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/10

FOREXITE

Belize|5-10 years|
Suspicious Regulatory License|Suspicious Scope of Business|High potential risk|

https://www.forexite.com/traderoom/default.asp

Website

Rating Index

Influence

Influence

C

Influence index NO.1

Japan 3.20

Surpassed 38.44% brokers

Biz AreaSearch StatisticsAdvertisingSocial Media Index

Contact

+1 718 663 0013
info@forexite.com
https://www.forexite.com/traderoom/default.asp

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

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Warning: Low score, please stay away! 4
Previous Detection : 2024-03-29
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The BelizeFSC regulation (license number: IFSC/60/275/TS/19) claimed by this broker is suspected to be clone. Please be aware of the risk!

WikiFX Verification

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FOREXITE · Company Summary

General Information & Regulation

Forexite Ltd is incorporated in Belize as an International Business Company (IBC No. 136746) and is authorised and regulated by the International Financial Services Commission (Licence No. 142/168). The cryptocurrency operations are not licensed, and not regulated by the IFSC.

Market Instruments

FOREXITE only provides forex trading, which is the quite limited variety. Many other brokers can offer rich trading instruments like indices, commodities, stocks, or even crypto currencies.

Accounts & Leverage

FOREXITE offers investors a standard account with a minimum opening amount of $1, a minimum trading lot size of 0.01.

FOREXITE Leverage

In respect to the trading leverage, the maximum trading leverage offered by FOREXITE is up to 1:100, which sounds average, as many other brokers can offer higher leverage level. However, inexperienced traders are advised not to use too high leverage in case of heavy fund losses.

Spreads & Commissions

The EURUSD spread on the FOREXITE standard account is 4 pips, 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.

Trading Platforms

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 traders' access to their investment accounts via credit/debit cards, as well as online payment systems such as Skrill, Yandex, and Paxum.

FOREXITE Cons

Some FOREXITE Drawbacks include:

1. Offshore regulation

2. Non-MT4 trading platform

3. Fewer tradable assets

4. High spreads & transaction costs

5. Only one account option available

Broker Information

Company Name

Forexite Ltd

Company Abbreviation

FOREXITE

Regulatory Status

Suspicious Clone

Platform registered country and region

Belize

Phone of the company
  • +1 718 663 0013

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Customer Service Email Address
  • info@forexite.com

Company Summary

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