ForexCT Overview
Telephone: 1800 367 392
Regulation: ASIC (Australia)
Pairs offered: 40+ including AUS/USD, GBP/USD, EUR/USD, GBP/JPY, NZD/USD
Minimum Deposit: $500
Spreads From: 2 PIPs
Max Leverage: 200:1
Markets: Forex, Indices, Commodities , CFDs, Shares

ForexCT Broker Review

Overview/Background

ForexCT is an online trading brokerage that was established in 2006. It is ideally suited to CFD traders and Forex traders. It provides traders 24/7 access to the markets, tight spreads, and zero slippage. The company is fully compliant with ASIC regulations, and is owned and operated by Forex Capital Trading PTY limited. The company’s license is #306400 (Australian Financial Services License). Among others, there are many client security measures in place, including full licensing and regulation by ASIC, guaranteed protection of personal funds, segregated accounts, no client money utilized for hedging purposes, and personalized account management. ForexCT offers traders 2 types of platforms including Profit and MT4.

 

Account Types

There are 2 types of accounts at ForexCT. These include a Live Account and a Free Demo Account. To get registered, simply click the sign-up button and complete the required information in the boxes. The minimum deposit for a live account is $500. Dealing spreads range from 2 pips and the contract size from 10,000. A maximum leverage of 1:400 is available. Other benefits of the live account include free daily market reports, free online tutorial, free Forex e-book, free online trading course and guaranteed Forex stop losses. When it comes to the demo account, the minimum deposit amount is $100,000 in virtual cash, and dealing spreads are from 2 pips. The contract size is from 10,000 and a Max leverage of 1:400 is available. With the demo account, the only other benefit you get is guaranteed FX stop losses. Once you have completed the registration, you must verify your information.

 

Trading Platform/Software

From the toolbar at the top of the page, you will see the platforms tab. When you click on it, there are 2 platforms available including Profit and MT4. The Profit Platform is tailored to CFD traders and Forex traders. It is fully compatible with Android smartphones and tablets and iOS smartphones and tablets. There are 2 subcategories within the Profit Platform – Web Profit and Desktop Profit. Among the many benefits of using this trading platform are 1-click trading with instantaneous trade executions, guaranteed stop loss orders for silver, gold, and currency pairs, and 24/7 technical support. The mobile version of the software makes it easy for you to trade on the go whether you’re on an Android smartphone/tablet, or an iOS device. When you sign up for a new account on the trading platform, ForexCT offers a $5,000 credit to new traders.

The other trading platform is MT4. This is the world’s premier currency pairs trading platform and it has been tailored to the ForexCT brokerage. With MT4, there are many benefits available to traders. These include the opportunity to trade commodities, currency pairs, contracts for difference and indices. There are also a wide range of trading tools including technical analysis, indicators and trailing stop orders. Guaranteed stop losses are available on FX, including fixed spreads and assistance in 30 languages. The MT4 platform can be downloaded at the click of a button. It is also available to on-the-go traders, in iOS or Android format. With MT4, it is possible to perform split-second trading decisions and utilize complex technical analysis.

 

Deposit Options

The range of deposit options includes credit cards and debit cards, EFT and domestic bank transfer, BPay and international telegraphic transfer options. The credit & debit cards include JCB, Visa and MasterCard. The minimum account deposit is $500 and a maximum deposit of $10,000 is permitted per transaction. The domestic bank transfer option accepts funds in USD, and the funds are typically available within 2 – 3 business days. Clients with Australian bank accounts can use the BPay option to transfer money to their ForexCT account. For international telegraphic transfers, 2 or 3 business days are required for funds to clear and reflect in your ForexCT account. The broker does not charge any fees for deposits or withdrawals. And no third-party payments are accepted.

 

Markets

The main markets are Forex and CFD trading. The following products are available on the ForexCT platform:

Forex: AUD/CAD, AUD/NZD, AUD/USD, CAD/CHF, CAD/JPY, EUR/CAD, EUR/JPY, EUR/USD, GBP/CAD, GBP/JPY, NZD/CAD.

CFDs: DAX, CAC40, ASX 200, Dow Jones, FTSE 100, Hang Seng, MIB 40, NASDAQ, Nikkei 225, S&P 500 index, USD index basket.

CFDs – soft commodities, gas, oil and precious metals, aluminum, Brent crude oil, coffee, copper, corn, cotton, crude lied oil, heating oil, lead, natural gas, palladium, platinum, sugar, zinc, wheat, tin and heating oil.

 

Bonuses

New traders are privy to a $5,000 sign up bonus, with many other promotional offers in tow. For example, we researched the available bonuses on site and found that there are 4 different types of accounts on the ForexCT platform. When you make a minimum deposit of $100 on the mini account, you are credited with a $50 bonus, when you make a minimum deposit of $1000 on the gold account, you are credited with a $100 bonus, and when you make a minimum deposit of $500 on the platinum account, you will receive a $200 welcome bonus +10% on deposit. The VIP account requires a minimum deposit of $20,000, and your credit bonus is subject to a personal call with the VIP management.

 

Customer Support

There are multiple support options to traders including telephone numbers for the Australian desk, Chinese desk and the international number. For customer service, the email address is as follows: [email protected]. Technical support questions can be directed to the following address: [email protected]. The postal address is in Melbourne, Victoria Australia.

 

Safety

Safety is a priority at this CFD brokerage. For starters, all client funds are kept in segregated accounts with the National Australia Bank. This ensures that your finances are safe if the company goes into liquidation. As for the FX trading platform, it is as safe as houses. MT4 and the proprietary program – PROfit – have been expressly designed with maximum trader safety and security in mind. This brokerage is regulated by the Australian Securities & Investments Commission, with the license number 306400.

 

Ease-Of-Use

It’s easy to navigate your way around this CFD brokerage. The only aspect that was a little confusing was the range of bonuses available. Luckily, you can use the demo trading account with a complimentary $100,000 in virtual cash. It doesn’t include all of the available features of the live account, but it’s a good way to get your feet wet in the financial markets.

 

Final Thoughts

ForexCT offers quality CFD trading on 2 distinct platforms: PROfit and MT4. These are available on mobile and PC. A wide range of tradable assets is available, with generous leverage and competitive spreads.

Pros
  • full licensing and regulation with ASIC
  • wide range of currency pairs and CFDs
  • segregated accounts
  • demo trading platform with $100,000 in virtual funds
Cons
  • High minimum deposit of $500
  • No Bonuses
  • LiveChat is a virtual person, and unable to answer many queries
ForexCT Overview
Telephone: 1800 367 392
Regulation: ASIC (Australia)
Pairs offered: 40+ including AUS/USD, GBP/USD, EUR/USD, GBP/JPY, NZD/USD
Minimum Deposit: $500
Spreads From: 2 PIPs
Max Leverage: 200:1
Markets: Forex, Indices, Commodities , CFDs, Shares
Pros
  • full licensing and regulation with ASIC
  • wide range of currency pairs and CFDs
  • segregated accounts
  • demo trading platform with $100,000 in virtual funds
Cons
  • High minimum deposit of $500
  • No Bonuses
  • LiveChat is a virtual person, and unable to answer many queries