Read This Authentic Fortrade Review Prior To Investing In The FX Markets
Fortrade is a UK-based Forex trading company that is domiciled in London, which is considered to be the financial capital of the world. London Forex brokers are regulated by the Financial Conduct Authority (FCA), which also oversees the numerous aspects of Fortrade regulation. Fortrade launched is Forex services in 2011, and has been steadily gaining popularity to become one of the most promising new brokers in the market. The broker is specifically aimed at traders with moderate trading experience, especially for those who are comfortable in dipping their toes into some of the most diversified financial products offered by the company.
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- Website: www.fortrade.com
- Support: +44 (0) 207 691 7996
- Michelin House
- 81 Fulham Road
- SW3 6RD
Fortrade is a market maker broker that deals in more than 300 financial assets, including currencies, metals, indices, stocks, commodities, energy futures, agricultural products, US bonds, and ETFs. Fortrade is one of the very few brokers that offer the freedom of choosing from a wide variety of financial instruments from different capital markets to create a diversified investment portfolio. As a market maker, Fortrade can include any instrument without worrying about sending orders directly to the respective markets. Market makers can match the orders internally between their traders, or by absorbing orders by taking the opposite end of a trade. Market makers differ significantly from the ECN model, which offers direct market access to better price feeds, tighter spreads, and better order execution. ECN accounts are far better regarding trading the markets that provide the best trading environment; yet, Fortrade clients do not get to choose this convenience for their trading. Even though the broker promises no conflict of interest with traders, market making brokers do have a certain degree of potential conflicts of interest with their clients, which makes it vital for investors to always consider the implications of such brokers before opening an account. In this Fortrade broker review, we will investigate the numerous aspects of trading with the broker to understand the consequences of investing with Fortrade carefully.
How Are My Funds Protected?
FCA Regulated brokers have to follow a stringent set of rules and laws that are implemented by the UK Government and the European MiFID. All brokers in Europe follow certain ethical standards of practice that guarantees to upkeep the rights of an investor, regardless of their origin. FCA is one of the strictest and most efficient regulatory agencies in the world that stipulates several guidelines for protecting a trader’s funds. The agency monitors every regulated member through periodic audit reports and by investigating any breach in guidelines, which attract severe penalties and cancellation of the licenses. FCA’s proactive measures ensure that every broker in the UK ends up working for the traders, rather than against them. As per the FCA guidelines, Fortrade should deposit client funds in segregated accounts, which are to be held in top tier banks within the UK that are licensed and authorized by the FCA. Fortrade can only access these funds for maintaining a trader’s position in the market, and cannot divert any part of it towards the company’s account or for meeting any organizational expenses. In the event of any broker issues related to bankruptcy or insolvency, Fortrade clients can receive up to £50,000 from the Financial Services Compensation Scheme (FSCS). Therefore, you can rest assured that your funds are safe and secure with Fortrade, without worrying about any financial scams or malpractices.
What Is The Minimum Fortrade Account Deposit?
You can start trading with Fortrade with a minimum deposit of $100, which also qualifies for a maximum Fortrade bonus of 30%. Traders can make a deposit or a withdrawal using multiple payment options and can make secure payments via credit/debit cards, wire transfer, or through online payment processors such as Skrill, Neteller, and PayPal. All payment modes, except the wire transfer, guarantee instant deposits, while withdrawals have a 24-hour delay due to security and financial reasons. However, if traders are opting for a bonus on their initial deposit, please be aware that several bonus terms must be satisfied before clients can initiate a withdrawal request. There is only a single type of Fortrade account, which grants access to the entire list of financial assets through the proprietary Fortrader platform. Unlike other conventional Forex brokers, Fortrade does not offer access to any third-party trading platforms such as MT4 or ActTrader. Instead, the broker has developed a unique platform that incorporates different financial instruments, trading tools, charting options, and other trading resources to enable traders to invest in the markets in a comprehensive manner. The Fortrader trading platform is divided into three different categories according to the mode of trading. Desktop traders can access the markets through the Desktop Fortrader, whereas Fortrader mobile traders can trade using the Mobile Fortrader platform. There is also a third option known as the Web Fortrader, which is a browser-based trading interface designed for both desktops, as well as mobile trading. The Mobile Fortrader is available as mobile apps for smartphones and tablets, which includes both iOS and Android versions. The Fortrade interface is a seamless and simple affair that provides all the essential tools within an uncluttered interface, but traditional MT4 users will surely miss the MetaTrader platform. There is also a maximum cap on the Fortrade leverage, which is set at 1:200. The leverage conditions are further tweaked for commodities and CFDs, which qualifies for a maximum of 1:50, while shares and indices have a maximum leverage of 1:10. The broker does not promise extravagant leverages, which is a good thing because the financial markets are known to be very unstable. One of the key areas of concern for the broker is the Fortrade spread, which starts at 2 pips and goes all the way up to 5 pips on some of the actively traded currency pairs. There isn’t any commission per trade, which is as expected for a standard account, but the costs are indeed higher than some of the other competing brokers in the industry. Fortrade is a broker that has an excellent reputation due to its affiliation with the FCA. The relative simplicity of their account offering is a pleasant sight in the industry, where brokers try to offer different services and accounts to cater to larger demographics.