Fxbinarylite.com is a new brokerage service which is running aggressive marketing campaigns to mark their presence in the trading sector. Their website lacks a lot of features usually seen on reputed exchanges and platforms, but those concerns are just the tip of the iceberg.
Once we did a thorough investigation, we were convinced that this platform is not the one which can be recommended easily to the traders and more importantly the risk of associating with them is beyond acceptable limits. Financial markets may seem like a wild west scenario at first, but without having proper strategy and a good broker the odds will never be on your side. To know everything about this platform and the things they offer, read our detailed review.
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Licenses, Certificates and Contact Details
Nowadays, the fraud activities done by unregulated entities in the financial sector have gone up and since everything is online based, it doesn’t look like they will get caught any time soon. As retail trader or investor it is your duty to make sure that you are dealing with licensed firms who are under the radar of the local regulatory authority.
This broker does not have the basic courtesy to feature their registration details and on top of that, they haven’t even disclosed their actual physical location. Given their nature and mysterious attitude, it is clear that they are not reputable and do not have strong ethical values.
As far as contact details go, they only interact with the public through email and there are no clear rules about the inquiry process or the average time taken by them to respond. So, the fact that they have terrible support is undeniable and that kind of behaviour towards clients should tell you a lot about them.
Asset Class and Trading Conditions
They say that they feature most of the major forex pairs and offer binary derivatives on them. When we took a close look at their offerings, the availability of trading instruments were pretty basic and though it may be sufficient for the average trader, it certainly won’t lease the experienced ones. Lack of a demo account means you will have to put your money at risk just to try them out and that is not a wise decision.
We searched the nook and corner of their platform to find information about the minimum trade amount, base currencies and withdrawal limits. However, nothing relevant showed up and that is a big concern in our books. Most of the brokers charge inactivity fees, but when it comes to Fxbinarylite.com we don’t know the associated conditions as it is not mentioned anywhere on their website. In short, the available assets are limited and their conditions are vague to say the least which means it is full of legal loopholes.
Charting Solution and Platform
Fxbinarylite.com has a web based trading platform and they don’t support MT4 or MT5 platform. Lack of MetaTrader means, many retail traders are going to be disappointed and not to mention, you won’t be able to use expert advisors or any other form of automated trading. If you are someone who is inclined towards using custom indicators and templates, then you might have to subscribe for a third party charting solution.
The default charts and interface is very basic and it features the necessary components, standard timeframes and indicators. We don’t know if there is any restriction or limit on maximum trade value, but one thing we can assure you is that, they are unprofessional in most aspects.
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Usually, most legit firms feature social trading and if you want to be a part of it on this platform, then you have to contact the support team to know the process. Given the way this brokerage is structured, it certainly does not earn them any credibility and it paves way for more questions than answers.
Domain Insights
Below is the run down of the general information on this domain and website. Courtesy – Whois.com and Alexa.com.
Domain – Fxbinarylite.com
Registered On – 01/07/2019
Expiry – 01/07/2020
Alexa Global Rank – Not Listed
Audience – Currently Unknown
Fxbinarylite.com Review Conclusion
The law around trading binary options is strict and many developed countries have even banned them. In the past decade, due to the explosive number of cases around online investing, please be cautious while dealing with any firm even if they are licensed.
Moving on to the conclusion, Fxbinarylite.com displays the traits of a fake trading firm and if you proceed with them then it might be very difficult for you to get your money back. Since they don’t have a proper background, chances are you won’t have many options to confront them legally. So, stay away from them for your own good.
