Our ForexCT review found that the broker is an Australian owned company based in Melbourne on St Kilda Road. As an Australian company they now cater specifically for domestic forex traders.
ForexCT trades under the formal name Forex Capital Trading Pty Ltd and has an Australian license to operate locally. They segregate clients money into a separate trust account so it can’t be used by the company’s propriety positions.
1) Outstanding Trading Platform Options
With ForexCT you get the change of the market leading forex trading platform or a unique solution to ForexCT.
By far the most industry leader, MetaTrader 4 has advanced reporting and charting to suit both beginner and expert forex traders.
This forex platform is fast, slick and suitable for professional traders. ForexCT’s property platform provides Australian forex traders with full control in trading decision making. The platform allows for instantaneous trade executions which allows forex brokers to enter and exist positions with a one-click trading tool.
2) Guaranteed Stop Losses
We offer free stop losses on every trade so you trade smarter and with more certainty. ForexCT helps protect your trades from market gapping or currency volatility.
3) Fixed Spreads
ForexCT spreads are fixed and stay constant no matter what happens. This allows you implement superior strategies and to control your 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.
4) Customer Service
Dedicated Account Managers
Personal Account Managers
Customer service is of the utmost importance to us. Our team of dedicated account managers are here to answer any question you may have, anytime, anywhere.
24/7 Customer Service
Get round-the-clock, dedicated customer service from our support team. ForexCT provides webinars, video tutorials, workshops, and eBooks to help you acquire the skills you need to take your trading to the next level.
5) Forex Bonus Offer
There are three main bonus offers:
a) ForexCT MINI Account = Credit bonus: $50
b) ForexCT GOLD Account = Credit bonus: $100
c) ForexCT PLATINUM Account = $200 + Additional 10% on deposit
1) Actual spreads
While fixed spreads provide certainty to Australian forex traders in many scenarios the spreads of variable spread brokers is lower leaving to lower fees. This is especially true for major currency pairings such as EUR/USD.
2) Trade Execution Spread
Unlike global forex players which have sophisticated IT setups maximising the speed of trade directly to New York ForexCT has a less sophisticated setup. While a ForexCT review may see this as a major disadvantage, the fact that spreads are fixed which minimises the risk of slippage it should not be a major concerns for 99% of traders.
ForexCT Review Conclusion
Our ForexCT found the forex broker was ideally suited for beginner to intermediate Australian forex traders. With excellent customer service, user friendly platform options, fixed spreads, demo account and guaranteed stop losses it has everything these traders could want from a forex broker. This ForexCT review though found weaknesses which would discourage expert traders such as their actual spreads which are often higher than other brokers (as this is comparison of fixed vs variable no exact difference can be provided). Other key issues for expert brokers relate to the technology platform which for specific trading strategies which rely strong execution speeds may struggle under their platform. Overall, these issues will only be an issue for a small proportion of Australian traders which is why the overall ForexCT review is positive for this Australian forex broker.
About Compare Forex Brokers
Compare Forex Brokers provides a range of forex broker tables to find the right provider to suit their trading style. The key areas focused on include spreads, commissions, leverage, features and execution speeds. All forex broker information came from the providers websites. If you find any forex broker element that needs updating please us our contact form to let us know.
ForexCT is an Australian Forex Broker that is Australian owned offering fixed spreads and leading fx platforms
Reviewed by Justin Grossbard