Forexite Review 2020

Forexite Rated 3/5
learn more Learn more about eToro. 75% of retail investor accounts lose money when trading CFDs with this provider.
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Forexite Guide - Read our In Depth Forexite Review

This Forexite review was written by industry experts with over 20 years of financial experience in Forex trading, Share Dealing.

Forexite are an online broker founded in 2008 offering Forex trading trading, and Share Dealing trading.

Forexite are a global broker and have a head office in British Virgin Islands.

When trading in the financial markets it can be very time consuming to find a broker that meets your needs.

Often you have to visit and read many broker websites all of which have different uses of language. The wording can be very confusing. In our review of Forexite we breakdown the pros and cons. What Forexite are able to offer, what countries Forexite are available in. Who Forexite are regulated by and more.

Having a reliable and capable broker is crucial to your success in online trading. Make sure that your broker is not fake or unreliable to avoid losing your investment. Ensure that your needs fit the profile of your broker as well, in order for you to have a good working profitable relationship.

Benefits of trading with Forexite

Open Forexite's Website

Your capital is at risk

At the bottom of this review you can also learn about some pretty good alternatives to Forexite

With this Forexite review we hope to help you see if Forexite is a good fit for you.

It is a common myth that online trading is confusing. It is only difficult for people who have not done the research. In this article, you will learn important information regarding Forexite that will help you get off to a good start in the world of online trading.

Forexite Review Table of Contents

Forexite review
What you should know

Forexite offer two ways to trade: Forex trading, Share Dealing.

With Forexite you will need a minimum deposit of $0. You can sign up for a demo account to acquaint yourself with Forexite platform.

Forexite are able to accommodate various levels of traders whether you are experienced or a beginner.


Forexite review
Are Forexite safe?

When choosing a broker like Forexite the administrative body and regulatory status of the broker is very important. Brokers who conduct trades without supervision of a regulatory body do so at their own discretion. Any capital you invest is at risk.

Established in 2008, and in operation for 12 years Forexite have a head office in British Virgin Islands.

Forexite is regulated. This means Forexite are supervised by and is checked for conduct by the Belize's International Financial Services Commission (IFSC) regulatory bodies.

Regulated brokers will not manipulate market prices. When you send in a withdrawal request to Forexite, this will be honored. If Forexite violate any regulatory rules their regulated status could be stripped.

Any payments funded to Forexite accounts by traders are held in a segregated bank account.

For added security Forexite use tier-1 banks for this. Tier 1 is the official measure of a banks financial health and strength.

Try creating two accounts when you are working with Forexite. One is the real account, with your real money and the other is your demo account. The demo account is your experimental account.

Open a demo account Visit Forexite

Your capital is at risk

Full disclosure: We may receive a commission if you sign up with a broker using one of our links.

How Forexite as a Company Compare Against Other Brokers

Broker forexite eToro IC Markets Trading212
Year Established 2008 2006 2007 2006
Head Office British Virgin Islands Cyprus, UK Australia UK
Regulation Belize's International Financial Services Commission (IFSC) Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC) Australian Securities and Investment Commission (ASIC), Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC) Financial Conduct Authority (FCA), Financial Supervision Commission (FSC)
Used By 10,000+ 12,000,000+ 60,000+ 14,000,000+
Negative balance protection Yes Yes Yes
Guaranteed Stop Loss No No Yes
Learn More Visit Forexite Visit eToro Visit IC Markets Visit Trading 212
Risk Warning Your capital is at risk 75% of retail investor accounts lose money when trading CFDs with this provider. Losses can exceed deposits CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Forexite review
Forexite Pros and Cons

What we like about Forexite

  • Used by over 10,000 traders
  • Established in 2008
  • Regulated by Belize's International Financial Services Commission (IFSC)
  • Min. deposit from $0

What we don't like about Forexite

Forexite review
Forexite Regulation and Licensing in more detail

We have checked and Forexite is regulated and supervised by reputable organisations. You are able to check every Forexite supervisory and regulatory body given below. Regulation gives you some recourse for those who have issues with Forexite. Regulatory authorities protect the traders with things like reimbursement schemes that regain the client's investment in the event the broker becomes insolvent.

The brokerage firms have to comply with a variety of rules and criteria determined by the recognized international authority with the intention to provide secure trading and stay licensed. The whole notion of regulation is to protect Forexite traders and provide a safe trading environment.

  • Belize's International Financial Services Commission (IFSC)

Forexite is governed and supervised by reputable financial regulatory bodies. Regulatory bodies monitor the behavior of the brokers and if things go wrong they will take necessary action. Before trading online with a broker such as Forexite you should be sure they're legitimate online agent.

Forexite review
Forexite Fees Explained

  • Forexite withdrawal fees varies on payment method
  • Forexite does charge a fee for inactive accounts.
  • Forexite does charge deposit fees.

Brokers offer state of the art online trading platforms, mobile trading apps, financial research tools and educational resources. For a brokerage to maintain these services and earn revenue as a company, brokers may charge clients various fees.

How Forexite Fees Compare Against Other Brokers

Broker forexite eToro IC Markets Trading212
Min Deposit 0 200 200 1
Withdrawal Fees varies Yes No No
Inactivity Fees Yes No No
Deposit Fees No Varies No
CFD Commission Fees No Yes No

Forexite review
Forexite Minimum Deposit

Forexite do not require a minimum desposit when opening a Forexite trading account.

Brokers that offer lower minimum deposits are generally geared towards a more mainstream audience that do not require some of the more advanced features and research tools.

Brokers that do not charge minimum deposits do so usually to attract new customers. They have to make some way, so transaction commissions and other fees may be higher with a low minimum deposit account.

Brokers that require a larger minimum deposit amount usually offer a greater range of trading features on their platforms. These brokers often have more in depth technical analysis and research tools and better risk management features.

As more and more online trading platforms have entered the market, minimum deposit requirements to open a live trading account have gone down as an increasing number of brokers compete for new clients.

Depending on the type of trading account you opt for some brokers require a minimum deposit as high as 6500 GBP/USD. Some brokers can go as high as 10,000 GBP/USD.

Forexite review
Forexite Withdrawal Fees

Forexite withdrawal fees vary depending on your selected withdrawal payment method.

Each broker has their own specific withdrawal rules on how your funds can be withdrawn from your trading accounts.

This is because each brokerage firm will have different withdrawal methods and each payment provider may have differing transfer processing fees and processing times.

Forexite for example allow you to withdraw your funds to a Skrill account, a Neteller account,

Forexite review
Forexite Inactivity Fees

Forexite does charge a fee for inactive accounts.

An account inactivity fee is a fee charged to the registered brokerage client.

Brokers may have certain trading activity requirements that under the terms and conditions of the accounts, clients may have to fulfill.

If a clients trading account dues not have any buying and selling over a period of time as dictated by the broker an inactivity fee may be due.

Inactivity fees are not specific to online trading accounts. Many financial service companies may charge inactivity fees. Please check on the brokers website and make sure you are aware of and are happy with all the services and fees you may be charged.

If you are no longer using your trading account close it with the brokers customer support. And make sure you have a confirmation that any remaining fees are not due.

Depending on the type of account you have signed up for you can only be charged an inactivity fee under certain circumstances. As part of a brokers regulation they are required to clearly disclose any inactivity fees.

Some brokerage firms may charge inactivity fees as compensation for maintaining your account on their expensive trading platforms, in an attempt to claw back revenue for the lack of commission fees from your trading.

Forexite review
Forexite Desposit Fees

Forexite does charge deposit fees.

Some brokers may charge a fee when you deposit funds from your payment method to your trading account. This is because the payment method which you use to fund your account may accrue a fee. The fee may be a fixed fee when you deposit a specific fiat currency to your account. For example fees are known to be high when depositing funds from a credit card. This is if your broker accepts funding your account via a credit card.

Forexite review
Forexite Commission Fees

Forexite does charge commission on CFD instruments.

A broker may charge a commission fee as a service charge for facilitating the buying and selling of financial assets through your trading account.

A brokerage may make most of their revenue from charging registered traders a commission fee on client transactions.

Commission fees can differ depending on the trading type, financial asset type and what level of trading account you have.

Broker commissions are charged if the brokerage fulfills an order, cancels an order or modifies and order on your behalf.

If a market order is not fulfilled by your brokerage usually no commission is charged.

Be aware that if your order is modified or canceled, your brokerage may charge a commission fee.

Forexite review
What can you trade with Forexite?

Be aware that Different entities under Forexite Brand offer different trading instruments due to regulatory restrictions. Trading instruments offered may differ based on the country of residence of the Client.

You can trade a wide variety of instruments with Forexite over 110 instruments infact.

If you are looking at trading currency pairs Forexite offer over currency pairs.

Compare Forexite with eToro and IC Markets below.

Your capital is at risk

How Forexite Trading Options Compare Against Other Brokers

Broker forexite eToro IC Markets Trading212
Instruments Available 110 100 232 3000
Platforms MT4, MT5,WEB Web Trader, Tablet & Mobile apps MT4, MT5, Mirror Trader, ZuluTrade, Web Trader, cTrader, Mac Web Trader, Tablet & Mobile apps
FX / Currencies        
Forex pairs offered 50 65 177
Major Forex pairs Yes Yes Yes Yes
Minor Forex pairs No Yes Yes Yes
Exotic Forex pairs No Yes Yes Yes
Cryptocurrencies No Yes Yes Yes
Commodity CFDs        
Commodities Offered 0 0 19 14
Metals Yes Yes Yes Yes
Energies Yes Yes Yes Yes
Agricultural Yes Yes Yes Yes
Indiced & Stock CFDs        
Stocks Offered 957 100 1731
UK Shares Yes Yes No Yes
US Shares No Yes Yes Yes
German Shares No Yes Yes Yes
Japanese Shares No Yes Yes Yes
Risk Warning Visit Forexite
Your capital is at risk
Visit eToro
75% of retail investor accounts lose money when trading CFDs with this provider.
Visit IC Markets
Losses can exceed deposits
Visit Trading 212
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Forexite review
Trading on Forexite web platforms and other applications

Forexite is one of the few brokers that offer both of the MetaTrader platforms; MT4 and MT5. To see how the two platforms compare, you can read our comparison of MT4 vs MT5 here.

Forexite also offer mobile apps, for Android and iOS making it easier to keep an eye on and execute your trades while you’re on the move.

See Forexite's platforms

Forexite Trading benefits :

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit

Forexite Trading Accounts Offered :

  • Standard account
  • ECN account
  • STP account
  • Islamic account

Can I try Forexite before I buy?

Forexite offer a demo account so you can try before putting down funding payments. Open a practice account & learn to trade

Your capital is at risk

Forexite withdrawal and funding methods.

Please note that the list of payment methods below depend on the Forexite Entity and the Clients Country of Residence.

Forexite offer the below funding payment methods. learn more about Forexite

  • Credit cards
  • Skrill
  • Neteller
Broker forexite eToro IC Markets Trading212
Bank transfer No Yes Yes Yes
Credit Cards Yes Yes Yes Yes
Paypal No Yes Yes Yes
Skrill Yes Yes Yes Yes
Payoneer No No No No
Neteller Yes Yes Yes No

How can I start trading with Forexite?

When opening a trading account with Forexite, you will need to sign up here. Once you have received your login details by email, submitted your identification documents for account validation, and made a deposit; the next step is to download the trading platform of your choice. You can find detailed guidance on Forexite trading platforms here.

Your capital is at risk

Performing trades with Forexite

Forexite allow you to execute a minimum of trade of varies. This may vary depending on the account you open. Forexite allow you to execute a maxium trade of varies. As Forexite offer ECN and STP execution, you can expect very tight spreads with more transparency over the price you‘re paying to execute your trades.

As with most brokers, margin requirements do vary depending on the instruments.

Forexite Leverage and Forexite CFDs Explained

let's take a look at some of the basics of using Forexite leverage.

Forexite offer CFD are a leveraged product for this example we describe ten times leverage.

So you have a ten thousand dollar position but you only tie up a thousand dollars a tenth of the value on your account. You have a situation where a small sum of money is controlling a much bigger financial position. This is your leverage.

So what effect does leverage have on your profits and losses well put simply it magnifies them in both directions.

Forexite leverage magnifies both profits and losses when trading.

Let's say for example you buy ten thousand dollars worth of General Electric (GE) using contracts for difference ( CFDs ) using the Forexite trading platform.

let's say General Electric (GE) rises 10% because its results are positive your position which was worth ten thousand dollars is now worth $11,000.

It's grown by $1000 10% in value this represents a hundred percent increase on the funds initially committed on your leverage CFD trade.

Our initital investment of ten thousand dollars for the trade and has made a thousand dollars in profit because the price is up ten percent.

The Forexite leverage goes both ways. If General Electric (GE) Falls 10% on week results your position which was worth ten thousand dollars is now worth only nine thousand dollars. It has fallen by a thousand dollars.

Forexite CFDs are typically used for short to medium term trades. For example Forexite intraday trading.

Education resources at Forexite

To trade effectively with Forexite, it's important to get a have a good understanding of the Forexite trading tools and the markets.

Forexite offer a good selection of educational resources. Spend some time reading up on how the markets and trading works, making active trades, active trading times, and managing risk.

Having an analytical approach may be a good way to approach trading with Forexite.

Take time to look around the Forexite platforms and train yourself to think more systematically and logically about the markets. It's a new skill-set for many, but it is what the market requires of you.

Customer Support at Forexite

Forexite support a wide range of languages including English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian,Hindi, Hebrew, Arabic, Russian

Forexite have a D grade support rating because because sometimes the response was slow or our query wasnt answered. Forexite less customer support features compared to other brokers like live chat, phone and email support. email support and supports a limited amount of Languages. Phone support supports a limited amount of Languages.

Livechat Support at Forexite

Forexite does not offer LiveChat Support.

Email Support at Forexite

We sent several emails to Forexite and answer times overall were excellent. The fastest response from Forexite was 4 hours and the slowest response was 5 days. Sometimes there was no response. Support response times may vary for you with Forexite, but this was our experience sending 10 emails at varying times.

The team resolved and answered our queries. Overall average email support from Forexite.

Phone Support at Forexite

We called Forexite and the call was answered very quickly. The call was answered in less than 5-10 minutes.

The Forexite phone support team were able to successfuly answer our questions and issues over the phone. We tested the multilingual Forexite team by calling in varying languages. Forexite made an effort to make sure our queries were answered.

Overall the phone support from Forexite was okay.

See how Forexite Support Compares Against Other Brokers

Broker forexite eToro IC Markets Trading212
Support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
Languages English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian,Hindi, Hebrew, Arabic, Russian English, German, Spanish, French, and Italian English, Japanese, Chinese, Polish, Afrikans, Danish, Dutch, German and more English, Deutsch, Nederlands, Espanol, Francais, Italiano, Polski, Srpski, Norsk, Svenska, Cesky, РУССКИЙ, Romana, Turkce, العربية, 中文
Learn More Visit Forexite Visit eToro Visit IC Markets Visit Trading 212
Risk Warning Your capital is at risk 75% of retail investor accounts lose money when trading CFDs with this provider. Losses can exceed deposits CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

What you will need to open an account with Forexite

As Forexite is regulated by Belize's International Financial Services Commission (IFSC), every new client must pass a few basic compliance checks to ensure that you understand the risks of trading and are allowed to trade. When you open an account, you'll likely be asked for the following, so it's good to have these handy:

Be aware Please kindly note that the expiration date of Proof of address document for different entities under Forexite Brand may be different.

  • A scanned colour copy of your passport, driving license or national ID
  • A utility bill or bank statement from the past three months showing your address

You'll also need to answer a few basic compliance questions to confirm how much trading experience you have, so it's best to put aside at least 3 minutes or so to complete the account opening process.

While you might be able to explore Forexite's platform straight away, it's important to note that you won't be able to make any trades until you pass compliance, which can take up to several days, depending on your situation.

To start the process of opening an account with Forexite you can visit the Forexite trading platform here.

CFDs are leveraged products and can result in the loss of your capital. All trading involves risk. Only risk capital you're prepared to lose. Past performance does not guarantee future results.
This post is for educational purposes and should not be considered as investment advice. All information collected from https://www.forexite.com/ on 12th August 2018.

Forexite review
Is Forexite A Good Broker?

We spent over 3 months examining Forexite in depth. Although we found some very useful aspects of the Forexite platform that would be useful to some traders. Overall our feeling is that you would be better served with an alternative Forexite broker.

  • Forexite have a good track record of offering Forex trading, Share Dealing.
  • Forexite has a history of over 12 years.
  • Forexite has a reasonable sized customer support of at least 10.
  • Forexite are regulated by Belize's International Financial Services Commission (IFSC). This means Forexite fall under regulation from a jurisdiction that can hold a broker responsible for its misgivings; or at best play an arbitration role in case of bigger disputes.
  • Forexite have regulation from a Tier 1 reputable country.
  • Forexite has the ability to get deposits and withdrawals processed within 2 to 3 days. This is important when withdrawing funds.
  • Forexite have an international presence in multiple countries. This includes local Forexite seminars and training.
  • Forexite are able to hire people from various locations in the world who can better communicate in your local language.

Forexite Risk Disclaimer

Your capital is at risk

Forexite review
Forexite not quite right?

If after reading this Forexite review, Forexite does not fulfill your needs check out these Forexite Alternatives.

Click here to view the best Forexite Alternatives

We have spent years researching the best alternatives to Forexite. Click the links below to learn more.

If you feel some of the above Forexite are not quiet what you are looking for or perhaps you would just like to see some alternatives. See our highly rated list of Forexite alternatives below.

Forexite review
Related Forexite Vs Comparisons

We have covered allot in this Forexite review, If you want to see how Forexite compares side by side with other brokers check out our Forexite Vs pages.

If you would like to see how Forexite stands up against other brokers you can read some of our Forexite comparisons below. We compare side by side some of our top rated Forexite versus comparisons. Read our indepth Forexite VS pages below.

Forexite review
FOREXITE Frequently Asked Questions

Can I try Forexite before I buy?

Forexite do not offer a demo account so it looks like you will have to sign up for at least a trial period. Learn more here

What funding methods do Forexite accept?

Please note that the list of payment methods below depend on the Forexite Entity and the Clients Country of Residence.

Forexite offer the following funding payment methods accept Credit cards, Skrill, Neteller, among other payment methods.
Learn more here

Your capital is at risk

Is Forexite safe?

Forexite are considered safe as they are regulated by and checked for conduct by the Belize's International Financial Services Commission (IFSC). Any payments funded to Forexite accounts by traders are held in a segregated bank account. For added security Forexite use tier-1 banks for this. Tier 1 is the official measure of a banks financial health and strength.

Is Forexite trading good?

Forexite is considered good and reputable to trade with. ForexiteForexite is used by over Forexite active traders. Forexite offers Forex trading trading, and Share Dealing trading. Minimum deposit with Forexite is 0.

Is Forexite trading Legit?

Forexite was founded in British Virgin Islands in 2008. Forexite has been facilitating trade on the financial markets for over 12 years. Forexite offers clients Forex trading trading, and Share Dealing trading. All funds deposited to Forexite are held in segregated tier 1 bank accounts for security. Forexite is regulated by Belize's International Financial Services Commission (IFSC) so can be considered legit.

Is Forexite a good broker?

Forexite is overseen by the top tier financial regulators Belize's International Financial Services Commission (IFSC) so can be considered a good broker. Forexite allows Forex trading trading, and Share Dealing trading.

Is Forexite trustworthy broker?

Forexite can be considered trustworthy. All money funded to Forexite is placed into a segregated tier 1 bank account. this means your money in not held by Forexite directly but a tier 1 bank. The broker has no direct access to your funds so cannot misappropriate your money. Also Forexite is regulated by Belize's International Financial Services Commission (IFSC).

What is the minimum deposit for Forexite?

The minimum deposit to trade with Forexite is 0.

How long do Forexite withdrawals take?

Withdrawing money from Forexite processing time varies but averages 2-5 days.

Is Forexite regulated?

Forexite is regulated by Belize's International Financial Services Commission (IFSC).

Is Forexite a market maker?

Forexite is a market maker. Stocks, currency and other commodities and instruments will be purchased by Forexite even if no buyer is lined up.

How can I start trading with Forexite?

When opening a trading account with Forexite, you will need to sign up here. Once you have received your login details by email, submitted your identification documents for account validation, and made a deposit; the next step is to download the trading platform of your choice. You can find detailed guidance on Forexite trading platforms here.

Is my money safe with Forexite?

Forexite is regulated by Belize's International Financial Services Commission (IFSC). One of the most important criteria for traders when choosing a broker like Forexite is the regulatory body and regulatory status of the broker. Brokers who conduct business without regulation do so at their own discretion and pose a direct risk to the security of their clients money.

Regulated brokers will not manipulate market prices. When you send in a withdrawal request to Forexite, this will be honored. If they violate any regulatory rules their regulated status can be stripped.

Is Forexite a con?

Forexite is regulated and well established having been in business for over 12 years. Forexite is definitely not a con.

Can you make money with Forexite?

Although traders have had great success with Forexite. Trading on the financial markets with Forexite is not a get rich scheme. If you educate yourself, practise with a demo account and carefully plan your trading your chance of success will greatly increase. Never trade with money you cannot afford to lose. Your capital is at risk.

Does Forexite have fees?

Forexite withdrawal fees varies on payment method. Forexite does charge a fee for inactive accounts. Forexite does charge deposit fees.

When was Forexite founded?

Forexite was founded in 2008.

How many people use Forexite?

Forexite is used by over 10000 registered traders.

What is Forexite Headquarters country?

Forexite has its head quarters office in British Virgin Islands.

Does Forexite offer negative balance protection?

Forexite does not offer negative balance protection. With Negative balance protection means traders cannot lose more money than they have deposited.

Does Forexite offer guaranteed stop loss?

Forexite does not offer guaranteed stop loss. With guaranteed stop loss protection risk is managed. Traders are guarenteed to close your trade at your specified price. Stop Loss orders are guaranteed only during market hours and under normal trading conditions.

Does Forexite allow scalping?

Forexite offers scalping.

Does Forexite allow hedging?

Forexite offers hedging.

Does Forexite offer CFD trading?

Forexite offers CFD trading.

Does Forexite offer STP?

Forexite offers STP trading.

How many people use Forexite?

Forexite is used by over 10000 traders.

Is Forexite an ECN broker?

Forexite offers ECN trading.

Does Forexite offer a demo account?

Forexite does not offer demo account.

Does Forexite offer an Islamic account?

Forexite offers a Islamic accounts.

What are the funding methods for Forexite?

Forexite accept the following funding methods : Credit cards, Skrill, Neteller,

Forexite review written by Andrew Blumer and Mark Hansen

We hope you found our review of the Forexite brokerage firm useful.

This article was written by our financial editor Mark Hansen and Andrew Blumer.

Mark was previously of the Kiel Insitute and has worked with financial organisations across Europe, Australia, South East Asia, South Africa and the Middle East. Mark has over 15 years experience in financial analysis, forecasting, financial modeling idenifying new market opportunities in Stocks, CFD's, Forex and Commodities.

Andrew has a well-established career in fintech and came up with comparebrokers.co to make trading on financial markets more transparent and accessible.

Whether you want to trade Forex, Stocks, Commodities or Indices we will help you find the best online broker for you from 400+ brokers for clients based in the UK, Europe, Asia, South Africa and Australia.

Forexite review written by Mark Hansen of Comparebrokers.co