ForexCT Review

ForexCT Overview
Founded2006
PlatformDesktop PROfit, WebPROfit, Mobile PROfit on iPhone, iPad and Android, MetaTrader 4 (MT4), Mobile MT4
Minimum account size$500
Minimum lot size0.01
Tradable assetsmore than 60 instruments
Maximum margin1:400
Spread on EUR/USD2 pips
Payment methodsCredit & Debit Cards, Bank Transfer / Telegraphic Transfer (DBS Singapore Bank, HSBC Hong Kong)
Demo accountYes with $10,000 Virtual Money
Accepts Australian tradersYes
RegulatedASIC (Australia)
SupportEmail, Phone, & Live Chat

 

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Pros

  • Demo account with huge virtual balance
  • Up to 1:400 leverage

Cons

  • Minimum account size higher than average
  • Platform prone to lags
  • Customer support always busy
  • Unpopular in Australia

 
ForexCT has been in the business since 2006. This forex broker regulated and registered with a number of financial regulators. Does this mean that this broker is safe to trade with? Let’s find out in this review.

Platform

They have developed a suite of platforms based on the needs of their clients. The IB Trader Workstation (TWS) allows trading on over 100 markets from a single account while its IB WebTrader is a web-based platform which can be accessed on any web browser. Trading on-the-go is also possible via the mobile apps which are compatible with Android and iOS-powered devices. This warrants a Platform score of 8/10.

Design

The interface was quite good but the colors used were just to dark. They should change it to light colors to make it easier to read the texts especially on the market feeds. This merits a Design score of 3/5.

ForexCT platform

Minimum Deposit

The minimum account size is perhaps one its major disadvantages as it requires an initial deposit of $10,000 which is far beyond the average size. This is clearly not affordable for the average trader and it is for this reason why they got a low Minimum Deposit score of 1/5.

Minimum Lot Size

With ForexCT you can place minimum lot size of 0.01 similar to the standard size and for this they deserve a Minimum Trade Score of 4/5.

Tradable Assets

More than 1,000 instruments can be traded on the platform which includes stocks, options, futures, forex, bonds, ETFs and CFDs. This level of diversity warrants a Tradable assets score of 5/5.

ForexCT assets

Payouts

They have direct access to interbank forex quotes so prices are delivered in 1/10 of a pip which translates to tight spreads even for the major pairs. For example, the spread for the EUR/USD pair reached as low as 0.1 pip. This warrants a Payouts score of 10/10.

Withdrawal Time

Withdrawal requests submitted prior to the cut-off will be sent that day, under normal business circumstances; however, in certain cases a withdrawal request may be subject for further review which may result in a delay. We apologize for any inconvenience.
It may take up to 5 business days to get your withdrawal request processed with this broker. This is the reason why I am giving them a Withdrawal Time score of 8/10.

Deposit and Withdrawal Methods

Among the banking methods they accept include credit and debit cards, PayPal, Internet Banking, BACS, CHAPS Wire Transfer and SWIFT Wire Transfer. Since they almost covered all the major payment options, they received a Deposit and Withdrawal Methods score of 5/5.

ForexCT deposit

Customer Support

It takes a lot of patience for you to be able to get in touch with their support. Most of the time, the lines are busy or queuing plus their agents are hard to understand. This deserves a Support score of 3/10.

ForexCT support

Quoting Accuracy

The prices that they display on the platform are mostly in real-time but there are some instances when the numbers don’t match the actual live market data. It’s the reason why they got a Quote Accuracy Score of 7/10.

Reputation

ForexCT has been in the business for more than 20 years but this broker seems to be plagued with a lot of unsatisfactory user comments and reviews including those from Australia. This is based on the extensive research that was done to know their standing in the market. Based on our grading system, they were able to get a Reputation score of 5/15.

ForexCT reputation
ForexCT reputation
ForexCT reputation

Bonus Requirements

Unfortunately, this broker doesn’t have a bonus program so basically they don’t qualify for this category. By default, they will get a Bonus Requirements Score of 5/5.

Withdrawal Pre-Volume

Since they don’t have bonus program, the they also don’t qualify for this category so they will automatically get a Withdrawal Pre-Volume score of 5/5.

Conclusion

Just because ForexCT has been operating for years already doesn’t mean that they are your best option. Based on the tests that were done, it seems that they haven’t been able to maintain the quality of service that they provide to their clients. If you’re planning to trade currencies and are looking for a trusted broker to sign-up with then it would be better to find a more reputable brand that truly delivers.

Final Score: 70/100

 

We highly recommend that you sign-up with much more stable brands such as eToro or Plus500 as alternatives so you can continue with your trading activities.