ForeXCT Review

Up to 400:1
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Company Information Forex CT is an online trading broker who was founded in the Republic of Vanuatu and started its business in 2006. The company is registered with ASIC and… more

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Website URL
HeadquartersMelbourne, Australia
Support Number1800 367 392; +613 9866 5332 (International)
Support TypesPhone, Live Chat, E-mail
LanguagesEnglish, Chinese
Minimum 1st Deposit$500
Minimum Trade Amount1$ or 10,000 units
PayoutUp to 400:1
Free Demo AccountYes
Regulated Yes
RegulationAustralian Securities and Investments Commission (ASIC)
Account TypesLive, Demo
Deposit MethodsVisa, MasterCard, American Express, JCB, Domestic Bank Transfer / EFT, BPay, International Telegraphic Transfer
Withdrawal MethodsVisa, MasterCard, American Express, JCB, Domestic Bank Transfer / EFT, BPay, International Telegraphic Transfer
Types of AssetsForex, CFDs
Account CurrencyUSD
US Traders Allowed No
Mobile Trading Yes
Tablet Trading Yes

Full Review

Company Information

Forex CT is an online trading broker who was founded in the Republic of Vanuatu and started its business in 2006. The company is registered with ASIC and is quite popular amongst Australian traders. The company’s headquarters are located in Melbourne, Australia. Like many other companies the broker doesn’t allow US clients to register. Forex CT takes an innovative approach towards their customer by not offering a demo account of their platform. It’s not a mistake by any means. They have explained this in detail on their site and have stated that only with real money one could understand the basics of trading. It’s somewhat confusing how this will encourage players to register, but it does make sense (others have reported that their demo account doesn’t require funds, so you might have to double check on this). Forex CT insists on their company’s policy of transparency, fast execution, and secure trading environment. With lots of features and excellent markets, this online broker can be the first choice for many traders around the world. Let’s see what they have to offer.

Trading Information

Forex CT has only two types of trading accounts. The first account is the Mini one and requires a minimum deposit of $500. It offers leverage 1:200. The standard account requires a $5000 minimum deposit and offers 1:400 leverage. Main trading instruments are Forex, Gold&Silver and CFD’s. Spreads are fixed and relatively tight with majors like EUR/USD 2 pips, GBP/USD 3 pips and USD/JPY 2 pips. There is a total of over 40 currency pairs offered by Forex CT. Surely, there are better offers by competitors, but they are the industry’s standards. Hedging is allowed, but scalping isn’t. As far as features go, Forex CT has all the bells and whistles. Stop order, limit orders, trailing stop order, OCO orders are supported. Email and mobile alerts are also available. You can take advantage of streaming news feed, a trade off charts and one-click trading. One thing that stands out and is not offered by many of their competitors is phone trading. Automated trading is also available with a personal account manager option.

Trading Platforms

The primary platform that Forex CT provides for their clients is the ProFit. It’s very customizable with plenty of options available for expert and beginner traders. There is a WebTrader version along with a downloadable one which offers pretty much the same options and functionality. It works with all mobile devices Android, iPhone, and iPad. The platform has 24/7 tech support which makes it very easy to report and remove bugs. The interface is very pleasant and easy to understand and customize. Along with the ProFit platform, ForexCT offers support for the Metatrader4. This is the most famous platform among traders, and many prefer it over build home platforms. The graphics are bit outdated, and it doesn’t have a WebTrader version, but it still does a stellar job for most traders. As you can see, the people from Forex CT have tried to combine the best from two worlds and give their clients the best trading environment possible.

Security and Customer Services

Security nowadays is most important as hacking attempts, and data theft have become very popular. It’s disturbing that a famous online broker like Forex CT is missing the very basic SSL encryption on their site. Usually, there is, at least, a protected “Sign Up” page, but there is only a protected “Deposit” page. This should be fixed as personal data theft is quite possible. Educational resources on the site are very thorough, and it has a lot of helpful webinars, e-books, courses, and reports. The customer support is great with plenty of options to contact the company’s representatives. There is a domestic phone number, a Chinese one, and an International. You can send them an email or mail them a letter at their physical address. There is also a fax and a very helpful Live Chat option. There are no social media profiles, but companies rarely use them and keep them updated. Languages supported for the site are Chinese and English. There is no indication if the customer representatives speak both of them but it might be possible. Customer support service times are from Monday to Friday from 9:00 AM to 7:30 PM AEST.

Deposits and Withdraws

Depositing money into your Forex CT account is made easy with plenty of banking methods available. Credit and debit cards are accepted along with bank wire. Deposit processing times are quick with the slowest method taking about 2-3 business days. Withdrawing money can be made the same way you deposited them into your account. Processing times may take up to 10 working days for International Bank Transfers. There are no deposit or withdrawal fees whatsoever which quite nice. However, it’s mentioned that the banks might charge you for the transfer, but it has nothing to do with the company. Forex CT doesn’t accept third party payments.

Deposit Bonus and Loyalty Programs

Forex CT did have a very nice promotional offer in 2013 for up to $5000 in bonus credit, but it seems that this offer has expired. As I couldn’t find any pages mentioning promotions or loyalty programs on their site, they might have dropped that policy. Or they are preparing a new offer that would take some time to be visible. It’s best to ask their employees about it when you are about to register.

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