ForTradersFX – Should You Trust This Broker?

Website URL: https://fortradersfx.com/

Founded: 2019

Regulations: Not Regulated

Languages: English

Deposit Methods: Deposit by Phone, Credit Card, Debit Card and Bank Wire

Minimum Deposit: $250

Free Demo Account: Not Available

Number of Assets: N/A

Types of Assets: Indices, Commodities, Crude Oil, Stocks, Forex

Trading Accounts and Conditions

ForTradersFX offers its customers the following types of trading accounts:

• Mini Account: The minimum deposit requirement to open a mini account is $250. The broker also offers traders who use this account type a leverage of up to 1:100.
• Bronze Account: We do not know what the minimum deposit requirement for this type of account is, but the leverage levels offered are at 1:100.
• Silver Account: Once again, there is no information about the deposit requirements for this account, but the leverage is 1:200.
• Gold Account: For the Gold Account, the leverage level is 1:200.

There is no information on the spreads offered by this broker.

ForTradersFX – Advantages

You will have only a couple of possible advantages to trading with this broker:

• Sirix Trading Platform

ForTradersFX claims that it offers both the MT4 as well as Sirix trading platforms. However, while we could not download the MT4 software or even access its web-based version, we were able to access the Sirix platform.

Sirix is best known for its social trading features, and it also offers some neat charting options and analytics tools. So, despite the fact that the MT4 platform was not available, we would say the other trading platform is not too bad either.

• Range of Trading Instruments

This broker offers its customers a decent range of trading instruments such as forex pairs, as well as CFDs in stocks, commodities, crude oil and indices.

ForTradersFX – Disadvantages

Here is the list of disadvantages because of which we would strongly recommend to all traders that they not contract with ForTradersFX:

• Unregulated and Offshore Broker

This broker is owned as well as operated by a company called ForTradersFX Ltd. This company is based in the Marshall Islands. While this is not a problem in itself, the danger is that brokers registered offshore are unfortunately known to be scam operations.

Added to that, this particular broker does not have the necessary licenses to offer financial services in any of the regulated markets.

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• Blacklisted by CONSOB

Despite the fact that ForTradersFX does not have the licenses to operate in Europe, it has been doing exactly that. And because of this, the Italian regulatory authority, the CONSOB, has issued a public warning against this broker.

According to the warning, ForTradersFX is running a scam operation and that all traders should avoid doing business with this broker.

• Withdrawal Fees and Processing Time

According to the Terms and Conditions given by ForTradersFX, clients will have to wait as long as 10 business days for their withdrawal requests to be processed.

Furthermore, the minimum withdrawal amount allowed is a whopping £3,000! And you will be charged withdrawal and processing fees. However, the amount of the fees has not been specified.

And finally, the broker also states that you may be required to present added documentation before you will be allowed to withdraw your funds.

• Market Makers Offering to Manage Your Account

ForTradersFX also offers to manage your trading account for you using an unknown automatic trading software. This is a clear conflict of interest since most forex and CFD brokers are market makers. Market makers are those who make money when their clients lose money.

Therefore, if a market maker is offering to take care of your trading account, chances are that they will ensure that you keep losing your money so that they can profit.

• Lies About Support for MT4

As we mentioned earlier, despite the fact that ForTradersFX claims to offer two different trading platforms (Sirix and MT4), only the Sirix interface works.

The MT4 trading platform was unavailable, either as a downloadable or as a web-based version. We can only conclude that the broker lied about offering support for this platform in a bid to attract more customers.

While the Sirix platform is good, it doesn’t compare to the large number of features and ease of use that the MT4 platform offers its clients.

• No Demo Account Available

Another red flag that we found is that this broker does not offer any demo account to test trading conditions to its clients. This is also the reason why we were unable to find out what the spreads offered by ForTradersFX was.

• Trading Bonuses Offered

Another huge problem we have with this broker is that they offer their clients trading bonuses. Trading bonuses are hugely controversial and have been banned in many jurisdictions because of the fact that they are basically tools to rip off unwary traders.

Trading bonuses look very attractive on the surface, with broker promising high returns on traders’ investments. However, the fine print to these promotional offers state that traders need to meet impossibly high trading volume targets to be able to withdraw their funds.

And if they do not meet those targets, traders can pretty much kiss their money goodbye.

Conclusion 

What we have found through our investigation is that ForTradersFX is just another offshore, unregulated broker that is out to rob unsuspecting traders of their money. There are already warnings issued by the Italian financial watchdog that this broker is a scammer and is offering financial services illegally.

Thus, we can conclude that ForTraderzFX is not a broker that is safe and that your money is at risk if you choose to contract with them.

ForTradersFX

2.3

User Experience

2.8/10

Payment Options

2.0/10

Security

2.3/10

Support

2.1/10

Reputation

2.3/10

Pros

• Sirix Trading Platform
• Range of Trading Instruments

Cons

• Unregulated and Offshore Broker
• Blacklisted by CONSOB
• Withdrawal Fees and Processing Time
• Market Makers Offering to Manage Your Account
• Lies About Support for MT4