WHO IS FX LITE TRADING?
According to research in South Africa, FX Lite Trading, formerly FXLITE, is a global forex broker that focuses on delivering leading trading services for all of its clients.
The company aims to provide forex trading solutions to both retail and wholesale traders and investors by providing them with direct access to the opportunities present in the forex market.
Through the provision of a high-speed platform and tailored accounts, FX Lite Trading allows a variety of traders of all levels and styles to make lucrative trades and fulfil their investment goals.
The company has achieved a sound reputation for providing innovative Forex, Trading and Mining services of Digital Coins.
SAFE OR SCAM?
The forex market is extremely volatile, linked as it is to fluctuations in global currencies which in turn are determined by various market movements and global events.
While this very volatility contributes to more enhanced and lucrative trades, particularly for regular traders, it also means that a certain level of security is required within the forex trading environment in order to ensure full profitability.
Most forex brokers aim to provide a certain level of security through some form of authorization under relevant regulatory bodies. The most recognized of these bodies include such organisations as the FCA, CySEC and ASIC.
However, such regulation can also present certain restrictions, such as on the level of leverage which regulated brokers may offer.
While these restrictive measures are put in place in order to protect traders, some investors may seek out brokers with less regulatory restriction to benefit from concurrently enhanced trades – a risk which is ultimately taken at the trader’s own discretion.
While FX Lite Trading is based in New York in the United States, the company does not seem to fall under the authorization of any particular regulatory body, and a number of user reviews claim to have had unsafe dealings with this company.
Potential traders should bear this in mind when weighing up the greater flexibility of using the company’s features against the potential losses which can be incurred when trading in a less secure environment.
PROS AND CONS
| PROS | CONS |
| 1. High leverage | 1. Not regulated |
| 2. Competitive fees | 2. No educational resources |
LEVERAGE
Most brokers on the forex market today offer some form of leverage, which is essentially a small loan granted on behalf of the broker to their clients in order for them to make larger trades and increase their potential profits.
The entire forex and CFD industry to some extent relies upon the use of margin and leverage.
Leverage is the opportunity provided by a forex broker to open a speculative position worth a much larger amount of money than you have at their disposal. Leverage is expressed in ratios like: 200:1, 100:1, 50:1, etc.
For example, if your online trading company blocks €1,000 from your trading account to open a 100,000 EUR/USD position, it means you are using a 100:1 leverage. Put in different words, you control €100,000 with only €1,000.
As such, leverage is a great way for smaller traders to potentially make larger returns than they would have been able to with the investments already at their disposal.
However, making larger speculations with borrowed money also carries a higher risk of significant losses, particularly for those intending on investing large sums of money.
It is for this reason that many regulators made the decision to cap the maximum leverage which brokers operating under their authority could offer, so that most regulated brokers can now offer a maximum leverage of 1:30.
FX Lite Trading, being an unregulated broker, offers a maximum leverage of 1:100, which many professional traders will enjoy, while smaller retail traders should use this mechanism with caution.
ACCOUNTS
The forex industry is arguably the largest financial market in the world today, and as such abounds with a wealth of different traders of all experience levels and trading styles.
In order to facilitate this varied base of client traders, most forex brokers provide a selection of different accounts which each cater to the specific needs of traders, and are often designed according to experience level and investment styles.
Many of these accounts come with their own spreads and commissions also tailored to the requirements and the investment potential of specific traders.
At FX Lite Trading, clients can sign up for a Mini Forex Account or a Standard Account. As the name suggests, the Mini Forex account is designed for pure forex traders, and comes with a leverage of 1:100.
The Standard account option supports a number of other market instruments as well as forex, and is designed more for investors who wish to diversify their portfolios.
Both accounts are MetaTrader supported for fast execution, with the inclusion trailing stops, hedging and back-testing for minimizing risks. Clients can also create their own indicators for more control over their trading activities.
Furthermore, FX Lite Trading provides the option to sign up for a demo account before transitioning to a live trading account.
A demo account is a handy option for beginner traders to become better acquainted with the aspects of forex trading, as it is designed as a mock account in a simulated trading environment, with virtual currency, and is therefore completely risk free.
A demo account also allows for experienced traders to explore the features of the FX Lite Trading platform before deciding to sign up for a live trading account.
MARKET INSTRUMENTS
FX Lite Trading offers access to pure forex trading on its Mini Forex Account, and a selection of forex, CFDs, precious metals, energies and commodities on its Standard Account.
FEES
Different forex brokers will offer different fee structures based on how they make a profit and on the type of traders which they target, or cater for.
Most forex brokers make a profit on the commission, or the spread, or both, and some offer more competitive structures, while others charge higher commissions in return for more lucrative trading options.
Traders will ultimately have to choose a broker whose fee structure best suits their trading style, the investment they have at their disposal, and their trading strategy.
With FX Lite Trading, the minimum deposit for both of its accounts is set at $ 50. The Mini Forex account is offered commission-free, while the Standard account comes with variable commission depending on the instrument traded, as described below:
- Forex Major Pairs – $10 per lot
- Forex Minor Pairs – $30 per lot
- Forex Crosses – $20 per lot
- Metals – $20 per lot
- Oil – $5 per lot
- CFD on shares – 25 cents
- Stock Indices – $5 per contract, and
- Crypto – $10 per lot
DEPOSIT AND WITHDRAWAL
Traders often examine a broker’s deposit and withdrawal options in order to determine how the associated rates charged by the broker might affect their profitability over the long term.
Traders also often seek out brokers who provide a wide range of deposit and withdrawal options in order to make for a more streamlined and cost effective process.
Unfortunately, FX Lite Trading offers very little information in terms of their deposit and withdrawal options, and potential traders will have to contact the broker directly for this information.
TRADING PLATFORMS
FX Lite Trading offers the MetaTrader4 option for both of its accounts, which is an excellent option for traders of all experience levels and styles.
MetaTrader4 is arguably the most popular trading platform in the industry today, and comes packed with charting tools, analytics and fast execution displayed on a clean and highly navigable interface.
The MetaTrader4 platform is Android and iOS compatible, and can be downloaded for desktop or as an app.
HOW TO OPEN AN ACCOUNT
Opening an account with FX Lite Trading is an easy and streamlined online process which consists of the following steps:
- Click “Register” on the company’s website
- Provide your government ID number, email address and mobile number
- Agree to the terms and conditions, after having read them thoroughly
- Click Register
- FX Lite Trading will verify your account details, which takes approximately 24 hours
- Once verification is completed, you can select your preferred account type, deposit funds, and start trading
CUSTOMER SUPPORT
Customer support is somewhat limited at FX Lite Trading, and consists of an email address for all queries, as well as a WhatsApp number for messaging. The WhatsApp option will likely be the best option for more pressing queries.
The company does not offer a Live Chat option or a direct phone number, which can leave urgent queries unanswered.
EDUCATION
FX Lite Trading does not offer any educational resources such as webinars, online tutorials, or a glossary, which many other brokers do.
Beginner traders would have to look elsewhere to fulfil their training needs before signing up with this broker, which is most likely positioned more towards experienced and professional traders and investors.
RESEARCH
FX Lite Trading also does not offer any independent research and analysis tools. However, the MetaTrader platform comes fully supported with advanced research tools which will fulfil many of these requirements.
AWARDS
Often, the level and number of awards which a broker has received is a strong indication of their standing within the industry, though some brokers do not participate in awards schemes.
FX Lite Trading does not indicate any awards to date.
CONCLUSION
FX Lite Trading is a fairly decent option for traders who require all the basic features for trading forex, such as the MetaTrader platform and a decent selection of instruments.
The company offers a relatively high leverage and competitive pricing, though information on the deposit and withdrawal options is not available directly from its website.
However, this company is not regulated, which is an extremely important facet of secure forex trading and for the protection of funds, and potential traders should weigh this up in the balance of the broker’s offering.
DISCLAIMER
CFDs and Forex are not only complex instruments, but they also have a high level of risk which may result in loss of funds that exceed the trader’s initial deposit.
Traders need to evaluate their objective, level of risk exposure and willingness to be exposed to risks, according to research done in South Africa.
FAQs
TRADING ENVIRONMENT
How many instruments can I trade with FX Lite Trading?
You can trade several different instruments with FX Lite Trading, including pure forex trading on its Mini Forex Account, and a selection of forex, CFDs, precious metals, energies and commodities on its Standard Account.
Which platforms are supported by FX Lite Trading?
FX Lite Trading provides the ever popular MetaTrader4
Does FX Lite Trading offer leverage?
Yes, FX Lite Trading offers a maximum leverage of 1: 100
What spreads can I expect with FX Lite Trading?
FX Lite Trading’s spreads vary depending on the instrument being traded
Does FX Lite Trading charge commission?
FX Lite Trading’s Mini Forex Account is commission free, while its Standard Account comes with different commission structures depending on the instrument traded
Is FX Lite Trading regulated?
No, FX Lite Trading is not regulated
Is FX Lite Trading a recommended forex trading broker for experts and beginners?
FX Lite Trading offers a trading environment better suited to advanced traders, as it does not provide an educational resources on its website, apart from a demo account
What is the overall rating out of 10 for FX Lite Trading?
7/10
ACCOUNTS
What is the difference between a demo and live trading account?
A demo account is offered by broker companies and funded with virtual money that enables a prospective customer to experiment with the company’s trading platforms and its features, before setting up a real account funded with the customers actual money.
Does FX Lite Trading offer a demo account?
Yes
How long is the demo account valid?
This information is not indicated on the FX Lite Trading website
Which live trading accounts does FX Lite Trading offer?
- Mini Forex Account
- Standard Account
What are the available deposit currencies for a live trading account?
Not indicated
DEPOSITS AND WITHDRAWALS
What is the minimum deposit for FX Lite Trading?
The minimum deposit for both accounts is $ 50
How do you make a deposit and withdrawal with FX Lite Trading?
This information is not directly available from FX Lite Trading
Does FX Lite Trading charge withdrawal fees?
This information is not directly available from FX Lite Trading
How long does it take to make a withdrawal?
This information is not directly available from FX Lite Trading
FX LITE TRADING AT A GLANCE |
|
| Broker’s Name | FX Lite Trading |
| Headquartered | New York, USA |
| Year Founded | Not indicated |
| Regulating Authorities | Not regulated |
| Countries not accepted for trade | All countries accepted |
| Islamic Account (Swap Free) | No |
| Demo Account | Yes |
| Institutional Accounts | No |
| Managed Accounts | No |
| Maximum Leverage | 1:100 |
| Minimum Deposit | $50 |
| Deposit Options | Not indicated |
| Withdrawal Options | Not indicated |
| Platform Types | MetaTrader 4 |
| OS Compatibility | Mac, Microsoft Windows, Mobile, Web, iPhone |
| Tradable Assets | Forex, CFDs, precious metals, energies and commodities |
| Languages supported on Website | 14 languages including: English, French, German, Spanish, Dutch, Portuguese, Arabic, Farsi, Chinese, Japanese, Turkish, Greek and Russian. |
| Customer Support Languages | English |
| Customer Service Hours | 24 hours, five days a week |
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