LiteForex Review & Rating 2023Visit LiteForex
Read this LiteForex broker review before opening your account. Is this a Reliable Forex Broker? Find out more with AtoZ Markets Forex broker review of LiteForex.
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LiteForex is a high-tech reliable ECN broker with a strong reputation. The online ECN broker LiteForex has been providing its clients access to Tier 1 liquidity in the currency, commodity, and stock market since 2005. All major currency pairs and cross rates, oil, precious metals, stock indexes, blue chips, and the largest set of cryptocurrency pairs can be traded at LiteForex.
LiteForex has been generally recognized by more than a million and a half clients from all over the world. The company has got a huge number of awards, such as Best Broker in Africa, Asia, Latin America, and the fastest-growing broker in Western Europe and Asia.
Moreover, Britain's leading financial magazine "World Finance" has included the broker in its "100 World Finance" worldwide list.
Pros and Cons of LiteForex
- Provides MT4 and MT5 Trading Platform
- Responsive customer support
- Social trading is available
- Multiple payment options available, including 6 cryptocurrencies
- Does not accept clients from the US
The trust factor is one of the factors for the new traders to open an account with any of the forex brokers in the industry. We can say that the broker is trustable as it is a member of the Investment Compensation Fund (ICF) which protects the users in case of bankruptcy.
Both financial bodies have specific rules and regulations for their brokers. However, the Marshall Islands have loose and flexible rules.
Further, the users’ money is also kept in different segregated accounts in top banks. The broker also abides by the Anti Money Laundering policy, which requires all its consumers to verify their identity.
In total, the broker is regulated and a member of several authorities. A trader’s money is safe, and one can trade with them securely.
LiteForex broker provides many trading platforms to its customers. These platforms help the users to trade financial instruments without any hassle. There are three platforms with the broker, namely, MetaTrader 4, LiteForex Social Trading, and MetaTrader5.
Besides MT desktop versions, LiteForex’s clients can use WebTerminal to be able to trade right from the browser on any computer wherever in the world without having to install a desktop version.
Users get some fantastic features with these three. Some of them are daily analysis, account management, pending orders, nine-time frames, drawing tools, and many more.
LiteForex also offers freely downloadable applications intended for trading via mobile devices and tablets (Android, iOS and other OS).
LiteForex provides 2 account types to its clients. For all account types, a minimum of $50 is required as an opening balance. Social trading is also available for all account holders.
Maximum leverage of 1:500 is obtainable for international clients while the European clients get a maximum of 1:30.
The types of accounts are:
LiteForex Investments Limited offers two primary live accounts; the ECN account and a Classic account.
ECN Account: For professional traders and investors, LiteForex recommends the real-trading ECN (Electronic Communications Network) account.
The account offers an interest rate of 2.5% on surplus funds, an unlimited duration of transactions and trades are delivered directly to liquidity providers. Only the MT4 platform is available to ECN account holders. The floating spread starts from 0.1 pips. The commission is from $5 per lot.
Classic Account: The Classic account is available to experienced traders. The floating spread starts from 1.8 pips. No commissions are charged and the broker charges are embedded in the spread. Both the MT4 and MT5 trading platforms are available.
LiteForex offers Bitcoin, Bitcoin Cash, Dashcoin, Ethereum, Ethereum Classic, LiteCoin, Monero, Ripple and ZCash.
LiteForex takes its fee from the spread. Spreads are specific to the account and asset being traded. The Classic account uses a spread based system and the ECN account, a commission-based system. The commission is charged at $5 per lot.
Moreover, there are a vast number of payment methods that allow customers to proceed with account funding, while some of them including fees and another are free of charge. Also, money transfers to or from the account also depending on your residency and its applicable policies, in addition to entity rules of LiteForex that apply.
As for the fund transferring fees, LiteForex does not charge transfer fees for deposits and withdrawals, however, we do recommend our readers to contact LiteForex for all the cost related queries before opening an account with them.
LiteForex customer support team is highly responsive than most of the other FX brokers in the industry. The user can contact the LiteForex customer support team via phone, live web chat, and email. However, the fastest way to reach them is web chat. Also, you can request a response back by filling the Liteforex broker contact us form page.
The technical team works 24 hours a day and the support team works 09:00 to 18:00 GMT, Monday to Friday.
The team is knowledgeable and polite in resolving the queries and supports multi-languages which are English, Arabic, Malay, Portuguese, French, Vietnamese, Armenian, Bengali language, Korean, Azerbaijani, Uzbek, Serbian, Norwegian, Persian, Russian, Indonesian, Spanish, Thai, Chinese, Hindi, Japanese, Turkish, Romanian, Hungarian, Swedish, Kazakh and Georgian.
LiteForex is a brand name under Liteforex Investments Limited which is registered in the Marshall Islands under registration number 63888 and regulated in accordance with Marshall Islands Business Corporation Act.
Also, the firm’s address: Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960.
As per AtoZ’s team research, we find that the broker is packed with the latest trading features, as well as safety measures and assurances so that you don’t lose on either of these frontlines.
Besides, the broker also ensures fund protection, which also works to safeguard your deposits/profits from unexpected occurrences.
On the other hand, when it comes to trading, LiteForex indicates that you can choose 150 plus instruments to trade and it comes with low commissions.
At last, we can say that LiteForex is a reliable Forex broker that cares not only about your safety but also your profitability, however, we always recommend our readers to do their own research before opening a live account.