ForTrade Broker Review
The FCA’s Client Assets (CASS) ensures all client funds are protected and held in segregated client bank accounts. All transactions at ForTrade are protected via an SSL encrypted connection, which guarantees a secure trading environment.
Execution of orders at ForTrade is based on an Electronic Communications Network (ECN) model. In this model of execution, the broker does not take any counter-party position. Instead, all customer trades are directly matched or executed with the counter-party.
- Android and iPhone app
- Web ForTrader
- Leverage up to 1:200
- Minimum deposit of $100
- Minimum Lot of 0.01
ForTrade has a wide range of trading solutions that makes it easy to access your account from anywhere. The two main platforms are Web ForTrader and MetaTrader 4. You can access both via a web browser, mobile app or desktop installation.
The Web ForTrader platform has a simplified and well-designed interface, which traders use to access the forex markets. You can trade currency pairs and digital pairs on any device as you just need to load the platform into the web browser. By using the advanced features Stop Loss and Take Profit, you can automate your trades.
The trading platform includes a basic set of technical indicators, as well as full management of your open trades. The Web Trader also allows you to place pending orders that will be executed at a certain price level.
The MT4 platform is, of course, much more advanced in terms of technical indicators and charting tools. Traders can use it for more complex strategies and place orders according to the signals given. The MT4 comes with significant benefits, such as custom indicators and EA back tests.
Traders can also access their trading accounts via the ForTrade mobile app, which is available free in both stores. The interface on the mobile app is basically the same as using Web ForTrader on a mobile device. You can scroll down to find all instruments and use the Buy/Sell options to trade.
To profit on the platform, you must open a live trading account. You can set your account in any of the following currencies: the U.S. dollar, the Euro or the British pound. Traders are required to maintain sufficient levels of margin deposit at all times to keep trading on the account. By requesting a live account, you agree to the terms and conditions at ForTrade.
ForTrade offers a wide range of trading instruments. This includes a choice between over 50 currency pairs, 4 digital pairs, more than 20 index CFDs and over 100 stock CFDs. It also offers unique trading instruments, such as agriculture CFDs.
In addition to the above assets, you can also trade precious metals and energy instruments, such as crude oil and natural gas. The broker also offers exchange traded funds (ETF) trading as well as U.S. treasuries, such as the 3-, 5- or 10-year bonds.
The leverage varies based on the type of asset class you trade. For example, leverage for trading forex is up to 1:200 and with digital currencies is 1:5.
- Currencies 1:200
- Digital currencies 1:5
- Stocks 1:10
- Indices 1:50
- Commodities 1:200
ForTrade offers a bit higher spreads than what you probably expect. For example, on EUR/USD, GBP/USD and USD/JPY, the average spread is 2 pips, while on cross currencies, such as GBP/JPY, you can expect spreads to be about 7 pips.
Deposits and Withdrawals
ForTrade offers a wide range of payment options, which can be used to deposit and withdraw funds. The standard range of payment methods include major credit/debit cards, bank wire and e-wallets, such as Skrill and Neteller.
At ForTrade, the recommended initial deposit is $500. However, you can deposit as little as $100 and start trading. Note that with leverage of up to 1:200, the margin requirements will make it difficult to take big positions with just a deposit of just $100.
Withdrawal requests are usually processed in less than 24 hours. While the e-wallet transactions are quick, bank wire and credit/debit card withdrawals can take a bit longer.
While there are no fees charged, traders should note that if they fail to make any trade within 180 days, a dormancy fee is charged. This is typically $10, and the dormancy fee is deducted from any available account funds.
ForTrade offers 24/5 customer support via live chat, phone and e-mail. Support is available in 12 languages and the response is quite professional and quick. The support is mainly dedicated to beginners, who are allowed to join free webinars and take part in live trading sessions. By participating in the free webinars, traders can expect to pick the brains of experts and understand new concepts in trading.
The education section at ForTrade carries a wide number of video tutorials and e-books covering the basics in Forex and CFDs trading.
- FCA Regulated
- ECN broker
- Low minimum deposit
- MetaTrader 4
- Higher spreads
- No PayPal
- No Bitcoin deposits
Currently, ForTrade does not accept clients from the following countries: USA, Canada, Australia, South Africa, Japan, and Hong Kong