When you see 5 regulations, you must think that Fortrade is an amazing broker. Yet, do not open the account before reading our in-depth review on this broker. We covered everything, from the regulation to fees and leverage. Let’s start.
|Regulated by:||FCA, ASIC, IIROC, CySEC, NBRB|
|Headquarters Country:||United Kingdom|
|Supported Platforms:||MT4, web trader|
|Types of Assets:||FX, commodities, indicies, stocks, crypto|
Regulation and Security
Fotrade is a broker established as Fortrade Limited in 2013 in the United Kingdom. After this first office, the broker expanded in Canada, Belarus, Australia, and Cyprus. The broker has regulations from all 5 countries – CySEC, FCA, ASIC, IIROC, and NBRB. In all the countries it is using the similar name – Fortrade Ltd, Fort Securities Pty Ltd, Fort Securities LLC. We can say that so far Fortrade sounds like a legit broker.
When it comes to the security of the funds, the broker says that it’s working according to ESMA rules and keeping funds in top-tier banks. The clients can trade on the MT4 mobile app or Fortrade custom-made web trader. Regarding data security, Fortrade broker is GDPR compliant. So far, so good.
In which countries does this broker work?
According to its regulations, the broker can legally operate in Canada, the UK, Belarus, Canada, and within the EEA zone. Also, a license from the Belarus bank gave the company global coverage. We checked the reviews by the clients and saw that the company has no restrictions in its operations. It covers the global market, from the USA to Australia. However, you should be very careful when opening an account, to check to which entity you belong.
How Online Trading Scams Work?
When it comes to online trading, everyone has to be extra careful. There are many brokers, but not all of them are legit. And not all of them will give you your money.
How does it all start? By an ad or a phone call. You see or hear something that convinces you to invest your money. And it sounds very logical. You are investing in companies you’ve heard of, such as Tesla, Facebook, Amazon. Or maybe gold, or bitcoin. It doesn’t even matter. You are investing, and you know that this asset is doing good. You know that you can make a profit. But what happens when you give your money to a scam broker? A lot. First of all, you keep getting phone calls from a broker that is convincing you to invest more money. You get several financial plans, several ROI plans. It all sounds alright. So, you do it. Or you don’t. Whatever the case is after several persistent calls comes the silence. You are not a person of interest anymore. You either gave all the funds you planned to invest, or you have no more funds, but you are not a good victim any further. And then you get ignored. Nobody is answering your emails. You cannot get the broker on the phone. From the phase of chasing, you came to the phase of ignoring. And then you start questioning it. You see some profit; you want to withdraw it. But you can’t. Many different excuses. Documents, margin level, the broker on a vacation. Doesn’t even sound logical anymore. And this is when you understand that you’ve been scammed. After several attempts to contact the broker directly, and get your money back, you need another solution.
Victim of a Fortrade scam?
In case that you have any issues, or get scammed by a Fortrade broker, do not hesitate to report it. We’ve come across many reviews from people in the same situation. Report the case, and ask for your money back. You are not the only victim, and you can get the money back. You need to file a dispute and request a chargeback.
But what is a chargeback? Chargeback is a way for you to get money back to your debit or a credit card. You need to file a dispute, give proof that you’ve been scammed by an online broker, and ask for your money back. Do not let a scam broker go away free! Contact us immediately for help!
Is Fortrade a good broker?
Fortrade is a broker regulated by several regulatory bodies. However, before opening an account, check under which entity you belong.
Is Fortrade a Scam?
Fortrade is a broker regulated by several regulatory bodies. However, we’ve noticed that there are many complaints about this broker, so we advise you to be careful.
Is Fortrade regulated?
Yes, Fortrade has regulations by FCA, ASIC, IIROC, NBRB, and CySEC.
Where is Fortrade broker based?
The main office of the Fortrade broker is in London, the UK. Besides that, a broker has branches in Canada, Australia, Belarus, and Cyprus.