Fort Financial Services Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this Fort Financial Services Review.
Fort Financial Services Review
Clients of Fort Financial Services are offered a choice of three main account types: Fort, Flex and Pro.
The FORT account is suitable for inexperienced traders, as well as for those who prefer to fixed spread trading and want to know its size in advance, regardless of market volatility.
Most experienced traders would probably choose to open a FLEX account and trade with a variable, preferably tighter, spread.
Each of the FORT and FLEX real accounts gives you the choice of micro accounts and full currency trading, standard or cents. In addition, the broker has developed a FLEX type Cent account especially designed for newbies. No commission is charged for overnight transfer and what is more, in cases of failed transaction, it offers 10% credit of the recorded loss as a form of support from the company.
Both the Fort and Flex account type are commission-free, while the Pro Account involves a commission fee ranging from $1.5-$9, depending on the volume traded, since it offers holders floating interbank spreads in ECN environment. Even during breaking news or lower night liquidity, the spread for EUR/USD pair rarely increases to more than 1.5 pips.
What is more, VIP service is available to clients, whose total balance of trade accounts in the MT4 system has reached 25 000 USD, excluding bonuses (or its equivalent in another currency). Such clients may benefit from monthly compensation of up to 30% of the commissions and spreads charged by the company and the liquidity providers, the possibility to connect an individual Rebate service, as well as Lower commission for ECN PRO accounts.
The Company
Behind the brand Fort Financial Services is an international brokerage company established in 2010 in Belize. Fort Financial Services Ltd. operates on the basis of the international brokerage license, issued by the International Financial Services Commission of Belize (IFSC).
Fort Financial Services (formerly TradeFort) offers trading in a wide range of products, such as forex, indices, commodities, metals, various CFDs (including on cryptocurrencies such as Bitcoin, Ethereum, Litecoin and Ripple) and binary options.
Security of Funds
As we have already mentioned, this broker is licensed and regulated by the International Financial Services Commission of Belize (IFSC).
Unlike NFA, FCA and other financial watchdogs, IFSC has very liberal control over forex brokers. Its supervision focuses on promulgation of regulation and a mandatory code of conduct, as well as the licensing process. The commission places little emphasis on compliance-checking, reporting and on-going supervision.
Trading Conditions
Overall, this broker’s trading conditions could seem attractive both to new traders and experienced ones alike.
Minimum Initial Deposit
Fort Financial Services has low minimum deposit requirements for all trading account types – $5 and $500 respectively. Additional requirements are set for those who wish to use the CQG and NINJA TRADER platforms – a minimum of $2500-$5000 and $1000 respectively.
In comparison, Exness, which also holds a IFSC license, demands no initial deposit (as regards its Mini account) and $300 for its ECN account.
Average spreads & Commissions
There are trading accounts with both fixed and floating spreads in the broker’s product portfolio. As regards the commission-free accounts, fixed spreads amount to 2 pips on EUR/USD and the average variable ones are 1.3 pips on EUR/USD, which are both considered average. The Pro account provides row interbank spreads as low as 0.1 pips on majors, however a commission is charged, ranging from $1.5 to $9 per lot per side, based on the volume traded.
In comparison, Exness provides fixed spreads of 1.7 pips on EUR/USD and average variable ones on the commission-free accounts amount to 0.9 pips on EUR/USD, while ECN account offers average spreads of 0.4 pips on EUR/USD, and a commission of $ 2.5 per standard lot.
You may look up real-time spreads of 15 leading brokers here.
Maximum Leverage
Leverage with this broker is flexible, increasing or decreasing automatically, based on the account balance. The maximum leverage rates offered are high, reaching 1:1000.
In comparison, another Belize-based broker, Colmex Pro, offers leverage up to 1:400, while Exness provides leverage as high as 1:2000. We advise traders to exercise caution when using Higher leverage levels, for they may not only multiply their earnings on a small deposit, but also lead to heavy losses in excess of the initial investments made.
More forex brokers offering leverage equal to or exceeding 1:500 can be viewed here.
Trading Platform
Apart from the famous MetaTrader 4, Fort Financial Services offers its customers CQG and NinjaTrader, through which users can trade in futures and options, as well as a special binary options platform. All basic platforms offer NDD execution and automated strategies, one-click trading as well as trading directly from the charts.
The most popular platforms for traders, MetaTrader 4, is optimized to work with this broker in particular, adding a few improvements. Coming in desktop, web and versions, MT4 offers a number of technical indicators, extensive back-testing environment, advanced charting package and a wide range of Expert Advisors (EA), allowing clients to fully automate their trades. In this regard, the broker also provides the use of VPS (virtual private server) to customers who are using EAs to trade, allowing trading robots work more efficiently due to a high-quality broadband Internet connection, and also enabling traders to make timely adjustments to the advisors1 operation.
Here you may look up more forex brokers offering MT4 platform.
Fort Financial Services also invites professional traders to work through a stock exchange terminal created by CQG Inc., which has 4 types of access: the light version of the CQG Trader, the functionally rich CQG QTrader, the professional CQG Integrated Client and also the CQG WebTrader, through which you can get access to all websites in the world of online trading.
What is more, this broker has partnered with NinjaTrader, LLC. and also offers NinjaTrader. This is an application for advanced charting, market analytics, trading system development and trade simulation, providing automatic control strategy for position management, right from client log on.
Bonuses System
This broker offers two types of bonuses:
– no-deposit welcome bonus of 5 USD, available with Fort and Flex accounts in any currency;
– deposit bonus from 10% to 50% of the deposited amount, which may be withdrawn only after you certain account turnover conditions are met.
Besides, Fort Financial Services, trading as FortFS, has partnered with Forex rebate website PayBackFX to offer cashback rewards to its clients for each order they make. The website pays different rebates depending on the type of account. Holders of Flex or Pro are eligible to receive back $3 for each round-turn lot, while investors trading via Fort accounts can get back 30% of the spread they paid. Rebate rates for trading in contracts for difference (CFDs) is 26.25% of the spread.
Methods of Payment
Fort Financial Services offers its clients the following payment modes: credit/debit card, e-wallets (QIWI, WebMoney, Skrill, Neteller, Perfect Money, FasaPay, RBK Money) and bank wire.
Despite its looser regulation, Fort Financial Services appears to be a decent broker, offering reasonable conditions for trading in a variety of products through different platforms.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
Fort Financial Services Review Conclusion
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