Fortrade Review

July 17, 2016

Based in the UK and started in 2011, Fortrade is an online forex trading company that is regulated by the FCA. Read our Fortrade review to find out if this brokerage house is legitimate or the Fortrade scam.

Fortrade logo

Fortrade Review

Is this broker reliable? We do not think that it is good enough for you!

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Fortrade Broker Customer Support Review

The Fortrade forex broker offers customer support through email, telephone, live chat and fax.

The information for each of these is available on their website but not easily found. To view their contact information, you need to scroll to the bottom of their website and click the “contact us” link. This is poorly done and not designed with the client in mind.

Fortrade Broker Customer Support Review

On top of that, their live chat support is wholly ineffective. Whenever you do contact them, there is always a never ending queue. Sometimes you are left there for over an hour or longer, waiting for a customer service agent to “assist” you.

We are not sure what Fortrade’s opinion of their customer service is but their claim and belief that they put the customers first is a complete lie. Either that or they have a completely different view of that term than the rest of us.

Fortrade Broker Accounts Review

The Fortrade broker does not offer any account options for you to choose from. Unlike other brokers, Fortrade only provides you with one account type which restricts you and forces you to accept that account’s features and them alone if you ever choose to sign up with this broker.

This is made even worse by the poor account features namely the high spreads. Even though commissions are not charged on this account, there are fixed spreads of 3 pips, no matter your base currency. This is quite a high spread and will surely see you making less with the Fortrade forex broker than if you were to sign up with another broker.

Not only that, there minimum deposit is rather confusing, namely because even though the minimum deposit is $100, they recommend that you deposit $500 before you start trading. Why you may ask?

They do not say and that is an issue. They claim transparency but quite frankly when you actually interact with the Fortrade broker, you get the uneasy feeling that something is being withheld from you and that is never a good thing.

It is always wise to follow your gut.

Fortrade Broker Platform Review

Fortrade Broker Platform

The Fortrade forex broker’s platform is like their accounts; it offers no variety and limits you.

The most popular and well known platform in the financial world is the MT4 platform which is known for its power, speed and useful tools which help you to make great trades and maximize profits.

Unfortunately Fortrade only offers their in-house platform which is like an empty shell when compared to the MT4 platform. They tout simplicity but there is point where simplicity becomes counterproductive and that is evident here. Their Fortrader platform does not offer the tools necessary for you to perform well informed trades.

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Fortrade Pro Review Conclusion

While it is regulated by the Financial Conduct Authority, the Fortrade broker has shown that it is a poorly run brokerage house with poor and ineffective customer support and a lack of variety when it comes to their account options and platforms. Choose another broker for your business.

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Fortrade Review Overall rating: 1.8 out of 5 based on 62 reviews.
  • Fortrade Limited

    Hello,

    In response to Fortrade Broker Customer Support Review:
    We appreciate your input regarding this matter. We regret to hear that this unit failed to meet your expectations, and will work to implement the necessary changes to ensure our clients receive the best customer support available

    In response to Fortrade Broker Accounts Review:
    Our decision to offer a single trading account for all levels of traders is rooted in our belief in simplicity first. Please note we have recently also introduced the ability to open an MT4 trading account, this in response to our clients’ requests, and in addition to our existing range of platforms.

    In response to Fortrade Broker Platform Review:
    The Fortrader Trading platforms – for desktop and mobile devices – offer a full range of analysis tools, charts, and graphs which allow you to develop a customized trading strategy, in according with your specific needs and preferences. Plus, as mentioned above, MT4 is now also available for all our clients.

    In response to Fortrade Pro Review Conclusion:
    To protect the personal interest and enhance the trading performance of our clients, we take our regulatory responsibilities very seriously. Being an FCA regulated broker means we are dedicated to increasing the transparency and efficiency of all trading activities carried out though across our platforms and services. For further information or if you have any questions whatsoever, please do not hesitate to contact us via Phone: +44 (0) 207 862 1761, Email: support@fortrade.com or Live Chat: https://www.fortrade.com/why-fortrade/contact-us/.