Forex CA Review – Unbiased Pros & Cons Revealed

WHO IS FOREX CA?      

According to research in South Africa Forex CA is a Canadian company founded in 2005 with headquarters in Toronto, Canada.

Forex CA is wholly owned by Cash Forex Trading Inc., which is also based in Toronto, Canada, and is an introducing broker, (IB). An IB’s responsibility is to support customers with the most qualified Futures Commission Merchant serving a specific marketplace.

It allow users the chance to trade foreign exchange online, providing the same opportunities to individuals as to larger corporations.

Forex CA is not so much a broker than an authorized TradeStation© technologies reseller, forex training and solutions provider.

It believes focusing on the cash forex market will continue to give traders an edge and this may directly affect the success traders will experience.

SAFE OR SCAM

It is not clear on the website whether Forex CA is regulated by any authority.

PRO AND CONS

LEVERAGE

Leverage enables a trader to get a much larger exposure to the market the person is trading than the amount deposited to open the trade. Leveraged products, such as forex trading, magnify a trader’s potential profit – but also increase the potential loss.

Leverage is expressed as a ratio, for instance 50:1, 100:1, or 500:1. Assuming that you have $1 000 in your trading account and you trade ticket sizes of 500,000 USD/JPY, your leverage will equate 500:1.

Margin is the collateral to cover any credit risks that may arise during trading operations. It is expressed as the percentage of position size (e.g. 5% or 1%), and you need to have enough funds in your trading account to ensure enough margin.

For example, on a 1% margin a position of $1,000,000 will require a deposit of $10,000. The margin level in a trading account needs to be equal or more than 100% to be able to open new trades, otherwise your trading account will be fully hedged.

At Forex CA the leverage ratio is 1:200.

ACCOUNTS   

Forex CA offers the following types of accounts:

• Mini Account
• Standard Account

The company offers mini trading accounts which only need a small initial personal investment of $100 to start trading with.

The Standard accounts are for traders more comfortable with trading online and looking to trade larger amounts.

In addition, Forex CA also offers new account bonuses, and easy online applications for new accounts.

MARKET INSTRUMENTS

The most popular market instruments available from most brokers for trading include:

Forex

Forex trading describes the currency exchange market which refers to the global, decentralised marketplace where individuals, companies and financial institutions exchange currencies for one another at floating rates.

Commodities

Commodity markets offer many investment opportunities for traders. Soft commodities have been traded for centuries and plays a major role in portfolio diversification and risk management. Investing in contract-based tradable goods is a reliable way to mitigate risk during times of economic uncertainty.

Indices

Equity, or stock indices, are actual stock market indexes which measure the value of a specific section of a stock market. They can represent a specific stock market or a specific set of the largest companies of a nation.

Precious metals

The trading of gold and other precious metals, along with crude oil, copper or petroleum, are hard commodities that play a major role in the commodities market and are contract-based tradable goods.

Energy

The typical feature of energy prices is high volatility due to the influence of political and environmental factors, supply and demand, extreme weather conditions and global economic growth.

Forex CA offers the following of the above:

• Forex
• Stocks

FEES

Cost and fees depend on different factors, like spread and margins, and Forex CA clients may also experience different fee structures according to their country or place of residence.

The spread of a currency pair is the difference between the bid and the ask rate. A pip represents the smallest increment that an exchange rate can move.

Margin is the amount of money required in your account in order to open a position. Margin is calculated based on the current price of the base currency against USD, the size (volume) of the position and the leverage applied to your trading account.

It is not clear or indicated on the website what kind of fees is applicable with Forex CA.

It does offer the following according to reviews on the internet:

• Streaming executable prices
• Fixed dealing spreads
• No slippage on market orders
• Guaranteed fills on Stop Loss and Limit Orders
• Limited Risk – No negative balances

DEPOSIT AND WITHDRAWAL

Accounts usually requires a certain minimum initial deposit, which can be paid in several ways. Withdrawals can usually be done with the same ways, but sometimes differ.

In the case of Forex CA, the following methods can be used to fund accounts and to execute withdrawals:

• Credit cards
• Wire Transfer
• Cheque

TRADING PLATFORMS

The forex trading platform provided by Forex CA to its clients is the software to carry out their trades. Some brokers provide only one, others quite a few platforms.

A multi-asset trading platform is one that allows clients to trade forex as well as other asset classes. The decision about which platform to choose will usually depend on what a client would like to trade.

Forex CA provides the following trading platforms:

• MetaTrader4
• Web Trader
• iPhone and iPad App
• Android App
• Mobile Based Version

The platforms offer free auto-trading so users can set preferences to buy and sell forex when the market reaches a pre-set point. This allows for users to trade on the go at their convenience.

Metatrader4

The MT4 Trading Platform is the most renown platform that allows users to trade on Forex. This terminal allows traders to analyse dynamics in financial markets, make deals, develop and use automatic trading software.

Web Trader

The Web trader supports the many functions that the Desktop MT4 supports, but it is not a comprehensive trading platform. It is only intended for use when access to the MT4 Desktop Platform is not available, such as in an internet cafe, airport, or on the go.

iPhone and iPad App

With this app traders can trade fully on the MT4. Traders connect directly to their live account and start to trade making use of touch trading.

Android App

As with the iPhone and iPad App, Android Mobile allows you to trade on the MT4 Platform anywhere anytime.

With this app whether you have an Android phone or tablet you will be able to connect to FxUnited MT4 Platform and trade with Streaming Live Prices.

It is a convenient way to connect to your trading account and trade on the go.

Mobile Based Version

MetaTrader Mobile provides full access with your mobile device to financial markets and allows you trade from anywhere in the world if you have an internet connection.

HOW TO OPEN AN ACCOUNT

Similarly to a bank, to register a forex trading account with Forex CA for the first time, you will be required to go through a basic “know your customer” process, which will allow Forex CA to ascertain that your submitted details and ensure the safety of your funds and account details.

Whether you choose a Mini or Standard account you can apply online using our secure server. As soon as all the necessary documentation is done and approved you can fund your account and start trading.

CUSTOMER SUPPORT

Potential traders need to make sure the broker company they chose will offer enough support whenever they need it.

In the case of Forex CA customers can reach the support team in real time only through a message request on the website or email.

EDUCATION       

Before starting to trade, potential clients of Forex CA should avail themselves of all possible information and trading skills needed to be successful in the world of forex and commodity trading.

Forex CA‘s main aim is to provide information about what forex is, how it is traded, and the risks involved with trading forex.

They also provide definitions to commonly used terms in forex trading so that beginners can be introduced to online trading to learn the proper lingo.

Forex CA also offers cheap online courses to help users get started trading.

RESEARCH         

To be able to trade with confidence, traders should do as much as possible research about this kind of speculative trading before commencing, but also preceding every daring deal to ensure that they do not lose money unnecessarily and trade as profitable as possible.

With Forex CA customers have access to daily forex and stock news, daily analysis, and trading strategies.

It provides explanations of analysis of the marketplace and provide free charts to their clients to allow them to stay up to date on the changes in this dynamic marketplace.

AWARDS

It is not clear on the Forex CA website whether the company has received any awards since inception.

CONCLUSION  

The first downside of Forex CA is that it is not registered with any financial authority. The company is not so much a broker than an authorized TradeStation© technologies reseller, forex training and solutions provider.

It does allow commission-free trading with a choice of platforms for desktop, smartphones, remote and wireless trading.

Customer service it not what you would expect but it is available 24 hours a day. It seems that Forex CA is focussed more on teaching forex trading than trading as such.

DISCLAIMER

Foreign exchange and other leveraged trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved, seeking independent advice if necessary.

Forex CA has not reviewed, and cannot review, all the material, including computer software, posted to the Website, and cannot therefore be responsible for that material’s content, use or effects.

By operating the Website, Forex CA does not represent or imply that it endorses the material there posted, or that it believes such material to be accurate, useful or non-harmful.

Forex CA disclaims any responsibility for any harm resulting from the use by visitors of the website, or from any downloading by those visitors of content there posted.

Forex is a high-risk trading instrument and is not suited for all traders and investors. Before deciding to trade Forex or any other financial instrument, you should carefully consider your investment objectives, level of experience, and risk appetite.

Forex CA try to offer you some valuable information to ensure you get the most up-to-date data, we also encourage you to verify the information voluntarily, according to research in South Africa.

Frequently Asked Questions

How many instruments can I trade with Forex CA?

You can trade several different instruments with Forex CA, which include the following:

• Forex
• Stocks

Which platforms are supported by Forex CA?

Forex CA provides the following popular trading platforms:

• MetaTrader4
• Web Trader
• iPhone and iPad App
• Android App
• Mobile Based Version

Does Forex CA offer leverage?

Yes, Forex CA offers a maximum leverage of 1:200

Is Forex CA regulated?

No, Forex CA is not regulated

What is the overall rating out of 10 for Forex CA?

Overall rating  for Forex CA is 6/10