Fortrade Review: Should You Trade With This “Regulated” Online Broker in 2022?
Fortrade describes itself as a “premier provider of products, services, and platforms for online foreign exchange and CFD trading.” This company also takes pride in developing user-friendly and ultra-modern trading platforms.
While the above description evokes the image of a highly respectable brokerage firm offering world-class services, it’s not enough to help us determine whether Fortrade is genuine.
You see, to establish whether a broker is legitimate, you need to do your own research. Don’t rely on a flashy website or lofty promises of high returns.
Have you lost funds trading with Fortrade? If yes, we can help. Schedule a free consultation, and our team of experts will guide you on how to recover your money.
So, let’s find out whether Fortrade is who it claims to be and whether you can entrust your investment to this online broker.
Fortrade Review: Company Background
Fortrade, an international CFD and forex broker, operates under Fort Securities BLR LLC, registered by the Minsk City Executive Committee in 2018.
The broker provides its clientele with a wide range of financial trading instruments. It offers access to multiple assets, including 50+ currency pairs, bonds, US Treasuries, ETFs, and up to 250 stock CFDs, cryptocurrencies, indices, and commodities.
Since its launch in 2014, the company has expanded into new markets, offering products to both beginner and experienced traders.
Fortrade Products and Services
Fortrade offers financial trading services on the award-winning MetaTrader 4 (MT4) platform and Fortrader web, a proprietary platform. Both platforms are available as desktop versions and mobile apps compatible with iOS and Android devices. As such, traders can access their trading accounts from anywhere.
The broker does not offer tiered accounts, though a Swap Free account is available for Islamic followers.
Deposits and Withdrawals
Customers can fund their accounts using a variety of options. These include bank transfers, credit cards, debit cards, and e-wallets like Skrill. You can deposit as little as 100 GBP/USD/EUR, and no deposit fees apply.
When it comes to withdrawals, you can still use the above methods. Bank wires take 5 business days, whereas cards can take up to 15 business days to process. However, these timescales are notably slow compared to other brokers.
Beginner traders have an opportunity to practice trading strategies using virtual money on the demo account. Available on either the MT4 or Fortrader web platform, the demo account has no time limit.
The broker’s commission is built into the spread. Overnight rollover fees apply, whereas inactivity fees are charged on accounts that lie dormant for 6 months (10 GBP/EUR/USD).
Fortrade offers 2 types of bonuses; balance and credit bonus. The balance bonus applies to account deposits, whereas the credit bonus is an alternative one with additional T&Cs. Both bonuses are at the broker’s discretion.
Bonus withdrawals are subject to attaining the target volume, which is 1,000 USD/GBP/EUR for each 1USD/GBP/EUR bonus received.
Is Fortrade a Regulated Broker?
Fortrade Ltd. is regulated by the UK’s Financial Conduct Authority (FCA) with FRN 609970. Its headquarters are in the UK, but over the years, the firm has acquired additional authorization after establishing operations in Australia (ASIC), Canada (IIROC), Belarus (NBRB), and Cyprus (CySEC) as shown below:
Fort Securities Australia Pty Ltd is authorized and licensed to operate in Australia by ASIC under ABN: 33 614 683 831 and AFSL : 493520.
Fortrade Cyprus Ltd is under the license and authorization of CySEC.
Fortrade Canada Limited is regulated by Canada’s Investment Industry Regulatory Organization and is part of the Country’s Investor Protection Fund.
Fortrade is also among the forex firms registered by the National Bank of Belarus.
It’s relatively safe to trade with some regulated brokers. The licensing body strictly supervises their conduct and imposes fines for misconduct or strips the culprits of their regulated status.
As a result, licensed brokers don’t manipulate market prices and usually honor their clients’ withdrawal requests. Following laid down regulations, Fortrade places all its clients’ funds in a segregated account in tier-1 banks.
Sadly, even regulated brokers find loopholes to get away with people’s hard-earned cash. You can’t trust a broker just because it has a valid license.
So, can we conclude that trading with Fortrade is safe? Unfortunately not, and we shall explain our reasons next.
Fortrade: The Red Flags
While Fortrade appears to meet the conditions of a genuine broker, the reality is that this broker is not trustworthy at all. Indeed, there are numerous reports alleging that Fortrade uses unethical trading techniques..
In addition, Fortrade customers have complained about experiencing problems withdrawing funds, poor customer service, and there are also online reports of price manipulation, cheating, and fake reviews.
Is Fortrade a scam? Let us take a deeper look at these claims by checking out genuine customer first-hand accounts from reputable review websites.
1. Fortrade Use of Unethical Trading Practices
The screenshots below from Forex Peace Army and Trustpilot show how Fortrade scams customers by manipulating prices and offering misguided recommendations on trading positions, leading to colossal losses. The broker’s agents also harass customers by making constant phone calls.
2. Fortrade Funds Withdrawal Challenges
Below are screenshots showing Fortrade customers complaining about their challenges when withdrawing funds. They report that their withdrawal requests got denied and when they tried to follow up with the company, their emails remained acknowledged.
3. Suspicious Bonuses
Are Fortrade bonuses a devious scheme to trick traders into investing as much money as they can? An investor could lose all their money even after working so hard to reach the target volume. After all, the company can cancel the bonuses at any time.
Fortrade Review: Final Verdict
It is disheartening to see that some brokers use proper regulation to cover up their unethical activities. Fortrade, with its multiple licenses, including those of highly reputable regulatory watchdogs, is a classic example.
The broker uses its legit status to hoodwink unsuspecting clients who don’t question much once they ascertain that the broker is indeed authorized. They go on to commit their hard-earned money to the rogue broker, believing the company to be trustworthy and their money secure.
From the suspicious bonuses with withdrawal conditions meant to push investors to trade more to misleading advice and pushy sales tactics, this broker is clearly out to fleece traders. Fortrade is a scam forex broker.
If you have been a victim of Fortrade’s unscrupulous trading practices, there is hope. We can help you recover your money. Contact us now for more details.