The offshore-based Forex broker ForexCT provides trade on a single trading account. It claims to offers commission-free trading with high fixed spreads and maximum leverages. The broker is operational from Australia and does not allow trade on micro-lots. It also promises to offer many risk management tools. Furthermore, it claims to be regulated by ASIC. Still, this broker holds low ratings. In this ForexCT review, we will discuss the reasons for this broker’s low ratings and much more. So, it is advised to follow it thoroughly. Read the full ForexCT review here.
The broker was established in the year 2006 and claimed to provide multiple brokerage services. It offers 60 plus FX pairs and CFDs on silver, gold, and platinum. The trading platform provided is MetaTrader and is one of the advantages of this broker. The company called Forex Capital Trading PVT LTD owns the brand name ForexCT. The company claims to be situated in Melbourne and regulated by the Australian Securities & Investments Commission.
The brokers’ claims were valid until the year 2019. The ASIC raided FoexCT’s head offices several times with the accusations of scams. Also, in the year 2020, ASIC cancelled the broker’s license. Now it is evident that the broker no longer regulated and may do a scam. Importantly, the ForexCT have stopped the enrolments of new customers, and from June 2020, the trading platform will be decommissioned and no longer will be available for trading.
The minimum deposit required was AU$ 500 for the basic account and its comparatively high. Simultaneously, offered spreads, leverages, and lots to trade are also on the higher side. The trading platform MetaTrader and in-house PROfit is provided to the traders. The platform PROfit is extensively used by scam brokers worldwide. The payment and withdrawals are processed via many channels, and withdrawal takes 2-3 days.
Is ForexCT scam or legit?
The broker was regulated and had good market presence previously. Nevertheless, from 2019 the broker was involved in many scams. The Australian local financial regulator ASIC raided and cancelled this broker’s license. Now it is an unregulated entity and can take advantage of its reputation to perform a scam. Also, the trading conditions are high and do not benefit traders. In our view, the ForexCT is a potential Australian trading scam that should be avoided altogether. Investors fund has a high risk of loss with ForexCT.