You are considering trading on FX market and look at Fortrade to be your broker? Take a step back and see what we found out in this Fortrade review. You may think twice before putting your money in their hands. Stick around and see the stunning facts we found out.
About Fortrade
This is a rather young broker, with less than three years of activity on FX market and with only two under the regulation of UK authorities. But this should not necessarily be a bad thing. A new broker is not necessarily a scammer.
Fortrade Technology Review
Well, this is a first. The broker asks its clients to use low security settings. And we quote: “Firstly, attempt to log into the platform using a different web browser (e.g., try Firefox if you were using Internet Explorer). If that doesn’t work, check the security settings in your web browser to make sure they’re set to medium or low”.
How can you trust with your money some broker who asks for medium to low security settings?
Account types?
Well, this is where we got stuck. There is no need to use plural. They only have one type of account. And their explanation is somewhat ridiculous: for the easiness of trading. Not buying it, but let’s move on with this Fortrade scam review.
And things only get worst: while they have a minimum deposit limit of USD 100, they recommend you to trade starting with USD 500 deposit. Again, they only think of you, the trader and how you can make the most of your money. Or at least this is their claim.
Fortrade Trading Tools
And things go from worst to worst. Let’s look at the trading platforms. This broker only offers its own magic solution, in the form of fortrader for desktop, mobile or web. No MT4, no cAlgo. Now this is strange. How come they only let you use their platform and none of the independent, well-established and truly reliable ones?
At least the products they offer are common: FX, stocks, indices, commodities, US Treasuries, ETFs, about 200 currency pairs etc. However, as per fortrade opinions from traders, the spreads are on the low side, with 4 pips for FX, 0.5 for CFDs and 0.04 for commodities.
Fortrade Bonus Review
The broker claims to offer a 30% welcome bonus that you will receive as soon as you open an account with them. So, all you have to do is fortrade login and you will get 30% of your deposit to help you in your trading strategy. Or does it?
This comes with conditions that you need to meet, and that are not easy to find on the broker’s website. So, you would better stay away from this type of “support” if you can’t find the conditions you need to meet.
Withdrawals
This Fortrade honest review is not complete without mentioning the withdrawal terms. And they are quite some terms. Hiding behind the anti-money laundry requirements, this broker would give you your money whenever it pleases. First of all, you can’t request the money to be sent to another account than the one you used to make the deposit. Not even if you are willing to verify it. And be aware that if you paid with credit card, you may wait for 15 (!) days until you see your money.
Fortrade Support Review
While they claim to have a 24/5 support via phone or e-mail, the traders who actually worked with this broker say trying to get in touch with them is anything but easy. So, much like the products that they sell, the support they offer is nothing but a paragraph on their website. There are no localized phone numbers, and the live chat is non-existent. So this is yet another proof in line with Fortrade scam.
Fortrade Review Conclusion
There are quite a few negative points that we discovered in our attempt to determine how good this broker really is. Starting from the strange choice of offering a single account type, that is to say the least uncommon in trading, and continuing to the single platform to trade on, this broker offers more question marks than strong points.
fortrade forex review only showed that traders should stay away from this broker, this being the only solution for them not to lose money.
And to top it all up, the terms for bonuses are well hidden, the technology is unreliable, and the overall experience is anything but good. Conclusion: this is a scam and you should stay away.