ForexCT is a popular Australian CFD brokerage that was established in 2006. This company offers 24/7 access to the financial markets all over the world, and it promises zero slippage and tight spreads. This contracts for difference broker is compliant with all ASIC regulations, under the management of Forex Capital Trading PTY Limited, otherwise known as ForexCT. Among the many client safeguards are protection of personal funds (segregated accounts), 1-on-1 account managers and no hedging.
ForexCT was established in 2006 by professional traders and technical experts. This CFD brokerage is headquartered in Melbourne, Victoria Australia. It offers a wide range of financial assets including FX, commodities and indices. Forex Capital Trading Pty Ltd is fully regulated by ASIC with the following license number: AFSL 306400. It also sports the following ABN number: 69119086270. The Australian licensing is only applicable in Australia and does not apply for passporting purposes elsewhere. Among others, CFD traders can expect guaranteed protection of personal funds, courtesy of segregated bank accounts, personalized customer support and service, no hedging, and dedicated account managers. ForexCT provides traders with access to global markets across a wide range of financial instruments. These include the AUD/USD, AUD/NZD, AUD/GBP and others. There are 2 primary trading platforms available, including MT4 (MetaTrader4) and Profit. These are intuitive, didactic, and geared towards maximum functionality.
CFD traders at ForexCT have access to 2 types of accounts. The first is a free demo account and the second is a live account. Both are available from the registration screen. The benefits of using the free demo account are as follows:
- Guaranteed FX stop losses
- Maximum Leverage of 1:400
- Contract Sizes from 10,000
- Dealing Spreads from 2 Pips
- Minimum deposit of $100,000 in demo-trading cash
CFD traders looking to get started with a live account will enjoy the following benefits/stipulations:
- A minimum deposit of $500 in real cash
- Maximum Leverage of 1:400
- Contract Sizes Starting at 10,000
- Complimentary Daily Market Reports
- Free Online Tutorials and Trading Course
- Dealing Spreads from 2 Pips
- Guaranteed FX Stop Losses
- Free FX eBook
Getting started with the registration process requires traders to enter their first name, last name, email, country, telephone number, and acceptance of the terms and conditions.
What Are the Deposit Options?
Once you’re ready to get registered and trade for real money, you will have access to several safe and secure deposit options. The platform is McAfee secure and VeriSign Registered. Your credit and debit card options include JCB, Visa and MasterCard. You need to make a deposit of at least $500 to get started with this CFD brokerage. The maximum deposit that you can make is $10,000 in a transaction. Other options include electronic funds transfer and domestic bank transfers. All deposits must be made to the beneficiary bank: National Australia Bank, with the beneficiary account: Forex Capital Trading Proprietary Limited – client trust account. The USD bank details are the National Australia Bank and the beneficiary is Forex Capital Trading Proprietary Limited – client trust account. Account numbers are provided for you. Other payment options include International Telegraphic Transfers and BPay.
The primary markets are currency pairs in a CFD format. For example, CFD traders can access the following: EUR JPY, AUD/CAD, EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/CAD, GBP/JPY, EUR/GBP and many others. The full Forex and CFD product sheet includes the following options:
CFD indices – Hang Seng, ASX 200, CAC40, DAX, Dow Jones Industrial Average, FTSE 100 index, MIB 40, NASDAQ composite index, Nikkei 225, S&P 500 index, Ibex 35, USD index basket and others.
CFD gas, precious metals, oil and agricultural commodities – these include Brent crude oil, natural gas, coffee, copper, corn, cotton, gasoline, palladium, platinum, lead, heating oil, aluminum, wheat, zinc, tin and sugar.
Recall that there are 2 trading platforms available – Profit and MT4. The typical leverage on currency pairs (FX) ranges from 200:1 up to 400:1. The trading hours for most markets are 24 hours, from 10 PM Sunday through 10 PM Friday. For CFD indices, the leverage is typically 100:1 and the trading hours will vary depending on the specific index in question. CFD commodities sport leverage of 100:1 all the way up to 400:1 when it comes to crude light oil. Trading hours will vary depending on the specific market but typically are open between 10 PM and 9 PM GMT.
We contacted customer support to find out if they have special offers, bonuses, or promotions. The live chat support collects your information and directs it to customer support representatives. After we completed the registration process, we were offered a 20% deposit credit on our first bonus. Additionally, new traders who sign up will be offered a $100 deposit credit to get started. The T&C stipulate that only new traders are privy to the deposit credit promotion. The promo is regarded as a small percentage of the funds that are deposited into the client’s account. The maximum deposit credit protection is AU$5,000 to be eligible for the deposit credit promotion and associated profits. For withdrawal purposes, the client is required to trade the client deposit multiplied by 5000. For example, if you make a deposit of AU$10,000 and realize a gain of AU$1000, the notional amount of the trade must be $37.5 million before you can convert your depositing to cash.
You can get in touch with customer support at 1-800-367-392, or the following telephone numbers:
- International Telephone Number – +613-9866-5332
- The Australian Desk Fax Number is 1-800-068-022
- The Chinese Desk Fax Number is 1-800-068-022
- Email Queries – [email protected], or [email protected],
- The Physical Mailing Address is located in Melbourne Victoria, Australia
There are many safeguards at this CFD brokerage. First of all, ForexCT is fully regulated by ASIC – the Australian Securities & Investments Commission. All client accounts are held in segregated client trusts at the National Australia Bank. Additionally, CFD traders have all the security of VeriSign secure trading, McAfee secure trading and the highest secure socket layer (SSL) technology available.
ForexCT is relatively straightforward to use. You may have to scroll around to find the full product list, but the platforms are intuitive, what with MT4 and Profit available to you. The education section is particularly useful, and includes one-on-one instruction, financial analysis, an e-book, reports, webinars and courses. Any questions you have can be directed to live chat, email, fax or telephone support options. Navigation between categories is relatively easy, and you should have no problems trading on a demo account or with a real money account. Be sure that you are from a country that allows CFD trading online, as ForexCT is fully licensed and regulated by ASIC.
ForexCT does a good job at answering questions on a wide range of trading topics. They provide useful services such as personal account managers, webinars, trading courses and one-on-one sessions. The investment research and technical analysis services are particularly beneficial. We enjoyed being able to trade on the demo account, since this provides a risk-free option to CFD traders. However, the real money trading platform requires a deposit of at least $500 to get started. This may be a little bit disconcerting to new traders who are testing out CFD trading for the first time.