Fortrade Review

Fortrade is an established platform that provides numerous trading options both for inexperienced and skilled traders. The site was launched in 2013 in London. It is authorised and regulated in UK by the Financial Conduct Authority (FCA), and the customers’ funds are stored on the segregated accounts of Barclays Bank PLC. This ensures that in the event of Fortrade bankruptcy, the funds in these accounts will be protected from Fortrade's creditors. All this makes Fortrade safe and secure trading environment.

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Introductory Video


Customer Support

The platform provides its users with plenty of means to get assistance fast and efficient. You can send an e-mail, make a phone call or chat with a support agent in a live chat any time of the day. Also, there is an extensive FAQ page which comprises all possible moments of your interaction with the platform. Fortrade pays attention to the education of traders by publishing educational videos and providing a demo account to test trading mechanisms without risking funds.

How it works

The company offers a wide range of trading instruments, including currency pairs, energy carriers, commodities, precious metals, US Treasury bonds, ETFs, shares of companies from Great Britain, France, Spain, Italy, Germany and other European countries. The full product list, including cryptocurrency, is presented here
Fortrade provides proprietary software which enables customers to open deals and manage their accounts at any time from anywhere in the world. The platform is available on the web (FortradeWeb) and mobile platforms (through mobile apps on IOS and Android).
Fortrade is fully synchronized with the Forex MetaTrader 4 (MT4) platform, however, it is not possible to use the MT4 directly. 
Fortrade has two types of accounts: Standard and Platinum. Also, it offers the Islamic Account for the clients following the Muslim faith. Such accounts help the Muslims to avoid the need for paying and receiving interest which is prohibited in Islam. Please note that the minimum balance for that type of account will be $2000. 


Deposits and withdrawals

Fortrade accepts a range of options including all major credit/debit cards, bank transfers, Neteller and Skrill. Though the minimum recommended initial deposit makes €/$/£500 (depending on your base currency), you can start trading with as little as €/$/£100.
Withdrawals are not very fast. For instance, the withdrawals made by wire transfer usually take up to 5 business days to reach your account, and Withdrawals to credit/debit cards can sometimes take up to 15 business days. You should bear in mind that Fortrade can refund deposits made via Credit Card, however these are limited to the amount that was originally deposited and to a time limit of 18 months. 

Fees

You should be aware of dormancy fees on Fortrade. Dormancy fees are applied to your account in case there are no trading activities on your account during 180 days (so-called “Grace Period”).  Once your account is deemed to be Inactive, you will be charged you an administrative fee of $10.00 (or a similar amount in other currency) which represents Fortrade’s administrative cost of continuing to operate the Inactive Account. The fee will be deducted from your account balance following the expiration of the Grace Period and then every 30 days thereafter.

Verification

In order to open an account, you need to verify your identity. For Identification Proof you need to provide one of the following documents:
- International travel passport;Government-issued driver’s license;
- Government-issued national/state/province identity card (including European ID card);
- Military ID card. 
Also, you need to provide a proof of address (bearing your name). You can submit one of the following documents:
- Utility bill issued within the last 3 months;
- Financial statement issued by a bank, credit card company, insurance company or investment firm;
- Telecommunication service invoice (i.e. telephone/mobile service, internet service or pay television service) issued within the last 3 months;
- Ownership document or lease agreement.

Restricted countries

The citizens from a number of countries cannot access the platform. You can check the full list here

Bottom line

Fortrade is a great choice for the traders who seek a well-regulated platform with a negative balance protection. The site has intuitive interface, is fully mobile compatible and gives a wide selection of trading tools and products. The responsive customer support, lots of educational tutorials and a demo account contribute to the growing popularity of Fortrade as well.