LiteForex Review – Online Platforms, Commission, Leverage, Account Types, Features & more
Ideally, LiteForex hails from Marshalls Islands and is both a Forex and CFD trader. The broker claims to offer online trading via some instruments, including the MetaTrader.
Additionally, the trading platform also offers social trading, market analysis, besides educational resources to the traders. The users use platforms, including MetaTrader 4 (MT4) and MetaTrader 5.
When the company started brokerage services, it was the first company to break the stereotypes, and they introduced cent accounts where traders can begin trading for only $1.
The best part is that several other rivals in the industry copied the legendary situation.
In the past few years, the trading platform has enlarged its market share by providing attractive bonuses to the traders.
About LiteForex and Accepted Countries
The LiteForex was incorporated back in 2005 and is headquartered in Marshalls Island. The company claims to serve at least 500,000 clients globally.
The trading platform has branches in different countries, including Kenya, Myanmar, the Philippines, India, Indonesia, Vietnam, Iran, Tanzania, and Ghana.
Currently, the company has opened an office in Lagos, Nigeria. The platform aims to service the audience globally, so it offers customer support in English and at least 14 languages.
Traders from Europe are regulated by the platform under a different broker offer trading platform.
Traders from Canada, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Australia, Thailand, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar, and many more countries are allowed to trade on this platform.
|Founder / CEO||Aleksey Smirnov|
And Traders from the United States, Japan, Israel are not allowed to sell on this platform.
Open a Forex Trading Account Now! – Fill up the Form
LiteForex Trading platform:
The leading trading platform offered by the company is MetaTrader, and besides this, MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are the variations offered.
The media tend to be quite prominent, mainly because it has a plethora of features integrated and also offers trading tools.
MetaQuotes Software Corporation incorporated MT4 in 2005, and in 2010 MT5 was incorporated. Users can easily download these platforms to Mac or PC devices.
If you don’t want to download these platforms, you can use the online browser directly. Traders can quickly start trading within minutes as both the setup and verification process is fast.
|Trading Platform||MT4, MT5|
|Desktop Platform – Windows||Yes|
|Desktop Platform – Mac||Yes|
|Desktop Browser Platform||Yes|
|Mobile Site Platform||Yes|
|Android App Platform||Yes|
|iOS App Platform||Yes|
|Windows App Platform||No|
|Other Mobile OS Platform||No|
|Trading Platform Supported Languages||Arabic, Chinese, English, Farsi, French, Indonesian, Italian, Malaysian, Portuguese, Russian, Spanish, Thai, Turkish, Vietnamese|
LiteForex Mobile App
Both the trading platforms, including the MT4 and MT5, are available through mobile apps. You can download both apps without paying any extra fees.
The best part is that both the platforms are available on Android (APK) and Apple (iOS) devices.
For different trading strategies, users are most likely to get signals and alerts about price analysis.
Additionally, mobile apps are not only easily navigable but also they are available in eight languages so users from different domains can access them.
When you choose to access the platform through the mobile app, then you can easily follow the trading platform even if you are on the move.
You can also customize the apps for instruments and interface colors.
Check out Mobile Apps of more Forex Brokers
LiteForex Commission or Brokerage or Fees
The trading platform claims to take its fees from the spread. The spreads to be account specific, and the asset is also being traded. Spreads are most likely to be account-specific.
If you are treading on a Classic account, then you must know that it uses ECN and a spread-based system. Per lot, the platform charges $5 as commission.
In general, spreads tend to be competitive. The primary currency spreads are somewhere around two pips, and it is mostly high.
Spreads are said to begin at 1 point in almost all indices.
|Commission on trades||Yes|
LiteForex Exposure or Leverage
The current leverage available on the platform is 1:30. When the traders choose to signup on this platform, they can choose the leverage as per their requirements.
Payment methods provided by LiteForex
If you are a trader who is willing to trade on this platform, then you can trade using the following payment methods:
- Credit/debit card (Visa &Mastercard)
- Bank transfer
Some of the deposit options are Alipay, Yandex, and Dengi. Irrespective of the account type you choose to trade in, the minimum deposit is $50, and usually, it takes a day to process all the payments.
Additionally, traders can also choose to trade in cryptocurrencies, including Bitcoin.
|Deposit Options||Credit Card, Cryptocurrencies, Neteller, Skrill, Wire Transfer|
|Withdrawal Options||Credit Card, Cryptocurrencies, Neteller, Skrill, Wire Transfer|
The company offers an automatic withdrawal option that allows the traders to withdraw money up to $100 daily, and the traders can easily do it from Skrill, Perfect Money, and Neteller.
The withdrawal charges are ideally provider-specific. Traders also should take note that PayPal is not available on this platform.
Find out Payment Methods provided by other Forex Brokers
Investment in Asset Classes or Markets by LiteForex
The trading platform offers the following assets to trade into all the account holders:
Currency– Traders can trade on all pairs from major, minor to exotic.
Commodities– Traders can be assured of consistent liquidity, and they can trade gold and oil.
Global stock indexes– Traders are allowed to trade on all the stock indices globally.
Cryptocurrency– Some of the significant cryptocurrency pairs like Bitcoin are available on this platform.
|Supported Cryptocoins||bitcoin, bitcoin cash, dash, ethereum, ethereum-classic, litecoin, monero, ripple, cash|
|Total Tradable Assets||6|
|Number Of Currency Pairs||60|
|Number Of Cryptocurrencies||8|
|Number Of Stocks||11|
|Number Of Indices||11|
|Number Of Commodities||NA|
|Number Of Futures||NA|
|Number Of Options||NA|
|Number Of Bonds||NA|
|Number Of ETFs||NA|
LiteForex Virtual Trading or Demo Account
If you are a beginner who plans to trade on this platform, then you should be assured of one thing that the platform offers a virtual account.
Under the virtual account, the traders are offered some virtual money so they can experience real trading without undertaking any risk.
Additionally, the best part is the login process is simple, and you can open the account within a few minutes.
LiteForex Offers or Deals
Often the trading platform offers contests and promotions. When you signup on the trading platform, the company doesn’t offer any promotions or presents, but indeed there is an offer to get the rebate on the deposit of money, so mainly payments don’t have any charges as such.
Additionally, the company organizes contests including ‘Dream Draw’ having prize money of $350,000 and Video Blogger contest with prize money of at least $1000.
The trading contests have prizes of $4000.
|Free Learning Courses||Yes|
|Free Demo Account||Yes|
|Discount on Brokerage||Yes|
|Flexible Brokerage Plans||Yes|
|Forex Trading Contest||No|
|Trading Bonuses & Rewards||No|
LiteForex Regulation or Licensing
LiteForex Investments Limited owns the company, and back in 2013, it has been registered under Marshall Island.
No doubt, the company is said to meet all the requirements of the Marshall Islands Business Corporation Act, but the company still tends to be unregulated.
By this, it means that the company also offers services that almost all regulated companies are not allowed to contribute.
But it doesn’t provide any protection, unlike other regulated platforms.
Find out Regulations & Licensing of more Forex Brokers
The trading platform tends to be loaded with unique features, including automatic withdrawals within a day, economic calendar, margin, Fibonacci calculator, and world news market blog.
The expertise of Claws and Horns also offers some additional support.
|Social Trading / Copy Trading||Yes|
|Guaranteed Stop Loss||Yes|
|Guaranteed Limit Orders||Yes|
|Guaranteed Fills / Liquidity||Yes|
|Trading From Chart||Yes|
|Interest On Margin||Yes|
|Other Trading Features||No|
LiteForex Account Types
There are majorly two accounts offered under the platform:
ECN Account– This account is most likely to be suitable for traders and investors, and it offers an interest rate of 2.5%.
Under this account, the number of transactions can be unlimited and directly to the liquidity providers; the trades tend to be delivered.
For the ECN account holders, only the MT4 platform is accessible.
Classic Trading Account– the account is most likely to be suitable for traders who hold the market experience.
On surplus funds, as such, no interest is paid up, and also commissions are not charged. Under this account, traders can access both MT4 and MT5 platforms.
If you want to trade on this account, all you need to do is sign up for the account after clicking on the registration.
|Spread||floating, from 0.0 points||floating, from 1.8 points|
|Commission||From 5$ per lot||No|
|Leverage||1:500 – 1:1||1:500 – 1:1|
LiteForex Trading Account Features
Check below all the trading account features under various account types:
|Trading Desk Type||ECN|
|Suitable for beginners||Yes|
|Suitable for professionals||Yes|
|Suitable for scalping||Yes|
|Suitable for daily trading||Yes|
|Suitable for Weekly trading||Yes|
|Suitable for swing trading||Yes|
LiteForex – Research & Advisory
Find below all the different reports and support provided by its Research & Advisory team :
|Daily Market Commentary||No|
|News (Top-Tier Sources)||Yes|
|Company Stock Review||Yes|
|Free Stock Tips||Yes|
- The trading platform is licensed
- It offers copy trade services
- APIs are included under the platform
- A plethora of assets are provided to the traders
LiteForex Drawback or Cons
Under this platform, the users are not entirely happy with the withdrawals at times. Thanks to the customer support team, the issues raised by the users can be rapidly solved.
LiteForex Trading Hours
The traders can trade on this platform anytime they want as they are open 24*7, but you need to know that some markets only have limited trading hours.
It would be best if you considered this during the weekends as, during that time, margins tend to be minimum, which leads to a reduction in profit.
If there are any changes, the company ensures to communicate them through its blogs.
LiteForex Customer Care and contact details:
If you are planning to trade on this platform, then you can take advice from experts through the live chat feature, which can be accessed through the chat logo, which is available on the official site of the company.
|Support During Weekends||No|
|Live Chat Support||Yes|
|Customer Support Languages||English, Indonesian, Malaysian, Portuguese, Russian, Spanish|
The live icon is seen on the right-hand bottom of the screen. Besides the live chat, the users can also connect with the team on Email – email@example.com or Phone – 88007072963.
The forums can also be found on:
LiteForex Safety and Security
If you plan to trade on this platform, then you can be assured that it is one of the safest platforms.
Above all, the platform doesn’t rely on the internet connection as it uses VPS to manage trades when the trader’s gadgets are not working.
LiteForex Account Opening
You can easily open your account on this platform in a matter of few minutes as all you need to do is click on the registration window, which you can find on the top right corner of all the pages.
You can select your country, enter your contact details, and lastly, set a password.
Thus, then you can start trading after making a deposit. Additionally, you can also complete your registration by importing your profile from Google or Facebook.
LiteForex Rating & Review
Based on the user experience, the following rating and reviews are provided.
|User Experience||7.5 / 10|
|Products & Services||7.8 / 10|
|Brokerage Charges & Fees||8.1 / 10|
|Research & Advisory||8.2 / 10|
|Trading Platforms||8.1 / 10|
|Overall Ratings||8.0/ 10|
|Total Client Reviews||98|
LiteForex Verdict or Conclusion:
The trading company is no doubt a company you can trust, and it also offers a plethora of trading opportunities.
Additionally, the website can be navigated efficiently, and the support function can also be accessed.
Traders also have access to a plethora of trading tools. Besides its international presence, the brand tends to be more or less inclusive.
The trading platforms offered are both sophisticated and also easy to use. Users can also avail themselves of the option of copying the trading signals of the expert traders.
In terms of assets, the trading platform should improve a little so they can remain competitive with their rivals in the trading market.
Open a Forex Trading Account Now! – Fill up the Form
Learn everything about Forex Trading