Fortexo Review – Should you Sign Up with them?

Fortexo Review

Even if you don’t have a financial background, you are probably aware of the lucrative opportunities the financial markets have to offer. Many people have made their fortunes from these markets, which is quite well-known and accessing them has become easier for everyone nowadays. However, you also need to exercise caution because there are cybercriminals very active in the space and fraudulent platforms can often become your downfall. When choosing a broker to initiate the process, you have to be thorough and diligent, which brings you to this Fortexo review.

You can quickly discover that thousands of online brokers exist and a quick glance at some options show that they are all promising a positive and profitable experience. But, this doesn’t mean they can work for you because everyone has different expectations and requirements. Most importantly, not all of them are authentic and some of them may just be scammers masquerading as online brokers to lure in victims and steal their money. This has happened far too frequently for you to discount it. The problem is most people don’t know what to check in order to determine if a broker is the right one or not.

You will encounter the same dilemma when you come across Fortexo and this is where you can take advantage of the following review to make your decision:

Licensing and Regulation

In order to decide whether you should sign up with a broker or not, you first need to check their licensing and regulation. This is because all legitimate and professional brokers are regulated and licensed by the regulatory authority of the country where they operate. If you take a look at scam brokers closely, you will notice that they do not have a license and are unregulated. So, where does Fortexos stand in this regard?

A look at their details will reveal that Fortexo is based in Saint Vincent and the Grenadines and this is not reassuring at all because it is one of the worst offshore jurisdictions you can find. The problem is that this jurisdiction has downright refused to regulate its forex market in any way, due to which it has become a popular destination for scammers. Even if a company based in this jurisdiction is not a scam, the simple fact is that it will follow its own rules and will not be able to offer you protections that you can expect from a regulated and licensed broker.

Thus, signing up with Fortexo when there are other regulated and licensed brokers in the market does not sound like a good decision.

Terms and Conditions 

You should never sign up with any online broker without taking a look at their Terms and Conditions. These are the legal documents that outline the policies that the broker follows and expects you to comply with, the costs and fees they charge and other essential information. It basically dictates the relationship you will have with the brokerage. It is a good thing that you decide to check this where Fortexo is concerned because you will find that they have some very malicious Terms and Conditions.

The first thing you will come across is the Non-Deposited Funds clause, which is a common tactic used by scam brokers for preventing people from making withdrawals. As per this clause, any account at Fortexo that’s credited with a trading bonus will not be able to make a withdrawal with the profits that are made from the bonus. The problem is that there is no way to physically separate what profits you make from the bonus and from your own deposit.

Hence, you will not be able to make a withdrawal. The only way Fortexo will permit you to withdraw is if you are able to meet a certain turnover requirement, which is deliberately kept so high that it is nearly impossible to achieve. Another problem is with the withdrawal fees that the broker plans on charging. They have very high withdrawal fee in itself, along with a processing fee.

The fact is that most brokers are now waiving withdrawal fees as a sign of good faith for their clients, but Fortexo does no such thing. Moreover, they also charge an additional 10% levy on the withdrawal amount if a certain turnover requirement has not been fulfilled, which is also extremely high and almost impossible to achieve. In addition, they also charge a dormant or inactive account fee within three months of non-use and this is also very high. All of this indicates that Fortexo is very greedy and not a legitimate broker because they would not have any such exploitative policies.

Leverage

You also need to check what leverage the broker is offering to you and Fortexo is offering a ratio as high as 1:200. While this might impress some people because it gives them more room to trade, you should remember that such high leverage does come with its own share of risks. Moreover, it is also important to note that such high levels of leverage are not permitted in most regulated jurisdictions, which is further confirmation that this platform is not a regulated one.

Trading platform

One of the most crucial features that shapes your trading experience with a broker is the trading platform and you obviously want the best option, yet Fortexo is lying to its clients about their offering. A look at their website shows that they are promising the MT5 trading platform, which is the top trading solution in the market. This would immediately draw your attention because it is regarded as the most suitable option for every trader.

Unfortunately, you will find that this is a lie because Fortexo has a web-based trading platform that doesn’t even come close to the MT5. It is highly lacking in terms of features and offerings and not what was promised.

What is the Verdict?

Once you realize the problems that Fortexo has, it is quite apparent that you should not sign up with this broker and should look for a better option.