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ForexCT Review - Is it scam or safe?

ForexCT Review - is forexct.com.au scam or good forex broker?

RATING: 1.5 / 2 REVIEWS ForexBrokerz ForexCT
ForexCT is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts

 

Account type Minimum deposit  Minimum trade size Maximum leverage Spread Platforms
Standard $500 AUD 0.1 1:400 2 pips, fixed MT4/PROfit

 

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

 

Company

Country

Regulation

Forex Capital Trading Pty Ltd.

Australia

ASIC

 

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.

 

Trading Conditions

 

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.

 

Maximum Leverage

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.

 

Trading Platforms

 

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.

 

Conclusion

 

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. To sum things up, here are the advantages and drawbacks with regards to FOREXCT:

 

Pros

Cons                                                    

ASIC-regulated

No choice of account types

Commission-free trading

No variable spreads

Choice of trading platforms, MT4 available 

No micro tradeable lots

High leverage levels 

 

                                                                                           

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Traders` reviews for ForexCT

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Withdraw problam

Dear Sir,
My account in forexfactory and preferred broker is forexCt. But several time follow up for my withdrawal they did not transfer my money.
Please suggest what to do.

Pankaj kumar singh 08/13/2019

Forexct.com.au

Hi there
Ive had advice given by account
Manager. I was not comforatable
With the information given and
Raised my concerns and strongly
suggested that we trade in favour the opposite currency of what he recommended.
He insisted i go with his advice,
Which i did. I then suffered a major loss.

Is there a way i could get assistance
I. Investigating this matter? A referrel
Would be most appreciated
As i believe that i had been in distress
And even Coerced into that trade
trade.
If u have any advice that would also be
Appreciated and im willing to
to share all information required
In order to get closure on this.
Since then, to date.. i haven't been able to Get intouch with the my account
consultant as he no longer worked for the company and haven't been advised
By anyone regarding my concerns.

Yunus 07/03/2019

Bloody useless

As others have noted, it is IMPOSSIBLE to withdraw funds. Account managers change almost weekly, their advice is frequently misleading, non-published fees are extortionate, nobody ever returns calls, and anyone expecting the utterly useless ASIC to take an interest will be sorely disappointed. If perchance ASIC was even halfway functional, ForexCT would have been run out of town years ago.

Doug Young 03/27/2019

Withdrawal impossible

To withdraw money is impossible, I spent $500 witch they think is there's to do whatever

Des 11/14/2018

Forexct - I still havent seen a cent

well I started rading with forexct and was going great , good advice good contact and very pleasant to deal with , on those aspects I would have recommended them to all , then I decided to withdraw some money , 1 moth later and I still havent seen a cent , so not overly impressed on that aspect .

Mark Antony Glanville 11/12/2018

forexct is scam

the longest working employee told me most guys only last 2 years in the company and they dont care if you win or loose as their commissions are massive.rollover fees and 5 to 8 pip spread on some pairs. they all claim to be able to trade but they all trade with pepper stone or some other broker. meaning they have no idea how to trade with massive spreads let alone any trading on any platform. now after 4 years it seems i finally got to someone who gives a damn and will see if he can get me running. but overall 10k in the shitter. plenty of credit but dont bother if you cant trade medium to long term as its not geared for scalping due to massive cost per trade. and if you want good advice look elsewhere and yes over time ive seen platform glitching and not being able to take or close a trade at weeks market open despite their claim to full hours of trading.

platform questionable
knowledge appalling
most cases communication sux
dont give a shit about client funds as they are performance based

and not australian owned

nicholas bone 07/01/2018

Trading Platform Manipulation Warning

BEWARE The two platforms offered by installed application or online trade are being manipulated and interferred with. Errors of all kindx occur during trading that prevent opening and closing positions with error reports not matching account staus equity and active trades. During sign up this company requests access to customer computer using remote terminal login to
(help setup account).
Highly suspicious activity and malware installed during interaction. Audit of entire operation is needed by regulator ASAP.

Adam Howesdy 06/30/2018

increase trade size x100

This is a platform that scam people, rollover fees is charged. Minimum trade of size increase x100. Please really think about it.

Bee 05/04/2018
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