Choosing a Forex broker can be a challenge; there are many of them out there, some even unregulated. ForexCT is an Australian based Forex broker that provides Forex and CFD (Contract for Difference) trading services. They place high value on providing their customers 24/7 markets access through their secure online trading platform, comprehensive educational tools and exceptional customer service through their team of dedicated Account Managers and support team.
ForexCT is Australian Securities and Investments Commission (ASIC) registered and holds an Australian Financial Services License. ASIC is an independent Commonwealth Government body that’s responsible for the oversight, regulation and enforcement of Australia’s corporate, markets and financial services laws.
ASIC has adopted the global standards of Forex broker regulation; ASIC regulated Forex brokers are required to hold at least $1 million in operating capital. They’re required to work with tier-1 banks for keeping their clients’ funds in a segregated trust account, which cannot be used by the broker for any business purposes. ASIC also has an investor compensation scheme in place to ensure that client funds are protected in the event of broker insolvency.
ForexCT’s client money is held in segregated trust accounts and isn’t used for hedging.
With leverage of 200:1 for beginner accounts and up to 400:1 for professional and VIP accounts, ForexCT customers can open large positions with a relatively small amount of collateral. The traders only need to deposit a small percentage of the notional value of a transaction. The leverage that ForexCT offers magnifies its customer’s exposure to the movement in the price of the underlying instrument. Get much more exposure with less margins.
Trading Pair Spread
Spreads generally differ according to currency pairs, but as a ForexCT client, you will always have fixed spreads, minimising your risk.
Trading Commission Fees
ForexCT offers commission free trading. They offer fixed spreads which means that their spreads may be slightly more costly than variable spreads. However, they offer the trader more control over their transaction and trade costs. They are fixed and remain constant as they aren’t affected by changes in the market. This type of trading is extremely beneficial to inexperienced traders, giving them more control and offering less risk.
A $500 minimum deposit is required when trading with ForexCT which is comparably higher than other brokers, who require minimal or no deposits at all.
There are two types of account available when you trade with ForexCT which include:
Free demo account
Test whether CFD trading is right for you with a free demo account; you can practice trading without any risk. When you open this type of account, you get $20,000 of virtual cash to trade with to develop your trading strategies, analysis and instincts using the WebPROfit platform. Trades are shown exactly the same as the live accounts, and you’ll have access to the same risk management features.
Once you get comfortable, you can change over to a live account with a minimum deposit.
Live trading account
A minimum $500 deposit is required for live trading accounts. You get access to the trading platform, by this stage you should have a basic understanding of CFD trading. You get access to all the educational resources on offer to further develop your skills when you open a live trading account.
Taking this into account, each ForexCT client can only have one trading account as each trading account represents one legal entity. For example, if you own a company you may open one trading account in the company’s name and one in your own name, however ForexCT will treat each account as totally separate from the other.
ForexCT provides its customers with 24/5 customer support. They understand how important their customers are, so they work hard to provide a high level of customer service. They have a team of account managers as well a dedicated support team to ensure that their customers trading experience is uninterrupted.
Tools for trading
ForexCT offers a variety of tools when it comes to making trading easier for their customers. Not only do their customer have a choice of leading online trading platforms, allowing them to trade anytime, anywhere. They also have access to market analysis tools which help them make more informed trading decisions.
Another advantage of being a ForexCT customer is that they have their own trading platform, WebPROfit. WebPROfit offers a variety of trading tools and news feeds suited to both inexperienced and expert traders. Real time customisable graphical representation of the market movements and of the user’s trades is a real plus when it comes to WebPROfit. It offers 24/7 support; you don’t need to leave the platform to get the support you need from Forex CT’s team of experts. The platform allows for instantaneous trade executions, so Forex brokers can enter and exit positions with the one-click trading tool; it makes managing trades much more efficient which in turn saves traders time.
Having access to this platform is a great advantage to ForexCT customers. It’s available on desktop, web and mobile making trading easy from any place at any time.
ForexCT customers can also access Tradency’s web-based Mirror Trader platform. It’s great for inexperienced traders as it allows users to learn the trading strategies of the leading global Forex and CFD traders, and automatically mirror their trades within their own trading account.
Market Analysis Tools
ForexCT has a variety of market analysis tools that aid traders at all levels and help them open trades. These include:
- Trading Insider: is an indicator that shows the inner trends of the WebPROfit users. This gives traders insight into what other users are doing and what trends are occurring in real time.
- Trading Central: is a private company that offers technical analysis in regards to measuring the evolution of prices; it uses the historical data to forecast their likely future behaviour. However, they’re predictions only, they aren’t exact or certain so they should be used as a guide only.
- Economic Calendar: is a graphical summary of the Trading Central forecasts. It allows investors to easily plan their trading and take advantage of market movements.
Education and Informational Resources
ForexCT has a strong focus on providing educational resources to its customers; they work hard to help their customer become smarter traders. These include:
- eBook: An in-depth eBook provides customers with extensive information about Forex and CFD trading.
- Video Tutorials: There’s nothing like video tutorials to help you learn. Insightful video tutorials cover an array of subjects for ForexCT customers.
- Webinars: From pricing behaviour to trading psychology, there’s a selection of webinars that cover various trading subjects available to ForexCT customers.
- Courses: Learn how to capitalise on specific ForexCT opportunities like identifying breakout trades and how to optimise your trading strategy with ForexCT’s trading courses.
- Analysis: As a ForexCT customer you’ll save time by getting access to Trading Central’s award-winning investment research and market commentary; don’t waste any more time scanning markets.
- Daily reports: Get the inside info before everyone else does with Forex CT’s reports delivered directly to your inbox daily.
Pros of Trading with ForexCT
- ASIC regulated and industry compliant.
- Commission-free trading with fixed spreads.
- Guaranteed stop losses on every trade at zero cost to help customers effectively manage risk.
- Trade smarter with a choice of leading trading platforms and market analysis tools.
- High leverage levels allowing you to open trades with minimal margin requirements.
- Deposit and withdraw funds with ease using a variety of methods including credit/debit card, EFT and BPay.
- They’re local; they’re Melbourne based so they understand what local traders need.
Cons of Trading with ForexCT
- High minimum deposit of $500.
- Slow trade speeds due to a lack of sophisticated IT; spreads aren’t sent directly to New York however fixed spreads minimise the risk of slippage.
- Negative customer reviews online making new comers weary to trade with ForexCT; the Forex industry can attract criticism due to volatility and risk.
- No variable spreads are available with ForexCT trades; only fixed spreads are offered.
ForexCT is an experienced broker with more than 10 years’ experience in the market. Just like any other broker, there are pros and cons of trading with them. However, overall their outstanding customer service, high focus on educational resources, easy trading access and risk management strategies give their customers everything they need to maximise their trades.