Fortrade is a brand name of Fortrade Ltd., Founded in 2013, the company is authorised and regulated by the Financial Conduct Authority (FCA) under Reference Number (FRN): 609970. The family includes four more companies that are licensed and regulated by the National Bank of the Republic of Belarus (NBRB), by the Australian Securities and Investments Commission (ASIC), by the Investment Industry Regulatory Organization of Canada (IIROC) and by the by the Cyprus Securities and Exchange Commission (CySEC). Fortrade claims it now serves over 10,000 private and institutional traders from across the globe
Fortrade offers more than 1,000 instruments for trading that covers currencies, stocks, indices, metals, energy products, agricultural products and some ETFs. There are more than 70 currency pairs and the average spread of the EUR/USD pair is 2 pips. There are 4 cryptocurrencies and the average spread of the Bitcoin is USD120. We think these are relatively wide values for these instruments. Classified as professional clients have Direct Market Access (DMA) to some of the largest companies listed in the NYSE and NASDAQ.
Customers can choose the platform developed by the company – For Trader, or the well-known MetaTrader 4 terminal, which has become the industry standard. Both platforms can be downloaded as a desktop version or as a mobile application for iOS and Android smartphones. In addition, they can work directly in the web browser without having to install any software. So, there is a solution to every investor’s profile regardless of the level of knowledge.
The legal documents show there is negative balance protection and customers cannot lose more money than they have invested into their accounts.
The Order execution policy shows Fortrade is a counterparty of each customer deal, which means the company acts as a market maker. In other words, Fortrade is not required to transfer all client’s positions to its liquidity providers and the company decides whether to hedge any position to them. Market makers make money from customer losses and they are interested in such situations to happen. However, this is an EU-regulated company and if there are doubts about such cases, anyone can complain. The risk disclosure unveils that placing a stop-loss order will not necessarily limit client losses to the intended amounts because market conditions may make it impossible to execute such an order at the stipulated price. That means slippage applies and the stop loss orders are not guaranteed.
Fortrade accepts a range of depositing options including all major credit/debit cards, bank transfers, Neteller and Skrill. The clients are required to deposit their accounts with at least GBP250.
There is plenty of useful information in the Education section of the website including online seminars, trading eBooks, trading courses for beginners and for advanced traders, daily and weekly analyses and economic calendar.
We can conclude the company has a solid regulation by many supervision authorities. Beginners and experienced investors have options to trade either with Fortrade’s own developed platform or through the MT4 terminal. Fortrade, on the other hand, is a market maker and offers a relatively wide spread of financial instruments.