Have you lost money investing throughout Fortrade Platform?

Have you lost money with Fortrade?

Fortrade Ltd is an online trading platform that allows investors to trade Contract For Differences (CFDs).

Fortrade offers ‘execution-only’ accounts, meaning they should not provide clients with personal financial advice. CFDs are complex financial products and are considered unsuitable for the vast majority of retail investors due to the high risk involved.

Oakwood Solicitors is currently reviewing potential claims on behalf of UK residents who suffered financial losses while trading CFDs with Fortrade.

What has Fortrade done wrong?

The Financial Ombudsman Service (FOS) have ruled in favour of several consumers who have lost money while trading with Fortrade.

FOS have concluded that:

• Appropriate suitability checks were not carried out

• Risk warnings may not have been sufficient

• Fortrade may have exceeded execution-only boundaries

There have also been findings that clients were provided with information such as forecasts, investment strategies, analysis, expectations or similar communications. Depending on the circumstances, this type of communication may be considered financial advice under regulatory guidelines.

In some decisions, FOS has required Fortrade to compensate clients, including situations where clients deposited additional funds or borrowed money in an attempt to recover losses.

How can I know if I have a claim against Fortrade?

You may qualify for compensation if:

• You are a UK resident

• You held a UK-based Fortrade account

• You suffered financial losses while trading CFDs

• You were contacted repeatedly about your account

• You were encouraged to deposit further funds

• You were given forecasts, strategies or similar guidance

We are particularly interested in claims where losses exceed £5,000, although smaller claims may still be considered.

Each case will depend on its individual circumstances.

Further reading

CFD Trading – Oakwood Solicitors

Financial Ombudsman Service – Homepage

WHAT TO DO NEXT

Get in touch today for a no-obligation consultation. Choose one of the methods on the right-hand side of this page, or call us on 0113 200 9720 to find out how we can help you. We have already assisted other investors in recovering their losses.

You must be aware that when dealing with a firm regulated by the Financial Conduct Authority, you have a right to complain to the company if something goes wrong. If your complaint is not upheld, you can ask FOS to consider the complaint and issue a decision.

The Financial Ombudsman Service is a free service that looks at disputes between consumers and regulated firms. You do not need a legal representative to make a complaint.