Overview of FOREXITE
Forexite Ltd, incorporated in Belize as an International Business Company, is a forex broker offering online trading through its Web Trader platform. FOREXITE is accessible to beginners with its low $1 minimum deposit and offers flexibility through multiple deposit methods and currencies. Its proprietary web-based platform, TradeRoom, provides essential trading features, making it a straightforward option for new traders.
However, the lack of legitimate regulation introduces significant risks for traders, as their funds and trading activities may not be adequately protected. Furthermore, the platform's limited product offerings, educational resources, and customer support options could be drawbacks for experienced traders seeking a more diverous and secure platform.
Regulatory Status
FOREXITE' regulatory status is a point of contention. The BelizeFSC regulation (license number: IFSC/60/275/TS/19) claimed by this broker is suspected to be clone. This red flag casts a shadow on the broker's legitimacy and trustworthiness.
Pros and Cons
FOREXITE offers a user-friendly trading experience with its simple fixed spread system, ensuring transparent pricing and no additional commissions on trades. The low minimum deposit requirement makes it an attractive option for beginners venturing into forex trading. Additionally, the platform accepts multiple deposit methods and currencies, providing flexibility for users.
However, FOREXITE prompts questions as a suspicious clone, which may indicate potential risks associated with its legitimacy and reliability. The platform's focus solely on forex trading limits product diversity, restricting options for traders interested in other financial instruments. Furthermore, the availability of educational resources and customer support options is limited, potentially hindering the learning process and problem resolution for users.
Market Instruments
FOREXITE specializes in forex trading, offering a variety of major, minor, and exotic currency pairs. Unlike many brokers that provide a diverse range of assets including indices, commodities, stocks, and cryptocurrencies, Forexite's focus is solely on the forex market. This means that traders looking to trade in other markets might find Forexite's offerings limited compared to brokers that offer a broader spectrum of financial instruments.
Account Types
FOREXITE offers a live trading account and a demo account for practice. This account requires a minimum deposit of just $1, making it accessible for traders with varying budgets. The minimum trading lot size is 0.01, which allows for fine-tuned position sizing. The maximum leverage available is up to 1:100.
Account Opening Process
Opening an account with FOREXITE is a straightforward process that can be completed in a few simple steps:
Register: Create an account on the FOREXITE website.
Verify: Complete the verification process by providing the required documentation.
Trade: Start trading on the live or demo account.
Leverage
FOREXITE provides a standard leverage of 100:1, but recommends using a leverage of no more than 10:1 for better risk management.
Trading Fees
FOREXITE utilizes a fixed spread system, starting from 4 pips for major currency pairs, which is well above the industry standard. Most brokers offer spreads between 1.1 pips and 1.5 pips on the EURUSD, and higher spreads mean higher costs. They do not charge commissions on trades, and the minimum deposit requirement is $1.
Trading Platform
Forexite has a proprietary platform called TradeRoom, which is web-based only, not very intuitive to use, and has extensive tutorials that obviously must be read carefully. The platform has some of the most basic options and features of major trading platforms such as MetaTrader, but it is neither attractive nor easy to use.
Deposit and Withdrawal
FOREXITE supports deposits via credit card, Skrill, WebMoney, RBK Money, Paxum, and other systems. Deposits are accepted in multiple currencies. Withdrawals can be made without closing open positions, and the fees depend on the payment method and currency.
Customer Support Options
FOREXITE offers customer support through a message box on their website.
Educational Resources
FOREXITE provides limited educational resources:
Conclusion
FOREXITE, with its simple fee structure and low minimum deposit, could be a starting point for beginners interested in forex trading. However, its suspicious regulated status and limited product offerings gives rise to doubts. Additionally, the lack of various educational resources and customer support options may deter more experienced traders. It's crucial to carefully weigh the risks and benefits before choosing FOREXITE as your broker.
FAQs
Q: Is FOREXITE a regulated broker？
A: FOREXITE's current regulated status is suspicious clone.
Q: What trading instruments does FOREXITE offer？
A: FOREXITE specializes in forex trading and offers various currency pairs.
Q: What is the minimum deposit requirement for FOREXITE？
A: FOREXITE's minimum deposit requirement is $1.
Q: What trading platform does FOREXITE use？
A: FOREXITE offers a Web Trader platform called TradeRoom for online trading.
Q: Does FOREXITE charge any fees for deposits or withdrawals？
A: FOREXITE does not charge fees for deposits, but withdrawal fees may apply depending on the payment method and currency.
