Member Since Jul 08, 2015 1 posts
Jul 08 at 06:22
ForexCT is an Introducing Broker only. i.e. they will charge higher spreads for no reason at all other than to re-direct your trading activity to trading server located outside Australia. (usually Israel or Ireland or Cyprus).
These shysters do not keep your money in Australia but are functioning as an Israeli front for a broker called BForex - and pretends to be Aussie.
ForexCT is short on Transparency and honest business practices but rather long on Greed and Dishonesty.
Examples of how ForexCT treats customers unfairly:
- Will guarantee Take Profit orders but not Stop Losses on Equities.
- Will guarantee all FX orders but will slip you >50% of the time
- Incredibly glitchy platform (PROfit) and charts - you will have to email, complain and push on every miniscule issue to get a refund of <$500
>$500 - forget it
- Will refer any serious clients to a prized variety nitwit called Nicholas Frichot. The last thing this man will do is assist you in your trading. More likely will insist you follow a trading signal generated in the 1980's.
- Will take less than 1 minute to process your deposit but 1 week for a withdrawal as standard. You will have to speak to an Account Manager and beg them to give your back your own money. This process will also require several forms of ID, bank statement and any other document that could potentially slow down the withdrawal. Enough time for you to maybe change your mind and for the Account Manager to have another go at convincing you that paying 4 pips on EUR/USD is a good idea.
- Bottom line, these guys be stingy with your money and even stingier with theirs.
This shop isn't a Trading outfit but a Sales office that plugs you into a 'slot-machine version' of the financial markets.
If you manage to make money in these tough markets, with these tough spreads and these tough Israeli terms and conditions, you are a soldier of the highest order though.
That warm and fuzzy feeling is the only benefit of going Live with these shmo's.
Why not just go direct to a decent international broker that can actually offer you what you're looking for rather than this cheap imitation version that will cost you more than your Deposit to be sure.
Beware and Avoid.