LiteForex Review
What is LiteForex?
LiteForex, a broker that has been in operation since 2008, offers both social trading and ECN trading environments using a well-recognized technology based upon MT4 or MT5 platforms.
This technology is currently the best solution. It provides the fastest execution speeds and most favorable quotes, with spreads starting at 0.0 pip. You can benefit from it.
LiteForex has established global expansion via its offices in Cyprus, and an international one based out of the Marshall Islands.
LiteForex was a regulated broker but there were issues and complaints with traders who claimed that LiteForex provided non-transparent conditions. This is why there were concerns about LiteForex’s trustworthiness.
We now see that the broker has cleared its records with more brokers signing up for its service. There is also regulatory oversight from the European CySEC, ESMA regulations, giving additional layers of protection. However, we recommend you to research LiteForex Review and determine if it is a broker that suits your needs.
Broker: LiteForex
Minimum deposit: 50 $
Leverage: 1:30 | 1:500
Regulator: CySEC. MIBS
Year: 2008
Platforms: MT4, MT5
HQ: Cyprus
LiteForex Licences:
Liteforex Europe Limited - Authorized by CySEC, (Cyprus). registration number. 093/08
Liteforex Investments Limited – Registered by MIBS , Marshall Islands MH96960
Overview
LiteForex is a long-standing company with a good trading technology and an ECN environment that has low deposit requirements. They also offer social trading and a stable history. Spreads are very tight, which is good for Forex.
Spreads for stock trading are high. International trading is done through an off-shore entity in Marshall Islands. Some traders have had negative experiences.
Pros
Social and copytrade available
TradingView analytics
$50 minimum deposit
Range of mobile apps
CySEC regulated
Cons
No cryptocurrency trading
Limited funding methods
No Islamic accounts
High trading fees
Rating of the company overall
Reliability ⭐⭐⭐⭐⭐
Platform ⭐⭐⭐⭐⭐
Commissions ⭐⭐⭐⭐
Support ⭐⭐⭐⭐⭐
Financial instruments ⭐⭐⭐⭐
RATING: 4.7
Is LiteForex a scam or safe?
LiteForex isn't a scam. One of the entities is based on Cyprus, while also being regulated and set according CySEC regulatory obligations. However, international accounts fall under the Marshall Islands entity.
What are your options for protection on LiteForex
The regulatory status is something you must always verify. It simply means that a client has been treated fairly under international laws and requirements, while authorities support traders and protect any claims or concerns regarding the operation.
CySEC can be referred to LiteForex Cyprus in the event of violence. The regulator also continuously inspects the environment and operation of the broker. The standard provides investment protection by segregating traders' funds from company funds.
Different authorities may apply modified regulation according to their legislation or particular laws. This could lead to divergence from the entity or regulator.
LiteForex international, which is also based in the offshoreMarshall Islands, is not regulated. Its requirements are low and don't offer clients much protection. It is important to understand the protection requirements of each entity that you trade under, and to be able to make informed decisions about opening an account.
Leverage
LiteForex, a European broker is compliant with ESMA standards for lowered leverage. However, international traders still have a high leverage level of up to 1:500 for Forex instruments.
Maximum leverage allowed for international clients 1:500
European traders may use up to 1:30
Before you sign up, make sure to review the terms and understand the trading process. Leverage is a tool that can maximize your profits and decrease your losses. You should also learn how to use it, and the best way to use it.
Types of accounts
LiteForex has two accounttypes that have STP and ECN execution modes. Standard Account includes all costs built into spread, and an ECN account which has a raw spread and commission as trading costs.
How to open a new account
The account opening process can be done digitally and you will be guided through the steps. It is also normal to upload your ID or residence registration during the verification stage. This is required by regulations.
Trade Instruments
You can choose from a variety of products, including popular Forex, Metals and Oil, as well as Global Stock Indicestraded such CFDs.
Fees
Depending on which account type you choose, you'll be subject to specific fees. These may include spread starting at 2 points or commission per lot. You also get an interbank spread starting from 0 pip. Additional fees can be found in the fee table.
Spreads
Select Standard account to get a floating that averages 2.2 EUR USD pair, while the ECN account offers only 0.1 and a 10$ commission.
Even though the standard spread may be higher than other industry proposals, it is still possible to get a good deal even with a high spread.
You can see below a comparison between the most traded instruments as well as the spread offered on them. Also, you can compare fees to another broker to get a better understanding of BlackBull Markets.
Rollover
Consider swap rate and rollover as trading costs. The broker may charge a small fee if the position is held for more than one day. This fee is determined by the instrument.
Deposit and Withdrawal Options
You have many payment options that you can use to fund your account. Some of these methods charge fees, others are completely free. You can also transfer money to and from your account depending on where you live, the policies that it applies, and any entity rules of LiteForex.
Deposit Options
You can choose from the most popular options or methods in your area, or you may contact customer support for assistance.
Bank wire transfer,
Skrill and Neteller are two examples of e-wallets that you can use to pay for your E-wallets
Credit cards or debit cards
LiteForex doesn't charge any transfer fees for deposits, but different jurisdictions and payment providers might add some fees.
Minimum deposit
The minimum account opening deposit for LiteForex Standard is 50$. The ECN account set is 100$. This is a great deal as the minimum account requirement is very low. Before you sign up, make sure you verify the conditions and the margin requirements for each instrument. Also, you should check the margins via Demo account before you go.
LiteForex Minimum Deposit vs Other Brokers
Withdrawal
The withdrawal fees vary from one option to the next. While some LiteForex withdrawal options have no fees, others may add a small mark-up. See table below.
Trade Platforms
It is not surprising that has a choice between MT4 or MT5 trading platforms. This technology is well-recognized and widely used in the industry.
Web Trading Platform
Both MT4 platforms and its more recent version MT5 platforms don't require a lot of introduction. They are well-known and widely available.
Desktop Platform
However, for day trading and comprehensive analysis, you might prefer a desktop platform. LiteForex MT is compatible with any device, MAC or PC.
The platforms also have social trading and automated trading capabilities. There are no restrictions on order types or strategies.
Another thing to mention is the amazing analysis tools that these platforms have, which include algorithmic Rules, indicators, and Autochartist. Also, the social trading functions can be used with Analytic materials from Claws&Horns.
Mobile Trading Platform
The package includes both iOS and Android mobile trading platforms with push notifications, alerts, and full control of your trading account.
Customer Support
It also offers customer support via various methods, including online chat, phone, and emails.
Additionally, there are centers located in different regions so Europe and International are covered. However, customer service is only available during working hours.
Education
Actually, traders who have the right information can make their trades more profitable . This is why learning is a never-ending task . FP Markets provides support and learning materials as well as analysis and guides. This is accomplished through FP Markets trading series which offers three sections that will help you become a better trader.
FP Markets also offers great tools for research, including comprehensive analysis that is suitable for beginners. It also supports daily trading with features such as market outlooks and news feeds.
Conclusion
Overall, LiteForex is a well-established company with a long history and trading conditions that are suitable for different trading styles, account sizes, experience levels, and trading styles. We must admit that LiteForex offers excellent analysis tools and technology solutions. However, the costs are quite low compared to industry competitors.
There were many complaints and claims from global traders, demonstrating a remarkable array of problems that they faced during their trading experience. While some might not be as simple as they appear, we recommend that you trade with the Cyprus entity to provide extra protection. We also recommend that you read the LiteForex Review before signing in.