ForexCT Review South Africa

Overall, this ForexCT review conducted in South Africa shows that ForexCT is an Australian broker founded in 2006 by a team of experienced traders. The company’s mission is to provide Forex and CFD traders around the world with their top online trading platform of choice.

ForexCT is dedicated to delivering the highest level of customer service and is fully compliant with all financial regulations to deliver transparency, accountability, and business ethics. ForexCT is an online Forex/CFD brokerage firm that offers over 170 trading instruments on its trading platform. Today, the brokerage firm has become a well-known Australian brand with its office address in Melbourne.

The company targets Australian traders, for which it understands a local presence is very important. To this end, the company remains in-tune with the demands of Australian investors and works hard to deliver a quality product offering.

SAFE OR SCAM?

The best means of determining the safety of a potential broker is its regulatory status, which means that the broker is licensed by a respective jurisdictional regulatory authority and that it remains compliant with the stipulated regulations in order to protect client funds.

ForexCT is a trading name used by the Forex Capital Trading Pty Ltd, which is regulated by the world respected ASIC (Australian Securities & Investments Commission).

In terms of this regulator, the company keeps client funds in segregated accounts with reputable banks, and maintains a very high operating capital in order to ensure its financial sustainability.

Client funds are neither used for hedging nor for daily brokerage operations. The purpose of account segregation is to safeguard investors’ funds against the unlikely occurrence of broker insolvency.

A Secured Socket Layer (SSL) protection has been installed on all ForexCT’s servers to secure the platforms and company website against cyber-attacks by computer hackers.

The SSL encrypts all data before it is transmitted over the internet, so that users can safely enter their sensitive data such as credit card details, without any fear of compromise.

All traders are verified using “Know Your Customer” (KYC) procedures. This entails ‘proof of address’ and ‘proof of identity’.

Prospective clients are required to complete their registrations by uploading identity cards and utility bills. This is done to deter money launderers and terrorism financiers as every customer is properly identified.

As such, ForexCT is a highly regulated broker which has added further layers of protection to its operations in order to provide traders with a secure trading environment.

FOREXCT REVIEW OF PRO AND CONS

LEVERAGE

ForexCT offers marginal trades, so that clients can trade through a multiplied amount on their original deposit in order to operate larger positions. While leverage is a useful tool that can increase potential gains, it also carries a high level of risk and can result in severe losses.

Due to this high risk associated with leverage, many brokers have chosen to cap the level of leverage which they offer. However, ForexCT still offers a relatively high leverage of 200:1 for beginner accounts and up to 400:1 for professional traders.

ACCOUNTS

ForexCT offers only one type of live trading account and a free demo account which allows new clients to test out the company’s features before signing up for a real account.

Real Account

The Real Account requires a minimum deposit of $500 and offers a maximum leverage of 1:400 which can be used for trading.

Account holders receive forex free daily market reports and a dedicated account manager is also assigned to every account holder. The full platform features such as the learning centre and trading insights are exclusively available to real account holders.

Demo Account

This is a free practice account preloaded with $100,000 virtual cash. This account is very important for strategy testing, trader training and platform familiarization in a risk free environment.

MARKET INSTRUMENTS

ForexCT offers trading in forex, CFDs, bonds and commodities. A detailed breakdown is provided below:

FEES

ForexCT provides a competitive offer of fixed spreads with no commission. The spread is measured in pips and is the difference between the ‘bid’ price and ‘ask’ price.

The ‘bid’ price is the price at which a party is willing to ‘buy’ while the ‘ask’ price is the price at which a party is willing to sell. Spreads will generally differ according to currency pairs.

However, ForexCT spreads are fixed and stay constant no matter what happens. This means that even if the market is volatile because of a major news release or other indicators, the spread will not be widened

This allows traders to implement superior strategies and to control their transaction costs during volatile market conditions.

While fixed spreads do make trades slightly more expensive, it gives traders, particularly beginners, peace of mind knowing the cost of their trades will never exceed a certain price.

Moreover, ForexCT offers free Guaranteed Stop Loss Orders on Margin FX and gold and silver Products regardless of volatility or market gapping.

A guaranteed stop loss is a special type of stop loss that protects traders from market gaps that can happen between trading periods, when prices can rise or fall dramatically.

When a trader sets this order, he or she is telling a broker at which point to buy or sell a security. This can help the trader avoid making excessive losses and lock in profit. ForexCT helps clients protect their trades from market gapping or currency volatility.

Not only this, but ForexCT advertises Guaranteed Stop Loss Orders for no extra cost, a distinguishing feature amongst Forex Brokers, most of which have either no Guaranteed Stop Loss or have the feature at an extra cost.

Read the Core Spreads Review here

DEPOSIT AND WITHDRAWAL

ForexCT accepts deposits through some of the most convenient, safe and popular methods like Credit or Debit Cards. These are usually accepted in the client’s base currency, as well as through Domestic Bank Transfers or EFTs accepted in Australia.

As an alternative, clients can also use BPay, or International Telegraphic Transfer through overseas banks.

While many Forex brokers offer competitive minimum deposits, or no minimum deposits at all, ForexCT requires a $500 minimum deposit on opening an account. This figure is significantly higher than other Forex brokers.

All withdrawals are conducted via a PROfit platform in which clients submit a request, input the necessary withdrawal information and select the preferred withdrawal method, which must be the same as that used for deposits due to regulatory requirements.

While the company does not charge deposit or withdrawal fees, it does not cover that charged by client banks or institutions, as with other brokers.

TRADING PLATFORMS

ForexCT offers its proprietary web platform, a unique solution to ForexCT known as PROfit.

PROfit

This forex platform is fast, slick and suitable for professional traders. ForexCT’s proprietary platform provides Australian forex traders with full control in trading decision making.

The platform allows for instantaneous trade executions which allow forex brokers to enter and exit positions with a one-click trading tool.

PROfit is an easy to use online trading platform allowing you to trade anytime from anywhere. This platform is based on cutting-edge trading technology which was designed with the user in mind.

PROfit provides a real-time customisable graphical representation of the market movements and of trade, and includes various trading tools, news feeds and support directly from the platform.

Both beginner and experienced traders can use this trading platform by easily adjusting its customisable features to their specific needs, and the platform includes the following features:

• No download required
• One-click trading execution
• Instant trade execution
• Direct platform support
• Ability to trade forex, commodities and CFDs using advanced charting tools.
• Up-to-the-minute news streamed to the platform
• Ultimate trading environment

HOW TO OPEN AN ACCOUNT

The ForexCT review process of opening a new account is fully digital, hassle-free and fast.

To open either a live or demo account with ForexCT, click the red “Sign Up” button on the right hand corner of the menu bar of the website.

Fill the appropriate section of the form for either a demo or a real account. If the account is successfully created, a confirmation screen displays information on the new user login details.

Click on “Start Trading” to be logged into the Web PROfit trading platform. Deposits can be made and trading can commence immediately.

CUSTOMER SUPPORT

ForexCT offers round-the-clock, dedicated customer service from their support team, with an Australian, Chinese and International desk.

Queries can be submitted to the relevant departments via email or phone call, however the company does not offer a live chat option to resolve more pressing client issues.

EDUCATION

ForexCT provides an extensive educational offering, with an e-book, webinars and tutorials available for newbie traders to hone their skills.

e-Book

The ForexCT eBook provides an introduction to the basic concepts behind margin Forex and CFD trading. Learn about trading mechanics, key investment ideas, and fundamental strategies. The e-book consists of the following useful topics:

• What is Forex?
• Advantages of the Forex market
• Important trading rules
• Know the risks
• Understanding trading platforms
• Fundamentals of quotes and orders

Trading courses

ForexCT’s free Forex trading course for beginners is the perfect way to learn the basics of Forex trading and the necessary skills to build an understanding of the market. The company’s experienced instructors have years of knowledge, and topics include:

• The basics of Forex trading
• What is leverage and how to use it
• Introduction to risk management
• How to maximise profit potential
• Trading the news and fundamental analysis
• Introduction to charts and technical analysis

RESEARCH

ForexCT also offers useful research tools for technical analysis in order to help traders determine their strategies correctly. These tools include an economic calendar and the Trading Insider application.

Trading Insider

This is a trading tool that shows the market depth for an asset. It shows the percentage of ‘buy’ and ‘sell’ orders for each asset.

A trader can choose to go with the trend or go against it. For example if it shows that 70% of traders has been placing a “buy” order for the EURUSD asset, a trader can go with the trend by clicking “go” under “follow the trend.”

Economic Calendar

ForexCT has the Economic calendar embedded within the PROfit platform. The calendar displays important events happening around the world that will impact the forex/CFD market.

The calendar shows the dates and times of these events and their forecasted impact percent. The calendar also shows the history of such an event including its forecasted and actual impacts.

AWARDS

Despite ForexCT’s relatively long operational period, the company has still not logged any awards to date on their website.

CONCLUSION

ForexCT is ideally suited for beginner to intermediate Australian forex traders. With decent customer service, user friendly platform options, fixed spreads, a demo account and guaranteed stop losses it has everything these traders could want from a forex broker.

Expert traders however would be discouraged by the company’s trade execution speeds which are at the bottom end of the industry, and the high deposit.

The company is highly regulated by ASIC, providing a safe and secure trading environment with segregated funds, and the leverage offered is higher than some other brokers in the industry.

All in all, ForexCT is a good option for traders and beginners as it encourages those who use its services to educate themselves on the industry before investing money.

Read the Finq.com Review here

DISCLAIMER

Trading FX and CFDs involves a substantial degree of risk and should only be undertaken using assets which a person is willing and able to lose without causing significant adverse financial harm to themselves.

Please consider the company’s PDS and FSG before trading with us.

Forex Capital Trading Pty Ltd provides general advice that does not take into account your objectives, financial situation or needs. Investors do not own or have rights to underlying assets.

Forex Capital Trading Pty Ltd is regulated by ASIC (AFSL 306400), ABN (69119086270). Forex Capital Trading Pty Ltd.’s AFS license and Australian regulation only applies to the financial services being provided in Australia, according to research in South Africa.

Frequently Asked Questions

Is ForexCT (Forex Capital) a fake or scam?

ForexCT is not considered a fake/scam. The broker is regulated and supervised by reputable financial regulatory bodies.

What instruments can be traded with ForexCT?

You can trade Forex major and Exotic pairs, Commodities, Indices and Stock CFDs.

Which platforms are supported by ForexCT?

ForexCT supports the Metatrader4 platform.

What are the different account types for ForexCT?

ForexCT account types incl:  Demo-, Standard-, STP-, Mini-, ECN- and Islamic account