ForexCT

This is an online brokerage firm that was established in 2006. It is best suited for CFD and forex trading and provides traders access to the markets with zero slippage and tight spreads. ForexCT is completely compliant with all regulations stipulated by ASIC. It is operated and owned by Forex Capital Trading PTY Limited. The license is #306400 (Australian Financial Services License).

This is quite a safe and secure platform for traders as it has security measures in place that include full licensing and regulation by ASIC, segregated accounts, guarantee of protection of the clients’ personal funds, no utilization of clients’ money for hedging purposes and personalized management of accounts.

RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK

ForexCT offers clients two different types of platforms, MT4 and PROfit. It also offers a deposit bonus of about $5,000.

Features

ForexCT offers CFDs in indices, forex, commodities and metals. CFD stands for ‘Contract for Difference’ and is a form of derivative. The price of a CFD comes from the underlying asset value, which can be from commodities, currencies, shares or indices.

The platform does not mention anything about different accounts, so it presumably only offers one type of account for users to trade from. Its provides two trading platforms to its clients, namely MetaTrader 4 and PROfit.

Instead of taking a commission, ForexCT runs on the basis of fixed spreads. Even if the market is volatile, the spread will stay fixed and the user can implement more robust strategies.

The minimum deposit limit when opening an account is $500, which is comparatively high.

Education

ForexCT firmly believes that traders should always keep learning. This is why it offers a wide range of educational resources and courses such as how to trade in forex, how to deal with risk management and introduction to chart analysis which is great for beginners.

Customer Support

The customer support options are pretty good on this platform. This include phone numbers for the Chinese helpdesk as well as the Australian helpdesk and an international number. Clients can also send an email to receive support and have their queries answered.

Pros

  • It has fully licensed and regulated by the ASIC

  • It offers a wide range of currency pairs with CFDs

  • It offers segregated accounts

  • It offers a demo trading account with $100,000 in virtual funds

Cons

  • There are no bonuses

  • It requires a minimum deposit of $500

  • Live chat is not too effective as it cannot answer many questions

Conclusion

ForexCT offers quality CFD trading on two different platforms, MT4 and PROfit. These are both available on the PC as well as on mobile. Moreover, there is a large variety of tradable assets available with competitive spreads and generous leverage. There is pretty good educational material available as well, which can be beneficial for traders, especially those trading for the first time. The setup and operation of the accounts are also fairly simple.

 

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