Minimum Deposit:50 $
Max Leverage:1:30 (CySEC), 1:500 (SVGFSA)
Trading Desk Type:ECN
Trading platforms:MT4, MT5
LiteForex is an English forex brokerage based in Majuro, Marshall Islands. Established in 2005, LiteForex works as an ECN broker. They aim to provide traders with Tier-1 liquidity in stock, commodities and forex markets. LiteForex review platform allows traders to invest in numerous financial instruments like FX pairs, oil, precious metals, etc.
LiteForex has a good reputation in the market because it uses the most advanced technology to keep traders’ money safe through the most efficient trading platforms and high execution speeds.
LiteForex Review – Awards And Recognitions
LiteForex has been awarded numerous awards for its constant efforts and excellent performance. The broker has received more than ten awards for its outstanding work.
LiteForex offers two types of trading accounts: Classic Account and ECN Account. Additionally, it also provides the facility of a demo account and an Islamic account for Muslim traders.
This account is useful for traders with some experience but who have not achieved that level that they can be considered professional.
Features of Classic Account
- Availability of leverage up to 1:500
- A minimum deposit of $50 is required
- Zero commissions are charged on trades
LiteForex ECN Account
ECN is a perfect option for professional traders and investors who want to take advantage of social trading.
LiteForex Review – Features of ECN Account
- Leverage up to 1:1000 is available
- Commission start from $5 per lot
- A minimum deposit of $50 is required
LiteForex Review – Deposits And Withdrawals
At LiteForex, traders can deposit and withdraw funds using multiple payment options such as credit/debit cards, local transfers, bank wire transfers, cryptocurrencies (Bitcoin, Litecoin, Monero, Bitcoin Cash, Ethereum and more) and online payments (Skrill, Neteller, QIWI, Dengi, Yangi and more).
LiteForex Review – Cost And Fees
LiteForex has a minimum deposit requirement of $50 for both account types. For Classic Accounts, there are no commissions, but for ECN Accounts, there are certain commission fees as follows:
- Forex Major Pairs: $10 for each lot
- Forex Minor Pairs: $30 for each lot
- Metals: $20 for each lot
- Oil: $5 for each lot
- CFD (shares): 25 cents
- Crypto: $10 for each lot
Additionally, there is an overnight fee charged if you hold the position for more than a day. However, this rule does not apply if you have a swap-free or Islamic account.
Leverage has the potential to magnify both your profits and losses considerably. Due to the high risks involved, various regulations have been imposed on the amount brokers can offer as leverage to traders. The users of the Classic Account of LiteForex can access leverage up to 1:500. On the other hand, ECN Account holders are able to access leverage as high as 1:1000.
LiteForex offers its clients a deposit bonus of a maximum of 100%. With this, the traders can increase their deposits and get additional money for trading.
LiteForex Review – Trading Platforms
LiteForex offers traders to choose between MT4 and MT5 trading platforms. In addition to this, the broker also has an in-house Social Trading platform available for its clients interested in copying the trading signals of other traders.
LiteForex allows traders to trade in 56 FX major, minor and exotic currency pairs. 4 precious metals, 11 indices, 2 commodities, 20 cryptocurrencies and 41 stocks.
Safety And Regulation
One of the best things about LiteForex is it is regulated under the Marshall Islands Business Corporation Act. Hence, according to the rules, LiteForex is compelled to keep the client’s funds separate from the company’s funds. ICF is also a member of the ICF whose main objective is to protect clients and pay them a certain amount if the broker is declared solvent.
Another best thing about LiteForex is that it offers excellent support via telephone, email, live chat and an inquiry form available on the website. Additionally, the traders can contact them through numerous social media platforms such as Facebook, Twitter, Instagram, Youtube, Telegram and LinkedIn. However, they are not available 24*7. Their working hours are 9:00 a.m. to 9:00 p.m. (Mon to Fri).
LiteForex Review – Education And Training
LiteForex provides sufficient educational resources to help potential clients avail themselves of all the possible information for enhancing their trading skills. They have a wide range of tutorials, articles, and a library of 120+ books available for both beginner and experienced traders.
Although LiteForex is not regulated by a renowned regulator, it does strive to provide a safe trading environment to traders. The awards they have received so far are proof of it.