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ForexCT Review
ForexCT was an Australian forex and CFD broker whose ASIC license was cancelled in 2020 for unconscionable conduct. The company later went into liquidation.
Min Deposit
N/A
Spreads From
Not applicable, ForexCT is closed
Max Leverage
Not applicable, ForexCT is closed
Platforms
N/A
Pros
- ForexCT once held a real ASIC license before it was cancelled in 2020
- ASIC investigated fully and shut the firm down instead of letting it continue
- A federal court fined the firm $20 million and fined its director personally
- A licensed liquidator now handles creditor claims through a public process
Cons
- ASIC cancelled ForexCT's license in 2020 for unconscionable conduct
- A federal court found staff used high pressure sales on reluctant clients
- Clients lost large sums, some using retirement savings to fund deposits
- The sole director was banned from running a company for eight years
- The company is in liquidation today and cannot accept any client funds
- An offshore website briefly reused the ForexCT name after the shutdown
ForexCT was the trading name of Forex Capital Trading Pty Ltd, a forex and CFD broker based in Melbourne, Australia. The firm began in 2006 and once held an Australian Financial Services License. ForexCT is closed today and has no active trading service.
ASIC investigated ForexCT and cancelled its license in June 2020 over high pressure sales that pushed clients into depositing money they could not afford. Court findings describe a trading floor with prize games and a bell rung for large deposits. In 2021 a federal court ordered the firm to pay a $20 million penalty. Its sole director, Shlomo Yoshai, was fined $400,000 and banned from running a company for eight years.
Forex Capital Trading Pty Ltd was placed into liquidation in December 2021, and liquidators still handle creditor claims years later. An offshore website briefly used the ForexCT name after the shutdown, but that site also went offline. Treat any site still using this name as a warning sign, not a trading option.
Max Leverage
Not applicable, ForexCT is closed
Spreads From
Not applicable, ForexCT is closed
Regulation, fund safety, track record
Spreads, execution, leverage
Platform quality, charting, features
Analysis, webinars, learning materials
Support quality, responsiveness
Mobile app quality, features
