Established in 2008, LiteForex has proved to be a trustworthy broker that is always ready to confirm its leadership. Seeking new ways to move ahead in the market and always having new developments made. With representative offices all over the world, the clients as well became global.
Awarded the Best Broker in Africa, Asia, Latin America, and the fastest growing broker in Western Europe and Asia. Also, Britain’s leading financial magazine “World Finance” has included us in its “100 World Finance” worldwide list.
One click trading option is available within MetaTrader4 that make execution of trades as simple as it can be. You can conduct a big number of transactions without losing your time, which sometimes extremely influences trading results.
LiteForex broker is operated by two different companies. LiteForex (Europe) Limited Company and LiteForex Investments Limited of Marshall Islands.
24/7 technical support five days a week. You can receive instant expert advice in LiveChat’s pop-up window. The “Best Customer Service” award received at the 6th International Exhibition of Investments and Finance confirms the high competence of the broker.
I reviewed LiteForex based on the following criteria.
- Demo Account is Available
- Promotion &
- Contests exist
- High Spreads
Is LiteForex scam or legit? Pros and cons of LiteForex? What kind of deposit/withdrawal methods they offer and are there any withdraw problem? You will find all the answers in my LiteForex Review.
Regulations and Investor Protection
Regulation is the basis of any forex broker as they provide the protection blanket for the traders and their funds. Regulation makes sure to track the activity of the broker, guaranteeing the presence of enough capital funds to support the business and the clients, along with having segregated accounts for the clients as well as protection against fraud and theft, and other financial crises.
Liteforex (Europe) LTD is registered as a Cyprus Investment Firm (CIF) with the registration number HE230122 and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 093/08 in accordance with Markets in Financial Instruments Directive (MiFID).
CySEC is one of the most reliable watchdog based on Republic of Cyprus.
But when it comes to LiteForex Investments Limited which is registered in Marshall Islands and has no regulation, question marks appear. However, if we rely on the customer feedbacks, it seems they are reliable.
The LiteForex group of companies guarantees its clients’ personal information confidentiality and ensures security when conducting non-trading operations. The HTTPS (Hypertext transfer protocol secure) data encryption protocol used in the personal profile is designed to transfer data between a client and a server securely. It also excludes the possibility of the client’s personal data interception.
For another CySEC regulated firm, check out XM Forex Review.
Account Types and Spreads
LiteForex Account Types and Spreads
LiteForex offers 2 types of accounts on their platform which have different features yet also some common points between both accounts. One of the common points between the 2 accounts is the Liteforex minimum deposit amount which is $50.
The 2 accounts are ECN and Classic accounts.
ECN Account: The account is offering great features for expert traders including floating spreads that go as low as 0.0 pips. A commission is added to this account of $5 per lot where you can trade with a liteforex minimum deposit of $50 on both MT4 and MT5 trading platforms.
The currencies you can trade with this account are USD, EUR, GBP, and PLN, as well as the presence of a 100% margin call level with a 50% stop-out level. Negative balance protection is applied and available on the ECN accounts too, and the maximum leverage offered is 1:30 yet it still depends on the instrument used for trading.
ECN refers to Electronic Communications Networks, which provides direct approach to other customers in Foreign Exchange market.
Increased quoting precision along with market execution of orders with no requotes combined with Unlimited duration of transactions, with extra features all helping in making this account a great option for traders. It also offers access to deep liquidity with low floating spreads. The trading account is created on the basis of modern ECN technology that provides access to the best prices on the market, stable and guaranteed fast execution with no re-quotes and no conflict of interest.
For similar tpye ECN account, you may think of trading with Pepperstone.
Classic Account: where here the spreads are also floating and represented in 2.0 pips, yet no commission is applied in this type of account with LiteForex. The liteforex minimum deposit in this account is $50 with the provision of negative balance protection and a stop-out level of 50%. The leverage here is the same percentage as it was with the ECN account which is 1:30 yet again it depends on the traded tool used. You can use the Classic account on MT4 and MT5 trading platforms too.
The classic account offers a Social Trading platform along with Market execution and no requotes. This account is originally offered to professional-expert level traders who have already formed their views on the real markets. Those traders who adhere to a proven strategy in their trading using five-digit quotes and market execution with no requotes will find this account to be exceptionally matching their needs.
Demo Account: the option to open a demo account is also available with LiteForex where the main reason to open or have a demo account is to try out the markets without depositing actual funds and to make sure the strategy you’ve for yourself and your account is valid and applicable in the real markets. Expert traders use the demo accounts to test their techniques and new traders to test their knowledge.
One of the main advantages besides those mentioned earlier is that the demo accounts are risk-free accounts that are available for everyone starting in forex.
LiteForex offers MetaTrader4 and MetaTrader5 which is a great advantage for the broker as these are the best and most used platforms in the market developed by the mother company MetaQuotes where MT4 was the first production and then MT5 came on later to provide an updated version on the most popular and the most used and liked forex and CFDs trading platform in the industry.
MT4 allows trading currencies, shares, precious metals and CFD on stock indices, as well as containing features and indicators to provide the best trading and investment experience. MT4 is available on all devices including Windows and MAC PC, iPhone, iPad and android.
MT5, on the other hand has the same features but in an updated and renewed version of MT4 where increased functionality and an enlarged set of tools take place. the platform is available for free download on devices like Windows and MAC PC.
Deposit/Withdrawal Methods of LiteForex
Different means of funding are available with the broker that matches all types and methods available in the market which are requested by the traders.
The first, which in my opinion is a must, is the card deposits, Whether that is credit or debit cards, if you’re using visa or Mastercard or maestro cards, you’ll be able to make all sorts of funding with LiteForex. With $10 as a minimum amount and no commission applied on using card funding. The processing time for deposits using cards is instant and for withdrawals using cards is 3-5 days.
The 2nd means is through Bank transfers which have a minimum amount of $ 10 with zero commission applied on the transactions done through wire transfers. The process takes 2-5 business days and is regulated by the Financial and Capital Markets Commission.
E-wallet options are also available representing the 3rd mean of funding which include Neteller and Skrill, which both carry a minimum amount of $1 and contain an instant processing time. Both are regulated by the FCA in the UK.
A good broker understands the value of good customer service and its impact on the customer’s experience. And in that case, we can say that LiteForex is one of the good brokers. As customer support is provided in so many ways and through all sorts of channels that all the clients need to do is think which way is easier for them n just go for it.
Customer support through live chat is available to all different departments 24/5and even the working times are stated on the website of the broker, which I find very convenient so as customers would complain about wrong information or even the lack of it.
You can even get in touch by calling the support team or even mailing them. If you’re not in a state to receive calls to reply to emails at the current time. You can fill out a form with your query and the support team will get back to you.
Any kind of query regarding all the different departments in the broker’s organization can be contacted by the assigned team. For example, if you have a marketing query or a financial query, you can send it directly to the concerned team and they’ll get in touch with you directly.
There are also toll-free numbers to call that won’t charge you, and these are for the offices in Poland and Germany, in which their contact numbers can be found on the website. Along with an FAQ section in case you’re looking for the answers for yourself and having a quick wondering about something in trading.
English, Russian, Portuguese, French, Spanish, Italian, German, and Polish is the operating languages of the website which provides a variety to support that can be found in dealing with languages.
Currency: major and minor currency pairs in forex are available for trade with LiteForex. With unlimited liquidity and 24/5 trading possibility. Instant execution of orders and hedging opportunity.
When USD pairs with a currency of the Australian Dollar (AUD), Euro (EUR), British Pound (GBP), New Zealand Dollar (NZD), Canadian Dollar (CAD), or Swiss Frank (CHF) it’s called major currency pairs.
Metals: you can trade with different metals like gold, silver, and more. Be aware that a $20 commission is applied and maximum leverage of 1:400 is exerted. High permeant liquidity is guaranteed as trading metals provide a great verification in the trading profile of investors.
One lot size is 100 troy ounces for gold and 5000 troy ounces for silver.
Oil: a great way to diversify your investment assets is oil there are 2 types of oil available for trade with Liteforex which are UKBrent and USCrude, where the lot size is 10 bpd and a commission of $5 is administered.
When it comes to oil, you have two options. UKBrent and USCrude. UKBrent actually isn’t drilled in UK, but the North Sea. Since its price indicate over 70% of oil produced in the world, it’s a very important value. USCrude is the oil drilled in big oil fields of the United States.
Indices: S&P 500 index of the New York Stock Exchange, NASDAQ 100 index of the Nasdaq stock exchange, DAX30 (index of the German stock exchange), and more are all examples of the global indices you can trade with on your platform with Liteforex. A commission of $5 is exerted and 0 spreads take place when trading indices in the ECN account.
While in the Classic account, you wont get any commission added.
Customers of LiteForex can make trading executions to indexes. An index means bunch of companies and its price shows general situation of these companies.
LiteForex Educational Materials
LiteForex offers educational materials for new beginners in forex as well as expert brokers as they all be needing the information to either be starting in the forex market or the forex professionals seeking the formulation of a new technique or strategy.
The educational materials provided by the broker come in all different formats from online courses to e-books and educational seminars and webinars.
Videos are present too to make explaining the terms and subject matter easier for the traders to comprehend.
A forex glossary is implemented to make sure forex newbies won’t miss any of the terms needed when trading live accounts in forex and CFDs. As well as tutorials and trading strategies are presented to make the steps easier and clearer.
For forex professionals, the contents of the educational materials would surely vary as they no longer start in the market. Social trading and rankings of traders are terms and charts shown for more experience to be given.
When it comes to reliability, the broker ensures trust well. With their strong regulation from CySec that ensures strict regulation and high level of trust to clients.
In this LiteForex review, we viewed the 2 different types of account with flexible spreads and maximum leverage provided of 1:30 that might vary depending on your traded asset. Different methods for funding and withdrawals as well as multiple formats of educational materials provided for both new beginners and professionals in forex. The option for a demo account is also set in place yet a swap free account option is absent from the broker’s platform.
2 different trading platforms are offered which are the most popular in the market which are the MT4 and MT5. As well as different trading assets to provide diversity to the trading profiles of investors.
Good customer service a that lead to good customer experience and so the broker became an award winning broker in regard of service and offers.
Please comment below if you agree or disagree with this LiteForex review. Maybe you would like to add something extra from your experience, don’t hesitate to share!