Fortrade is an international forex trading company established in 2011. The company has its head office in the UK, placing it firmly at the centre of one of the world’s largest financial markets, and offers a wide range of tradable instruments, including forex, commodities, stocks, bonds, indices and contracts for difference (CFDs).
Fortrade is regulated in the UK by the Financial Conduct Authority (FCA), one of the most prestigious and well-trusted regulators in the financial industry, and offers customer support across the globe, 24 hours a day, five days a week. The company currently has around 300 assets to choose from, offered across more than 170 countries.
The broker offers a variety of trading platforms that are intuitive and easy to use, from any device, and also provides plenty of educational and training resources for new clients. A highlight of this user-friendly broker site is the availability of daily news insights and market analysis. In this detailed Fortrade broker review, we will take a close look at the company’s products, fees, customer service, and trading tools.
Products and Trade Offers
Fortrade offers a wide range of products to cater to a diverse range of trading and investing needs. The broker offers leveraged trading in the form of CFDs, and specialises in forex trading, offering over 50 currency pairs, including all the major pairs, along with a choice of minor and exotic pairs.
As well as currencies, Fortrade offers the opportunity to invest in a range of stocks and indices, including precious metals, energy products, agriculture products and crude oil. Other investment benefits available to clients include direct market access and exchange-traded funds (ETFs). Based in the UK, Fortrade is available in most countries but is not open to US clients. The platform does not directly support social trading or copy trading.
Fortrade offers investors true simplicity, leveraged trading, spread transparency, and a safe and reliable trading platform. With a wide range of products and assets, customer portfolios can be fully customised to suit clients’ different needs, and different approaches to risk management. One standard account is offered for all customers, designed to meet the needs of both new and more experienced traders. There is also a demo account available to allow new customers to try out the platform risk-free, with up to $10,000 of virtual money available. Fortrade is not able to take on US customers, and does not offer the option of an ECN account. It does, however, provide Islamic accounts for Muslim clients, which is an option that many international brokers are missing. There is a range of payment options available, including all major credit and debit cards, bank transfers, Neteller and Skrill. You will need to make a $100 minimum deposit in order to open a trading account.
- Wide range of products
- Quality trading platforms
- User-friendly website
- Good educational section
- No US clients
- Does not facilitate copy trading
- High commissions on spreads
Commissions and Fee Charges
A key aspect of any forex broker review is taking a close look at commissions and fees, with special attention paid to any hidden charges. Fortrade offers a fairly straightforward fee structure, with no commissions taken on currency trades. There is a structure of fees taken from the spreads (the difference between the buy and sell price of any given instrument), which is common practice in forex trading. This will constantly vary, as spreads are dynamic, but the table below gives an idea of current commissions taken by Fortrade on common currency pairs, with spreads shown in pips.
Spreads at Fortrade are relatively high, perhaps reflecting the fact that there are few other fees and charges at this broker. One hidden charge that we found is a dormancy fee, which is applied to any account that is inactive for over 180 days. Once Fortrade has deemed your account to be inactive, or dormant, it will charge you an administrative fee of USD $10.00 (or the equivalent in another currency). This fee represents Fortrade’s administrative cost of continuing to operate the inactive account, and will be taken from the account balance. Dormancy fees are not taken from accounts where the balance is $0. In fact, Fortrade offers negative balance protection for all account holders.
What Others Say
Independent forex broker review sites are generally quick to praise Fortrade in a number of different areas. A Fortrade review on FX Empire states:
“For beginner traders, the comprehensive educational materials provided by the broker are definitely a plus point. Also having a single type of trading account helps to simplify the account opening process.”
This covers two important points. Fortrade is an excellent broker for beginners, due to educational resources, daily news and market insights, which allow beginner traders to progress and learn while using the site. The single trading account model also favours less-experienced traders, allowing brand-new investors to access the same account benefits as frequent, high-volume traders.
Brokernotes.co also makes an important point in its 2019 Fortrade review:
“Regulated by the Financial Conduct Authority, UK (FRN: 609970). Fortrade puts all client funds in segregated bank accounts and uses tier-1 banks for this.”
This is a vital thing to look out for when choosing a forex broker, or any investment opportunity. Keeping funds in segregated accounts protects client funds in the event of the broker going into liquidation, and means that clients should never lose money as a result of the company itself losing money.
TopRatedFXBrokers.com, however, does address the higher than average spreads at Fortrade, pointing out in its recent Fortrade review that this is definitely a drawback and something to consider before opening a Fortrade trading account. This statement is made as part of its independent Fortrade broker review:
“One of the major drawbacks of the company is the Fortrade spreads, which is larger than the industry-average spread. The EUR/USD currency pair sees an average spread of 4 pips, which is huge, considering that even other market maker brokers offer highly competitive spreads of 1 pip on average.”
As any online trader is aware, the spreads are an important consideration. They are not the only consideration, of course. Fortrade is still popular as it offers security, top-notch regulation, robust trading platforms and many other features. It is up to the individual trader to decide whether they consider Fortrade’s other features worth paying for, in the form of higher commissions.
A 2019 review on AskTraders focused on the quality of user experience on the Fortrade website, stating:
“Everything from the menus to the information pages are extremely well laid out. This means that you are not going to be wasting time trying to navigate around the map and finding information that you need to get started trading.”
This is a salient point, and an important consideration for many traders. Website usability is not always a top priority for online traders, meaning that getting started with a new broker can be a challenge. With some online brokerages, navigating the website, finding information relevant to your situation, and even opening an account can be a frustrating experience. Fortrade has gone to the trouble of ensuring that its website is clean, uncluttered and easy to use.
Lastly, an independent forex broker review on OnlineBrokerReviews.com stressed that Fortrade is committed to protecting customers’ interests. It pointed out that:
“Fortrade offers negative balance protection: you can lose all, but not more than the balance of your trading account. With a lot of other brokers you can run up debts if your account falls below zero due to losses of bad trades.“
Fortrade provides excellent customer support options via a dedicated support phone line, email, an easy-to-access contact form on the website, and also live chat. The company runs active and responsive social media accounts on Facebook, Twitter and YouTube, allowing new and existing customers to reach out easily in a variety of ways. Fortrade customer support is available 24 hours a day, throughout the trading week, which may be of particular importance to international clients.
Customer service professionals are helpful and knowledgeable, and response times are fairly quick. In addition to general customer service options, there is an extensive and very helpful FAQs section on the website. This is a good first stop if you are looking for general information or answers to common queries. There is a list of different topic areas to click on, and then common questions will appear, along with comprehensive answers. There is also a handy search bar at the top of the FAQs page, so you can type in any question to which you may need an answer.
Platform Features and Tools
Fortrade offers a choice of trading platforms, including both the industry-wide popular MetaTrader 4 (MT4) platform and its own custom in-house Fortrader platform. The Fortrader platform is available as a desktop app and also as Web Fortrader, available direct from your browser, without the need to download any apps or software. Fortrader comes with comprehensive charts and a range of trading indicators, as well as live price feeds and other useful features.
For those traders already familiar with the MT4 platform, this may be the best option, as you will already know your way around the software. MT4 is highly customisable and comes with an advanced charting package that includes an extensive range of technical indicators. MT4 also supports automated trading via the use of Expert Advisors. As automated trading via Fortrader is limited, this will be a consideration for many traders.
The broker also offers a free demo account to allow new users to become familiar with the platforms.
Fortrade’s trading platforms are robust, user-friendly, flexible and well-respected. They provide traders with a wide range of integrated technical analysis tools and allow them to customise their platform to suit their needs. As with any platform, investors may also choose to access compatible third-party tools to develop a suite of technical analysis, research, and trading tools that suits their requirements.
Fortrade provides mobile apps for both iPhone and Android devices, in order to allow easy trading on the go. Mobile apps are available to download free from the Google Play store and the Apple App store, and work with both the Fortrader in-house platform and MT4.
As is often the case with mobile apps, there are some features of the desktop and web platforms that are not available via app, but Fortrade does a good job of making the mobile experience as seamless and as user-friendly as possible, with the majority of the most important tools available on the desktop also accessible from the apps. Generally speaking, mobile apps do tend to end up being the poor relation of any desktop-based platform, but Fortrade has certainly done what it can to make the apps a fully functioning extension of the main platform.
It should also be noted that because Fortrader includes a web-based platform that can be accessed from most browsers, it is possible to use this from any smartphone or other mobile device, making trading on the go a possibility with or without the apps. The platform is responsive and works fairly well on mobile, though it does, of course, take a while to adapt to the different web layout that is displayed on mobile devices.
The Fortrader platform provides limited options for automated trading, but as MT4 traders will be aware, the MT4 platform incorporates the ability to conduct automated trading via the Expert Advisors (EA) function. Remember that the MT4 platform is available for both PC and Mac, via your browser, or by downloading software to your desktop. Additionally, MT4 mobile apps for both Android and iOS allow you to access all major features of the platform, including automated trading tools. While Fortrade does not provide a dedicated robo advisory service for its customers, an adequate level of automated trading can be accessed if needed.
Automated trading comes with pros and cons, of course, and while it offers an accessible, low-cost way to easily manage your portfolio, investors should always be aware that any automated investment system has limitations, is heavily reliant on the information you provide it with, and should not take the place of personal research or a qualified financial advisor.
Research and Learning Section
Education is certainly an area in which Fortrade stands out, making it an excellent choice for new or less-experienced traders. Fortrade’s exclusive online academy provides a wealth of free training and learning resources, including trading webinars where expert analysts discuss trading strategies, forex terminology, and recent events affecting the financial markets.
In the academy, you will also find a range of beginners’ trading courses on various topics including basic forex terms, order types and trading strategies. Advanced trading courses are aimed at more experienced traders and help develop skills and understanding to advance to higher levels of forex trading. There are forex and CFD eBooks that can be easily downloaded from the academy, and a series of trading videos offering everything from bite-sized snippets of information in five-minute videos through to tutorials of up to an hour long, offering more advanced advice and strategies.
In addition, there is a section on top day trading strategies and a glossary of finance terms “Trading from A to Z”. The broker also offers daily new highlights on events affecting the global markets, as well as in-depth market analysis from experts in the financial industries. Overall, Fortrade seems dedicated to providing the necessary educational and training resources to ensure that clients have the knowledge they need to get the most out of the platform and their trading experience.
Remember that when it comes to learning specifics about the Fortrade platform, there is also the FAQs section, where all frequently asked questions specific to the broker are addressed. This may be a useful first stop if you have a specific question about trading with Fortrade, or if there is something about your account that you do not fully understand.
Fortrade is a UK company, based in London, authorised and regulated by the Financial Conduct Authority (FCA). The company is highly committed to upholding the highest standards of ethics and customer service, and subscribes to the FCA’s Treating Customers Fairly (TCF) code of conduct. Fortrade has a transparent conduct strategy in place and actively manages risk, producing regular Key Risk Indicators (KRIs) to enable this process.
All transactions are conducted via an SSL-encrypted connection designed to prevent the possibility of the system being in any way compromised or unlawfully accessed. The servers used are located in high-quality, secure locations, and the site and domain are regularly tested for illegal activity, including ID theft, counterfeiting and credit card fraud.
Client money is kept separately from broker-owned funds, in segregated client bank accounts. This means that if Fortrade was ever to run into financial difficulties, client accounts would be protected, and in the case of insolvency, all funds held in client accounts would be returned to clients, rather than being treated as recoverable assets by any creditors that might have claims on Fortrade’s company assets.
Fortrade clients are further protected by the Financial Service Compensation Scheme (FSCS), which acts as a safety net for clients of any FCA-authorised company. This compensation scheme is available to private individuals and some small businesses, and can result in compensation payments of up to £50,000 per person.
It is, of course, vital that you protect your personal Fortrade account from being compromised or illegally accessed by keeping your own security updated, using strong passwords, and ensuring that your electronic devices are kept safe. No financial company can be held liable for security breaches that happen as a result of clients’ personal negligence regarding their financial data and affairs.
BACK TO TOP
There is no doubt that Fortrade provides an excellent choice for many forex traders and other investors, both in the UK and across the globe. The broker provides a solid choice of trading platforms; options for web-based, desktop and mobile access; responsive customer service; and a wide range of charting tools and technical indicators. The company is well-respected, well-regulated and highly committed to the safety and security of client funds. Add to this the wide choice of currencies and other tradable instruments, and it is no surprise that Fortrade continues to be a popular choice for new traders.
The broker is far from perfect, however. While it offers no-commission trades and few hidden fees, the commissions on spreads are higher than most competitors, making Fortrade an expensive place to trade. Fortrade is not able to take on US customers and does not provide an ECN account. It does, however, provide Islamic accounts for Muslim clients, which is certainly not the case with every broker. While high fees are off-putting, many traders will pay the extra for the other features offered by this broker. It is, as always, simply a case of weighing the pros and cons and deciding which features are most important and beneficial for you as an online trader.
As this Fortrade broker review has demonstrated, Fortrade is a solid choice for new traders, or those lacking experience, due to the user-friendly platform, comprehensive and very extensive training academy, and the single account type that puts all traders on the same level, and allows the same benefits for new, low-volume or infrequent traders as it does for anyone else. This, combined with a free demo account with up to $10,000 of virtual money to play with, provides an easy and welcoming start for new customers just getting started with online forex trading, or transferring over from another broker. While there are certainly some pros and cons to consider, it is easy to see why Fortrade remains a popular and trusted UK forex broker.