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Forexite Review – is it scam or safe?

Forexite Review  – Is www.forexite.com scam or safe forex broker?

RATING: 1.5 / 0 REVIEWS Forexite
Forexite is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading accounts and conditions

 

 

Account type Minimum deposit Minimum trade size Maximum leverage Average spreads
Standard $1 0.01 lot 1:100 4 pips

 

Forexite has one type of trading account, which we named “Standard” for convenience. There is also a free demo account with virtual $1000 for testing purposes.


The broker offers trading in major, minor and some exotic forex pairs. The minimum required deposit is listed as $1, but the broker says that the “recommended minimum deposit” is $500.



The Company. Security of Funds


Company Country Regulation
Forexite Ltd. Belize IFSC

 

 

The Forexite broker has a business address in the offshore zone Belize and is regulated by Belize's International Financial Services Commission (IFSC). The trading address, however, is on the British Virgin Islands.


This regulator has low requirements and does not exercise much of supervision over its charges and this makes Belize a popular destination for forex brokers. Even though IFSC is somewhat better than the regulators in other popular forex broker offshore zones or no regulation at all, it is not the most reliable and reputable watchdog.


For this reason we recommend that you choose a broker with good regulation like the one provided by UK's FCA or the Australian ASIC.



Trading platforms


Forexite appears to have a proprietary platform called TradeRoom, which is only web-based. It is not very intuitive to use and has extensive tutorials which obviously have to be read carefully. The platform has some of the most basic options and features of major and popular trading platforms like MetaTrader, but is neither attractive, nor easy to use.

 


A feature we find rather strange, is that a client can log into his/her account with their social media profile.



Methods of payment


The broker accepts payments with debit and credit cards and the online payment systems Skrill, Yandex and Paxum.



Conclusion


Judging by the language options on its site, Forexite is obviously targeting Russian-speaking clients. The broker's site and platform, however, are rather unattractive and appear extremely outdated. It seems Forexite is still active, which we find rather surprising, considering the multitude of forex brokers active on the Russian markets – many of them properly licensed by the Bank of Russia and with far more attractive asset portfolios, trading conditions and trading platforms.


 

Pros Cons
  No MT4
  Wide spread
  Low leverage

 

 

Latest news about Forexite
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Traders` reviews for Forexite

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Cons

 

 

Customer service

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Summary

Pros

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