ForexCT (Forex Capital Trading) was a Forex broker, that is owned by Forex Capital Trading Pty Ltd. They are now closed, after losing their ASIC license.
Many former traders are still waiting to get their money back from the broker and are looking at creating a class action lawsuit against ForexCT.
ASIC took action against this company, you can read more here. For complaints and withdrawal problems, read this.
The trading software that ForexCT gives their clients is called Profit or Web Profit. It is a customized easy to you trading software made for beginners, that are not experienced with the advanced trading software like MetaTrader 5 that other brokers use. They offer a variety of assets to trading including; Forex pairs, Market Indexes, CFD trading on Stocks and Commodities.
Spreads on Forex pairs vary depending on the actual pair and are as low as 2 pips. The maximum amount of leverage you can trade with is as high as 400:1. Investors should familiarize themselves with the risk associated with trading CFD & Forex on margin. The minimum deposit for new accounts is $500, and investors can use BPay to fund their account. Client funds are kept at segregated accounts in National Australia Bank.
Is Forex CT a Legit Broker?
ForexCT was licensed and regulated by ASIC, but they lost their license. Their license number was, AFSL # 306400 and ABN 69119086270.
They were located at: Level 18, 636 Saint Kilda Road, Melboure, Victoria, 3004, Australia. New contact phone number is: +448708200087, and their email address is: [email protected].
When reviewing a CFD Forex broker, serious investors will always first check to see if the broker has a license and if they are regulated. In Australia, ASIC urges all investors considering trading in margin FX and other financial products to check they are dealing with an entity that is licensed in Australia.
There are many licensed Forex brokers you can trade with, see here. The reason investors will use a licensed broker, is so that in case the broker goes out of business, their money is protected.
Compare Licensed Brokers
When comparing the various brokers available online, a few things to look at is the trading platform, the minimum deposit, and the brokers withdrawal time frames. The following brokers are quite popular among investors.
FP Markets is an Australian licensed and regulated broker, offering 500:1 leverage, and the MT5 trading platform, see here.
Open a Free Demo Account at: FPMarkets.com.
What was your experience trading with ForexCT? Please write your review in the comment section below.