Fortrade Review

Fortrade started operating in 2013 and since then has built a solid reputation as a professional, trustworthy broker. They offer CFD trading on hundreds of asset classes, including currencies, indices, stocks and commodities. With headquarters in the UK and licensed by the Financial Conduct Authority (FCA) funds are fully protected in accordance with the strictest rules and regulations. Their education tools (webinars, training videos and ebooks) are one of the most extensive of any brokerage and they offer a free, no strings attached demo account which is a great way for new traders to get started. Technical analysis from Trading Central is free of charge and their daily market updates and reviews are newbie-friendly. Its intuitive, accessible Fortrader platform is perfectly designed for new traders and for more advanced traders they support Meta Trader 4. This review takes a deep look at the offering to help you understand if Fortrade is the right broker for you.

 

 

 

 

Visit BrokerVisit Broker

Account Types

Fortrade operates a single account, where specific trading conditions vary depending on the asset and trade size. The minimum recommended deposit is 500 (GBP/EUR/USD), though you can deposit as little as 100.

To open an account, head to the Sign Up button on the website to fill in your personal registration details and verify your identity. You can then manage your account from within the client portal.

Islamic swap-free accounts are also available and can be requested by email.

Markets

Traders can access a wide range of markets at Fortrade:

• Currencies – Trade over 60 forex pairs from around the world, including majors
• Precious metals – Trade long and short on gold, silver, copper, platinum, and palladium
• Indices – Access world-leading market indices such as the FTSE 100 and DAX 40
• Commodities – Trade on energies and agricultural products including crude oil and sugar
• Cryptocurrencies – Trade Bitcoin and other crypto coins against the US Dollar
• Bonds – Trade on 5-year, 10-year, or 30-year US Treasury notes and bonds
• Stocks – Buy and sell equity CFDs in some of the largest global companies
• ETFs – Trade long or short on Exchange Traded Funds

Spreads & Commission

Fortrade’s commission is built into the spread. Average spreads on major currency pairs are around 2 pips for the EUR/USD and 3 pips for the EUR/GBP. These are perhaps not as low as competitors like eToro, but they are fairly reasonable. Gold is around 1 pip and the NASDAQ around 1.5.

Other fees include overnight rollover fees as well as an inactivity fee of 10 (GBP/EUR/USD) on accounts left dormant for 6 months.

Leverage

Leverage up to 1:30 is available at Fortrade, with specific limits depending on the market:

Commodities – 1:10
Currencies – 1:30
Indices – 1:20
Metals – 1:20
Cryptos – 1:2
Bonds – 1:10
Stocks – 1:5
ETFs – 1:5

Margin requirements can be found on the Trading Conditions page.

Costs: Commissions and Spreads

No commissions are charged by Fortrade. Their spreads start from 2 pips on popular currency pairs like the EUR/USD, also depending on whether you are using the Fortrader platform or MT4. Leverage levels are determined based on the traded asset-type. All-in-all, Fortrade's spreads aren't always the cheapest in the industry.

Fortrade Deposit & Withdrawal

Fortrade accept a range of 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 GBP, EUR, USD. The different currency options are beneficial as currency conversion fees do not apply when using an account in your own currency.

Fortrade Support

Fortrade offer multilingual customer service 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.