Since, the company has continued to have as its guiding principles transparency, accountability, and sound business ethics. Its’ headquarter is in Melbourne, Australia.
Forex Capital Trading Pty Limited, ForexCT for short, is fully compliant with regulations. It is licensed and regulated by the Australian Securities and Investments Commission (ASIC), the apex Australian financial service regulatory authority, under the ASIC license number #306400. The broker operates segregated accounts for its clients. Thus, technically, it does not have access to clients’ accounts, thereby eliminating the risk of funds mismanagement.
Worldwide, ForexCT is the first choice when it comes to online margin and CFD trading. This is not an accident; the broker’s range of leverage options is exciting, and will easily endear it to any trader looking for the best offers.
As you probably know, leverage can potentially increase profits for traders, especially those who have a relatively small account. Of course, it increases the risk, too. ForexCT offers its clients leverage of up to 400:1. This means that you can control positions that are 400 times your deposited amount. Let’s use the following example to illustrate the concepts of leverage and margin trading.
Imagine you want to buy the EURUSD pair at a price of 1.0500 and you want to know the margin, the minimum amount you need to open the trade. Assuming that you have 400:1 (or 0.25%) leverage on your trading account, you can determine the required margin amount for this trade using the formula: current price x units traded/lot size × margin percentage (leverage %/100)
1.0500 × 10,000 x (0.25/100) = $26.25
That is, you need a deposit of $26.25 in your account before you can open a $10,000 EURUSD trade and control the $10,000 position. The huge advantage here is that by using leverage — trading on margin, you do not need to deposit the whole $10,000 in your trading account. Instead, you need just $26.25.
Forex CT is a non-commission based Forex broker. Hence, its clients do not pay a commission when trading CFDs on Forex. Instead, the broker receives compensations for its services only in the form of spread. Measured in pips, the spread is the difference between the bid price and the ask price.
The bid price is the price that market maker, liquidity provider, or another market participant wants to buy from you, while the ask price is the price that they are willing to sell.
As explained earlier, the spread is the difference between the bid price and the ask price. As it does not charge commissions, the broker makes its gains only through the spread.
The bid price is the price at which you sell and the ask price is the price at which you buy. For instance, when the bid price and the ask price are 1.0565 and 1.0567 respectively, the spread is 2 pips. This is the broker’s gain.
Normally, spreads vary depending on market conditions and the currency pair, but ForexCT clients always have a fixed spread. That is, the broker offers a fixed spread policy, even if the markets are unstable due to high-impact press releases or other statistics.
Before you can start trading on a ForexCT live account, you need to deposit a minimum of $500. When compared to many other brokers, this is high. However, it has some advantages.
When you use ForexCT, you will have a number of deposit and withdrawal options from which to pick. These are:
There are two account options offered by ForexCT:
The demo account, with the $20,000 virtual cash, offers the perfect practice environment to test out your skills, familiarize yourself with the trading platform, and learn to follow your instincts all at no risk whatsoever.
The live trading account provides a wide choice of CFDs available across a range of asset classes such as commodities (e.g. gold, copper, oil, and wheat), bonds, indices such as the ASX 200 and the Dow Jones, currencies, and exchange traded funds (ETFs).
Registering for a live trading account instantly gives you access to the cutting-edge mobile and WebPROfit trading platforms.
The broker’s customer support service is offered 24/5 integrated with the trading platform itself. Hence, you can conveniently use it without having to leave the trading platform! Whether you need guidance or you just have queries, the support team is always available to help you have seamless experiences using the broker.
The customer support service is provided via the following:
ForexCT prides itself on its state-of-the-art online trading platform which is made available in the two forms:
The mobile platform is available for download as both Android and iOs apps. It enables traders to:
The web-based platform, the WebPROfit trading platform, is arguably the easiest-to-use platform in the industry. It offers:
ForexCT provides a wide range of education and informational resources. The materials are available in different forms such as:
ForexCT Australia is a well-regulated Australian Forex and CFD brokerage firm. It gives its clients the opportunity to access the Forex market 24/7 at low costs, while also providing high leverage to increase their profit potential. The customer support service is top notch, the education and informational resources are detailed, and the trading platforms are standard enough to make trading conditions favorable.
However, the broker has a relatively high minimum deposit requirement and a limited account type offering. All the same, if you are looking for a secure broker to handle your trading needs, ForexCT might be exactly the one you need.