers its users a market-leading and powerful MT4 trading platform, including the mobile MT4, web MT4, and desktop MT4. The platform is renowned for its advanced charting tools, technical analysis indicators, and automated trading capabilities, making it suitable for traders of all levels.

The desktop version of MT4 provides traders with access to real-time pricing and trading, advanced charting and analysis tools, and the ability to place orders quickly and easily. The web version of MT4 is accessible from any web browser and offers traders the flexibility to trade from any location, while the mobile version of MT4 enables traders to manage their accounts and access the markets from their smartphones and tablets.

MT4
MT4 WebTrader
MT4 Mobile APP

See the trading platform comparison table below:

Broker Trading Platforms
Fortrade MT4, WebTrader
Hugo's Way MT4, MT5
ICM Capital MT4, cTrader
IFC Markets MT4, MT5, NetTradeX

Deposits & Withdrawals

Deposits and withdrawals can be made via credit/debit cards, bank wire transfers, and e-wallets such as Skrill and Neteller. The recommended initial deposit requirement is $/€/£500, however, it is possible to deposit as little as $100 or equivalent currency to get started.

Fortrade minimum deposit vs other brokers

Fortrade Most other
Minimum Deposit $100 $100

The broker does not charge any deposit fees, while any bank withdrawal fees incurred by Fortrade are passed on to the customer, which is usually around $40.

Processing times will vary by method. Deposits via bank wire transfers can take up to 7 working days for funds to clear. E-wallets offer faster clearance, often within 1 day. All withdrawal requests are processed by Fortrade within 2 business days of being submitted. However, fund clearance can take up to 5 business days for bank transfers and up to 15 business days for credit/debit cards.

Fees

Apart from spreads, commissions, deposit and withdrawal fees that we have mentioned above, Fortrade also charges an overnight rollover fee and inactivity fee of $/€/£10 on accounts left dormant for 6 months.

Overnight rollover fees are a common practice in the forex and CFD industry, as positions left open overnight incur a cost for the broker. As for the inactivity fee, it is also a common practice among brokers to charge a fee on dormant accounts to cover administrative and maintenance costs.

See the fee comparison table below:

Broker Deposit Fee Withdrawal Fee Inactivity Fee
Fortrade None $40 $/€/£10 after 6 months of inactivity
Hugo's Way None Free withdrawal up to $150 None
ICM Capital None None None
IFC Markets varies by payment method None None

Please note that the fees listed above are subject to change at the discretion of each broker. It is recommended to check with the broker's official website or customer support for the most up-to-date fee information.

Customer Service

    Clients with any inquiries or trading-related issues can get in touch with Fortrade through the email and telephone. Here are some contact details:

    • Telephone: +375-17-2240625

    • Email: support.by@fortrade.by

    • FAQ section is also available.

Customer Service
Pros Cons
• Email and phone support • No live chat support
• Comprehensive FAQ section available • No 24/7 customer support

Note: These pros and cons are subjective and may vary depending on the individual's experience with Fortrade's customer service.

User Exposure on WikiFX

On our website, you can see that some users have reported unable to withdraw. Please be aware and exercise caution when investing. You can check our platform for information before trading. If you find such fraudulent brokers or have been a victim of one, please let us know in the Exposure section, we would appreciate it and our team of experts will do everything possible to solve the problem for you.

User Exposure on WikiFX

Conclusion

All things considered, Fortrade is a reputable broker with multiple regulatory licenses, offering a wide range of assets for trading and a powerful MT4 platform. The broker charges no commissions and has competitive spreads, making it an attractive option for traders. However, there have been some negative user reviews concerning withdrawal issues and the overnight rollover fee, which may cause concern for some traders. Additionally, the lack of alternative trading platforms and the inactivity fee may be a drawback for some traders who prefer more flexibility. Overall, Fortrade is a good option for traders looking for a reliable and regulated broker with a comprehensive trading platform and competitive trading conditions.

Frequently Asked Questions (FAQs)

Q 1: Is Fortrade legitmate?
A 1: Yes. Fortrade is legimate. It is regulated by multiple regulatory authorities including ASIC, FCA, CYSEC, IIROC, NBRB.
Q 2: At Fortrade, are there any regional restrictions for traders?
A 2: Yes. It does not accept clients from the USA.
Q 3: Does Fortrade offer demo accounts?
A 3: Yes.
Q 4: How does Fortrade make money?
A 4: Fortrade makes money from spreads, commissions, and swap rates on leveraged overnight positions.
Q 5: What is the maximum leverage offered by Fortrade?
A 5: Fortrade offers leverage of of up to 1:200.
Q 6: Does Fortrade offer the industry-standard MT4 & MT5?
A 6: Yes. Fortrade supports MT4 Desktop, WebTrader and Mobile APP.
Q 7: What is the minimum deposit for Fortrade?
A 7: The minimum initial deposit to open an account is $100 (with a suggestion of $500 or currency equivalent).
Q 8: Is Fortrade a good broker for beginners?
A 8: Yes. It is a good choice for beginners because it is regulated well and offers various trading instruments with competitive trading conditions on the leading MT4 platform. Also, it offers demo accounts that allow traders to practice trading without risking any real money.

News

Fortrade Lost its Belarus License

ExposureFortrade Lost its Belarus License

2024-01-05 17:29

Fortrade, a London-based retail broker, has recently faced significant regulatory changes in the Belarusian financial market, causing ripples in its operations and raising questions about its authorization status.

WikiFX
2024-01-05 17:29
Exposure
Fortrade Lost its Belarus License
CySEC Takes Action Against Ayers Alliance, BCS (Cyprus) for Non-Compliance

NewsCySEC Takes Action Against Ayers Alliance, BCS (Cyprus) for Non-Compliance

2022-04-20 11:51

CySEC, the Cypriot financial market regulator, maintains its war on noncompliance, announcing enforcement action against two more regulated entities on Tuesday, Ayers Alliance Financial Group Limited and BrokerCreditService (Cyprus) Limited.

WikiFX
2022-04-20 11:51
News
CySEC Takes Action Against Ayers Alliance, BCS (Cyprus) for Non-Compliance

User Reviews

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Comments

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FX1217728940
more than one year
Honestly, Fortrade’s MT4 trading platform is amazing! My trading journey here goes well due to its quick order execution and powerful charting tools, as well as EA trading.
2023-02-21 21:07
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0
0
迈特总部 直招
more than one year
Honestly, Fortrade’s MT4 trading platform is amazing! My trading journey here goes well due to its quick order execution and powerful charting tools, as well as EA trading.
2023-02-20 11:17
Reply
0
0
陆芳
more than one year
So far, the transaction is smooth, but the spread is a bit high, and the customer service response is sometimes a little slow, aside from these, everything else is okay.
2023-02-13 18:13
Reply
0
0
within
more than one year
I really don't want to remember my bad experience, but I feel the need to let more people know what Fortrade really is. It claims to be regulated by agencies in various countries, but in fact it can still scam you out of your money! Please don't negotiate with him! !
2022-11-22 14:53
Reply
0
0
孙东方
more than one year
Before investing in this broker, I saw that they were legally regulated by five institutions at the same time, and the trading platform was also very good, so I easily believed them... But now I have encountered some problems withdrawing money... They rejected my withdrawal request, saying that it was because my trading volume was not enough...
2022-11-21 18:08
Reply
0
0
FX1022137836
more than one year
I made a profit of around $500 on this platform recently. I was satisfied with its competitive spreads, no slippage on my currency pairs trading. But, their customer support is average, sometimes, no one answers your questions. I wish they could improve their customer services.
2022-11-17 14:21
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0
0
FX1015868943
more than one year
I opened an account with Fortrade last year. When I decided to deposit $200 to test account, they suddenly said my account was disabled, and this before, no one told me this would happen. How ridiculous! If I want to continue opening the account, I need to deposit a larger deposit. terrible trading experience. I don’t want to say much!
2022-11-17 11:48
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0
0
FX1022619685
more than one year
A reliable forex platform and I used this platform for a while once before. I was satisfied with its customer support, no slippage in my AUD/USD trading and indices trading, except for its large initial deposit, everything is ok.
2022-11-17 11:41
Reply
0
0
DH55529
more than one year
This broker is asking for a large intital deposit, so maybe you should first open a demo account to see how it performs, without risking any real capitals. You should facus on its spreads, trading costs, execution speed of its platform. Anyway, take care before you start real trading...
2022-11-17 10:31
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0
0
在山的那边
more than one year
I was shocked by the minimum. Should I go on?
2022-11-15 15:30
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0
0
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