Why is this scam
With less than three years of activity on FX market and with only two under the regulation of UK authorities, this is a rather young broker. Why should being new necessarily have to mean a bad thing? A new broker is not necessarily a scammer.
Where the problems begin?
We quote: “Firstly, attempt to log into the platform using a different web browser (e.g., try Firefox if you were using Internet Explorer). If that doesn’t work, check the security settings in your web browser to make sure they’re set to medium or low”.
The broker asks its clients to use low security settings. How can you trust with your money some broker who asks for medium to low security settings?
They only have one type of account. And their explanation is somewhat ridiculous: for the easiness of trading. Sic!
Let’s see the other signs.
Things get worse: they have a minimum deposit limit of USD 100, but they recommend you to trade starting with USD 500 deposit. They claim they only think of you, the trader and how you can make the most of your money.
And things go from worse to worst. Let’s look at the trading platforms. This broker only offers its own magic solution, in the form of fortrader for desktop, mobile or web. No MT4, no cAlgo. This is strange. How come they only let you use their platform and none of the independent, well-established and truly reliable ones?
Not even for the products they offer as common: FX, stocks, indices, commodities, ETFs, about 200 currency pairs etc.
The signs of confirmation
Hiding behind the anti-money laundry requirements, ForTrade.com. would give you your money whenever it pleases. First of all, you can’t request the money to be sent to another account than the one you used to make the deposit. Not even if you are willing to verify it. And be aware that if you paid with credit card, you may wait for 15 days until you see your money. Very unusual withdrawal terms.
The support they offer is nothing but a section on their website. There are no localized phone numbers, and the live chat is non-existent. This is another proof that Fortrade scam. Traders who actually worked with ForTrade.com. say trying to get in touch with them is anything but smooth and easy.
Recommendation – Traders should stay away from this broker, this being the only solution for them not to lose money.