Website URL: https://www.forexct.com/
Languages: English, Chinese
Deposit methods: credit cards, domestic bank transfer, BPay, international telegraphic transfer
Minimum deposit: $100
Free demo account: yes
Types of assets: Forex, CFDs
ForexCT is an extremely shady company that takes advantage of their clients by extorting money from them and bringing them to the verge of poverty. This is not at all a reputable brand, despite having a license by one of the most respected bodies in Australia. Despite being present in the industry since 2006, this brand was thrown into a pretty shady spotlight after some claims were reported about their agents harassing clients until they deposited up to several hundred thousand dollars.
ForexCT is regulated by the Australian Securities and Investments Commission, which assures the clients that their funds will be protected and never become a part of the hedging part of profiting for the company itself. This alone sounds pretty reassuring and confident, especially when you visit the website where you can easily find all this info in great detail.
Still, one thing that is clearly lacking here when it comes to security is that they never mention any type of SSL encryption. This is a pretty standard technology that is quite common for the majority of reputable brokers. This raises some serious eyebrows when you look at ForexCT. It further questions their ability to protect the clients and their information, not to mention their hard-earned funds.
The 2019 scandal
After accusations came up about ForexCT harassing their clients and pressuring them to deposit up to several hundred thousand Australian dollars, their offices were raided by the ASIC and the Australian Federal Police.
For the time being, ForexCT is still under investigation but remains a part of the ASIC brands and companies. ASIC is assuring the clients that all of the complaints will nevertheless be taken under consideration as the investigation continues.
The ForexCT platform and website are quite simple and modest when it comes to the design, with a handful of low-quality images and a clutter of information to get lost between. This is clearly a distraction tactic that they use to turn your attention away from serious issues, which recently threw some shade on the entire industry.
In addition, what I noticed by digging deeper is that their social media presence has died down around 2018 when the first accusations came out. This is basically an admission of guilt on their part, despite keeping a social media strategy not being obligatory. But when you look at it like that, the question imposes – if they are not handling their own accounts, how can I expect them to manage mine?
The selection of the assets up for trading is pretty small, as well. Between the currency pairs and a few of the CFDs, there is not much to go for. In addition, the minimum deposit is quite high in comparison to the asset variety. This is pretty disappointing. The leverage is also high, but it does represent an average for the industry. The trading platform is MT4 and you can easily download it to any device. Other than that, there is not much to it.
When you decide to trade with ForexCT, you will find that you can choose from only two types of accounts – demo or live. In addition, the demo account isn’t as a real one anyway, since there is no actual activity going on when you are using it.
Considering that you can only choose one type of account or not trade at all, the minimum deposit is quite high. Especially when you compare it to the leverage, as we mentioned before. Also, there is no NextGen option for trading. Because of this, we can’t pinpoint any particular advantages to the ForexCT trading experience.
When it comes to the customer support team, their inability to respond to the customers’ queries is not even the half of it. Namely, this company was accused by their elderly client that they harassed him several times a day. They called him pushing him to make one deposit after another. As a result, the client lost $120.000 in just one trading session, and $270.000 in total by trading with this brand.
During the time this situation was in the spotlight, the Australian government actually froze the ForexCT bank accounts. They also forbade its CEO Shlomi Yoshai to leave the country. As you can assume, an in-depth research is more than necessary in case you are thinking about ever trading with this company.
Deposit and Withdrawal
Deposits and withdrawals take pretty long to process, around 5 business days or longer. The variety of payment options is also not particularly admirable. It includes only the following:
- credit and debit cards
- domestic bank transfer/ EFT
- international telegraphic transfer.
Still, this wouldn’t be the worst thing in the world if there weren’t so many ridiculous limitations for each one. Some of them include that deposits can only be made in the USD currency. In addition, you can not make third-party transfers at all. Also, there is a depositing limit of only $10.000.
When you take all this info into consideration, it is pretty obvious why the traders should steer clear of ForexCT. Now, we can even maybe put past things like ridiculous fees and a modest trading variety. But the fact that ForexCT is blatantly scamming and abusing their clients is unforgivable in our book.