LiteForex Review

Review

LiteForex Investments Ltd, founded in 2005, is domiciled in Cyprus and regulated by CySEC. They also have a Marshall Islands branch which is subject to a more flexible, looser regulatory regime.  LiteForex is one of the leading brokerage companies with traders of different levels from all over the world and listed as one of the top 100 companies according to World Finance. There are over half a million LiteForex traders doing business out of offices in several countries.

LiteForex is an old and well-established Forex broker. At the time of this review, LiteForex has been in the market for over 12 years.

Accounts

There are four different floating spread trading accounts at LiteForex. With a minimum deposit of $10 traders can open a CENT account which is geared towards fairly new traders who are just starting out or who have traded in a demo account and are confident about moving on. These accounts minimize trading risks as deposits are denominated in cents. The maximum leverage in a CENT account is 1000 and a minimum lot is 0.1. This account comes with a 30% deposit bonus. The account may be based in USD, EUR, CHF or Russian Rubles.

Account Types

There are four different floating spread trading accounts at LiteForex. With a minimum deposit of $10 traders can open a CENT account which is geared towards fairly new traders who are just starting out or who have traded in a demo account and are confident about moving on. These accounts minimize trading risks as deposits are denominated in cents. The maximum leverage in a CENT account is 1000 and a minimum lot is 0.1. This account comes with a 30% deposit bonus. The account may be based in USD, EUR, CHF or Russian Rubles.

The Forex CLASSIC account was designed for the traders who have trading experience who follow their tried-and-true strategy using four-digit quotes. The CLASSIC account has a floating spread starting from 1.8 points and offers a maximum leverage of 500 to 1. It requires a minimum deposit of $50 and there are no commissions payable. There is a 30% deposit bonus for this account. The account may be based in USD, EUR, CHF, GBP, Russian Rubles or Polish Zloty. The account offers annual interest of 3.5% on equity unused as margin.

The ECN Forex account uses technology which provides full transparency and protection against non-trading risks.

ECN (Electronic Communications Network) is a unique e-technology for Forex trades with no broker intervention. ECN broker is a kind of a platform where a trader's each order is matched with an opposite order either within the company or at the broker's contractor. This account has a $50 minimum deposit and maximum leverage of 1:400.  A social trading feature element is offered with this account type. The account offers annual interest of 7.5% on equity unused as margin.

The fourth account is the PAMM account which was developed for managing Forex investors' funds. It combines all the advantages of both management and investing including transparency, safety and convenience which provide wide earning opportunities to both investors and managers. The minimum deposit is $200 and maximum leverage is 1:200. There is no commission.

Assets

A very wide range of assets may be traded with LiteForex. Approximately 60 Forex currency pairs are offered, as well as several precious metals and crude oils. The major cryptocurrencies and global stock market indices can be traded, and CFDs are offered on many leading shares from the NYSE, NASDAQ, XETRA and Russian stock markets.

Bonuses/Promotions

LiteForex is loaded with interesting bonuses and promotions all running at the same time. Although Cyrpus has recently acted to ban any new bonuses or promotions, LiteForex Marshall Islands is still offering them.

At the time of this review, a 200% deposit bonus is offered to all traders.  A $100 deposit is required as a minimum, and the CLASSIC and CENT accounts are solely eligible.

A 30% “Non-Stop Bonus” is also awarded for each promocode-activated deposit over $100 in any trading account in the first 24 hours following its opening. A bonus of 15% will be paid into the account for next deposits over $100 upon qualifying, after the first 24 hours.

There is also a “zero fees” system whereby any payment fees due to a payments system incurred when making a deposit are added to the depositor’s account as an existing credit.

Members of the VIP club are eligible for spread rebates of up to 35% on trades taken.

Traders with a demo account can participate in a monthly competition whereby the first 10 traders with the highest balance value win in contest prize amounts up to $2500. 

And also for demo account holders, with the Fighting contest, anyone using available trading tools can be part of the contest where ten participants showing the most effective trading over the contest period will be considered as the winners.

An interesting promotion is the ability to get back a deposit fee when making a deposit with a credit card.

Partners have several of their own contests.  In the Weekly Sprint, a partner who is first to collect 50 lots inside his referral group, can become one of the 30 most successful partners who will share the prize fund of $600. The weekly contest ratings are posted on the site.

There is also a multi-rebate of 1.5 pips for each referral made to a Partner or Referral accounts. 

Some of the winners of these contests are interviewed and their insights are posted on the site. 

Education

There are some good tutorials on various Forex related subjects in addition to a host of interesting and informative articles.  Missing were live webinars which can be quite informative.  

Using the economic calendar, LiteForex’s clients will always be abreast of the latest news and will make their trading on the Forex market more deliberate and successful. 

Experienced experts at Claws&Horns provide traders with all sorts of analysis, the latest forecasts, unique reviews, expert opinions and many other analytical materials that are indispensable to trading success and are free to LiteForex's clients.

Technical Analysis

Traders can access various calculators used in Forex trading such as count pips, leverage, lot size and profit. A Fibonacci calculator is available to help organize trading and produce stable profits.

Trader's Calculator

Deposits/Withdrawals

Deposits can be made using  major credit cards and online payment programs including LiteForex Cards, Skrill, Neteller, Carte Bleue, Dankort , PostePay, Qiwi, and China Union Pay. Bank wires are also accepted.

Withdrawals are made using the same methods. An opportunity to us automatic withdrawals offers clients the possibility of 2 automatic withdrawals for the period of 24 hours for the maximum amount of $100 (or the equivalent in another currency).The 24-hour period is measured from the moment of funds deduction as a result of automatic withdrawal.

Customer Support

Traders can contact a LiteForex representative via live Chat during trading hours, 9-9 GMT+2.  An online form is also available as are toll free numbers to a list of different countries.

Conclusion

LiteForex is one of the longest running Forex brokers in the industry and its stability and transparency are important to the continuation of its success. The long list of accounts and the variety of different bonuses and promotions make trading the LiteForex a lot of fun.

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Features

One of the first things that hits you on your initial glance through the website is choices. For traders who want an easy broker with standard offerings, this is not the place to look. There are so many choices of trading accounts, a long list of bonuses and promotions and a choice of different platforms with which to trade. The website is user-friendly and there is plenty to read when flipping through the online website.

A wide range of assets may be traded, including a range of individual stocks wrapped as CFDs, as well as the major crypto-currencies, and commodities such as precious metals and crude oil.

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Platforms

MetaTrader 4

LiteForex provides its clients with MetaTrader 4 trading terminal, which is extremely popular with traders and one of the most stable and popular trading platforms.

MetaTrader 4 offers traders the ability to trade various financial instruments (Forex, futures, CFD) from one trading account. They can receive Forex news online, manage a local database of quotes history, build as many charts as they want, for various time periods, use an integral set of instruments for technical analysis and can develop and use advisors.

MetaTrader 5

Traders can also choose to use MetaTrader 5, the cutting-edge improved trading platform. The MetaTrader5 offers increased work speed, powerful programming environment MQL-5, enhanced security and data encryption, advanced technical analyses, the ability to buy Stop Limit and Sell Stop Limit deferred orders and more.

Mobile

The MetaTrader 4 and MetaTrader 5 plaforms can be used on iPhones, iPads, Multi-Terminal, and all Android devices. 

 

Social Trading Profile

Social Trading Providers

 

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User Reviews

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