What is LiteForex?

What is LiteForex?

LiteForex is a Forex and CFDs broker most known for its social trading platform. The online brokerage was first established in 2005 and is headquartered in the Marshall Islands. LiteForex offers its clients trading services for Forex, Commodities, Indices, Stock CFDs, and Metals.

LiteForex has over 500,000 in its client-base with their offices located in several countries including Kyrgyzstan, Nicaragua, Vietnam, Thailand, The Philippines, Ghana, Mynamar, India, Nigeria, Indonesia, Tanzania,Kenya, Afghanistan, Uganda, and Cyprus. According to their website, LiteForex gains nearly 300 new accounts every day, providing its trading services in 17 different languages. LiteForex’s trading platform also features multiple trader tools, educational resources, and expert market analysis. 

However, while LiteForex does get its share of positive user reviews, there is an equal amount of negative ones around as well. In this review, we will take a look at some of the features and services that this online brokerage provides and see if it does hold up to its reputation or not. In addition, we will investigate into its history to see if the broker is a safe choice for traders.

LiteForex: Services and Offerings

While LiteForex offers the following services to clients residing almost any part of the globe, it may not provide the same services given below. These include countries such as the United States, Israel, and Japan due to legal reasons.

• Trading Instruments

LiteForex offers its clients around 55 Forex pairs, 41 U.S. Stocks, 11 Indices, 4 Metals, 2 Oil Commodities, and even 20 Cryptocurrency assets.

• Account Types

LiteForex offers its clients two main account types – the Classic Account, and the ECN Account.

Both the accounts can be opened with a minimum deposit of $50, allowing clients to trade with a maximum leverage of 1:500. Both accounts can be accessed through the broker’s MetaTrader4 (MT4) and MetaTrader5 (MT5) platforms.

The Classic Account is mainly designed to cater to novice traders. Clients with the Classic Account can trade with spreads starting from 0.8 pips with no commissions.

The ECN Account, which is designed for the more seasoned of traders, offers lightning-quick execution speeds and the power of ECN trading. Clients with this account type can trade with spread starting from 0.0 pips with a $5 commission per lot. Minor currency pairs charge a $30 commission per lot.

LiteForex also offers swap-free trading accounts for those residing in Islamic regions. Demo accounts are also available for free that allows clients to test out the mentioned account types in a simulated, risk-free trading environment.

• Trading Platform

LiteForex uses the industry-standard MT4 and MT5 trading platforms by MetaQuoutes. MT4 and MT5 are some of the leading trading platforms in the industry, most renowned for its easy-to-use interface, lightning-quick execution time, and flexible customizability. It features real-time market quotes as well as over 80 pre-installed technical indicators, charting tools, and automated trading, among the list.

LiteForex also has a social trading platform integrated into its website which allows clients to automatically copy trading signals and market executions of their fellow peers.

What is LiteForex?
Description: LiteForex Review [2020 Update] - Assetmagnate.com

• Payment Options

Payment options include credit/debit cards, bank wire transfers, and online payment services such as Neteller, Skrill, Perfect Money, QIWI, Yandex, and Dengi.

Deposits through credit/debit cards are almost instantly processed and are charge-free. The minimum deposit limit is $10 while the minimum withdrawal limit is $1.01. There is a 3.5% commission per withdrawal.

With online payment services, minimum deposit limit is $10. There are currently no deposit payments. However, there is usually at most a 5% charge for the total amount withdrawn.

Cryptocurrencies such as Bitcoin, Litecoin, Monero, Ethereum, Bitcoin Gold and Bitcoin Cash can be used for deposits and withdrawals. The minimum deposit is the equivalent of $10, with the minimum withdrawal amount being the equivalent of $1. Withdrawal fees are present and can be checked on LiteForex’s website as they change regularly.  

LiteForex: Is it safe?

Being located in the Marshall Islands, LiteForex is registered with the number 63888 and is regulated in accordance with the Marshall Islands Business Corporation Act. This act is the international arm of LiteForex and also operates the broker’s website in that region.

Its European offices are registered as a Cyprus Investment Firm (CIF), while the LiteForex brand is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC). This means that the broker is in full compliance with the Markets in Financial Instruments Directive (MiFID) and operates the broker’s website in European regions.

In addition, clients’ funds are separated from the broker through segregated bank accounts which prevents LiteForex from using it to fulfill internal financial obligations. This also ensures an extra layer of security.

LiteForex also requires its clients to submit identification documents and a recent utility bill in compliance with the Anti-Money Laundering (AML) policy. 

All these points guarantee that LiteForex is a safe broker as it ensures the safety of its clients’ funds and best interest. 

LiteForex: Conclusion

LiteForex is a safe and regulated broker that provides decent trading services with its MT4 and MT5 trading platforms. The MT4 and MT5 trading platforms are highly regarded as being one the most simple, flexible and powerful platforms in the industry. One of its best features is its social trading platform which allows traders to copy trading signals from fellow traders.

However, one of the biggest downsides to LiteForex is the limited listing of financial instruments that allow clients to organically build a portfolio. In addition, there are other fairly decent online brokerages that feature less-expensive commission and fees.   

However, if you are a novice trader and would like to try out their services, LiteForex is a safe choice to consider.