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Fortrade is a fully licensed and regulated Forex and CFD brokerage owned and operated by Fortrade Ltd. The company is based in the UK and operates under licence number FRN:609970 issued by the Financial Conduct Authority. Fortrade offers more than 300 tradeable financial instruments in a broad range of asset classes. Namely, 60+ Forex pairs and CFDs in Commodities, 4 major Cryptocurrencies, Metals, Energy Stocks, Shares and Global indices. Fortrade stands out from many online brokers with a diverse language offering on the website, covering most of Europe and the Middle East. Currently Fortrade is supported in English, Albanian, Croatian, Slovenian, Macedonian, Polish, Arabic, French, Spanish, Italian, Portuguese, German, Dutch and Russian. The free educational resources and learning opportunities offered on the website, including interactive webinars and video tutorials, are accessible in all 14 supported languages at Fortrade.
Account Types Offered by Fortrade
Customers can set up just one type of live trading account at Fortrade as well as a Demo account for practice trading with no risk involved. We saw that customers who would like to set up an Islamic account can contact customer support and make a request. Notably, the Islamic account is swap-free with no interest payments made or received in any form.
Fortrade Demo Account
Fortrade makes it very easy for customers to set up an unlimited Demo account. With only a name, email, phone number and password, it takes less than a minute to get started. Initially, traders are allocated €10,000 of virtual funds to practice trading in conditions mirroring a live trading environment on the Web Fortrader platform. The maximum leverage available for Demo account traders is 1:100 but this is doubled in the live account. Importantly, traders can access all the trading tools and charts available in the live trading environment. Subsequently, the practice experience is as authentic as possible without incurring any of the risks that exist in trading in live global markets with real funds. We were pleased to see that traders can set up a live trading account whilst maintaining the demo account. This allows traders to switch back and forth between accounts, trying out strategies in the risk-free environment, before applying them in live financial markets.
The Fortrade Live Trading Account
It takes a minimum deposit of 100 GBP, EUR or USD to register a live trading account with Fortrade. The maximum leverage available is 1:200 and the account is free of commissions. However, this may result in the average spreads for financial assets being wider, to provide revenue to the broker. With a live trading account, traders can choose from several live trading platforms offering up to 300 Forex currency pairs and CFDs in major cryptocurrencies, metals, commodities, energy, stocks and indices. The spread values for all the financial instruments are fixed and clearly indicated in PDF files on the Fortrade website. We looked at the major forex currency pairs to get an idea of spread sizes at Fortrade and saw the average spread for EURUSD was 2 pips.
Trading Software Offered by Fortrade
Two types of trading software are offered by Fortrade, the in-house Fortrader and the MetaTrader4. Each provide downloadable software as well as web access and mobile trading platforms, giving traders total flexibility to trade anytime from anywhere with an internet connection.
Fortrade offers an intuitive and user-friendly proprietary software, the Fortrader, accessible on several convenient platforms. The Fortrader software has many in built features, order types and trading tools such as the Take Profit and Stop Loss to help with simple trading in 150 tradeable products. Customers can choose to trade on the Desk Fortrader platform for download to PC, enjoying automated trading possibilities and live quotes. Additionally, they can use the cross-device Web Fortrader that gives access to the dynamic trading platform from any PC, MAC or mobile device with their Fortrade login details. For mobile trading, the native apps for the Fortrader mobile platform are available free in the App Store and Google Play for iOS and Android powered devices.
The MT4 software is reputed to be the most popular trading software amongst retail traders in financial markets. The MT4 is suitable for all levels of experience and provides multi-lingual support and 9 time frames for trading 300 + Forex currency pairs and CFDs. The MT4 has hundreds of integrated real-time charts and indicators, plus the possibility of automated trading with Expert Advisors. The MT4 is available for download to desktop, it is also available as a Webtrader for PC and MAC users and a mobile trading platform for iOS and Android phones and tablets. The Fortrade MT4 native apps are available from Google Play and the App Store.
Trading Education at Fortrade
The Education section accessible from the dashboard on the Fortrade home page offers a comprehensive range of learning opportunities and resources. We saw informative webinars and video tutorials, in the Trading Academy along with eBooks for free download. The Education section also provides market news and explanations on trading tools for Forex and CFD trading.
Fortrade Customer Support
Live customer support is offered 24/5 through the live chat function on the interface, a UK phone number, email and Fax. Importantly, the support page is available in all 14 languages offered by Fortrade on its website. The postal address of Fortrade in London is given on the Support page along with email addresses for technical support and general enquiries. We saw that an introductory video about trading forex and CFDs at Fortrade is also offered as well as an extensive Glossary and FAQs section answering most questions we could think of concerning trading at Fortrade.
Fortrade Payment Methods
Fortrade offers a diverse range of secure payment methods aiming to suit all customers wherever they live. Some of them may be country specific and appear at the time of registering a live account with Fortrade. Nevertheless, the payment methods include well known credit and debit cards, the digital payment methods Skrill and Neteller as well as bank wire transfer. We saw that Fortrade requires two business days to process withdrawal requests and the time required for funds to reach customers varies according to the payment method chosen. We were surprised to see that withdrawals to credit cards can take as long as 15 days. However, withdrawals by bank wire transfer take just 3-5 days which is about average in our experience. Whilst we saw that the minimum withdrawal amount to a credit card is $50, information about minimum withdrawals by other payment methods, were not shown openly on the web site but are usually stipulated with the payment method at the time of registering a live account and choosing a deposit option.
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