LiteForex | Review | CFD Trading Platform

LiteForex | Review | CFD Trading Platform

LiteForex | Review | CFD Trading Platform Review

Our Review

LiteForex Review

Leverage: 1:30 | 1:500

Regulation: CySECCySEC, MIBS

Min. Deposit: 50 $

HQ: Cyprus

Platforms: MT4, MT5

Found in: 2008

 

 

Our Review

What is LiteForex?

Is LiteForex safe or a scam?

Leverage

Accounts

Fees

Instruments

Deposits and Withdrawals

Trading Platform

Customer Support

Education

Conclusion

What is LiteForex?

LiteForex – A broker to trust, is a registered Forex broker that started its operations in 2005. They have their headquarters situated in the Marshall Islands having its widespread branches in different parts of the world like the Philippines, Kenya, Myanmar, Tanzania, Ghana, Nicaragua, India, Indonesia, Vietnam, Iran, and Lagos, Nigeria. It is also known as the very first broker who initiated the opening of accounts by only making deposits of dollar one. LiteForex enjoys the possession of about five lacs customers throughout the world. LiteForex deals in currencies, stocks, commodities, indices as well as for cryptocurrencies.

Pros

Cons

Global expansion including countries like the Philippines, Kenya, Myanmar, Tanzania, Ghana, Nicaragua, India, Indonesia, Vietnam, Iran, and Lagos, Nigeria.

No services available to customers from Israel, Japan, and the United States of America.

Customer reviews have gotten better in 2021

Commission fees are not the cheapest

The breadth of assets & trading tools

 

Comprehensive market analysis app for mobile phones

 

 

 

                                                                        

10 Points Summary

 

   

Headquarters

Marshall Islands

Regulation

CySec and  MIBS

Platforms

MetaTrader 4 and MetaTrader 5

Instruments

Forex, Metals, Oil, and Global Stock Indices

EUR/USD Spread

2.2 pips

Demo Account


Available

Minimum deposit

$50

Base currencies

USD, EUR, CHF, RUB, MBT

Education

Provided, Trading tools and Analysis

Customer Support

24/5 - from 00.00 on Monday till 23.59 on Friday (GMT+2)

 

What type of broker is LiteForex?

LiteForex holds a great reputation in the broker market, having the position of one of the top brokers, and is trustworthy to invest in as reviewed by its customers. It lets its customers enjoy competitive conditions for trading in forexCFDs, and Bitcoin and also provides the platforms of MetaTrader 4 and MetaTrader 5. LiteForex has vast experience in this brokers’ industry and has a credible backup.

Awards

LiteForex has been doing great since its initial stage in the world of trading market and always has striven to provide better facilities to its clients. Their continuous efforts have rewarded them with some outstanding titles such as:

Best ECN Broker | Best Copy Trading Platform | Best Retail Forex Trading Platform | Best Affiliate Program | Best Foreign Exchange Retail Service Provider | Best Forex Broker in Nigeria | Best Client Service | Best Broker in Africa | World Finance "Top 100" | Best PAMM Service | Best client service in Latin America | Best broker in Africa | Best Online Broker in Latin America. 

 

Is LiteForex safe or a scam?

 Yes, LiteForex is a safe and secured platform for traders. Its actual basis is in Cyprus whereas it is also set following CySec regulatory obligations. They also have a service of compliance to the European Directive of MiFID.

Pros

Cons

Regulation is done by CySec

It is unlisted on Stock Exchange

Separated accounts

 

European clients’ negative balance is being protected

 

 

Is LiteForex legit?

LiteForex is genuine and legal which can be proved by the number of awards it has achieved by expert financial publications for its best brokerage services and a great platform for trading. Moreover, its registration is done under legal rules and regulations. Since the broker has vast experience in this field, the services provided by him are legal as well as these services are subject to external audits.

How are you protected?

To be secure, one ought to always keep a check on the status of regulations which is considered to be the most important measure. This measure ensures that there is fair treatment is done to the clients which must be related to the international rules and laws having authorities at the back to protect the claims regarding operations.

The operations and services provided by the broker are on a constant check by the regulator, hence while trading with the LiteForex Cyprus entity an individual can refer to CySec if there is any violence occurs. Additionally, the funds of a trader are separated from the funds of a company, and the application of the standard covers under investment protection.

Leverage

Since LiteForex is a Europe-based broker, the international traders out there make the availability of an offer of quite a high leverage level that is up to 1:500 on forex instruments whereas on the other hand LiteForex also deals in compliant with ESMA standards which are of lower leverage.

Maximum leverage of 1:500 is permissible for international clients.

A maximum of 1:30 can be utilized by European traders.

Accounts

LiteForex has two main accounts from which an individual can choose one which suits him the best under his needs of trading and then look forward towards the procedure of registration. 

Pros

Cons

It is a digital account that can be opened in a matter of minutes

Conditions vary from entity to entity

There are two main types of accounts, ECN and Standard

 

The minimum deposit is quite low

 

Provides a free demo account and a free deposit too

 

 

Account types

The two main accounts are offered by LiteForex that is “Classic” which is commission-free and the other one is “ECN” which is commission-based. In both cases, the deposit must be at least $50. There is also an availability of Islamic account option which is furnished upon request. The differences between the two accounts are described as under:

Classic Account

A trader with enough experience can be the holder of a Classic account in which there is no payment for surplus is done and commissions are not charged. For this account, the availability of MT4 and MT5 trading platforms are assured.

ECN Account

ECN’s full form is “Electronic Communications Network” which is designed for traders and investors at the professional level. A 2.5% interest rate is offered on surplus funds under this account along with a limitless duration of transactions. In an ECN account, the liquidity providers directly receive the trades, and ECN account holders can only be facilitated with the MT4 trading platform. 

 

Fees

Specified fee conditions will be provided to the trader based on the selected account type. These fee conditions are either based upon per lot pay off commission and get an interbank spread starting from 0 pip or on the spread which starts at 2 points.

Pros

Cons

The fee conditions have flexibility as per the type of account

As compared to other brokers, the standard forex spread is high

The commission is very low

 

 

Our Find on Forex fees

So if your choice goes with the Standard account, a floating spread of an average of 2.2 which is for EUR USD pair will be found by you while on the other side, only 0.1 for the similar pair with an additional commission of $10 is proposed for ECN account. 

Although, the spread for a standard account maybe a bit high in comparison with other industry proposals but make sure to check all trading offers always so that a relatively high spread might also prove to be a great deal. 

Comparison between LiteForex fees and similar brokers

Asset/ Pair

LiteForex Fees

XM Fees

FP Markets Fees

EUR USD

2.2 pips

1.6 pips

0.7 pips

Crude Oil WTI

3 pips

5 pips

3 pips

Gold

11.0

35

16 cents

Inactivity fee

Yes

Yes

Yes

Deposit fee

No

No

No

Fee ranking

High

Average

Low

 

What is LiteForex commission?

It differs with brokers but usually, the spread will be of 3 pips.

Instruments
Up to fifty-six currency pairs showcasing the major, minor and exotic pairs are provided access to under LiteForex. Moreover, there is an availability of other trading instruments too such as 20 crypto assets, 2 oil commodities, 11 indices, 4 metals as well as trading of 41 stocks on the US exchange.

 

Deposits and Withdrawals

They have a lot of ways for payments allowing their customers to proceed with account funding in which some are for free whereas some of them charge fees. The transferring of money from or to the account is dependable on the traders’ residency and its other policies that are applied by LiteForex. 

Pros

Cons

Quite low deposit of $50

Because of jurisdiction law, there might be an application of some fees

A huge range of options for deposits and the support to base currencies

 

The deposit is free

 

There are $0 withdrawals

 

 

Deposit Options

Some advice can also be given in customer support if he looks for consultation or he can simply select one of the methods for himself which are available to him in his region. These options can be:

E-wallets including Neteller and Skrill

Bank wire transfer,

Credit Cards or Debit cards

 

What is the Minimum deposit for LiteForex?

As we have discussed earlier, both types of accounts, whether it is an ECN or a standard account, the minimum deposit required is $50 in the initial period but the ECN account also provides the facility of $100 for us to grab this amazing opportunity. It is also recommended to check and do the verification of conditions and requirements of the margin of the very instrument which is to be traded by you.

Withdrawals

The withdrawal of fees depends and varies from option to option. There may be an addition of mark-up or no fees in some cases.

Trading Platform

As LiteForex is popular in the trading industry has recognized technology, it makes it one of the finest choices for having different strategy traders and sizes. The selection of trading platforms like MT4 and MT5 is not something to be surprised about. 

Pros

Cons

Availability of platforms like MT4 and MT5

There is unavailability of a proprietary platform

Its design is user-friendly

 

Clear look and fee report

 

 

Web Trading Platform

Two of the most popular trading platforms which are MT4 and MT5 do not need any introduction. They are also available in different versions that do not need any installation and their access is also very easy that is Web Trading. 

Desktop Platform

The desktop platform is used when it comes to comprehensive analysis and day trading and any device, whether it is PC or MAC, LiteForex can easily be operated. In addition to this, there is an enhancement in capabilities like social trading and automated trading having strategies that are free of any restrictions.

 

Mobile Platform

In mobile trading platforms, the trader gets the facilities of alerts, notifications and has entire control on his trading account whether he is an iOS user or an Android user.

Customer Support

Another perk is the provision of customer support through phone, emails, and online chats, etc along with 24/5 assistance.

Pros

Cons

Use of various languages

None

Quick replies

 

 

Education

LiteForex provides articles, tutorials, technical and fundamental analysis which is further proceeded to money management and trading strategies, glossary, and library on its website for its clients to educate them properly about how LiteForex and trading works.

Pros

Cons

Material for learning and research tools are provided

None

Number of ideas about trading and Social Trading

 

 

Conclusion

This review shows the long history of LiteForex that how its operations are done and what conditions are best for different trading styles, experiences, and account sizes. The costs are very reasonable if we compare them with other competitors in the industry along with the provision of such amazing tools of analysis and other solutions of technology.

 

 

LiteForex | Review | CFD Trading Platform

LiteForex | Review | CFD Trading Platform Licenses:

Liteforex (Europe) Limited - authorized by CySEC (Cyprus) registration no. 093/08

Liteforex Investments Limited - registered by MIBS (Marshall Islands) MH96960

 

Leverage:
1:30 | 1:500

Regulation:
CySEC, MIBS

Min. Deposit:
50 US$

HQ:
Cyprus

Platforms:
MT4, MT5

Found in
2008

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