Getting started investing online requires you to find a broker that you can trust. If you’ve never worked with anyone before it could be difficult to find the right one. With the thousands of different options out there, you can easily find yourself overwhelmed. After all, you may not even know what you should be looking for.
That’s why we’re going to take a closer look at Fortrade, so we can help you see whether it’s a scam or not. And then, if it’s a legitimate site, you can see all of the benefits associated with this website and what it can offer you. That way, you can decide if it’s going to be a good fit for your needs.
So, let’s start by getting into just who this company actually is. They’re a relatively new firm, having been around only since 2013. They’re based in the United Kingdom and they target both new and experienced traders around the world. The idea here is for them to provide user-friendly trading and also to give a whole lot of different options in what you’d like to trade.
Which Assets Can You Trade?
Let’s start with a quick overview of what we found when we first visited the Fortrade website. In short, we were lost. That’s because there’s a whole lot of information provided in one spot and it can be a little complicated to really get to the bottom of what it all means. You might find yourself feeling a bit overwhelmed at the barrage of information as well.
Now, you are going to have a number of great services with this broker, once you get the hang of their website and realize what you’re actually looking at. So, we’re going to take a closer look at what those features are and what you can expect when you start working with Fortrade. This service is one that is definitely well-rounded and has a lot of great benefits, however there are a few areas where you may want to pay close attention.
Keep an eye on the benefits and drawbacks and weigh out what is most important to you. After all, trading is a very personal process and you are the only one who can decide the features that are most important to you and to your style of trading. If something is important to someone else that doesn’t mean it needs to be important to you as well.
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First, you absolutely want to make sure that the service you’re signing up with is regulated. A regulated service is one that is going to provide you with protections including keeping your privacy and your personal information secure. You absolutely want to know what agencies are regulating any broker that you even think about working with and when it comes to Fortrade there are three different ones that do.
The Financial Conduct Authority of the UK, the National Bank of the Republic of Belarus and the Securities and Investments Commission of Australia all regulate Fortrade. That means you do have a good amount of security and protection here. You’re also going to have a set level of transparency required, which means the broker itself has to reveal certain information to you.
They are required to have segregated bank accounts, allow regular audits and provide protection for their clients in the event of insolvency. In Fortrade’s case you will have up to £50,000 of insurance compensation if the company becomes insolvent. This is provided by the Financial Services Compensation Scheme. These levels of protection are really the minimum that you should accept.
Protection is important to keep you from having your identity stolen, your money stolen and more.
Fortrade Trading Platform
The platform that you’re going to be using is the most important aspect of the whole setup. You absolutely want a platform that you can use easily and that you can get the hang of quickly as well. You don’t want to find yourself struggling to work the different features like you might with some systems. Well, you’re in luck because Fortrade offers you two different options in trading platforms.
The first platform is their proprietary version. This system offers versions through an app, on the desktop and through the internet, so you can get access to all of the information you need without ever having to worry about having internet access or being near your computer or phone. There are plenty of different ways that you can get the control you need.
You don’t have to download anything if you don’t want to use the desktop version either. Everything can be done 100% online. Now, this service (any of the different versions of the proprietary software) are going to be a great way to go, but they’re just not quite as practical for some people. If you’ve ever traded with another program or broker before you’ve probably used the other service Fortrade offers, MetaTrader 4.
MetaTrader 4 is one of the most popular options for online trading throughout the world, and for good reason. This service offers plenty of customization and also offers you a whole lot of great charts, which is going to make it easier for you to see the information that you need at a moment’s notice. You’ll have automated trading options as well, which means you don’t need to be right there watching everything all the time.
Finally, we have to look at the mobile trading platform just a little bit closer before we move on. This service is going to help you get access to your accounts and your trades from anywhere that you might be. You get to use your smartphone to check things out through either of the platforms that we mentioned and you can get the app directly from your app store.
Which Assets Can You Trade?
Are you looking to trade in specific markets and assets? If you are then you want to be sure that the service you choose offers those options to you. You’re in luck with Fortrade because it actually has a wide range of different assets available. You can trade in everything from currencies, indices, stocks and precious metals to energy products, agriculture products, US treasuries and ETF’s. Now, you’re not going to have the option to trade in cryptocurrency, but you will have quite a large pool.
If you’re looking to trade in areas of cryptocurrency or if you’re looking to get into the cannabis stock market you’re going to want to look for a different service because these aren’t markets that Fortrade is currently involved with. While it’s possible that they will amend their services over time (especially as these markets before more popular) for those who are looking to get in on the ground floor it might be a good idea to look elsewhere for now.
For those who don’t need or care to trade in these specific markets you’ll find that Fortrade definitely does have a wide range of options and you’ll be able to keep track of most other markets and the things that are offered through them. This gives you more versatility when it comes to investing.
Fortrade Account Types
Now, it’s important to note that there are many different types of traders when it comes to online trading. You likely don’t trade the same way that anyone else that you know does. And that’s just fine. But when it comes to working with a broker you may not have a lot of options related to the type of account that you’re using.
Fortrade is one of the brokers that only offers you a single account type. This means that you’re not going to have quite as much customization as you might like when it comes to creating the type of account and trading system that you want. It’s also unclear just what features you’re going to have when it comes to purchasing the system through Fortrade.
Now, one benefit is that you can get started here with a deposit of as little as $100, which is going to give you a bit of a start. You won’t need to wait as long to get the money you need together and start investing. Even still, the company also recommends that you get together at least $500 for your first deposit, which can be a little bit much for some people who are looking to get started.
When it comes to comparing Fortrade with some of the other large brokers out there you’re going to find that they actually have several different account types. This can make it easier for them to cater to specific types of clients and you’re more likely to find the specific features and customizations that you’re looking for this way.
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Fortrade Demo Trading
One additional benefit that you’re going to have is a free demo account. This can make it a whole lot easier for you to see just what this broker is doing and how their service actually works. You’ll be able to try out some of the features and you won’t have to worry about committing to anything with your own money and investments.
When you work with this demo account make sure you’re trying out as many features as you possibly can so you can get a good idea of what you’re getting into before you actually start investing your own money. This will help you determine whether this is a good service for you or if you should continue looking at other brokers instead.
Make the most out of the time you have with the demo account and try out things that you may not even be interested in because you want to know as much as possible before you’re putting your own money into the equation. Keep track of the different things that you try as well as what’s working for you and what isn’t. You want to be able to apply what you’ve figured out when you get into spending your money.
You want to make sure that you can deposit and withdraw money whenever and however it’s convenient for you and that’s going to mean working with a broker with access. Well, Fortrade will give you a number of different options when it comes to depositing your funds. You can deposit by bank transfer, Neteller, Skrill, debit card or credit card. This makes it even easier for most people to put money in how it makes sense for them.
On the other hand, getting money out of your account can be a little more of a hassle. You’ll find that it takes up to 15 days to get funds out of your Fortrade account, depending on the way that you decide to pull the money. If you use a bank wire transfer you’ll have your money within 5 business days. If you decide to use a debit or credit card withdrawal you could be waiting up to 15 days.
The wait is definitely a downside because other services are getting funds out to their clients within 48 hours or less. You want to make sure that you can access your funds whenever you need them, so weigh out just how long you’re willing to wait when you make a withdrawal request.
If you’re getting involved with online trading and especially if you’re new at it you want to make sure you have educational materials that you can look over to find even more information. These materials can help you figure out what kind of trader you want to be or learn more about the different styles. With Fortrade you’re going to have a good amount of information provided, which will help you along.
You’re going to have eBooks, webinars, trading courses, trading strategies, videos and a whole lot more. You’ll also find weekly analysis and micro-analysis available in several different areas and you’ll be able to learn about how to trade successfully through different methods. This is going to give you a better chance at success within the market.
You’re also going to have access to something called Trading Central, which actually provides a great deal of research and analysis, all in real time. It’s all based on information gathered from several different sources and will help you to make the decisions you need to in order to earn some profits throughout your use of the service.
Keep in mind that you’re going to have a lot of services and a lot of information available through nearly any broker that you use. Just because Fortrade is offering some good resources and they’re definitely providing you with a good range of services that doesn’t mean that you’re going to get this here and nowhere else.
Make sure that you evaluate the different sources of information and the different types of information that you’re getting access to when you start working your way through Fortrade and evaluating it. Also, look at other services to get an idea of what they have to offer you as well.
Fortrade Trading Pros & Cons
When it comes down to it there are a number of different pros and cons that you’re going to find with any trading software or broker. Fortrade is definitely no different and we’re going to look at just what you can expect when you work with this service. We’ll take a look at some of the good things that are going to make you even more interested in joining up with them and the not-so-good things that you might want to consider.
Keep in mind that different types of traders might put different weight on specific information. Something that makes investing difficult for you may not be a problem at all when it comes to another type of trader. You want to make sure you’re looking at what works (or doesn’t work) for you specifically.
|Large range of educational materials
|No cannabis or cryptocurrency trade
|Short time in business
|Demo version offered
|Complex home page
|2 trading platform options
|MetaTrader 4 offered
|Trades in several markets and assets
|One account type
|Start with $100 minimum
|$500 minimum recommended
So, are you getting involved with a scam if you decide to go with Fortrade? The short answer is absolutely not. This service is actually quite well known and they are regulated. They have to provide specific levels of transparency and they also are required to provide you with a solid level of privacy and protection for your personal information and banking information.
They offer you some great options and features when it comes to working with the system and they definitely offer a lot of great educational materials that are designed to help you when it comes to getting started with trading or improving your skills. Overall, it’s a quality service that will give you a lot of what you’re looking for.