FOREXITE

FOREXITE is an international forex and cryptocurrency broker registered in Belize. According to official records, the company was established on 26 April 2019 and lists its registered address as Suite 201, No. 8 Eve Street, Belize City, Belize. The broker claims to have been delivering services in the Forex market since 1998, though this contradicts its relatively recent registration date.

Our research indicates that FOREXITE operates under the corporate name 'The Forexite Company'. It positions itself as a provider of forex and crypto trading services, offering a range of instruments including precious metals, stock indices, oil, gas, and cryptocurrencies. The broker's official domain is forexite.com.

Crucially, FOREXITE does not hold any known regulatory licences from recognised financial authorities. Our records show no regulators on file for this entity. This absence of regulation is a significant concern for traders, as it means the broker is not subject to oversight by any official body, leaving client funds and trading practices without external safeguards.

The lack of regulation, combined with the discrepancy between the claimed operational history (since 1998) and the actual registration date (2019), raises red flags about the broker's legitimacy. FXCanary has flagged FOREXITE as having a suspicious clone status, suggesting it may be impersonating a longer-established firm.

FOREXITE offers a single account type called 'Forexite accounts' with a minimum deposit requirement of just 1 USD, making it accessible to traders with very small capital. The tradable instruments include forex pairs, precious metals (such as gold and silver), stock indices, energy commodities (oil and gas), and cryptocurrencies.

From available information, the broker's trading platform appears to be a proprietary system called 'TradeRoom', with a mobile-optimised version named 'TradeRoom Mini'. The broker emphasises a 'Safe Forex' concept, claiming low-risk trading conditions, though the specifics of leverage, spreads, and execution are not clearly disclosed in the public domain.

According to the broker's website, deposits and withdrawals can be made via bank transfer and the WebMoney electronic payment system. Account opening and payments are processed within the TradeRoom trading terminal. The minimum deposit of 1 USD is notably low, but without regulatory oversight, the safety of funds remains uncertain.

No information is available about withdrawal processing times, fees, or any additional payment methods. Traders should exercise extreme caution when depositing funds with an unregulated broker, as there is no guarantee of return of capital.

FOREXITE operates without a known regulatory licence, which is a major risk factor. The broker's registration in Belize and its claims of operating since 1998 are inconsistent, suggesting it may be a clone of a legitimate broker. FXCanary's Scam Risk Score for FOREXITE is 49 out of 100, indicating a guarded level of risk.

Traders are strongly advised to verify any broker's regulatory status independently and to avoid depositing funds with unregulated entities. The absence of independent user reviews further complicates assessment, as there is no community feedback to gauge the broker's reliability or service quality.