Regulators: CySEC (LiteForex Europe)
Minimum Deposit: $50
Maximum Leverage: 1:500 (Marshall Islands Company)
My Score: 5
Today, i would like to inform you about LiteForex. The broker was established in 2005. LiteForex introduced cent accounts which made it possible to trade with $1.
In my opinion this was major progress for Forex industry. Because there were many people who hesitate to enter Forex industry because of high initial deposits. Eventually, most of them started trading thanks to cent accounts.
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.
LiteForex broker is operated by two different companies. LiteForex (Europe) Limited Company and LiteForex Investments Limited of Marshall Islands.
The website gets 375k visitors monthly. This is quite high number if we compare it to sector average.
Russian traders alone make up 21% of visitors to the website. Other countries in top 5 are Brazil, Ukraine, United States and Latvia. They all make up slightly more than half of its visitors by 54%
So we can conclude that the broker isn’t focused on a certain countries.
Regulations and Investor Protection
I think there is no need to questioning of LiteForex (Europe) Ltd. Since the broker is regulated by CySEC. CySEC is one of the most reliable watchdog based on Republic of Cyprus. You can check the broker by CySEC license number of 093/08
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.
For another CySEC regulated firm, check out XM Forex Review.
LiteForex Account Types and Spreads
Electronic Communications Networks or ECN provides direct approach to other customers in Foreign Exchange market.
Minimum deposit amount is $50 and it will cost 2.5% of your account. You can apply a leverage up to 1:500. Spreads start from 0.1 pips and commission fees start from $5. Only MT4 is available for ECN.
For similar tpye ECN account, you may think of trading with Pepperstone.
Some people don’t mind high spreads they you pay a commission fee. If it’s you, Classic account is for you. Minimum deposit and maximum leverage is same as ECN, $50 and 1:500, respectively.
But the big difference starts with spreads and commission fees. In this account type there is no commission fee but spreads start from 1.8 pips. Both MT4 and MT5 is available.
Here is the table for LiteForex Classic Account. Note that the figures change constrantly.
You can virtually deposit any amount of money to LiteForex Demo Account. Also there is no risk at all.
LiteForex offers MetaTrader4, MetaTrader5, WebTerminal and their mobile versions. They are standard platforms in the Forex industry and considered as best for many.
What is more? It’s VPS! VPS means Virtual Private Servers. What would you do if your computer stops running or lose your internet connection meanwhile a very important trading execution? You would be probably become mad.
But with VPS you don’t have to worry about these. Because, the probability of these incidents are almost none.
Also the system uses Microsoft Hyper-V. It’s a technique of virtualization that will ensure that the price plans will be valid for every customers.
For a detailed explanation, you may read our article about VPS.
Deposit/Withdrawal Methods of LiteForex
When it comes to depositing or withdrawing your money, LiteForex provides four different types of options. The first one is Bank cards. If you have any card supported by VISA or MasterCard you can use this method.
Second one is bank wire transfers. SberBank Online, Alpha-Bank, Swift Wire Transfer are among these.
Third one is Electronic transfers: Skrill, Neteller, Perfect Money, QIWI.
Fourth one is cryptocurrencies: Bitecoin, Litecoin, Monero, Bitcoin cash, Bitcoin gold.
The customer service employees were friendly and they solved all my problems. Also the service is available for 24 hours.
They operate one of the most multilingual websites I have ever seen. In fact, they come forward not only among forex industry but among all websites. Totally 27 languages are ready for traders from all around the world.
These are English, Arabic, Malay, Portuguese, French, Vietnamese, Armenian, Bengali language, Korean, Azerbaijani, Uzbek, Serbian, Norwegian, Persian, Russian, Indonesian, Spanish, Thai, Chinese, Hindi, Japanese, Turkish, Romanian, Hungarian, Swedish, Kazakh and Georgian.
All the major currency pairs are available in LiteForex. But, first we need to make description of major currency.
When USD pairs with a currency of 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.
Also you can trade with many minor currency pairs.
You can trade with gold as XAUUSD and silver as XAGUSD. You can use leverage up to 1:400. One lot size is 100 troy ounces for gold and 5000 troy ounces for silver.
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.
Global Stock Indexes
Customers of LiteForex can make trading executions to indexes. An index means bunch of companies and its price shows general situation of these companies.
IBEX35 (Stock exchange index of Madrid) and FTSE (Stock exchange index of London) are among the 11 different indexes you can trade with.
Ever heard of ‘Blue Chips’? The nickname represents a stock in a company renowned with trustworthiness, success etc. This trading instrument made up by these blue chips.
General Electric Corporation and Verizon Communications Inc are among 24 different stocks that you can trade.
Are you excited by high-tech industry? Then LiteForex CFD NASDAQ may be for you. In fact, it brings technology and investing enthusiast together since 1971. Apple Inc and Intel Corporation among the 13 different stocks you can invest.
You can trade with cryptocurrencies in LiteForex. Bitcoin, Bitcoincash, Dashcoin, Ethereum Classic, LiteCoin, Monero, Ripple and Zcash are the available as cryptocurrencies.
Bonus & Promotions
Return of commission with zero fees
Lite Forex pays back the commission fee that is taken for your deposits. The promotion will continue until 31st December 2018.
5 contesters will share $10,000 which is total prize fund. To win the contest, your trading should be most profitable and your risk factor will be also considered. Number of contesters are unlimited. For other promotions and contests, you should definetely read our bonus article.
30 participants will share $2,500 prize. If you trust yourself about your partnership with the broker, this contest is for you. Meanwhile the contest, you should get the highest amount of commission payout to win contest. Unlimited number of participants can join the contest.
When it comes to reliability, the broker ensures trust well. I mean wouldn’t hesitate to trade with this broker
There are actually only two type of accounts are provided by LiteForex. Although the broker claims that they are the first firm to introduce Cent Account, Currently the broker doesn’t show any information about their account.
Also It’s a nice feature that they have a demo account.
Trading instruments and trading platforms are quite adequate. Customer service was nice.
So All in all, after preparing this LiteForex review, I started to think trading with them.
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!