Abstract：Did you have to wait for a considerably long period to access fund withdrawals from FortressFX, a Comoros-based forex broker? Instead of processing your withdrawal request, did the broker block your account and prevent you from accessing your MT5 login? Have you faced a deposit credit failure on the FortressFX login? Are heavy slippages causing you massive capital losses? Many traders seemed to resonate with these issues by commenting about them on broker review platforms. In this FortressFX review article, we have investigated many complaints against this broker. Read on to know about these.
Did you have to wait for a considerably long period to access fund withdrawals from FortressFX, a Comoros-based forex broker? Instead of processing your withdrawal request, did the broker block your account and prevent you from accessing your MT5 login? Have you faced a deposit credit failure on the FortressFX login? Are heavy slippages causing you massive capital losses? Many traders seemed to resonate with these issues by commenting about them on broker review platforms. In this FortressFX review article, we have investigated many complaints against this broker. Read on to know about these.
FortressFX Profile Overview: Trading Instruments, Platforms & Account Types
FortressFX claims to have been operating for over five years in the trading space with over 500 active traders and 200+ trading instruments advertised on its official website. As per the companys claim, it offers trading opportunities across forex, indices, cryptocurrencies, commodities, metals and share CFDs.
As far as trading platforms are concerned, traders have two options - MetaTrader 5 (MT5) and copytrading.
The MT5 with powerful charting capabilities and extensive data insights remain good for traders. At the same time, copytrading can be productive for traders should the broker apply the successful strategy of a noted trader to good effect in the formers case. However, the absence of MT4, which remains the most popular among traders globally, is a notable miss.
Coming to the FortressFX trading accounts, you have three options as a trader. The details of these accounts are below. Take a look,
The starting spread charged by Fortress FX for Standard and Pro accounts seems to be much higher than those available at many brokers in todays competitive forex landscape. Competitive brokers can offer spreads starting from around 0-1 pip for these accounts. On the other hand, the leverage of up to 1:500 can be beneficial and loss-making at the same time. With such large-scale leverage, you can acquire massive positions in the forex market with a small amount of capital. However, if the market moves against your position even slightly, it can cause you steep losses.
Top Forex Trading Complaints Against FortressFX
Deposit Fails to Show Up on the Platform, a Trader Claims
An Indian trader recently claimed that his USD 100 deposit failed to show on the FortressFX login even after six days of the event. Further elaborating on the complaint, the trader shared that despite the support teams frequent assurances that the issue would be resolved in 24 hours, the deposit failed to reflect. Disappointed by the overall trading experience, the user wrote this FortressFX review.
A Reported Loss of $1000 Amid an Alleged Negligence from FortressFX on a Withdrawal Request
A trader placed a withdrawal request on the FortessFX platform. However, the broker allegedly did not process it; instead, it disabled the clients trading account and made him lose access to his account. With the support team reportedly failing to resolve the issue, the trader faced a loss of $1000, according to the complaint. The screenshot below perfectly captures the mess the trader experienced due to the reported negligence from the broker on a withdrawal request.
One Complaint, Multiple Issues
An India-based trader reported serious glitches in the way FortessFX conducts its forex business. To begin with, the trader revealed that technical issues hit him every day, especially during market volatility. Due to this, the user reportedly failed to execute trades and manage risks efficiently. Divulging more details, the traders account was deactivated without any prior information. As the account was blocked, the trader could not withdraw funds and reported the entire incident to the support team. Instead of resolving the issue, the support team gave generic or no responses, according to the complaint. The trader elaborated that the earnings were due to legitimate trading strategies and not through High-frequency Trading (HFT). Bereft by the overall incident, the trader gave a negative FortressFX review.
A Similar Complaint from Another Indian Trader
FortressFX India traders, as per the many reviews, seem largely disappointed. This review, which is similar to the one stated above, described an experience where an India-based traders trading account was allegedly blocked without any reason by the broker. The user admitted having five trades open and denied using HTF. Despite this, the account was deactivated, preventing him from logging in to the dashboard and withdrawing funds. The response from the support team was reportedly not good. Here are the words of the trader.
The Claim of Stuck Charts While Trading
A trader pointed out a serious issue concerning trading charts while making forex transactions. According to the complaint shared online, the trader faced an issue with stuck charts while trading. As a result, the trader allegedly failed to put a stop-loss order. At the same time, the trader disclosed that the broker takes around ten 10 days for deposit and withdrawal processing. Check out this FortressFX review for a better understanding.
FortressFX Accused of Excessive Slippage and Stop-Loss Manipulation
A user claimed that although FortressFX advertises zero slippage, he experienced significant slippage during normal market conditions. The trader reports that their stop-loss, set at 20 pips, was executed with around 200 pips of loss, raising concerns about trade execution accuracy. There are a few more traders who reported the slippage issue online. Check out multiple slippage complaints below.
FortressFX Review by WikiFX: Is It Real or Fake?
The complaints against FortressFX are allegedly on almost all aspects of forex trading, which called for a thorough evaluation of the broker. The WikiFX team, after investigating the details, found the broker to be unregulated. The lack of regulation meant a substantial investment risk for traders. Keeping this in mind, the team gave it a score of just 1.69 out of 10.
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