Editor’s Verdict
Overview
Review
Headquarters | Australia |
|---|---|
Regulators | ASIC |
Year Established | 2006 |
Execution Type(s) | Market Maker |
Minimum Deposit | 500 |
Trading Platform(s) | Other, MetaTrader 4, Web-based |
Islamic Account | |
Signals | |
US Persons Accepted? | |
Managed Accounts |
ForexCT was founded in 2006 and is a leader in Forex and CFDs with clients from all over the world. Located in Melbourne, Australia, ForexCT is fully compliant and regulated by ASIC. It prides itself in being committed to leading the industry in transparency, accountability, and business ethics. Forex Capital Trading Pty Ltd is regulated by ASIC, ABN, FSG, PDS for CFDs and PDS for FX and Commodities.
Accounts
One of the first thing I noticed when doing this review was that there is no mention on the site regarding a different types of accounts so I can only assume that there is only one account to trade from. This is highly unusual as most Forex brokers offer a choice of at least three different accounts with various benefits attached to each.
Features
ForexCT offers Forex and CFDs in indices, commodities and some metals. A CFD is an acronym for ‘Contract for Difference’ and is a type of derivative. The price of a CFD is derived from the value of the underlying asset which can be from currencies, commodities, indices or shares.
Many traders opt to trade with CFDs rather than trading the underlying asset itself. This means that they never actually own the underlying asset, but instead speculate or invest in the price movements. A CFD is a deal between two parties who agree to exchange funds based on the change in value (the difference) of the underlying asset between the point at which the deal is opened and when the deal is closed. Forex is a type of CFD where traders are simultaneously buying one currency and selling another.
Traders opening an account at ForexCT must sign off on their Margin FX contract. This is an agreement to exchange the difference in the value of an underlying instrument (i.e. a spot currency pair) between the time the Margin FX contract is opened and the time it is closed. It is a private contract between ForexCT and the trader.
Bonuses/Promotions
At the time of this review ForexCT was offering a deposit bonus of up to $5000.
Education
ForexCT believes that traders should never stop learning. Towards this effort, it offers traders a host of educational services. A free Forex trading course provides beginners with the basics of Forex trading, such as leverage and how to use it efficiently, risk management and an introduction to chart analysis. All these are necessary skills for building a solid understanding of Forex markets. The instructors at the trading school have years of experience under their belts and are eager to pass on to those that are just starting out.
Forex Education Courses
In addition, the trading school presents classes for intermediate and advanced traders so they can move up to the next level of trading. These more experienced traders can take advantage of lessons in advanced technical analysis, mirror trading, advanced risk management techniques and the psychology of trading.
Webinars are also offered at ForexCT. Four live English webinars and a live Chinese webinar are given each month and there is a long list of archived webinars which account holders can access at any time. The free in-house workshops can benefit all levels of traders and attendance provides them with an opportunity to meet in person the team of professional traders and analysts at ForexCT and have direct discussions with them on any topic they choose. The 10 video tutorials available for Forex traders who use the new PROfit account are instructive as well as enjoyable.
Traders at ForexCT can also sign up for the Trading Central which is an industry-leading provider of technical analysis and investment research. At Trading Central traders can explore award-winning daily financial insights from more than 100 leading global financial institutions in 30 countries.
The professional team at ForexCT also offers its account holders free in-house workshops for traders of all levels of experience on subjects ranging from risk management, to technical and fundamental analysis. The ForexCT eBook is accessible to each new member upon registering for an account.
Customer Support
Customer Support Methods |   |
|---|---|
Support Hours | 24/5 |
Website Languages |   |
ForexCT places customer support at the top of its list of important features and its online Chat service representatives are available through the firm’s website. Telephone support is available 9:00 am through 7:30 pm AEST, Monday to Friday and contact can be made directly from the ForexCT platform. When doing this ForexCT review, I contacted the customer support hot line and spoke directly with a service representative who was both courteous and knowledgeable. Email support is also available.
Conclusion
There aren’t many Forex brokers in Australia that offer the features available at ForexCT. As a full service brokerage company, ForexCT offers traders all the necessary tools for easy FX and CFD trading. An account is easily set up and navigation on the website is quick and responsive.
Educated traders is an important goal at ForexCT and traders of all levels will find the instructive material interesting and beneficial. The only thing I found missing from this broker was a choice of different accounts but I trust that the one account that is offered is sufficient for most traders.
Features
ForexCT has most of the features you would look for in a broker and then some. One of the outstanding features is their choice of platforms. ForexCT offers traders the use of several state of the art platforms including the popular MT4 platform. Mirror trading and Margin FX are some of the unique features offered by the broker. There is also a choice of over 30 currency pairs as well as commodity CFD futures, spot metal CFDs and Index CFD futures.
Platforms
There are several state-of-the-art trading platforms available at ForexCT.
ForexCT Trading Platforms
WebPROfit
WebPROfit is an easy to use online trading platform which allows you to trade anytime wherever you are. This platform is based on up-to-date trading technology designed with the user in mind.
WebPROfit offers trading tools, news feeds and support directly from the platform. It provides a real time customized graphic representation of the market movements in addition to all your trades. Both beginners and experienced traders can use this trading platform by easily adjusting its customizable features to their specific needs.
PROfit
The second platform offered at ForexCT is the PROfit platform which is designed to meet the needs of experienced and new traders alike. Downloading the PROfit platform to a mobile device such as a tablet, iPhone or smartphone, takes only a few minutes and if any difficulty arises, there is an accompanying video that provides additional necessary assistance.
Mirror Trader
Traders at 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.
MetaTrader 4
Most Forex brokers offer the popular MetaTrader 4 and ForexCT is no different. The MetaTrader 4 at ForexCT offers a host of features and is available in 30 languages. Trading platforms are open 24 hours a day, Monday to Saturday and can be accessed from all mobile devices.
MetaTrader 4 Platform
Trading Platform
MT4 | |
|---|---|
MT5 | |
cTrader | |
Proprietary Platform | |
Automated Trading | |
Guaranteed Stop Loss | |
Scalping | |
Hedging | |
OCO Orders | |
Interest on Margin |