ForexCT is an Australian forex broker that is regulated by the Australian Securities and Investment Commission (ASIC)under the Australian Financial Services License AFSL #306400. However, ASIC has taken action against Forex Capital Trading Pty Ltd, the company operating ForexCT, and has warned Australian investors against trading with this broker.
Account Features
The minimum deposit to start trading with ForexCT is $500 AUD. This is a very expensive starting amount, which is an immediate disadvantage of trading with this forex broker. $500 is double the usual minimum deposit amount required by most brokers, which is $250.
Tip: With IQ Option, you can start trading with only $10!
As for trading accounts, ForexCT offers a single account type which includes:
- Leverage up to 1:400 for professional and VIP accounts / 1:200 for beginner accounts
- No commission fees
- Free stop losses
- Fixed spreads of 2.0 pips on EUR/USD
Unfortunately, ForexCT does not have any micro lots available.
Demo Account
ForexCT also claims to have a free demo account available with $20,000 of virtual funds for traders to practice. This is a great benefit and we strongly suggest you take advantage of it, as demo accounts are the perfect opportunity to test out a broker’s platform before investing any real money and practicing your trades if you are a beginner.
Trading Software & Assets
Established in 2006, ForexCT offers Australian investors over 60 forex currency pairs, market indices and CFDs on stocks and commodities to trade.
ForexCT has three trading platform options for Australian investors to choose. You can check out each trading platform below.
WebPROfit
If you prefer to not download or install any software, ForexCT offers you their in-house web trader WebPROfit, that is an entirely web-based trading platform. The PROfit platform is a great option for beginners, as it is simple, user-friendly and equipped with all the tools and features you will need.
MobilePROfit
For traders who prefer trading on-the-go through their mobile device or tablet, ForexCT has the option to download their PROfit mobile platform. The ForexCT MobilePROfit is available in both the App Store and Google Play and will be fully synchronized with the WebPROfit platform. This means you do not need to use one or the other, but both at your convenience.
Mirror Trader
Finally, ForexCT gives Australian investors the ability to automatically mirror and learn the trading strategies of top forex and CFD traders through their Mirror Trader platform. This is an interesting option if you are new, as you will be mirroring experts and seeing how the process works.
Support Information
If you have any questions or problems, you can contact the ForexCT customer support team via email or phone. ForexCT does not have a live chat option available. The emails and phone numbers provided are listed below.
Email:
General information: [email protected]
Customer Service: [email protected]
Technical Support: [email protected]
Complaints: [email protected]
Account Team: [email protected]
Contact numbers:
Australian Desk
Phone: 1 800 367 392
Fax: 1 800 068 022
Chinese Desk
Phone 1 800 367 392
Fax 1 800 068 022
International Number
Phone: +613 9866 5332
Fax: +613 9866 7057
ForexCT is owned and operated by the company Forex Capital Trading Pty Ltd based in Melbourne, Australia. Their office address is Forex Capital Trading Level 18, 636 St Kilda Road, Melbourne, Victoria 3004.
Banking & Company Information
The minimum deposit to begin trading with ForexCT is $500 AUD, USD or your base currency. The maximum deposit amount allowed is $10,000 per transaction. The deposit methods ForexCT accepts are:
- Credit / debit card (Visa, MasterCard)
- Bank transfer
- BPay (only for customers with Australian bank account)
- International telegraphic transfer
As for withdrawal methods, you can withdraw your funds directly from the PROfit platform. Simply click on “more”, select “withdraw” and enter the necessary withdrawal information. Your withdrawal will usually be processed between 3 – 4 business days.
ForexCT Pros & Cons
For your convenience, we have gathered all the basic ForexCT advantages and disadvantages below.
Pros:
- Demo account
- Transparent website
Cons:
- Very high minimum deposit ($500)
- ASIC has taken action against its parent company, Forex Capital Trading Pty
- No MetaTrader 4