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Fortrade is a forex currency trading and CFD trading broker. The platform has a lot to offer and it was established in 2013.
Before we get into the Fortrade review and services I feel we should give the terminology a quick run-down.
If you don’t know what Forex means, it’s quite simple – Forex stands for Foreign-Exchange, and as the name suggests you exchange foreign currencies – for example a hundred dollars for a hundred pounds, the trick is to see which currency is worth more than another.
CFDs are a slightly more complex concept, it stands for contract for difference, so you either buy or sell a stock, security or make another investment and by the end of the contract either receive or pay the difference.
Fortrade Review – Design And Clarity
From what I got to see on their site they decided to go with a cold, gray, black and white colour pallet – of course, that’s not a bad thing – in fact one could go as far as to say that it’s a respectable sterile look.
As for the layout – the instant you enter the page you will be shown a quick piece of text from Fortrade, below you will find a button inviting you to join their service.
Further down you will find a rundown of some of the services available to those using Fortrade, these are the following.
- Beng free of charge
- Practice funds
- Commision-free trading
Last but certainly not least you will find the information regarding the legal sid of things – for example as it turns out Fortrade is run from England and is in fact regulated there.
Fees And Commissions
As mentioned above, there are allegedly no commissions on the service – it is possible that they only appear from a certain number, but over all it doesn’t sound bad.
If you are interested in the leverage – it’s promised to be as low as 1:30 .
The minimum deposit on Fortrade is only $100.
Fortrade offers accounts in AUD.
The number one down-side for me personally is the one-hundred dollar deposit, it definitely makes the website look less inviting for someone with potentially dozens of services to consider, conversely you could say that it’s to make sure that only more professional traders or at least those willing to invest are populating the platform.
On the website itself we are promised free, unlimited tech-support, this is something which is often taken for granted – it’s god to hear that this essential service is free.
You can contact Fortrade in three ways – via phone, email and live chat.
It i important to keep in mind that these services are only available between 9AM and 9PM – a considerable limitation – especially if you live in a country where the equivalent time in not convenient for you.
Fortrade Assessment Test ASIC
All traders are required to fill out a test before they can begin trading.
When I signed up I was asked questions like:
- Does leverage increase the profit and loss potential? (True)
- Margin is capital you have to deposit (False)
- Marin positions might be closed (True)
- Market volatility means large move of price
- You don’t get physical delivery with CFDs
- Account holder manages risk of his account (True)
- Forex and CFDs require an online platform (True)
There are two bonuses which are hard to define, this is because they are handled internally by Fortrade – simply put, nothing is concrete.
That said the information we do have covers the existence of two bonuses – the balance bonus and credit bonus.
When asked to pick a place to invest your money it is natural to consider the other similar services, you may be inclined to utilise te big businesses which appear in the very to of the result bar on google.
The question really boils down to – why should you use Fortrade instead of sites like Etoro or Easymarkets? It’s a difficult question to answer – especial since the competitors are much more publicized.
I think it comes to your needs as a trader – ther Fortrade experience is in no way lacking and I can’t see it stunting your earnings a a trader.
Is It Safe?
Both you and I know there are two ways to interpret this question, I’ll answer both, naturally.
So – is Fortrade secure? From what it says on the website they have an SSN encryption on all the transactions, if that’s the case you’r as safe as you can reasonably expect.
As for the second part – is Fortrade safe – as in are they trustworthy? Well, simply speaking it is in fact true that Fortrade has an eighty percent trust rating and a good few stars – honestly, I’d feel better with a ninety percent.
Although after a through look through the reviews I can say for sure that there doesn’t seem to be any scam going on.
Naturally, as with most thing – don’t just take my word for it if you’re interested, go out and do the research as well.
Why Should I Forex Trade
To put it simply, Forex trading is an area with it’s own ups and downs – for example the sheer size of the forex market is much greater than a stock market for example.
If you bought a hundred USD for ninety AUD (please keep in mind these are completely made-up rates) and the USD falls in value – you could still trade it for another currency and end up on top.
A big limitation of the trading experience are the currency pairs, for example you could be in a hypothetical situation where you would be unable to trade your currency of choice for USD directly.
Well, the question you’ve all come to see – is Fortrade a legitimate service, and is it a good one?
Yes, is my answer to both questions – nothing about the service strikes me as overly suspicious, while I lack the experience to tell you if this is the best of it’s kind or just good – I know enough to tell you it’s safe and it performs its job well.