Fortissio Review – is it a good idea to register with this Forex broker?
Fortissio is a Greek investment firm regulated by multiple financial institutions and operating in Europe. The company offers over 300 tradable instruments for trading with limited leverage up to 30:1. There’s no popular trading platforms such as cTrader, and MetaTraders available and traders only have access to the Xcite platform.
At Fortissio traders can have access to trading various instruments, such as currency pairs, commodities, shares as CFDs, global indices, cryptos, ETFs, and synthetic derivatives. Let’s delve into more details and find out if this broker is a right fit for you.
Regulatory framework of Fortissio
When choosing your next financial broker, it’s crucial to pick the one that is trustworthy. The best way to know whether to trust your broker is to check its compliance with regulations and reputation.
Fortissio is authorized and regulated by the following institutions:
- The Hellenic Capital Market Commission (HCMC) with license number 4/792/20.7.2017
- The brand’s branch in Germany is regulated with ID no. 157432 under the BaFin.
In addition, Fortissio follows the regulations set by MiFID. MiFID, or the Markets in Financial Instruments Directive, aims to harmonize financial markets in the European Economic Area (EEA). The MiFID regulations are designed to enhance investor protection, increase competition, and transparency on the markets. While the HCMC is not considered to be a top-tier financial regulator, we can safely say that Fortissio is a legit broker.
Fortissio available assets
Traders can access over 300 tradable instruments across various asset classes, including: currency pairs, commodities, shares as CFDs, global indices, cryptos, ETFs, and synthetic derivatives. Maximum available leverage is limited to 30:1 for retail traders, however, to professional traders, leverage up to 200:1 is offered. There are soft and hard commodities, such as coffee, copper corn, brent oil, etc. In addition, traders can access shares of popular companies such as Adidas, Amazon, Alibaba, and so on.
There are 49 currency pairs for trading. Spreads on EUR/USD pairs for retail traders start from as little as 0.4 pips. Traders can access major, minor, and exotic pairs such as:
- AUD/NZD (Australian Dollar vs New Zealand Dollar) – spreads from 2 pips
- USD/CAD (US Dollar vs Canadian Dollar) – spreads from 0.4 pips
- GBP/NZD (British Pound Sterling vs New Zealand Dollar) – spreads from 10 pips
- USD/SGD (US Dollar vs Singapore Dollar) – spreads starting from 26 pips
- GBP/USD (British Pound Sterling vs US Dollar) – spreads from 0.4 pips, and so on.
It should be mentioned that the spreads mentioned are starting, minimal, and in the live trading conditions can increase, especially in a low liquidity environment. The spreads mentioned are trading fees broker charges for providing its financial services to its clients.
Offered trading instruments are CFDs, which means that traders can use leverage to trade them. Up to 10:1 leverage is available for trading shares. In addition, traders can go short or long, and enjoy high liquidity. CFDs are perfect instruments for speculating on the underlying asset prices, however, these instruments are not made for long term investing. Long term investors are typically purchasing physical assets such as physical precious metals and real (physical) company shares.
In accordance with a strict set of rules and regulations put in place by the European regulatory bodies, Forticcio offers its clients low leverage, up to 30:1. However, it should be noted that available leverage can be even smaller depending on your trading instrument. Let’s take a look at the leverage table below.
|Major Currency Pairs CFDs
|Non – Major Currencies Pairs CFDs
|Rest of Commodities
|ASX 200, CAC40, DAX, Dow Jones, FTSE, Nasdaq, Nikkei, S&P 500
|Rest of Indices
|Single Stocks CFDs
|ETF CFDs and Synthetic Derivatives CFDs
|Maximum available leverage
Deposit and withdrawal options at Fortissio
Fortissio accepts multiple payment options, including: Visa, Matercard, Maestro, Sofort, ecoPayz, MyBank, Skrill, Rapid Transfer, Neteller, Przelewy24, Bank Transfer, PayPal, Brite, and Google Pay.
When making deposits using debit/credit cards, traders are asked to provide a color copy showing both sides. The photos can be sent online. Traders need to make sure that the information about expiry date, card holder name, card number and other details are clearly visible.
As for the bank wire transfer, information about bank transfer details will be visible from your trading account.
It should be mentioned that card transfers and online wallets are typically instant while the Bank Wire option can take a couple of days.
Withdrawal requests require a day to be processed by the broker. However, the transfer time may vary depending on your withdrawal options. Similarly to deposits, bank wire withdrawals typically take more time than methods. In addition, intermediary banks may charge you transaction fees when using bak wire method.
Education at Fortissio
Quality education is critical for traders. Especially beginners can benefit from quality educational material as the internet is filled with both low and high quality material which may confuse beginners. Unfortunately, we couldn’t find any articles, educational videos, webinars, or links to seminars on Fortissio’s main page. Educational material and tools for market research and analysis are truly lacking from the broker’s webpage.
Customer support at Fortissio
A well put together customer support is the backbone of every customer oriented company. Fortissio service its customers by providing professional customer service available via live chat, over the phone, and email. Available from Monday to Friday: 8.00 – 20.00 GMT+2. Each trader has his account manager and the manager helps him solve technical difficulties and answer technical questions. As a downside, it should be mentioned that when we contacted the customer support agent using live chat, he didn’t have full answers and couldn’t forward the chat to the account managers. The account managers are only available over the phone.
Should you register with Fortissio? Let’s sum everything up
In summary, Fortissio is a reliable broker, but there are many downsides, such as lack of educational content, and average trading fees. In addition, customer support agents that greet newcomers lack the understanding of what the broker offers and knowledge of technical details. Furthermore, there are no popular platforms such as MetaTraders or cTrader available. Overall, Fortissio does have its pros, but we have reviewed better brokers in the past. Feel free to check our reviews to find the broker that can fit your needs best.