Broker ceased to exist

Forex CT 5/10 (votes 2372)

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On-line since: 2006
Country of origin: Australia
Regulation: -
Payment options: wire transfer, credit cards
Minimum account size: $500
Minimum lot size: 0.025 lot
Leverage: 1: 200
Spreads: -

Forex CT is part of Forex Capital Trading Pty Ltd. founded in 2006. On July 31, 2020, the broker posted a notice on its official website that the company terminated its operations. The statement said: “ForexCT no longer holds an Australian financial services licence and has ceased providing financial services in Australia. Our online trading platform has been decommissioned and we are in the process of closing down our business operations in Australia. As at 27 July 2020, ForexCT terminated its remaining customer agreements with its customers. ForexCT will not on-board any new customers."

Most likely, ForexCT had to close down its business due to licensing challenges. On the Web, there is information that the Australian Securities and Investments Commission (ASIC) obtained restraining orders against Forex Capital Trading in 2019 and cancelled its license in the early summer of 2020. Later, on July 17, 2020, ASIC filed a lawsuit against ForexCT for “unconscionable conduct”.