RatingFX: independent rating of Forex brokers
Double-dealing Fortrade scam
As it happens, a stylish, bold and energetic broker’s self-description on its website usually hides a far uglier truth. Another vivid example of a turncoat Forex broker is a company named Fortrade.
Just looking at Fortrade’s website is an aesthetic and literary pleasure. Catchy advertising images with uplifting slogans whirr past you in bright flashes, and the texts, penned by inspired copywriters, leave no doubts as to scrupulous honesty and integrity of the broker.
However, attempts to promptly confirm the best first impressions with comments of the company’s clients bring out something completely different. A trader nicknamed aleksei8 relates problems with withdrawals and nifty manipulations of the broker after the request to withdraw funds.
“Guys, this fortrade is a 10,000% scam. They just won’t let you withdraw your money, spoken from my sore experience. Rather than sending you the good news that your money has been withdrawn to your real account, it’s easier and cheaper for them just to delete your profile, block your account, or even the IP address”.
And it gets worse. A very personal story by a trader nicknamed JONY describes how his family was affected when not only was he denied the money, but branded a persistent offender of the company’s rules as well after requesting Fortrade to withdraw funds.
“Fortrade is a very shady business. On August 2nd, 2020 I deposited 900 US dollars to trade. By September 1st, my account grew to USD 1,700. I wanted to withdraw some of it since my daughter was starting at the school, and the family wanted to celebrate. To my surprise, I saw that on that very same day, all – absolutely all – my money was withdrawn from the account, and I received no notification. Later I received a letter they forced me to sign, stating my consent to close the account in the future, I was accused of breaking the company’s rules of trading. I requested a return of the initial deposit. More than 18 days passed, and no money ever came. I sent a lot of messages, tried to call – nobody is responding. Cheats!”
Many sober-headed people would have abandoned the thought of working with this sorry excuse for a broker just after finding the two above comments. But we have several more, to give you a complete breakdown on Fortrade’s intricate scheming.
Alarming behavior of managers
Usually, the shortcomings of a broker’s support service merit just a mention in passing, maybe a casual mild remark in the very bottom of the list of griefs. But in the case of Fortrade, the support service deserves a centerpiece. Judging by the clients’ feedback, the broker’s support managers have authority that is not only unlimited but sometimes reaches beyond all decent extent. Here is what another victim of the boorish support has to say:
“I’ve had this nuisance, the broker happened to have deleted my account where a lot of my money was; I don’t want to say how much in this feedback, but a lot. Naturally, the first thing I did was address the support service. The answer I got, they did not know who I was. I went and got account statements to prove the money transfers to the broker. And they responded to this information with complete blocking, after which nobody picked up the phone or answered my letters and enquiries, even when I was using different phone numbers and e-mail addresses. As soon as they saw and heard that it was me, they just terminated the connection abruptly.
The comment below seems to be ready for submission to controlling authorities for an official enquiry. It has it all – names, amounts, the whole enchilada, topped with another testimony to insolence of the support service.
“Fortrade is an especially dangerous rogue broker, notorious for siphoning off huge amounts of money. They have this trading agent named Mark who can influence opinions of people. He tricked my brother out of USD 5,000, promised mountains of gold and called him every day. I told my brother to get rid of them all and not to talk with them, but no, they brainwashed him into making a decision to invest in an aggressive trade that was controlled with instructions of this Mark, the lying taleteller who successfully drained all the money. He then said that to recover the trade and come out on top, USD 4,000 more is needed, At that point, I just snatched the phone out of my brother’s hand and told the other guy to knock it off.
Notice that Fortrade’s official website promises very attentive support managers who are ready to answer any question and offer assistance at any time of day and night:
Inferior technical facilities
However, shortcomings of the support service can always be written off as a bad day of a certain manager, foul mood or people generally being human, not machines. However, when Fortrade is concerned, their so-called “robots” are far from perfect. This client describes disruptions in operation of their platform:
“After 4 successful trades my platform hung up, I opened a new trade. All trades have been frozen for more than 20 hours. Surprisingly, everything works just fine in the demo version, and this freeze-up only happens to the pair that I’m trading. Interesting, isn’t it? After I close the current trade, I’d never work with this broker again.”
Well, okay, things happen. Sometimes, trading platforms act naughty even if they are provided by the most reliable and trusted brokers. However, if the feedback below is something to be judged by, absolutely everything about Fortrade is naughty, with no exception: the Russian website, their own trading platform, and their desktop app.
“Even though they have a Russian version of their official website and support, I was unable to set up the language of their desktop platform. Generally speaking, judging by the desktop and web platform, ForTrader is not very functional (I get what help I can from google translations). I opened a couple of trades in the demo account and I’m telling you this platform is somewhat clumsy. The quotes are late by just fractions of a second, but still the delay is noticeable. This is why I’m trading via the last year’s build of MT4. Everything works fine here, I even wrote to the support to get rid of this ForTrader and provide MT5 instead, at least it shows the market depth adequately.”
All the while, the broker keeps offering a land of milk and honey in the form of instant execution, reliable operations and successful trading solutions in just a few mouse clicks:
Never-ending stream of dissatisfied customers
There is an infinite flow of emotional negative feedback in the Russian segment of the Internet about the experience of working with Fortrade. Traders complain of the company’s cheating, invested money gone forever, and rude behavior of the broker’s personnel. All these comments can be easily summed up in the two posts below. The first comes from a client – most likely, a former client – nicknamed alex7005:
“An absolutely horrible company with horrible customer service… they closed my account with no viable reason… stay away, they’d steal all your money.”
The other uncovers the swindling schemes of the broker and comes from a user nicknamed tadjik2011.
“Crookery of a terrible scale misnamed a broker. Fortade has a very successful scheme in place to deceive citizens of different countries. First, by threatening to close the account, they force you into depositing huge amounts of money, and if the fortune smiles on you, and your account grows – they remove it. These are professional thimbleriggers.”
To round it up, here is a screenshot of the Fortrade’s official website, where you are promised to be doing just fine if working with the broker.
Who can describe a broker better than the traders dealing with it? There is none better! After reading this feedback, though, there is only one thing left to do for beginners who are eyeing Fortrade – run for all they are worth!
To be sure, Fortrade lures its prey with colorful ads, a convenient website and crafty narratives. Then it quickly drains the accounts and deposits of fresh clients.
If our directness may be pardoned, Fortrade is nothing but a bucket shop. Under no condition should you trust them with your hard-earned money.
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