ForexCT is a regulated forex and CFD broker based in Melbourne, Australia. The Australian broker is licensed by the Australian Securities and Exchange Commission (ASIC) with an Australian Financial Services License AFSL #306400. ForexCT is owned and operated by the company Forex Capital Trading Pty Ltd.
However, the ASIC has recently taken action against Forex Capital Trading Pty Ltd, so South African investors would be advised to stay away from this forex broker.
Instead, trade directly with the best regulated broker for South African traders – IQ Option.
ForexCT Account Features
The minimum deposit to begin trading with ForexCT is $500. This is double the usual amount required by most forex brokers ($250) and much higher than the IQ Option minimum deposit – which is only $10.
This is an immediate disadvantage of ForexCT, especially for beginners who may not be willing to invest so much money on their first trades.
As for account types, ForexCT offers South African traders a single account type, which includes:
- Leverage up to 1:200 for beginners, 1:400 for professional / VIP traders
- Fixed spreads of 2.0 pips on EUR/USD
- No commission fees
- Free stop losses
Unfortunately, no micro lots are available on the ForexCT platform.
We were pleased to discover that ForexCT offers South African traders a free demo account with $20,000 of virtual funds. It is always advisable that investors first test out a broker’s platform through a demo account before investing any real money. Keep in mind that the minimum deposit to start trading with ForexCT is $500 – so especially if you are a beginner, a demo account is highly recommended.
Trading Platform & Assets
With ForexCT, South African traders can trade over 60 currency pairs, CFDs on stocks and commodities, as well as market indices. There are 3 trading platforms available to trade these assets in: WebPROfit, MobilePROfit and Mirror Trader. Check out each ForexCT platform below.
The ForexCT WebPROfit is the broker’s in-house web trader. This is a good option for South African traders who prefer to not download or install any software onto their device, but access the ForexCT trading platform directly from their web browser. The WebPROfit is simple, user-friendly and has all the tools you will need. Its simplicity guarantees it can also be used by a beginner.
Now, many South African investors prefer trading on-the-go through their mobile device or tablet. This is where the ForexCT MobilePROfit platform comes in handy. Available for both Android and Apple operating systems, MobilePROfit can be synchronized with your WebPROfit and you will be good to go. Auto-synchronization means you will not need to choose one platform or the other. You can use both at your convenience.
Last but not least, ForexCT gives beginners the chance to copy what the trading experts are doing through their Mirror Trader platform. The ForexCT Mirror Trader allows you to mirror professional forex and CFD traders and learn their trading strategies.
ForexCT Customer Support
For any questions or issues, you can contact ForexCT directly through their customer support team. The customer support at ForexCT is available through email or phone. There is no live chat option, unfortunately. The emails and phone numbers are all listed below.
Phone: +613 9866 5332
Fax: +613 9866 7057
ForexCT Deposit & Withdrawal Methods
The minimum deposit ForexCT accepts is $500 and the maximum per transaction $10,000. RAND deposits will be converted at the spot exchange rate.
Deposit methods you can use are:
- Credit / Debit card (Visa, MasterCard)
- Wire transfer
- International telegraphic transfer
To withdraw your funds from ForexCT, go to the PROfit platform, click on “more”, select “withdraw” and enter the withdrawal information required. A withdrawal process can take up to 3 – 4 business days. The withdrawal method you choose generally should be similar to your deposit method.
ForexCT Pros & Cons
For your convenience, we have summarized the basic pros and cons of trading with ForexCT we discovered in this review.
- Demo account
- Regulated broker
- ASIC has taken action against them
- Very high minimum deposit
- No MetaTrader 4 platform (the most popular forex trading platform online)
Is ForexCT a Scam?
We have no sufficient evidence to call ForexCT a scam, but we would advise you to keep an eye out for the ASIC action against this broker. This is definitely not a good sign and could mean scam activity was uncovered. Either way, we would strongly advise South African traders to stay away from this forex broker for now.
Instead, choose to trade with our top broker for South African traders, IQ Option, which has a minimum deposit of only $10 and a FREE demo account to practice with.
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