Fortfs.com Review: this is the website of a Forex broker that is located in Saint Vincent and Grenadines. This is an offshore location that begs the question, is Fort Financial Services a scam Forex broker? Since this is an offshore based broker, funds safety is not assured. Find out more about this company.
The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.
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Fort Financial Services mentions on its website that it is located in St Vincent and Grenadines, which is an offshore location. Forex trading goes on without proper regulation in this kind of location making it a choice base for scam companies. Trading with a Forex broker that is unlicensed poses many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well.
Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.
Advantages of Fort Financial Services
Trading with this broker gives clients access to a high amount of leverage and “a trading margin that is equal to zero”. There are Islamic accounts that are swap-free and many deposit bonuses. Tradable assets are many and impressive for clients to choose from.
It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
Fort Financial Services Trading Platform
Fort Financial Services offers traders access to the following trading platforms: MT4, MT5, NinjaTrader, and CQG. We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating systems. All can be used on desktops, Linus, Windows, iOS, and Android.
Tools that come with these trading platforms are also found to be useful for traders. It has proven to be user-friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders are 60+ currency pairs, 10+ cryptocurrencies, and CFDs on 50+ commodities. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
The maximum leverage offered to clients is 1:1000 and while this may seem generous, it is not advisable. High leverages can lead to a huge loss of funds as well. Spreads are from 0.1 pips on the EURUSD pairs.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on Fort Financial Services
The means that traders are to use to make deposits and withdrawals are VISA, MasterCard, FasaPay, local bank deposits, Neteller, PerfectMoney, Qiwi, Skrill, and WebMoney. We find these options listed an encouraging thing.
This is because standard and legit brokers make deposits and withdrawals available via Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on.
A minimum deposit of $1 is required and this is within the obtainable average of $100 to $250 that is common among legit brokers. Withdrawal fees are not applied and we find this encouraging but they are not completed instantly rather takes 3-5 days.
There is a bonus of 100% offered to traders on making deposits. We find this to be more of a disadvantage because bonuses are commonly used to tie down the funds of clients by scam brokers. They attach ridiculous and unattainable withdrawal conditions after giving traders a bonus. We will prefer if traders are informed of what the conditions are upfront.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is Fort Financial Services Licensed?
Fort Financial Services is not a properly licensed and registered broker. Even if anyone comes across a mention of licensing from this firm, so long as it is based in the offshore location, it is not likely to be a trustworthy one.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
We want readers to know that there are positive things being said about the broker online. On FPA, the broker’s representative is active and responds to complaints in time.
To contact the broker call +371 67 66 0716 or email to firstname.lastname@example.org.
Fort Financial Services claims to be licensed in an offshore location and we do not find this sort of regulation satisfactory. Despite this, the conditions offered are tempting and it has a good reputation in the Forex market. If you have anything to say about this broker, do so in the comment section.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
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Fort Financial Services
- Affordable Deposit Requirement
- Good Trading Conditions
- Islamic Swap-Free Accounts
- No Proper License
- Deposit Bonus With Weird Withdrawal Requirements
- Offshore Based Broker