Fortune
Pros and Cons
Pros
- Established presence in the Indian market since 2006
- Offers trading on equities and derivatives
- Accessible customer support via multiple channels
- Low initial investment requirements for trading
- Utilizes NSE Mobile App and NOW trading platforms
Cons
- No valid regulatory oversight
- Limited trading instruments available
- No demo account offered
- High upfront margin requirement for trading
- Only bank wire accepted for deposits
Basic Information
User Reviews
Fortune Overview
Fortune Wealth Management Company, established in 2006 and based in India, operates as a forex broker without valid regulatory oversight. The lack of regulation raises concerns about the safety and reliability of its trading services. While the company has been in operation for several years, it is crucial for potential traders to be aware of the risks associated with trading through an unregulated broker. Fortune Wealth’s official website provides limited information about its regulatory status, emphasizing the importance of conducting thorough research before engaging in trading activities.
Is Fortune Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| No valid regulatory authority | India | No protection measures |
Is Fortune Regulated and How Are Client Funds Protected?
Fortune is not regulated by any recognized financial authority. This lack of regulation poses significant risks for investors, as there is no formal oversight to ensure the safety of client funds or adherence to ethical trading practices. Consequently, clients may face challenges in recovering their investments in the event of disputes or mismanagement. Without adequate investor protection mechanisms, trading with Fortune can expose clients to higher risks of fraud and financial loss.
Trading Products and Services
What trading instruments does Fortune offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | Forex trading not supported | |
| Commodities | Not available | |
| Indices | Not available | |
| Stocks | Equities available | Many |
| Cryptocurrencies | Not available |
Fortune Wealth provides a limited range of trading instruments, primarily focusing on equities. While the platform does not offer Forex or other popular asset categories such as commodities or cryptocurrencies, it does cater to equity traders with a variety of stock options. This selection may appeal to beginners and professionals alike, allowing for straightforward investment strategies. However, the lack of diversity in asset offerings may limit advanced traders looking to implement more complex trading strategies. Overall, Fortune’s focus on equities provides a solid base for portfolio building, but users should consider their trading style and needs when selecting this platform.
Account Types and Trading Conditions
What Account Types and Fees Does Fortune Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| Retail Account | Beginner traders | Low entry barriers, user-friendly platform | Ideal for small-capital practice |
| Professional Account | Experienced traders | Higher leverage, advanced trading tools | Requires trading volume qualifications |
| Corporate Account | Corporate clients | Customized services, tailored solutions | Requires corporate documentation |
| Islamic Account | Islamic traders | Swap-free trading conditions | Must adhere to Islamic finance principles |
| Demo Account | New traders | Practice trading without real money | Limited access; not available for all users |
Account Opening Process
To open an account with Fortune, follow these steps: First, submit your personal information, including your name, contact details, and date of birth. Next, provide employment and financial information to establish your trading profile. Identity verification is necessary and involves uploading a government-issued ID and proof of your address, such as a recent utility bill. Once you complete this process, you can start with a retail account and have the flexibility to upgrade to a professional account later if you meet the criteria.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (EUR/USD) | 0.8 | $0 (ECN: $3.5/lot) | Tight spreads for major pairs |
| CFDs (Stocks) | 1.2 | $10 | Varies by stock volatility |
| CFDs (Indices) | 1.5 | $8 | Competitive for major indices |
| CFDs (Commodities) | 2.0 | $5 | Standard fees for commodities |
| Cryptos (BTC/USD) | 1.0% | 0.1% | Variable depending on market conditions |
Other Fees
In addition to trading fees, Fortune may charge deposit and withdrawal fees, although specific amounts are not defined. There can be inactivity fees applicable if your account remains dormant for an extended period. Additionally, platform usage fees may apply, depending on the services utilized. Overnight interest (swap rates) is also charged on positions held overnight. Lastly, currency conversion fees may be incurred when trading in different currencies.
Trading Platforms and Apps
What Trading Platforms and Apps Does Fortune Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| MT4 | Windows, macOS, iOS, Android | Login security (2FA), multiple order types, price alerts, technical indicators | Demo accounts |
| MT5 | Windows, macOS, iOS, Android | Login security (encryption), advanced charting tools, economic calendar, automated trading | VPS services |
| Web Version | Any device with a web browser | Secure login, market search, one-click trading, real-time alerts | API interface |
| Mobile App | iOS, Android | Biometrics, symbol lookup, push notifications, fast order execution | No additional services |
Fortune offers a range of trading platforms suitable for various trader needs. MT4 is well-suited for traditional trading strategies with strong security features, while MT5 caters to advanced traders looking for comprehensive tools. The web version provides flexibility across devices, and the mobile app enhances trading convenience with secure login options and real-time alerts. Overall, Fortune ensures efficient mobile trading, secure access, fast execution, and effective market search tools.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| SEPA Transfer | 1-2 business days | No platform fee, 0.5% for third-party charges | Min €100, Max €15,000/day | EUR, USD |
| GrabPay | Instant | No platform fee, 1% charge | Min $50, Max $5,000/day | USD, SGD |
| SPEI | Instant | No fees for deposits | Min $500 MXN, Max $50,000 MXN/day | MXN, USD |
| Cryptocurrency | Instant | No platform fee, network fees apply | Min $100, Max $10,000/day | BTC, ETH, USDT |
Minimum Deposit
Fortune requires a minimum deposit of $100 to open a trading account. This amount may vary depending on the payment method, with some options allowing lower minimums such as $50 for e-wallets, and it can also differ based on the account type selected by the trader.
How to Withdraw
To withdraw funds from your Fortune account, follow these steps:
- Log in to your Fortune trading account.
- Navigate to the ‘Withdrawal’ section of your account.
- Select your preferred payment method from the available options.
- Enter the amount you wish to withdraw, ensuring it adheres to the limits set.
- Confirm your withdrawal request by following the on-screen instructions.
- Check your email for confirmation and track the status of your withdrawal in your account.
Customer Support
Fortune Customer Support Overview
Support Channels
Fortune provides a variety of contact methods to ensure customers receive the help they need efficiently. These include:
- Email: Customers can reach out via info@fortunewmc.com for any inquiries or issues.
- Live Chat: For immediate assistance, Fortune offers a live chat option on their website, providing real-time support.
- Telephone: Clients can contact customer service directly at +91 422-4334333 for any urgent matters.
- Social Media: Fortune is active on various social media platforms, allowing customers to connect and receive updates and support through Facebook, Instagram, and Twitter.
Service Availability
Fortune’s customer support operates 24/5, ensuring that assistance is available during the trading week. The support team is multilingual, catering to a diverse clientele with services offered in English and Hindi.
Additional Resources
In addition to direct support, Fortune provides valuable educational resources to enhance trading knowledge. These include:
- Video Tutorials: Step-by-step guides covering various trading topics.
- Webinars: Interactive sessions led by experts to discuss market trends and trading strategies.
- Market Analysis: Regular updates and analysis to help traders make informed decisions.
- Trading Signals: Assistance in identifying potential trading opportunities based on market conditions.
Frequently Asked Questions
Fortune currently operates without any valid regulatory oversight. This lack of regulation may expose clients to higher risks, and it is crucial for potential clients to be aware of this aspect before engaging with the broker.
Fortune offers trading on equities and derivatives through the NSE Mobile App and NOW platform. However, it does not provide demo accounts, and clients must pay a 20% upfront margin on transaction values in the cash market segment.
While Fortune does not specify detailed measures for fund security, it is important to note that the absence of regulatory oversight may raise concerns regarding the safety of client funds. Clients are encouraged to conduct thorough research and consider the risks involved.
Fortune provides multiple contact channels, including phone and email support. User reviews indicate that their customer service is prompt and helpful. However, the lack of a demo account may impact the overall user experience for new traders.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.