ForexCT offers its clients a single account type with maximum leverage up to 1:400, fixed spreads and no commission fees. Unfortunately, micro lots are not available for trade with this broker. There are, however, free guaranteed stop losses available for better risk management
The Company. Security of Funds
Forex Capital Trading Pty Ltd.
Established in 2006, ForexCT is a multiservice brokerage firm more than 60 currency pairs, various CFDs and precious metals for trade on the popular MT4 platform.
ForexCT is a brand of Forex Capital Trading Pty Ltd. – a Melbourne-based company, which is licensed by Australian Securities & Investments Commission (ASIC).
ASIC requires licensed companies to meet certain requirements and to comply with various rules. Clients’ money is to be kept in segregated trust accounts.
As for the minimum capital requirement, Aussie forex brokers must hold at least $ 1 million in order to operate legitimately. In comparison, UK’s FCA and Cyprus’ CySEC both require brokers to possess at least 730 000 EUR and– 1 000 000 EUR.
Unlike other European brokers (Cyprus and UK-based ones), however, Australian ones are not covered by any compensation scheme. Despite the ASIC regulation and supervision of Australian brokers, one should be aware of the risks of trading margin FX and CFDs.
Minimum Initial Deposit
Traders are required to deposit AUD 500 in order to open an account with ForexCT, which is a bit too high initial amount. In comparison, major forex broker IG (holding, among others, also an ASIC license) requires just $1 from its clients as a start.
Average Spreads & Commissions
ForexCT offers fixed spreads only, amounting to 2.0 pips on EUR/USD, which is average for the forex market. As most fixed-spread brokers, this one also does not charge any commission fees.
In comparison, IG offers variable spreads averaged 0.8 pips on EUR/USD on its commission-free accounts. For further information, you may look up real-time spreads of 15 leading brokers here.
Clients of ForexCT use leverage ratios up to 1:400, which is considered high, because higher leverage involves higher risk of losses in excess of initial investments.
Most brokers usually offer leverage of up to 1:200 or 1:400, for instance global broker IG provides leverage up to 1:200.
This broker offers a choice of Two trading platforms: the industry’s standard trading terminal, MetaTrader 4, and its in-house PROfit.
The MT4 provides all the tools and features a trader needs: a number of technical indicators, advanced charting package, a wide range of Expert Advisers (EAs) and extensive back-testing environment. By using EAs traders may sit back, while the software does all the work, as Expert Advisers allow full automatization of trades. With this broker, it is available as desktop and mobile versions.
The PROfit platform, on the other hand, is available in all forms and shapes: desktop, web and mobile.
We tried out the web version and it is really a simple platform equipped with the necessary trading tools and features. It took us awhile to find the charts on the right side of the screen, where are also located the buttons for news feed, market updates, economic calendar, trading trends and learning center.
Clients of ForexCT can also access Tradency’s web-based Mirror Trader platform which allows them to learn the trading strategies of top Forex and CFD traders from around the world and automatically mirror their trades in their own trading account.
Methods of Payment
ForexCT offers its clients the following deposit/withdrawal methods: via credit/debit cards (Visa, MasterCard, JCB), bank wire transfer, International Telegraphic Transfer and BPay.
Besides, if you use this broker’s proprietary platform, you can withdraw funds directly from it. Once logged in, click the “More” icon, select “Withdraw”, and input the necessary withdrawal information.
Withdrawals are generally processed within 1 to 2 business days.
ForexCT is a well-regulated brokerage, which has more than 10 years of experience in the forex industry. Its trading conditions seem reasonable, and it offers a choice of two trading platforms.
ForexCT Review Conclusion
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