Hi guys! It’s Valentin here with another forex broker review. Today, I’m going to tell you about FortFS.
According to the official website of the broker, Fort Financial Services Ltd. is the company behind the brand and was established in 2010 to provide the traders all over the world in the global financial markets.
You can find the answers to these questions in this FortFS review: Is FortFS scam or not? What are the account types offered by the broker? What are the trading conditions such as spreads, minimum deposit and leverage? Is FortFS regulated?
I reviewed FortFS based on the following criteria.
- MT4 support
- Low minimum deposit as $10
- Offshore regulation
- Limited payment methods
- No choice of trading platforms
Regulation of FortFS
Fort Financial Services Ltd operates on the basis of international brokerage license IFSC/60/256/TS/13 issued by the International Financial Services Commission of Belize 15.04.2013, which has been prolonged on 07.12.2018 under license number IFSC/60/256/TS/18.
This license provides the following for its clients:
- This license guarantees to the customers that the capital assets guaranteed for payment are kept in a separate bank account and that the firm’s financial stability is maintained in accordance with the IFSC requirements.
- It guarantees international trade services standards in accordance with IFSC requirements.
- The license guarantees that the company will conduct quarterly audits and full annual accounting for the regulator.
- The license guarantees that disputes between traders and brokers will be resolved with the involvement of the IFSC as an independent arbiter whose decision is final and binding.
Despite all this, I can say that this regulator is not one of the regulators that requires the strictest rules in the sector.
The regulators I mention are FCA in the UK, Aussie ASIC, and CySEC in Cyprus. These watchdogs require stricter rules and conditions for brokers who wish to obtain their licenses.
For example, the UK’s Financial Conduct Authority (FCA) requires to hold €730,000 minimum net capital.
Besides, if a broker wants to get a license from the Australian Securities and Investments Commission (ASIC) in Australia must hold $1,000,000 minimum net capital. This shows how strict it is to be a member of this organization.
Duly-regulated brokers offer compensation plans that protect your money when there is an unexpected bankruptcy or withdrawal problem. One of them is the Financial Services Compensation Scheme (FSCS). The FSCS covers investors’ money up to the amount of £50,000.
Account Types and Spreads
FortFS Account Types and Spreads
There are four account types offered by FortFS. The names of these account types are Newbie, Fort, Flex, and Pro.
As the name implies, Newbie account is suitable for newbies. Spreads are floating from 0.3 pips, the minimum deposit is just $5 for this account. The maximum leverage rates are high, up to 1:1000.
Fort account also requires $5 minimum deposit but spreads are different, fixed 2 pips. Account currencies are USD and EUR. The max leverage is 1:1000. Minimum order size is 0.01 lots.
You can open a Flex account by depositing $5 minimum deposit. Spreads are floating from 0.3 pips there is no commission. The maximum leverage is 1:1000.
The last one is the Pro account and it requires $500 minimum deposit. Spreads are floating from 0.1 pips + commission $9 per lot (per side). The maximum leverage is 1:100. This account is An account type for professional.
FortFS offers trusted and worldwide trading platforms such as MetaTrader 4, MetaTrader 5, CQG, and NinjaTrader.
FortFS provides traders with access to exclusive and professional trading terminals. The MT4 trading terminal is one of the most popular trading terminals in the world due to its versatility and convenience.
MetaTrader 5 is the most advanced trading terminal that allows trading access to Forex, stock exchanges, futures, CFD as well as the cryptocurrencies markets.
The CQG market terminals are professional high-technology trading terminals specially developed for internet trading in global markets of derivatives, futures, options, indices as well as spreads and OTC products.
The NinjaTrader trading terminal is a professional platform with unique features such as advanced market analytics, development of trading systems and trade simulation. FortFS in collaboration with NinjaTrader provides access to the NinjaTrader trading terminal.
Fort Financial Services (FortFS) offers to trade in a wide range of products, such as forex, indices, commodities, metals, various CFDs (including on cryptocurrencies).
With FortFS you can get access to 8 major cryptocurrencies with the largest market capitalization – Bitcoin, BitcoinCash, Ethereum, Litecoin, Ripple, Dashcoin, Zcash, Monero.
There are two types of bonus offered by FortFS. These are FortFS no deposit bonus 2019 and deposit bonus.
FortFS no deposit bonus allows you to try your hand at real market conditions without risking your own funds! This bonus is deposit-free and does not require the deposit of own funds to withdraw the bonus and the bonus profit.
The second one is FortFS deposit bonus. The bonus program works on a permanent basis and is available to all FortFS clients.
While depositing to trading account with a convenient for your payment option, you can choose the percentage that you would like to add to your deposit amount: 10%, 20%, 30%, 40% or 50% in the “Get Bonus” box.
A number of payment methods are accepted at Fort Financial Services, including Visa and MasterCard, WebMoney, Skrill, Neteller, Perfect Money, Expobank and a number of others.
Payments can be made in USD, EUR or RUB, depending on the payment method chosen. And some of the methods will incur additional commission charges.
Despite its regulation is not tight, FortFS offering acceptable conditions for trading in a variety of products through different platforms. You can look at the pros and cons of FortFS below.