ForexCT has come a long way. Established in 2006, more than 13 years ago, the company has since expanded into a multiservice brokerage firm. Currently, it provides more than 60 currency pairs, various contracts for differences (CFDs), spot metals, and other similar assets for trading.
The firm is licensed by the Australian Securities and Investments Commission (ASIC). Based in Melbourne, Australia, it operates as a brand of Forex Capital Trading Pty Ltd. It is, therefore, a strictly regulated company that complies with specific rules.
ForexCT is a leading provider of Forex and CFD brokerage services. Whether you are a market expert or a newbie, with the firm’s standard trading platforms and analysis tools, you will find trading easy and fun. Especially popular among Australian investors, it lowers barriers to starting to trade.
One of the benefits of using the broker is its easy accessibility, no matter the experience level of the investor. Also, it provides educational resources to enable traders to hone their skills. Moreover, it offers high leverage, guaranteed stop loss on every trade, and fixed spreads.
Why You Should Use ForexCT
· License And Regulation
As hinted earlier, there are many advantages to using ForexCT. Perhaps, the most important is its reliability. The company is duly licensed and regulated by the Australian Securities and Investments Commission (ASIC). As a result, the company complies with certain specific industry rules. Among those is the direction that customers’ funds should be kept in separate trust accounts. Therefore, your investments are safe to a reasonable extent.
· Fixed Spread Policy
Another advantage of using the brokerage firm is its fixed spread policy. Although this policy can make trades a bit expensive, it precludes commissions on trades. Therefore, no matter how volatile markets are, spread stays relatively constant, thereby giving traders some measure of predictability and control.
Furthermore, the broker has a guaranteed stop loss policy on every trade. This policy is affected at no cost. Stop losses are essential to managing risk by, as the name implies, minimizing losses. Their use is especially recommended for beginner traders who may be tempted to keep losing trades.
Even though this guaranteed stop-loss policy may be most beneficial to beginners, veteran traders also can incorporate it into their trading strategies. Stop losses make their users smarter and certain about their trades.
Although in some situations of high market volatility, slippage could occur. In those situations, stop-loss orders may close positions at rates different than those set in the orders. Still, trading strategies with a stop-loss policy are safer than those without it.
· High Leverage Ratios
ForexCT also has as one of its benefits its provision of high leverage. This enables traders to enjoy a potentially high return on their investments. The high leverage advantage allows traders to control positions that are many times bigger than their trading accounts. With this service, they can easily place trades with low margin requirements and enjoy leverage ratio levels up to 1:400.
· Ease Of Deposit And Withdrawal
ForexCT avails its clients the opportunity to use a broad range of methods to deposit funds. Those deposit methods include International Telegraphic Transfer, bank wire transfer/Electronic Funds Transfer(EFT), credit/debit cards via MasterCard, Visa, and JCB, and BPay. Deposits usually appear in the funded accounts within 2-3 business days.
Withdrawals are just a click away. You just have to log in to the trading platform, click the “More” icon, select the “Withdrawal” option, and supply your withdrawal information. Also, withdrawals are generally processed within 3-4 business days.
· Customizable Trading Platforms
A list of this broker’s good sides won’t be complete if a review of its trading platforms isn’t included also. The broker offers self-owned WebProfit in three forms which are the desktop, web, and mobile versions.
WebPROfit, the in-house trading platform for ForexCT, is fully furnished with customizable real-time charts, a wide range of technical indicators, and various research, learning, and news feed resources. Traders can do their analyses anytime and can also place their trades with a click. The company’s Tendency web-based Mirror Trader Platform made available only to its Australian clients enables social/copying trading.
· High Minimum Trading Capital Requirement
Notable among the drawbacks of ForexCT is its high minimum trading capital requirement. To be able to start trading with this broker, you would need at least a minimum deposit of $500. This may be a high barrier to attracting new investors.
· Slow Speed Of Execution of Trades
Also, when compared to other online forex brokerage service providers, speed of execution of trades using this broker is slow. As stated earlier, slippage is possible, but its risk, however, with this broker is low because of their fixed spread policy. The slow speed of execution of trades can be of damaging consequences for traders.
· Mixed Reviews From Clients
A glance at some Forex review platforms may reveal significant negative sentiments about this broker. However, there are positive reviews from some users, too. This situation of striking disparity in opinions about the broker may be a result of differences in expectations of the respective users.
Finally, if you are moved more by the advantages of using this broker and you are less affected by the downsides, you can easily open an account with them.