LiteForex Forex Broker Overview
LiteForex was founded in 2005 with the mission of prioritizing small-scale traders. Its headquarters is in Cyprus. When it was first established, LiteForex offered a cent account where clients were allowed to deposit $1 minimum to execute trades. This made LiteForex popular and clients from around the world opened an account with the broker. This became LiteForex’s global brand that it upholds until today.
LiteForex Regulation and Security
LiteForex is regulated under CySec and complies with the Marshall Island corporation act. The broker also puts great emphasis on the security of clients’ data and funds. LiteForex segregates their own bank accounts from their clients’ funds accounts.
LiteForex’s databases also use high-grade encryption to prevent cyber hacking. This is another factor in their smooth operations and data security. Also, the broker partnered with the most trusted banks in storing their funds.
LiteForex Platforms and Tools
LiteForex only offers two types of platforms: MT4 and MT5. The choice of using the MetaTrader platforms is a wise decision for the broker. MT5 and especially MT4 are the most trusted and well-known platforms in the trading industry. It is essential to partner with widely known platforms that even small-scale traders know. It is a way of keeping the broker’s brand.
- MT4 – the launch of the MT4 platform drastically changed the trading industry. It has arguably the most efficient and competitive trading features. It has a user-friendly interface and charting and analytical tools that are advanced compared to its competitors. It has a competitive range of indicators and provides some of the most credible sources of forex news. MT4 is best used in forex trading.
- MT5 – this platform provides all trading features that MT4 does not. Aside from currencies, clients can trade shares, commodities, cryptocurrencies, and others. Like MT4, this platform also has a user-friendly interface. It has competitive charting and drawing tools. Traders also have access to automated and social trading. It is also customizable.
Note: Both MT4 and MT5 are available in mobile versions.
LiteForex Account Types
LiteForex offers two types of account: Classic and ECN. The broker also offers a demo account designed for beginning traders.
The demo account has virtual funds and simulated trades, making it a good learning tool for novice traders. It was generally designed to allow beginning traders to learn the various aspects of trading.
The following are LiteForex’s account types:
- Classic Account – this is recommended for expert traders who are familiar with risks and are willing to take them. Some of the perks in this account are the increased quoting precision and spreads that start at 1.8 pips. The minimum deposit for this account is $50 and leverage is 1:500. Clients aren’t charged for commission in every trade executed.
- ECN Account – this account is best for traders who want to access social trading. This account type uses electronic communication network technology. Some of the perks in opening this account are the market type execution and spreads that start at 0.1 pip. The leverage is 1:500 and the minimum deposit is $50. Commission per trade is $5. Aside from social trading, clients can also use scalping and news trading.
LiteForex Trading Instruments and Conditions
LiteForex offers a wide range of assets and instruments on their platforms. Clients can trade up to 60 currency pairs, cryptocurrencies, commodities, stocks, and CFDs.
The payment methods supported by LiteForex are Wire Transfer, Skrill, Visa, MasterCard, Neteller, and Qiwi. Deposits and withdrawals are usually processed within 24 hours, so clients can expect quick transactions.
LiteForex supports five languages: English, Portuguese, Indonesian, Russian, and Malay.
LiteForex Educational Materials
Some of the educational and research materials that can be found on LiteForex’s official site are the economic calendar and forex articles. They also provide the latest market news. However, LiteForex could benefit in investing in webinars and trading-related videos to expand this aspect in their services.
On LiteForex’s official website, clients can access a list of trading strategies they offer. They also have tutorials on how to trade forex and a general overview of the currency markets.
LiteForex Review: Conclusion
The main focus of LiteForex is to let their clients have a great trading experience. It is among the oldest brokerage firms in the industry and it is trusted by its clients. LiteForex is a stable and transparent broker that prioritizes the welfare of its clients.
LiteForex offers different kinds of bonuses and promotions to clients, depending on their accounts and volume of trades. Some of these include a 30% “non-stop bonus” and a 200% deposit bonus. LiteForex presents a fun and challenging approach to trading that is most recommended to traders that are willing to take risks.
