ForexCT Video Review
Investor Protection & Regulations
“ForexCT is regulated by the ASIC, that means placement of clients’ funds in segregated trust accounts is a requirement. SSL protocols are also in place and every customer is identified using KYC methodology.”
Forex Capital Trading Pty Ltd is an Australian Financial Services company incorporated in Australia with Australian Business Number (ABN) 69119086270. It is authorized and regulated by the Australian Securities and Investments Commission (ASIC) with the license number AFSL 306400.
Click here for details.
ForexCT affirms that investors’ deposits are held in segregated bank accounts with the National Australia Bank; which is a top-rated bank. The funds are neither used for hedging nor for daily brokerage operations. The purpose of account segregation is to safeguard investors’ fund 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, 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 because every customer is properly identified.
“84 CFDs, 12 commodities, 5 crypto assets, 7 metals, 11 indices and 55 currency pairs are available for trading on the Web PROfit and Mobile PROfit trading platforms provided by ForexCT .”
Here is a list of the asset classes and the instruments provided by ForexCT:
Number of Instruments
“Only one type of the real account and a demo account are provided. The minimum opening balance for the real account is $500 while the demo account is preloaded with $100,000 in virtual funds.”
Real account: Only one type of account is provided for trading with real money. $500 is the least amount required to open this account. A maximum leverage of 1:400 can be used for trading. Account holders get forex free daily market reports. A dedicated account manager is also assigned to every account holder. The full platform features like the learning centre and trading insights are exclusively available to only 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.
To open any of the accounts, click the red “Sign Up” button on the right hand corner of the menu bar of the website. The form below displays
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” and you will be logged into the Web PROfit trading platform. Deposits can be made and trading can commence immediately.
ForexCT does accept only the clients from Australia.
Deposit & Withdrawals Options
“Credit/debit card, Bank Transfers, and BPay payment options are the forms of payment accepted by ForexCT.”
In strict compliance with the anti-money laundering and counter-terrorism financing regulations, ForexCT will not accept money from unknown bank accounts/credit cards. The name on the source account must match the name on the Forex CT trader account. For withdrawals, the broker will endeavor to return funds to their original sources. Generally, the broker does not charge withdrawal or deposit fees, but the bank or payment processing authority may charge the client some commissions.
Here are the acceptable payment methods:
Debit/Credit Cards: ForexCT provides a secured and encrypted payment processing platform that accepts the major cards and processes the deposits in real time. Visa, American Express, JCB and Master cards are the acceptable cards. The minimum deposit is $500 and the maximum is $10,000.
BPay: This option is for clients who have an Australian bank account. It is used for deposits into the ForexCT trading accounts. It takes 1-2 business days to clear into the trading account.
Bank Transfer: ForexCT has different bank accounts for its clients. The minimum transaction amount is $100 for deposits and withdrawals. Bank transfers usually take up to 3-5 business days for complete processing.
ForexCT promptly processes all payments.
Web & Desktop Trading Platforms
“The Web PROfit is the only platform provided. The platform is web based and loaded with tools for technical and fundamental analysis to aid the traders in their daily tasks.”
The Web PROfit trading platform:
The PROfit is the only trading platform available to ForexCT clients. The platform is web-based. This eliminates any need for downloads or installations. It runs on the web browser, which makes it compatible with all operating systems. The Web PROfit interface is intuitive, colourful and simple.
Here are some of the features of ForexCT Web PROfit:
It has customizable layouts. The quotes and charts windows can be hidden to create more space. The quotes window, that displays live bid and ask prices of assets, can be customized to show only assets that interests the trader.
The Web PROfit has 14 types of charts which can be viewed on 10 timeframes which ranges from tick to one minute to one month.
It has over 160 technical indicators and 20 drawing tools. This includes all the very popular indicators like Ichimoku, moving averages, MACD, Bollinger bands, etc.
One click trading can be enabled or disabled. The order processing screen has risk management tools like Stop Loss and Take profit, order expiration like Good till cancelled, etc
Account Management: From the platform; a trading account can be funded, balance monitored in real time, account history and trading history can all be viewed.
Mobile Trading Platforms
“The mobile PROfit app is developed for the Android and iOS devices. It is stacked with important tools for trading and analysis.”
You can use the PROfit trading platform to trade on the go and to monitor and amend your trading account. The ForexCT mobile PROfit app is designed for the Android and iOS devices. The app can be downloaded from the Google Play store or the App store.
Here are some of the features of the ForexCT mobile app:
It gives full access to the ForexCT demo and real account servers so that no new account creation is necessary. Trades can be opened on the web PROfit and closed or modified from the web PROfit.
It shows live quotes of the market prices for all tradable assets.
The app displays charts and technical analysis tools.
It fully integrates with the account management options to display account history, view account status and fund accounts.
The app can be used to open, modify and close orders and it has risk management features.
“Trading central news, daily analysis and commentary is provided to clients at no extra cost.”
Here are the trading features of ForexCT which are noteworthy:
This is an independent financial investment research firm. ‘Trading Central’ is trusted by the world’s largest financial institutions for financial analysis, news and commentary. ForexCT provides real account holders’ access to free membership of Trading central’s services which include daily news updates, technical analysis and tips.
ForexCT gives its clients a comprehensive snapshot of happenings in the financial markets. It is delivered daily by email. To receive the daily reports, fill the form on the website. Only the clients name, email and phone number are needed. The information in the daily reports are sourced from “Trading Central” which is an independent research provider.
Commissions & Spreads
“ForexCT offers only fixed spreads. The broker does not charge commissions.”
some of the assets listed on ForexCT and their corresponding fixed spreads:
Adelaide Brighton Limited
Ausnet Services Stapled
Bank of Queensland Limited
Beach Energy Limited
Bendigo And Adelaide Bank Limited
Bluescope Steel Limited
Caltex Australia Limited
GPT Group Stapled
Harvey Norman Holdings Limited
Incitec Pivot Limited
Insurance Australia Group Limited
Investa Office Fund Stapled
Ioof Holdings Limited
James Hardie Industries PLC Cdi 1:1
Newcrest Mining Limited
Oil Search Limited 10T
Primary Health Care Limited
Qantas Airways Limited
Ramsay Health Care Limited
REA Group LTD
Sonic Healthcare Limited
Spark Infrastructure Group Forus
Star Entertainment Group
Sydney Airport Forus
Tabcorp Holdings Limited
*The data is taken directly from the broker website and is correct at time of writing.
Bonus & Promotions
“ForexCT brokerage does not offer any bonuses or promotions to its clients due to its regulated nature.”
ForexCT has no demo trading contests, no welcome bonus and no incentives. The broker does not offer promos or raffle draws. This is as a result of its regulated nature. ASIC prohibits the offering of bonuses and promotions.
“The Customer support desk is always there to assist anyone with inquiries, client or prospect alike. The support assistants can be reached on phone, email, chat and social media.”
The Customer support desk has the Australian desk, the Chinese desk and the International desk.
The following support channels are available:
Instant Web Chat: This is available on the platform and on the website.
firstname.lastname@example.org; email@example.com. Contact Us Form:This is a single textbox form. Just fill in your email or phone number and click “send”. A support assistant will get back to you.
Social Media: The following social media channels are available:
Facebook.com/Forex Capital Trading
Youtube.com/Forex Capital Trading
The support assistants speak English. They are very knowledgeable, courteous and willing to assist. The social media handles are active but they are seldom updated.
“The Trading Insider and the Economic calendar are provided to assist the trader in carrying out fundamental analysis.”
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.”
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.
* “Trading Central”’ is an independent research provider that provides financial analysis’ Trader Education
“Forex trading courses are on the website. Video tutorials are available on the trading platform.”
The following resources are available for trader education:
This is available on the PROfit trading platforms. It consists of 4 beginner videos and 3 advanced level videos. The videos are succinct, loud and clear. It is professionally made and taught. It can serve as a quick introduction to forex trading.
Forex Trading Courses:
This course is designed to train a beginner to become an advanced level trader. The course is divided into beginner, intermediate and advanced level courses. The beginner course focuses on introduction to forex trading, leverage, maximizing profit, risk management, etc. The intermediate and advanced level course deals with trading psychology, advanced technical analysis, mirror trading, etc.
“ForexCT brokerage services would be very suitable for a beginner trader or an intermediate-level trader who can perform rudimentary technical and fundamental analysis.”
ForexCT offers quality broker services to its clients in Australia. Beginner traders are provided with excellent analysis from ‘Trading central’. A demo account for practice is also available to the newbie.
Intermediate-level traders who have some knowledge of technical or fundamental analysis will also be content with the services of ForexCT. But, expert traders who utilize complex algorithms to perform high frequency trading on very large orders will not be able to use the services of this broker.
Here are some of the “Frequently Asked Questions” about ForexCT:
Where is ForexCT based?
ForexCT broker is based in Melbourne, Australia.
How does ForexCT make money?
ForexCT makes its money from fixed dealing spreads charged on all orders.
How do I make a deposit into my ForexCT account?
The payment options accepted are: Bank Transfers, Credit/Debit Cards and BPay.
What is the min. deposit for ForexCT?
The minimum deposit is $500.
What is the maximum leverage in ForexCT?
The maximum leverage is 1:400.
How do I open an account with ForexCT?
Click on the ‘Sign Up’ button found on the right hand side of the menu bar and fill the form.
Does ForexCT use MetaTrader?
No, only the web and mobile PROfit are available.
ForexCT provides broker services for a very long time. The brand is regulated by the ASIC which is a reputable regulator known around the world. ForexCT offers over 170 assets that can be traded on the PROfit platforms available on the web and mobile. The PROfit has tools used by traders for technical and fundamental analysis. News and analysis are provided by ‘Trading Central’ and some other sources like investing.com. Trader education, especially for a beginner trader is available on the website and on the platform.
However, there are no promos and bonuses for clients. ForexCT has a satisfactory product offering which makes it a great alternative for traders who want UK/EU brokerage standards, but with more generous leverage provisions. ForexCT is suited best to newbies and retail traders with some experience.
Here are some of the main features of trading with ForexCT broker:
Regulated by ASIC.
Access to trade over 170 assets in six classes which includes cryptocurrencies.
A modern platform that has many useful features.
Trader education is provided especially for beginner traders.
Quality news and analysis from Trading Central.