Editor’s Verdict
Overview
Review
Headquarters | United States |
|---|---|
Year Established | 2004 |
US Persons Accepted? |
On a routine check of this brokerage in January 2018 we discovered that the URL redirect to a foreign language website and that the brokerage is no longer open for business. If you're looking for a reliable Forex broker, we recommend choosing from our top broker listing.
People new to trading on the Foreign Exchange (Forex) market might well wish to have the information regarding that pursuit delivered to them in as simply a way as possible. The website operated by FXLite appears to want to address that need. Simply navigation to the URL http://www.fxlite.com brings a French language website to the screen with options off to the right for selecting another language. This makes what follows upon selecting the FXLITE/PRESENTATION mildly puzzling. FXLite announces itself as an American company, based in the heart of Manhattan, New York. The company further confirms its existence in New York by listing a mailing address: FXLite LLC 1133 Broadway, Suite 706 NEW YORK, NY 10010 The FXLite does not appear to need to bolster its reputation by offering any information regarding its corporate history at all. FXLIte’s website does do a fairly good job of outlining the services it offers. A mission statement offers to bring to its customers the best possible tools to make their Forex venture a simplified experience. It goes on to mention that FXLite uses MetaTrader as its trading platform, which is described as a platform of exceptional quality and stability. This may well be true as evidenced by its widespread use elsewhere in the Forex trading community. Its usage by FXLite doesn’t serve to distinguish it from the competition. The basic and simplified services and inducements the company offers include competitive spreads, an exceptional trading platform, a Mini Forex Account with a leverage of 100, a standard account option and automated trading options. Additionally available are trailing stops, hedging and back-testing for minimizing risk. FXLite also alludes to the possibility of clients creating their own indicators for governing their trading activities. Demo accounts are also available for customers new to Forex trading. FXLite support is completely available to clients each business day from 8:30am EST to 5:00pm EST. Options include live chat and email.
Trading Platform
FAQs
Is eToro or AvaTrade safer for Forex and CFDs trading?
eToro and AvaTrade earned a reputation for trustworthiness, deservedly so. AvaTrade has slightly more experience than eToro and maintains a broader net of global regulators, while eToro has significantly more traders. Both brokers have a clean regulatory track record, segregate client deposits, and provide negative balance protection. Traders have access to a safe and secure trading environment at both brokers alike.
Does eToro or AvaTrade offer lower pricing?
AvaTrade maintains more competitive spreads, which add up over time and volume. eToro remains one of the more expensive brokers operational today, as it must generate revenues to pay its leading investors, giving AvaTrade a notable advantage.
How many Forex pairs and CFDs are available to trade?
eToro provides clients with over 2,000 CFDs, which includes 49 Forex pairs. While the overall asset selection is adequate, pure Forex traders do not have sufficient currency pairs. AvaTrade has fewer total assets, but more than 1,250, and a slight edge in Forex market coverage with 55. It also provides traders access to options trading, which not many online brokers’ support.
What about MetaTrader and copy trading?
eToro does not provide traders with the MT4 trading platform, ignoring the largest market segment. Clients at eToro must use the proprietary webtrader, developed for copy trading specifically. While it performs well, it does lack essential trading features. AvaTrade grants traders MT4, MT5, and three proprietary trading platforms, while DupliTrade supports clients interested in copy trading. Overall, AvaTrade allows traders more flexibility and visibly higher quality.
