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Fortrade Review 2024

5.5/10
TU Overall Score
The purpose of creating the TU Overall Score is to make the search for secure and reliable brokerage companies easier for the visitors of our website. We believe that it is a very important mission as, unfortunately, not every company in the financial industry is worthy of trust.

According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
Minimum deposit:
  • $100
Trading platform:
  • MT4
  • ForTrader
Regulation:
  • FCA
  • ASIC
  • CySEC
  • FSC
  • and CIRO
Foundation year:
  • 2004
Updated:
5.5/10
TU Overall Score
The purpose of creating the TU Overall Score is to make the search for secure and reliable brokerage companies easier for the visitors of our website. We believe that it is a very important mission as, unfortunately, not every company in the financial industry is worthy of trust.

According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
Minimum deposit:
  • $100
Trading platform:
  • MT4
  • ForTrader
Regulation:
  • FCA
  • ASIC
  • CySEC
  • FSC
  • and CIRO
Foundation year:
  • 2004
3*
people picked this broker on the Traders Union website over the last 3 months
flag
Fortrade isn't available in United States
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Our Evaluation of Fortrade

5.5/10
TU Overall Score
The purpose of creating the TU Overall Score is to make the search for secure and reliable brokerage companies easier for the visitors of our website. We believe that it is a very important mission as, unfortunately, not every company in the financial industry is worthy of trust.

According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
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Fortrade is a moderate-risk broker with the TU Overall Score of 5.5 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by Fortrade clients on our website, Traders Union expert Anton Kharitonov recommends users to thoroughly analyze pros and cons before opening an account with this broker as not all clients are satisfied with the company, according to reviews.

Fortrade has numerous licenses which promote it as a reliable broker. However, its trading conditions cannot be called the most profitable for its clients.

Brief Look at Fortrade

Fortrade is a multi-regulated Forex and CFD broker that has representative offices in five countries. In London in 2014, it was registered and licensed by FCA 609970 (Financial Conduct Authority), one of the world’s most reputable supervisory bodies. Over the following years, Fortrade obtained licenses from ASIC 493520 (Australian Securities and Investments Commission), CIRO (Canadian Investment Regulatory Organization), CySEC 385/20 (Cyprus Securities and Exchange Commission), FSC (Financial Services Commission | Mauritius), and NBRB (National Bank of the Republic of Belarus). Its clients can trade over 300 instruments with leverage up to 1:200 (for FSC clients) and variable or fixed spreads. The international office regulated by FSC doesn’t provide its services to traders from over 70 countries, including France, Germany, and the UK. A full list of countries is provided in the FAQs section. U.S. residents cannot open accounts with any of Fortrade’s offices.

Advantages of trading with Fortrade:
  • Negative balance protection for all retail clients;
  • Wide choice of trading instruments with leverage;
  • Proprietary platform and classic MetaTrader 4 are available;
  • Presence on the market since 2014 and regulation by reputable financial supervisory commissions;
  • Professional market reviews, including analytics from Trading Central;
  • Partnership programs for traders, bloggers, companies, and institutional clients;
  • No deposit or withdrawal fees.
Disadvantages of Fortrade:
  • High trading fees, including those for the most liquid currency pairs;
  • No trust management services;
  • The Fortrader trading platform runs with delays and freezes occasionally.

TU Expert Advice

Anton Kharitonov

Financial expert and analyst at Traders Union

Fortrade offers quite a diverse range of trading instruments, including currencies, indices, stocks, ETFs, and U.S. bonds. Cryptocurrencies are provided as futures on Micro Bitcoin and Ethereum. Available commodities are energies (oil, gas, and fuel oil), precious metals (silver, gold, platinum, and palladium), and agricultural products.

All the above instruments are traded on the Over-the-Counter (OTC) market in the CFD format. However, professional clients can ask for Direct Market Access (DMA) to trade stocks of famous companies listed on Nasdaq and NYSE. To get the Professional status, traders must comply with regulatory requirements for capital and experience.

The minimum deposit at Fortrade is $100 and the recommended amount is $500. The minimum deposit by a bank transfer is $250 and it takes up to 7 days. Residents of certain countries can deposit and withdraw cryptocurrencies. Major currency pairs, including EUR/USD, are traded with fixed spreads, which is not always profitable for traders. Overall, Fortrade’s fees are rather high, but deposit and withdrawal conditions are quite loyal.

Trade with this broker, if:
  • You seek a well-regulated broker authorized by the Financial Conduct Authority (FCA) and other reputable authorities, ensuring a secure trading environment.
  • You are a Beginner or Intermediate Trader as this platform provides a user-friendly and intuitive platform, along with educational resources and demo accounts for learning and practice.
Do not trade with this broker, if:
  • You are a US Resident or Citizen as CFDs are not available in the USA due to local regulations. Consequently, Fortrade does not accept US citizens or US residents as clients.
  • You are looking for low trading fees and spreads, as Fortrade charges higher than average commissions and overnight fees.

Fortrade Summary

Your capital is at risk. 77% of retail investor accounts lose money when trading CFDs with this provider. CFDs are complex and highly speculative instruments, which come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing all your invested capital. Be Aware: You can lose all, but not more than the balance of your Trading Account. These products may not be suitable for all clients, therefore ensure, that you understand the risks and seek independent advice. Should you proceed with investment in CFDs on virtual currencies, please note, that the values are highly volatile and may result in a significant loss for a short period of time.

💻 Trading platform: Fortrader (web and mobile) and MetaTrader 4 (desktop and mobile)
📊 Accounts: Demo and real (Forex & CFD Trading account and Swap Free Islamic account)
💰 Account currency: EUR, USD, GBP, and TYR
💵 Replenishment / Withdrawal: Bank cards, Neteller, Skrill, PayPal, wire transfers/international telegraphic transfer (Swift), Google Pay, and cryptocurrencies (not all countries)
🚀 Minimum deposit: $100
⚖️ Leverage: Up to 1:30 for CySEC, FCA, CIRO and ASIC. Up to 1:200 for FSC
💼 PAMM-accounts: No
📈️ Min Order: 0.01
💱 Spread: From 2 pips for Forex
🔧 Instruments: 50 currency pairs, indices, stocks, commodities (precious metals, agricultural products, energies), U.S. bonds, ETFs, Micro Bitcoin futures, and Ethereum futures
💹 Margin Call / Stop Out: 100%/20%
🏛 Liquidity provider: No
📱 Mobile trading: Yes
➕ Affiliate program: Yes
📋 Orders execution: Instant
⭐ Trading features: Any strategy is allowed;
Variable and fixed spreads.
🎁 Contests and bonuses: Credit Bonus and Balance Bonus

Leverage depends on the asset and the Fortrade representative office. The maximum leverage for major and minor currency pairs is up to 1:200; for exotic pairs, it is up to 1:20-1:50; for indices and commodities, it is up to 1:100; for stocks, it is up to 1:2-1:10; for ETFs, it is up to 1:5; for bonds, it is up to 1:20; and for Ethereum futures, it is 1:2. Traders must use their own funds to trade Bitcoin futures. Leverage for retail clients that work under the regulation of CySEC, FCA, and ASIC is not more than 1:30.

Fortrade Key Parameters Evaluation

User Satisfaction

Score:
4.7/10

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rengga
8 weeks ago

Overall, Fortrade broker provides acceptable trading conditions. I thought that the spreads on major assets would be large. But in reality, it turned out that for some currency pairs, the spread at Fortrade broker is half a pip lower. If you trade actively, this affects the size of the profit.

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AMELIAKD
10 weeks ago

How can you trust a company that does what it wants? I compared quotes from Fortrade and quotes from other brokers. I must say that they are very different. Even quotes on demo and live accounts are different. I suspect that this bucket shop draws quotes itself when something needs to be corrected. This happened to me - suddenly there appeared a quote that simply took my trade. Fortrade support said that it was my problem.

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shabab
13 weeks ago

For Trade is a company with offshore registration. Therefore, there are no guarantees for traders. If I had understood this earlier, I would never have opened an account here and tried to trade. All my capital went nowhere with the trading platform working like this. On the For Trade platform, several orders can be opened at once, but in the opposite direction. And such orders, of course, bring big losses. There is no use in complaining; no one has canceled such orders for me. Well, besides, I think that the company makes money from its client losses.

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sprostise
16 weeks ago

I think ForTrade is a very weak broker. Trading through a mobile application is generally a disaster; nothing can be done except for watching the market. But even in the computer version, the ForTrade platform works very poorly. You have to constantly restart the platform because the connection with the servers is lost. And because of this, I incur losses; most trades are not successful.

Responses to a comment
Meowe to sprostise
10 weeks ago

The trading terminal at ForTrade broker is a complete nightmare. I tried trading here for four months, couldn't make any profit. I switched to another company, and now everything is fine.

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kingahmed831
19 weeks ago

ForTrade is a typical Forex company that engages in manipulation and makes money from its client losses. I opened an account with this company three months ago. My first trades were unprofitable, so the platform worked fine. But then, when I began to make a profit, constant requotes and delays in opening orders began to occur. ForTrade support told me that this has always been the case. But I see that all the problems began after I began to earn money.

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elmedin
20 weeks ago

I thought that Fortrade was reliable. But I was mistaken. This company looks reliable at first glance, but in reality, it's questionable. They beautifully describe the conditions and excellent platforms. However, when you start trading, numerous problems arise, such as price gaps, significant slippages, and more. Fortrade creates actual conditions that differ significantly from the normal ones, and not for the better.

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abdul195
21 weeks ago

I have completely lost my trust in trading and brokerage companies because of Fortrade scammers. In the world, where such scammers exist, they are not trustworthy. Don't trust their promises because they are not worthy of trust. They hunt novice traders who don't understand how financial markets work and deceive them by faking the trading process and defrauding them of new investments. This is a fraudulent scheme of Fortrade.

Responses to a comment
dougfire to abdul195
13 weeks ago

You need to study reviews about the broker before opening an account with it. ForTrade has long proved to be bad; there are a lot of negative reviews about its activities. And not only on this resource.

Score:
6.34/10

Trading Account Opening

Only Fortrade clients can access user accounts with the broker. To become its client, do the following:

1

To quickly open demo or real account types, click the “Open Account” button to choose the necessary account type from the drop-down list.

Review of Fortrade’s User Account — Launch registration
Review of Fortrade’s User Account — Launch registration
Review of Fortrade’s User Account — Launch registration
Review of Fortrade’s User Account — Launch registration
2

The registration process includes three stages. The first stage requires your first and last names, phone number, and email. At the second stage, provide your residence address with a postal code. At the final stage, provide the data on your citizenship, choose the account currency, generate a password, and indicate your employment and income. Next, upload documents confirming your identity and residence address.

Review of Fortrade’s User Account — Fill in the registration form
Review of Fortrade’s User Account — Fill in the registration form
Review of Fortrade’s User Account — Fill in the registration form
Review of Fortrade’s User Account — Fill in the registration form
3

Use the Fortrade’s user account to:

1. Deposit funds to a verified account:
Review of Fortrade’s User Account — Make a deposit
Review of Fortrade’s User Account — Make a deposit
2. Trade on the Fortrade in-house platform:
Review of Fortrade’s User Account — Trade on the web platform
Review of Fortrade’s User Account — Trade on the web platform

1. Deposit funds to a verified account:
Review of Fortrade’s User Account — Make a deposit
Review of Fortrade’s User Account — Make a deposit
2. Trade on the Fortrade in-house platform:
Review of Fortrade’s User Account — Trade on the web platform
Review of Fortrade’s User Account — Trade on the web platform

Additional features of the user account that allow you to:

  • Use economic calendar;

  • Open additional trading accounts;

  • Submit withdrawal requests;

  • View statistics on open, closed, and pending orders;

  • View the history of monetary transactions;

  • Contact technical support;

  • Set up alerts.

Score:
9.34/10

Regulation and Safety

Information

Fortrade is an international multi-regulated investment holding firm.

It provides its services in the UK under license number 609970 issued by FCA. In Canada, the broker is supervised by CIRO under license number BC1148613. Also, Fortrade is licensed by ASIC under number 493520; by CySEC, under number 385/20; by NBRB, under number 193075810; and by FSC, under number GB21026472. The Mauritius office provides its services to traders worldwide. Financial commissions of other countries protect the interests of their residents only.

Funds of clients serviced by FCA-, CIRO-, and CySEC-regulated offices are protected by compensation programs. UK residents can receive up to £85,000 from the Financial Services Compensation Scheme; Canadian residents - up to $1 million from the Canadian Investor Protection Fund; EU residents - up to €20,000 from the Investor Compensation Fund. This is not compensation for trading losses. The money is paid if the broker doesn’t withdraw trader funds, suspends its activities, declares bankruptcy, etc.

Advantages

  • Negative balance protection for retail clients
  • Monitoring of Fortrade’s financial performance in 5 countries
  • FCA license is active since 2014

Disadvantages

  • Trading conditions vary for different offices
  • Compensation for losses isn’t available to all traders
  • Leverage is limited for residents of the EU, Australia, and the UK
Score:
4.29/10

Commissions & Fees

Information
Fortrade’s fees are included in spreads. The minimum spread for currency pairs is 2 pips. If traders open an Islamic account, spreads for most currency pairs are 4 pips higher. Additionally, there are fees per lot. Fortrade doesn’t withhold deposit or withdrawal fees in addition to those charged by payment providers. Withdrawals by international bank transfer cost $40. If a trader’s user account is inactive within 6 months, the broker withholds an inactivity fee of $10/€10/£10 a month until the balance is zero.
Account type Spread (minimum value) Withdrawal commission
Forex & CFD Trading $20 Can be charged by a bank or payment system
Islamic $60 Can be charged by a bank or payment system

All orders left open after 17:00 (New York Time) are charged with the Holding Cost fee. Its value is subject to the asset and the position type (short or long), therefore it can bring both profit and loss. Also, swaps are charged for trades left open after 20:59 (GMT). The exception is the Islamic account.
The table below provides the average fees of Fortrade and its competitors. Spreads on all account types available with each broker were taken into consideration.

Broker Average commission Level
$40
High
$1
Low
$8.5
Medium
Score:
5.37/10

Account Types

If traders are not Muslims, they can use two account types — demo and live STP (Straight Through Processing). For Islamic countries, Fortrade offers the Swap Free (Islamic) account.

Account types:

Account Type
Description
Forex & CFD trading
This account type can be used for both active and copy trading on MT4. Leverage is up to 1:200 and the order size is from 0.01 lot.
Swap Free (Islamic)
This account type has similar leverage and order size, but there are higher spreads or additional fees for certain instruments.

A demo account on Fortrader has a virtual deposit of €10,000 and is not limited in time. A demo account on MT4 is available for 30 days.

Fortrade’s trading conditions vary subject to the regulator, financial instrument, and client residency.

Score:
6.73/10

Deposit and Withdrawal

  • The list of payment systems available for withdrawals is subject to the trader’s country.

  • If withdrawals are made by bank transfers, funds are credited within 5 days; withdrawals to bank cards take up to 15 days.

  • Bank cards can be used to withdraw amounts equal to deposits made from the same cards. Profits are withdrawn by bank transfers or through electronic payment systems.

  • Fees can be charged by banks that receive/process/send transfers.

  • When withdrawing funds, it’s important to comply with the rules to maintain free margin on the account. If margin isn’t enough, the broker rejects the withdrawal request and reports the maximum amount available for withdrawal.

Score:
7.31/10

Investment Options

Fortrade doesn’t have proprietary investment solutions. The Fortrader platform is intended only for active Forex and CFD trading. Users don’t have access to social trading and trading with robots. The broker doesn’t offer PAMM or MAM services. To receive passive income, its clients can use partnership programs and standard capabilities of MetaTrader 4 that are discussed below.

Passive income with Fortrade

After traders install MT4 and register on the mql4.com website, they can choose a tool that helps them to automate trading and make passive income. Investment solutions are as follows:

  • Copy trading. Click the “Signals” button at the top of the mql4.com website to see the list of signal providers whose trades you can copy. This service isn’t free for investors: once a month they pay subscription fees to chosen providers even if trades are unprofitable. Additionally, investors pay a percentage of their income from profitable trades.

  • Trading with special programs. On the mql4.com website, there is the Market section where expert advisors (EAs) and indicators for algorithmic trading are available. Unlike copy trading, using trading robots is free, however, traders pay to buy them. Not all advisors are paid, since free programs are available. EAs can be tested on the MT4 demo account.

Copy trading and robots don’t guarantee income to investors, as they are the only potential options to earn in financial markets. Fortrade doesn’t charge fees for using these services. The only brokerage fee for automated trading is the spreads which can be variable or fixed subject to the trading instrument.


Important!

If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.

Partnership programs from Fortrade:

The company offers partnership programs for retail clients and companies. Financial Institutes and White Labels programs are available for professional partnership. If traders aren’t potential partners of this brokerage company but want to receive rewards from the direct attraction of non-associated traders, they can choose the following solutions:

  • Online affiliate;

  • Introducing Broker;

  • Call center;

  • Money manager;

  • Service provider;

  • Trading Academy.

Depending on the chosen program and the trader’s country, Fortrade offers commission plans and marketing tools provided by Track360.

Score:
7.45/10

Customer Support

Information

Technical support is available round the clock from Monday to Friday.

Advantages

  • Live chat is available on the website
  • Traders can ask for assistance in their languages

Disadvantages

  • Support isn’t available on holidays and weekends
  • Only Fortrade clients can get high-quality responses

When clients or website guests need help, they can use any of these communication channels:

  • Live chat on the website or on the trading platform;

  • Telephone (numbers are provided on the website);

  • Facebook or X (formerly Twitter).

The broker’s website has a feedback form to contact support. Users can receive answers by email or telephone.

Contacts

Foundation date 2004
Registration address Fortrade Cyprus Ltd, office 302, Abbey Tower, Block A, 34, Kosta Partasides Street, 3030 Limassol, Cyprus
Regulation FCA, ASIC, CySEC, FSC, and CIRO Licence number:
493520, 193075810, 385/20, 609970
Official site https://www.fortrade.com/
Contacts
+44 203 966 4505
Score:
8.67/10

Education

Information

The Trading Academy section of the broker’s website allows traders to get basic trading skills and improve their professional level. It is divided into three blocks. Useful Info includes market analysis, a blog with useful articles, and answers to popular questions about trading. Trading Tools offers Forex calculators. Online Academy provides the basics of trading financial instruments.

Information available with Fortrade
Information not available on the Fortrade website
Glossary
Guides on trading on Web Fortrader and Mobile Fortrader
Short videos on MT4, strategies, and technical and fundamental analyses
Rules of risk management
Recording of finished online seminars
Blog with articles on Forex, CFD, and stock trading
Tips for novice traders
Assistance in building a strategy

The broker provides access to webinars on third-party sites. Any guest of the Fortrade website can participate in them for free. To do this, submit an application providing your name, phone number, and email. To get practical trading skills, use a demo account.

Comparison of Fortrade with other Brokers

Fortrade RoboForex Pocket Option Exness TeleTrade Tickmill
Trading
platform
MT4, MobileTrading, WebTrader, ForTrader for PC, Mobile Fortrader, Fortrader online MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader Pocket Option, MT5, MT4 Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 MT4, MT5 MT4, MT5, Tickmill Mobile App
Min deposit $100 $10 $5 $10 $1 $100
Leverage From 1:1
to 1:200
From 1:1
to 1:2000
From 1:1
to 1:1000
From 1:1
to 1:2000
From 1:1
to 1:10
From 1:1
to 1:500
Trust management No No No No No Yes
Accrual of % on the balance No No No No No No
Spread From 2 points From 0 points From 1.2 point From 1 point From 0.8 points From 0 points
Level of margin call
/ stop out
100%  /  20% 60%  /  40% 30%  /  50% No  /  60% 70%  /  20% 100%  /  30%
Execution of orders Instant Execution Market Execution, Instant Execution Market Execution Market Execution, Instant Execution Market Execution, Instant Execution Market Execution
No deposit bonus No No No No No $30
Cent accounts No Yes No No No No

Detailed review of Fortrade

Fortrade’s services are in demand worldwide due to reliable regulation and a wide range of trading instruments. The broker provides its services to over 120,000 retail traders and more than 10,000 institutional clients. Trading over 300 CFDs, including 50 currency pairs, allows traders to choose interesting markets, while margin trading expands opportunities for traders even with small deposits. Fortrade complies with MiFID II requirements, holds client funds in segregated bank accounts, and applies reliable SSL (Secure Socket Layer) protocols.

Fortrade by the numbers:

  • 10+ years of regulated operation;

  • 5 licenses in different jurisdictions;

  • Over 119,000 followers on Facebook;

  • 130,000+ registered traders.

Fortrade is a broker for active trading

The broker offers trading on two trading platforms — MetaTrader 4 and its in-house Fortrader platform. Assets and fees on both platforms are similar, but only MT4 is available for mobile trading. Web trading is possible only on Fortrader. To protect their deposits from big losses in case of market movement in the opposite direction, Fortrade clients can hedge their trades. However, this option is available only on Fortrader.

Most assets are traded with floating spreads. The exceptions are EUR/USD, GBP/USD, USD/JPY, crude oil, gold, and silver. Fixed Standard and Night spread types are applied to these assets. Night spreads are higher and are charged from 22:01 for currency pairs, and from 22:30 to 05:00 (GMT) for metals and oil.

Useful services offered by Fortrade:

  • Weekly reviews of global financial markets are provided as short videos;

  • Push messages on the website provide real-time Fortrade news and offers;

  • YouTube channel with over 720 useful videos in different languages;

  • Daily market analysis, weekly updates, microanalysis, and special reports on different asset classes;

  • Unlimited demo account, as well as educational webinars and seminars.

Advantages:

1

Popular strategies like hedging, social and arbitrary trading, are allowed;

2

To open a demo account, uploading documents isn’t required;

3

24/5 technical support;

4

The company participates in compensation schemes of European regulators;

5

Bonus programs to expand trader’s opportunities are offered.

The user account verification takes up to 24 hours. Also, instant deposits like Google Pay and popular payment systems are available.

Latest Fortrade News

17.10.2023
Glory Faleke
Broker Fortrade has reported revenue growth for FY 2022
​Fortrade has released its figures for fiscal year 2022, showing an increase in revenue. The broker's revenue for the period increased by 14% to £32.3
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