A Comprehensive ForexCT Review
Although their features were slightly inferior compared to the other companies we listed in our Forex trading Australia comparison table, ForexCT are still a reliable, Australian-based Forex broker. Established in 2006 by a group of experienced Forex traders and dealers, Forex Capital Trading provides all things a trader might need to trade with confidence. Based in Melbourne, ForexCT is adequately regulated with an Australian Financial Services Licence (AFSL).
What the company offers:
• AFSL licenced and regulated
• Experienced and dedicated customer service
• Multiple user friendly trading platforms to suit traders needs
• Fixed spreads
• Free guaranteed stop losses
• Forex bonus offers
• Trading services available in 30 languages
• Accurate and fast 1-click execution
• Refer a friend promotion
What is ForexCT’s Most Popular Feature?
That would definitely be their educational programs, video tutorials, courses, workshops, eBook and webinars. Although other trading platforms like Easy Forex offer educational trading programs to their users, Forex Capital Trading really believes that traders should never stop learning about trading. Free webinars, video tutorials, daily reports, data analysis and forex trading courses enable beginners to learn the basics of forex trading. Instructors at the trade school have years of experience and want to pass their knowledge on to those who are interested in starting with trading. In addition, they also offer webinars and classes to intermediate and advanced traders so that they can move to the next level of trading and learn more about advanced technical analysis and the psychology of trading. One can also learn about forex trading and CFD trading with their in-depth eBook (accessible to new members after registering for an account.)
What Forex Platform is Offered By Forex Capital Trading?
Forex Capital Trading offers 2 trading platforms: MetaTrader4 (same platform offered by the other brokers from our list) and PROfit trading platform.
Almost all Forex brokers provide the MetaTrader4, a popular and the most innovative trading platform (except Plus 500) and Forex Capital Trading is no different. The MetaTrader4 trading platforms are open 24 hours a day, are user friendly, customisable and available in 30 languages and can be accessed from mobile devices.
The other platform offered by ForexCT is the PROfit trading platform which was designed to meet the needs of experienced traders as well as new, inexperienced traders by adjusting the settings according to their wishes and needs. Downloading the platform to mobile devices, tablets and smartphones is easy and fast. It only takes a few minutes, and if any trouble emerges, ForexCT provided a video with extra the needed help . The platform offers lots of features like receiving news feeds every day, access to numerous trading tools and direct support on the trading platform if there are any problems.
Users can also access Tradency web-based Mirror Trader platform where traders can learn and find out everything they need to know about the different trading strategies of top Forex traders and brokers and CFD traders from all around the world and automatically copy their trade strategies into their own trading account.
Spreads Offered By Forex Capital Trading Markets
With Easy Forex fixed at 1.8 pips and having no commission on trades and a very low rolling fee of just 0.1% ForexCT is not considered one of the best forex brokers when it comes to the cost of trading. We also found it incredibly difficult to find the correct spread information found on their site hence the reason for not including them in our top 5.
What Leverage Do ForexCT Offer?
Leverage of 400:1 provided by Forex Capital Trading is as high as that provided by reputed Easy Forex and Pepperstone, lower than the ones provided by IC Markets, GO Markets, ThinkForex and CMC Markets and higher than the ones provided by OANDA (50:1) and Plus 500 (200:1). By having the leverage ratio of 400:1, means you are able to trade 400 times that amount you deposited on the currency market. A minimum deposit of $500 is required to start which is not the best for a beginner trader. For example, if you deposit $500 at high leverage of 400:1 then you are able to trade $200 000 worth of currency. It is important to state that 400:1 is not the highest leverage level available with some companies offering up to 500:1 leverage.
Does the Company Offer Bonuses?
Unlike OANDA and FXCM, ForexCT offers bonuses and guaranteed stop losses. They offer 3 bonus offers: $50 Credit bonus for ForexCT MINI Account and ForexCT GOLD Account and $200 + Additional 10% of deposit for ForexCT PLATINUM Account.
Deposits and Withdrawals
Customer Service Levels
They put customer service at the top of the important features list. As with the other trading companies from our list above, they have phone support, Monday to Friday, online chat service and email support. They have dedicated personal account managers that will help with any problem, anytime.
Australian Financial Service Licencing
Forex Capital Trading is a regulated broker that is governed within Australia and operates under the Australian Financial Services Licence (AFSL) number 306400 which means that there is no compelling reason to stress that this is a scam organisation or company. They have a big list of users and traders that can confirm the company’s credentials.
Forex Capital Trading Review Conclusion
The conclusion of Forex Capital Trading brokers review is that their features are a bit weaker than the ones offered by some popular forex broker companies listed above, but that doesn’t mean they’re no good. They’re ideal for beginner and intermediate Australian forex traders. They have an excellent customer service, offer a user friendly platform option, guaranteed stop losses, fixed spreads and bonuses. ForexCT also rewards their clients with a cash payment every time you refer a friend, colleague or a family member. Basically, ForexCT has everything traders could need and want from a forex broker. If they added a few more important features such as those seen in the table below, perhaps they’d be regarded a little higher in our analyses.