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 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.
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
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.Pick up one of the best Forex books for you!
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.