Daily BulletinHoliday Centre

Money

  • Written by News Company
ForexCT: A Melbourne based broker - the answer to your Forex woes

Whether you’re a rookie or a veteran when it comes to the Forex (foreign exchange) market, it’s a volatile and risky market either way. But with a $5 trillion-dollar daily turnover, it’s extremely enticing at the same time.

Having a local partner that’s been trading in the market for the last 13 years may be the answer to your Forex woes. ForexCT is a Melbourne based Forex broker that provides Forex and CFD (Contract for Difference) trading services. They focus on providing their customers 24/7 markets access through their secure online trading platform, comprehensive educational tools for those that need support, and outstanding customer service through their team of dedicated Account Managers.

It’s a maze of information out there when it comes to Forex traders, so we’ve made it a bit easier for you. Here’s a summary of the pros and cons of trading with this Forex Broker:

Pros

1.   ASIC regulated

ForexCT is regulated by ASIC (the Australian Securities Investment Commission) and is therefore compliant with industry regulations, which means that your investments have a level of protection.

ASIC requires licensed companies to meet certain requirements and to comply with various industry rules; customer’s funds must be kept in segregated trust accounts. 

2.   Commission-free trading: Fixed spreads

ForexCT spreads are fixed and stay constant; they’re not affected by market volatility. The fixed spreads make the trades slightly more expensive than variable spreads, but it gives traders, especially beginners, more control when it comes to their transaction and trade costs. You don’t pay commission and you have more control; it’s a win win.

3.   Guaranteed stop losses

This broker understands how important it is to their customers to manage risk, so they’ve made it easier by offering stop losses on every trade, at no additional cost. Guaranteed stop loss orders are an effective risk management tool for those who lean towards less risk, as well as those new to trading, allowing you to trade smarter and with more certainty; it helps protect your trades from market gaping or currency volatility.

4.   Choice of leading trading platforms

The company offers a choice between one of the leading Forex trading platforms, MetaTrader 4 (MT4), and their in-house solution, WebPROfit.

As an industry standard platform, MT4 provides all the tools a trader needs: technical indicators, an advanced charting package, a wide range of Expert Advisers (EAs) and an extensive back-testing environment. EAs do all the work and allow traders to sit back; trades are fully automated. MT4 is available on desktop and mobile.

WebPROfit, their in-house platform, is available on desktop, web and mobile; it allows traders to trade anytime and from anywhere. It provides a real time customization graphical representation of the market movements and of the user’s trades. The platform offers various trading tools, news feeds and support. Suited for rookie’s or experienced traders; it allows for instantaneous trade executions, so Forex brokers can enter and exit positions with one click.

The Australian broker’s customers can also access Tradency’s web-based Mirror Trader platform. It allows users to learn the trading strategies of top Forex and CFD traders from around the globe, and automatically mirror their trades in their own trading account.

5.   High leverage levels 

ForexCT’s high leverage allows you to get more exposure while requiring less margins. You can open trades with minimal margin requirements and still benefit from the full value of the trade; their customers use leverage ratios up to 1:400.

6.   Ease of deposits and withdrawals

You can use a variety of deposit methods making it easier for you, including:  

- Credit/debit cards: Visa, MasterCard and JCB

- Bank wire transfer/EFT

- International Telegraphic Transfer

- BPay

Withdrawals are just a click away; you can hop onto their platform and easily withdraw funds directly which takes 1 - 2 business days.


Cons

1.   High minimum deposit 

When compared to other brokers, ForexCT’s minimum deposit is high. A $500 minimum deposit is required when trading with them, whilst other Forex brokers offer competitive minimum deposits, or no minimum deposits at all. This may discourage first time traders and create a perception that they are money hungry.

2.   Slow trade speeds

The broker has a relatively low level of trade execution speed when compared to other global Forex brokers that have sophisticated IT setups, maximizing the speed of their trades directly to New York.

While their setup is less sophisticated, it’s fixed spreads minimize the risk of slippage, so this shouldn’t be a major concern for most traders.

3.   Negative customer reviews

After reading one ForexCT review after another, it’s clear that there’s a large number of negative ones out there. However, the Forex industry attracts a lot of criticism from customers due it’s volatility and risk. Customers can be left disappointed and dissatisfied if their goals aren’t achieved or their expectations aren’t met.

A positive ForexCT review outweighs a negative one, with many customers commenting on their outstanding customer support service and exceptional educational tools.

4.   No variable spreads

An obvious one, but they only offer fixed spreads so variable spreads aren’t available for those that want to go down that route. They’ve chosen this offering so view it as a positive or negative, that’s up to you.

ForexCT has more than a decade of experience in the market so, if the pros outweighed the cons for you then they may be the broker for you; they’ve got a well-developed educational program that outshines their competitors, as well as many other solutions that may help you solve your Forex problems.

Forget about your Forex woes; this local trading broker fully understands what you need.  

 

 

INTERWEBS DIGITAL AGENCY

The Conversation

Politics

Scott Morrison on Credlin

PETA CREDLIN: Thank you for your time tonight, PM I know you've got a lot on your plate. I'll get to the issue of bushfires in just a moment, but I can't let it go unremarked that with Australia Day...

Peta Credlin - avatar Peta Credlin

Scott Morrison interview with Ray Hadley

RAY HADLEY: Prime Minister, good morning.    PRIME MINISTER: G’day Ray.    HADLEY: Jeez you copped a hammering while I was away.   PRIME MINISTER: Goes with the job mate.    HADLEY: Well, yo...

Ray Hadley - avatar Ray Hadley

Immediate small business support for bushfire affected communities

In response to the devastating bushfires, the Morrison Government has today announced a comprehensive suite of measures to immediately support impacted small businesses.    This initial package ...

Scott Morrison - avatar Scott Morrison

Business News

Guide to Start E-Commerce Business

If you can read this, you have access to the internet, and since you have access to the internet, you must have thought about buying something from an e-store. Today, we live in a time very contrast...

News - avatar News

Tips To Buy Office Desks From Sydney

Desks are essential components to the makeup of any office. The right type of desk makes the workflow smoothly. The majority of the people look for desks that are comfortable to work on and need lit...

News Company - avatar News Company

2019 Hottest FinTech Startups Overview

Modern technology is experiencing rapid growth, so many industries expect a so-called revolution, and the financial world is no exception. Over the past ten years, people have witnessed the emergence ...

News Company - avatar News Company

Travel

A Travel Guide for Vacations Overseas

There are two types of tourists. Of course, that's a sweeping generalization, and we could be talking about any possible part of traveling.  In this case, we're discussing those who stick to the ma...

News Company - avatar News Company

The Family Travel Handbook from Lonely Planet

Everything you need to know to take unforgettable trips with your children   Full of practical advice, ideas and inspiration for every type of family, Lonely Planet's The Family Travel Handbook ...

Adam Bennett - avatar Adam Bennett

3 Ideas for a Family-Friendly Holiday to Bali

A family holiday is always an exciting time, but it can often come with its fair share of challenges, especially when trying to keep every member of the family happy. Thankfully, the beautiful islan...

News Company - avatar News Company

ShowPo