LiteForex Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this LiteForex Review.
Like most forex brokers, LiteForex offers its clients a choice of several basic account types in order to suit the needs of traders of all levels of experience.
In addition, swap-free (Islamic) services are available for all account types, tailored at clients who are not willing to earn interest for religious reasons.
The Company. Security of Funds
Company Country Regulation
LiteForex Investments Limited Marshall Islands N/A
Liteforex (Europe) Ltd. Cyprus CySEC
Founded back in 2005, LiteForex is a broker trading in a wide range of currency pairs, CFDs, as well as Bitcoin, on MetaTrader 4 and MetaTrader 5. There are two companies behind the brand – LiteForex Investments Limited, which is registered offshore, and Liteforex (Europe) Ltd., which is based in Cyprus and licensed by CySEC. LiteForex in fact bought the Cyprot company that used to operate the Mayzus brand.
Having more than 10 years of experience on the forex market and present in Britain’s leading financial magazine World Finance «100 World Finance» worldwide list, the only thing that LiteForex missed until recently, was a decent forex broker license. Now that it has it, it is on its way to achieve its goal – ensuring the highest quality of service.
CySEC requires licensed companies to hold a minimum of €730 000 in order to prove their financial stability, to keep client funds separately from the company’s operational assets, to regularly report to the Commission.
In addition, all customers of authorized financial services firms may receive a compensation, amounting to a maximum of 20,000 EUR, if the broker becomes insolvent or ceases trading.
Minimum Initial Deposit
The minimal amount required to open an account with LiteForex is $10, which is a reasonably low amount, considering the lack of regulation. What is more, one can access ECN trading environment with just $50.
Average Spreads & Commissions
This broker offers commission-free trading and variable spreads, averaged 1.1 pips on EUR/USD for the ECN account, which is considered average for the FX market.
Real-time spreads of 15 leading brokers can be checked out here.
The maximum leverage rates at LiteForex are high, reaching 1:1000. In comparison, SVG-based OctaFX and ForexBroker Inc both offer leverage up to 1:500. More forex brokers offering leverage equal to or exceeding 1:500 can be viewed here.
Traders, however, should be aware of all the risks associated with trading on margin – higher leverage levels may lead to heavy losses, exceeding initial investments. That is why many jurisdictions set limitations on leverage, which are considerably lower, for instance 1:50 in USA and Turkey.
LiteForex offers its services on two of the most popular platforms among traders – MetaTrader 4 and MetaTrader 5.
The MT4 is available as desktop version, mobile apps a web-based version, called MetaTrader 4 Web terminal. This professional, fully-featured software provides traders with everything they need: fast order execution, a variety of technical indicators, linear instruments advanced charting package and the ability to develop and to use Expert Advisors (EA).
More brokers using the MT4 can be viewed here.
The MT5 was developed and marketed as an improvement on MT4, yet many brokers still prefer the earlier technology, since MT5 does not allow hedging, and besides, MT4’s indicators and EAs are not supported on the MT5 platform.
You may look up more brokers supporting the MT5 here.
What is more, LiteForex has recently (as of July, 2016) launched LiteForex Social Trading, a social platform for copy trading. The service is automated and is available for ECN account holders on the MT4 trading platform. The Social Trading offers four different types of copy trading that are fully customizable: full size copying, copying a fixed size of each trade predetermined in lots, copying a predefined percentage of each trade, or copying a fixed share of duplicator’s equity defined by the copy equity/provider’s equity ratio.
Bonuses & Rebates
LiteForex offers various promotions, such as:
– Welcome on deposit bonus of 30% for deposits over $100;
– Spread rebates up to 35% for VIP-club members (applies to Cent & Classic accounts with a minimum deposit of $500);
– Refer a friend bonus of $15 for each attracted friend.
Methods of Payment
Clients of LiteForex are offered a variety of The following payment modes to choose from: credit cards, bank wire transfers, and the following e-wallets: Skrill, Neteller, Perfect Money, WebMoney, QIWI, MonetaRU, EasyPay, Boletto, cashU, etc., as well as cryptocurrencies Bitcoin and LiteCoin.
LiteForex is a reputable offshore broker, offering competitive conditions for trading in various currency pairs, CFDs and Bitcoin on the MT4 and MT5 platforms. Its main disadvantage is lack of regulation.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
LiteForex Review Conclusion
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