For this Fortrade review, we have opened a standard account with the broker and deposited over €5,000.

We traded the popular instrument in each market to get the real spreads and placed a total of 12 trades.

We also reached out to customer support to solve the issues we faced.

Finally, we withdrew our funds to see if there are any issues with the withdrawal process.

What is Fortrade?

Fortrade is a London-headquartered forex and contracts for difference (CFD) broker brand and was established in 2013.

The broker carries multiple licenses from regulators in the United Kingdom, Cyprus, Australia, Canada, and Belarus, and has operations globally.

Fortrade’s offerings include forex, indices, commodities, stocks and cryptocurrency CFDs.

Some of the highlights of Fortrade are:

🗺️ Authorised & Regulated inUK, Cyprus, Belarus, Australia, Canada
🛡️ Is Fortrade safeYes
💰 EUR/USD Spread1.83
💳 Minimum deposit€100
💰 Withdrawal fee0
🖥️ Trading PlatformMT4, Fortrade Platform
📈 Markets offeredForex, Indices, Stocks, Commodities, ETFs, US Treasuries, Cryptocurrenies
📉 Number of Products303 (depends on the jurisdiction)

Licenses and Regulations

Fortrade holds licenses from regulators in 5 countries.

The broker is regulated in United Kingdom, Cyprus, Australia, Canada, and Belarus. The UK’s FCA, Australia’s ASIC, and Canada’s IIROC are deemed as top global financial regulators.

The full list of Fortrade licenses is below:

Legal entityRegistered inRegulatorLicense numberAccepting clients fromCompensation scheme amount
Fortrade LtdUnited KingdomFinancial Conduct Authority (FCA)609970United Kingdom£85,000
Fortrade Cyprus LtdCyprusCyprus Securities and Exchange Commission (CySEC)385/20European Union€20,000
Fort Securities Australia Pty LtdAustraliaAustralian Securities and Investments Commission (ASIC)493520AustraliaNo compensation scheme
Fortrade Canada LimitedCanadaInvestment Industry Regulatory Organization of Canada (IIROC)BC1148613CanadaNo compensation scheme
LLC “Fort Securities BLR”BelarusNational Bank of the Republic of Belarus (NBRB)193075810GlobalNo compensation scheme
Fortrade ASIC Registration

Is Fortrade Safe?

Yes, Fortrade is a safe broker for trading.

The broker is well-regulated with a total of 5 licenses. Additionally, the clients under the FCA and CySEC also receive a compensation scheme of £85,000 and €20,000, respectively, for the protection of their funds.

For our tests, we opened an account with Fortrade Cyprus Ltd which is regulated by Cyprus Securities and Exchange Commission (CySEC) in Cyprus.

Fees and Commissions

Trading fees on Fortrade are built into spreads.

Spreads on all of our trades were higher than the industry average benchmark.

Spread Charged in Our Trades

For our tests, we have chosen popular instruments in each market. We placed 3 trades for each instrument to get a picture of the average spread.

Spreads for our trades in all asset classes remained stable with minor variations.

Details of our trades are shown below the table.

MarketsInstruments1st trade2nd trade3rd tradeAvg. spread
ForexEUR/USD1.5221.83
IndicesFTSE 1002.12.42.32.27
StocksApple2.62.62.62.6
CommoditiesGold4.54.54.54.5

Our testing finds that Fortrade spreads on forex, indices, stocks, and commodities CFDs are higher than the industry average.

MarketsInstrumentsAvg. spread charged in our tradesIndustry avg. spread
ForexEUR/USD1.831.6
IndicesFTSE 1002.271.5
StocksApple2.61.5
CommoditiesGold4.53.8

Other Fees

Fortrade does not charge any deposit and withdrawal fees.

The broker also charges a $10 monthly inactivity fee after a dormancy period of180 days. There is no maintenance fee.

Account Types

Fortrade offers only one account type.

Fortrade Account
Trading PlatformsMetaTrader 4, Fortrade Platform
Account CurrencyUSD, GBP, EUR, TRY
Minimum deposit€100
CommissionNone
Order executionInstant Execution
SpreadFrom 0.02

Fortrade also offers a swap-free Islamic account.

Account Opening

Our overall experience of opening a new account with Fortrade was smooth and fast.

We opened a Fortrade Account for our tests under the Cyprus-regulated entity.

The process of registration of a new Fortrade account:

  1. Enter first name, last name, email, and mobile number on the initial registration page.
  2. Enter the country of residence, account currency, password, date of birth, and address.
  3. Provide details like country of citizenship, place of birth, employment status, the reason for trading, annual income, source of funds, and a few other fields.
  4. Answer a quick questionnaire on trading knowledge and experience.

We submitted the following documents to verify our Fortrade account:

  1. Copy of national identification (both front and back)
  2. Copy of our bank statement

The registration process took around 6 minutesOur account was verified on the same day, in fact, it was done in 10 minutes.

Our account was registered on April 9, 2021, and approved on the same day.

Our overall account opening experience was smooth and without any issues from registration to verification.

Fortrade Account Opening Page

Deposit and Withdrawal

Deposits on Fortrade are easy and fast, but withdrawal requests took more time than usual to complete.

The broker does not charge any fees for most of the deposit and withdrawal methods, with only the exception of wire transfers.

Minimum Deposit

Fortrade requires a minimum deposit of €100 or equivalent in other base currencies.

Traders only need to maintain the minimum deposit balance on their accounts.

Deposit

Fortrade supports deposits with bank transfers, credit and debit cards, and popular e-wallets like Neteller, and Skrill.

We tested the deposit process on Fortrade using a credit card, Neteller, and Skrill.

Details of our fund deposits are shown in the below table.

Payment MethodSubmitted DateFunded Account DateFunding TimeFee
Credit card2021-04-142021-04-148 hours0
Skrill2021-04-142021-04-144 hours0
Neteller2021-04-142021-04-144 hours0

Fortrade required a transaction confirmation from our side when you made the deposit using Skrill.

PayPal funding option wasn’t available as the broker don’t provide a “continue” button to proceed with the transaction.

Fortrade Deposit Page

Withdrawal

Fortrade allows withdrawals with bank transfers, credit and debit cards, and online wallets like Neteller and Skrill, same as deposits.

Overall, our experience with the Fortrade withdrawal process was okay, but the process took longer than usual.

Details of our withdrawal requests are in the table below.

Payment MethodSubmitted DateFund Released DateFund Arrived DateWithdrawal TimeFee
Credit card2021-04-142021-04-202021-04-216 working day0
Neteller2021-04-142021-04-202021-04-205 working day0
Skrill2021-04-142021-04-202021-04-205 working day0

For withdrawals, we requested €3,000 to credit card, €1,950 to Skrill, and €50 to Neteller. The broker, however, transferred €3,000 to credit card, €1020.78 to Skrill, and €900 to Neteller.

Markets and Products

Fortrade offers CFDs trading services with forex, indices, stocks, commodities, and cryptocurency instruments.

The complete list of Fortrade offerings are:

MarketsInstruments
Forex54
Indices17
Stocks200
Commodities25
ETFs3
US Treasuries3
Cryptocurrencies4

The markets and the number of offered instruments will depend on the account jurisdiction.

Cryptocurrency CFDs are only available under the ASIC and CySEC-regulated entities.

Trading Conditions

Trading conditions on Fortrade are decent. The broker allows hedging and scalping strategies but traders cannot change leverage levels.

Trading MethodAllowed
HedgingYes
ScalpingYes
Change LeverageNo

Changing of leverage on Fortrade depends on market conditions. Though it is closed now, it might be opened in the future.

Leverage

Leverages offered by the various entities of Fortrade are detailed below:

MarketsFortrade LtdFortrade Cyprus LtdFort Securities Australia Pty LtdFortrade Canada LimitedLLC “Fort Securities BLR”
Major Currency Pairs30:130:130:134.4:1100:1
Non-Major Currency Pairs20:120:120:134.4:1100:1
Gold20:120:120:138:1100:1
Other Commodities (except Gold)10:110:110:138:1100:1
Indices5:15:120:118:1100:1
Stocks5:15:15:16:15:1
CryptocurrenciesNA2:15:1NANA

Trading Platform

Fortrade offers trading services on its proprietary platform and also on industry-standard MetaTrader 4, which is developed by MetaQuotes Software.

Fortrade Trading Platform

We executed all our trades on the MetaTrader 4 trading platform.

Research and Tools

Fortrade offers decent market research and analysis tools.

Tools offered by the broker include:

  • Good charting tools
  • Economic calendar
  • Signals using Trading Central
  • Market analysis
Fortrade Market Analysis

Education

Fortrade offers excellent educational resources to both beginner and advanced traders.

The broker’s educational materials only include:

  • Webinars
  • eBooks
  • Tutorial videos
  • Courses for both beginner and advanced traders
  • Glossary
  • Demo account
Fortrade Educational Resource

Customer Service

Fortrade offers excellent customer support.

Traders can contact the broker via:

  • Live chat 
  • email
  • Phone

The support staff is available only on weekdays.

Our experience with Fortrade customer support was excellent.

The support staff on both live chat and email was prompt with the response and provided accurate and detailed answers.

QuestionResponse TimeQuality of reply
Live ChatAsked if Fortrade require any docs after the trader submitting a withdrawal request1 minuteClear and accurate
EmailAsked several questions about their trading account, spread, and commissions1 hourClear and very detailed

A Fortrade account service manager contacted us once our trading account was opened successfully. We asked several questions about Fortrade in general and questions about trading to the service manager.

The service of the account service manager is better than the broker’s Live Chat as the Live Chat support staff has limited access to customer accounts. When we asked some trading account questions to Fortrade Live Chat support staff, the team said they will ask our account service manager to contact us and answer our questions.

We recommend traders contact the account service manager rather than Live Chat.

Fortrade Customer Support

The broker also has a detailed FAQ section for frequently faced issues.

Conclusion

Our overall experience with Fortrade was positive.

The spreads charged by the broker are on the higher side, but the trade execution speed was fast.

Our account opening experience was smooth and the broker does not charge fees for deposits and withdrawals. However, we are a bit disappointed with the speed of the withdrawals.

The customer support was also excellent, especially the account service manager.

We recommend Fortrade to forex traders who run EA and other trading strategies.


Author of this review

By George Rossi

Author of this review

I am a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange and commodity markets.

I am passionate about observing foreign exchange movements, sharing educational insights into the financial markets.

Everything you find on BrokerTested is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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