Most people are under the impression that proper regulation is confirmation that a forex broker is safe to work with. But this is far from the truth. Online brokers know that a customer will check its regulation first before committing their money. For this reason, most of them have proper regulation.
Should you trust Fortrade because it’s regulated? The answer is NO!
You need to dig deeper and stay alert for the red flags, as we have done in this eye-opening Fortrade review.
We are going to be assessing if Fortrade lives up to its motto: “Trust and transparency in all that we do.”
If you have already lost your money to this trader, worry not. Schedule a free consultation with our experts. We can help you recover it.
Fortrade operates as a currency and trading platform. It operates under Fort Securities BLR LLC, which is registered by the Minsk City Executive Committee.
The broker works with a variety of markets, such as currencies, precious metals, stocks, energy products, indices, and US treasuries. It provides the MetaTrader4 trading platform, available in both desktop and mobile versions.
Fortrade does not provide account tiers. It charges $10 in inactivity fees, applicable if your account remains dormant for 180 days. You’ll lose that $10 every thirty days until your account balance gets to zero.
Fortrade’s withdrawals take up to five business days if you are using bank wire transfer, and up to 15 business days for credit and debit cards.
Is Fortrade Regulated?
Fortrade cannot legally operate in Belgium and the United States.
Fort Securities LLC is authorized to operate in Belarus. The National Bank of the Republic of Belarus regulates it with reference number 193075810.
It is also authorized to operate in the UK and regulated by the Financial Conduct Authority (FCA) under reference number 609970.
Fort Securities Australia Pty Ltd is licensed and regulated by the Australian Securities and Investments Commission (ASIC) under ABN: 33 614 683 831 and AFSL number: 493520.
Fortrade Cyprus Ltd is licensed and authorized by Cyprus Securities and Exchange Commission (CySEC) under the number 385/20.
Fortrade Canada Limited is under the regulation of the Investment Industry Regulatory Organization of Canada. It is also part of the Canadian Investor Protection Fund.
Impressive? Don’t let that fool you.
There is plenty of reason to stay away, as we will see in this candid Fortrade review.
Fortrade’s Bonus Bait
The promise of bonuses is an easy way to lure in unsuspecting customers to invest their money only to lose it later.
Fortrade offers two bonuses, a balance bonus, and a credit bonus.
But here is the catch; you can only withdraw them if you reach a target volume. That’s 10,000 £/€/$ for each 1 £/€/$ bonus you receive, which is pretty high. This condition pushes people to keep on trading even when they lose their money.
There is more. The bonuses are subject to cancellation by company policy at any time. You could easily lose your reward even after working so hard to earn it.
Fortrade limits bonuses. All at the discretion of the company. If it’s truly transparent, why isn’t it clear as to why a customer could lose the right to earn a bonus?
The Red Flags that Prove a Fortrade Scam
Fortrade gives the impression of a trustable company using its catchy motto, numerous impressive regulations, and professional website. But it uses other hidden and sneaky methods to have customers lose their hard-earned money. The only way to see what’s behind the veil is by looking at the experiences of those who have traded with the broker.
We are going to gather this information from reputable review websites, where they do not accept paid reviews.
1) Excessive Follow-Up Calls
One of the biggest signs of an online trading scam is pushy advisers. Once they have your contact, they will call you several times to get you to invest your money. And according to this review on Trustpilot, Fortrade goes as far as bribing you.
Although this customer suspected foul play early enough, other customers could easily give in to these endless calls and invest their money, only to lose it.
This review on Forex Peace Army is enough warning.
2) Delayed Withdrawals
In its FAQ page, Fortrade states that the maximum time a withdrawal can take is 15 business days.
But according to this customer on Trustpilot, they had still not received their withdrawal past the 45th day. Any attempts to follow up on their money had proven to be in vain. The customer got empty promises from the account manager and no response from the customer support staff.
The poor customer support is also mentioned by another customer on the same review website. Additionally, their deposit money was yet to reflect in their account three weeks after making a transfer.
This customer who took their complaint to Forex Peace Army reveals that he has waited three years and is yet to receive his money.
3) Technical Abnormalities
The above complaint also mentions ‘technical difficulties with their mobile app’. Another customer mentions the same issue on the same review website. These technical issues will cause you to lose money through suspicious price adjustments that happen during downtime.
The low overall score on the Forex Peace Army website is enough to sum up this Fortrade review. It shows what the trader’s previous customers think about the company based on their first-hand experience. It is a fraud that appears trustworthy at a glance but does not have its customers’ interests at heart.
Fortrade Review Conclusion: Is it a Scam?
While proper regulation is necessary for a broker, it does not guarantee that you can trust it.
There is a trend that stands out from the complaints given by Fortrade’s previous customers. Fortrade advisers will push you to invest money in trading. Once you give in, the trader will use unfair methods to make you lose it.
Its representatives will give misleading advice, and if you are able to make your own judgments, ‘technical difficulties’ will ensure that you lose. Any attempt to withdraw your money will turn out to be a frustrating waste of time.
If you have fallen for this scam, we can help you recover your money, schedule a free consultation with us, and be alert for online trading scams.