LiteForex is an established CFD and forex broker. Clients can trade on the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms using multiple deposit and withdrawal methods. This broker review will provide insight into the sign-up process, contacting customer support, as well as bonuses and leverage; helping you to make an informed choice.
LiteForex was founded in 2005. It boasts 500,000 clients worldwide and has headquarters in the Marshall Islands. The group also has offices in the Philippines, Kenya, Myanmar, Tanzania, Ghana, Nicaragua, India, Indonesia, Vietnam, Iran, and a recently opened office in Lagos, Nigeria. To cater to its global audience, the owner has ensured the website and platform are available in English and 14 other languages.
LiteForex offers the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms. Developed in 2005 and 2010 respectively, these systems have become the foremost platforms for online forex and CFD trading.
The platforms can be downloaded to Mac or PC devices. Alternatively, the WebTrader interface lets you trade directly from an online browser. The setup process is quick and intuitive so users can start trading within minutes.
Both platforms are user-friendly while the web terminal offers extensive customisation. They come with multiple chart types including, line, candlestick, and bars. MT5 offers more indicators and advanced analysis tools, including a built-in economic calendar, 21 timeframes, plus a Depth of Market feature. Still, MetaTrader 4 remains the most popular platform and has everything needed to implement successful trading strategies.
Assets & Markets
Trading assets available to all account holders include:
- Currency – FX trading is available 24/5 on major, minor, and exotic pairs
- Commodities – Trade gold and oil 14/5 with consistent liquidity
- Global stock indexes – Trade CFDs on major global indices, including the US30 (Dow Jones)
- Cryptocurrency – Popular crypto pairs, including Bitcoin, provide an alternative to traditional markets
Spreads & Commissions
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. Commission is charged at $5 per lot.
Spreads are generally competitive, although major currency pair spreads can be around 2 pips, which is relatively high. On major indices such as the FTSE 100, spreads begin at 1 point.
Leverage up to 1:500 is available. When opening an account, users can select the leverage they desire. Details of the margin call process can be found in the FAQ section of the broker’s website.
Mobile trading is available through the MT4 and MT5 platforms. The apps are available to download free of charge on both Android (APK) and Apple (iOS) devices. Users get signals, news alerts, and a range of price analysis features for different trading strategies. The mobile apps are also easy to navigate and available in eight different languages.
Traders can deposit directly into their LiteForex account via:
- Credit/debit card (Visa & Mastercard)
- Bank transfer
LiteForex also facilitates international e-payment systems so clients from Europe to Malaysia can easily fund their accounts. Alternative deposit options include, including; Alipay, Yandex, and Dengi. The minimum deposit for all account types is $50 and payments are usually processed the same day. Clients can also fund their accounts with cryptocurrencies, such as Bitcoin.
LiteForex offers an automatic withdrawal feature that enables traders to withdraw funds up to $100 per day within 24 hours and is available on Skrill, Perfect Money, and Neteller. Withdrawal charges are specific to the provider.
Note PayPal is not available.
LiteForex does offer a demo account which is a great way to test the broker and refine your trading strategy without incurring any risk. The sign-up process is straightforward and an account opened in under a minute.
Bonuses & Promotions
LiteForex regularly offers promotions and contests. At the time of writing, it does not offer a welcome bonus or any promo codes. However, there is a promotional offer to get a rebate on deposit fees, so payments are essentially free. Also, LiteForex runs a ‘Dream Draw’ with a prize fund of $350,000 and a Video Blogger contest with a prize pool of $1,000. The broker also runs trading contests with cash prizes up to $4,000.
See the broker’s website for the latest no deposit bonuses and promo codes in 2020.
Regulation & Licensing
Liteforex is a legitimate online broker and verification details are easily accessible. LiteForex Investments Limited is registered in the Marshall Islands following the Marshall Islands Business Corporation Act. LiteForex (Europe) Ltd is authorised and regulated by the Cyprus Security and Exchange Commission (CySEC).
In jurisdictions regulated by CySEC (Marshall Islands, UAE and European Economic Area) clients are insured by ICF. Should the broker encounter financial difficulty, the ICF can compensate eligible clients up to €20,000. LiteForex is also obliged to abide by Anti Money Laundering (AML) policies.
LiteForex has a cabinet full of tools to facilitate successful trading including; an economic calendar, a world market news blog, and both a margin and Fibonacci calculator all accessible via the homepage. Additional support is supplied in the form of Claws&Horns’ expertise; an analytical agency providing comprehensive analytical tools.
LiteForex offers two primary live accounts; the ECN account and a Classic 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 Classic account is available to experienced traders. No interest is paid on surplus funds and no commissions are charged. Both the MT4 and MT5 trading platforms are available. To sign up for an account, select ‘Registration’ which you will find in the top right-hand corner of each page.
ECN vs Classic accounts? Both have their merits, so ensure that you do your research. As accounts correspond to different servers, it is not possible to change the account type once opened, to do so you will need to delete the account.
A Forex Islamic account is a halal trading account and is available to those traders prohibited from conducting trades involving interest rates, owing to religious beliefs.
LiteForex picks up particularly good ratings in the following areas:
- CySEC licensed
- Copy trade services
- Social trading platform
- Automated trading – APIs
- Good customer reviews in 2020
- Breadth of assets & trading tools
The primary drawback is that some users have reported an inability to withdraw funds. Fortunately, the customer support team seem prompt to respond to reported withdrawal problems.
Trading platforms are open and usable 24/7, however certain markets only permit trading between specified hours. This is something to consider when trading stocks at the weekend, as it is likely margins will be lower and profitability reduced.
Any changes to standard trade hours are reliably communicated by the LiteForex news blog. Also check for the respective server time where you’re based.
Access to advice can be found via the live chat feature on the LiteForex website. Once users are passed the login page, the live chat icon will appear in the bottom right-hand corner of the screen. Alternatively, traders can contact customer service representatives by:
- Email – [email protected]
- Phone – 88007072963
Customer support can help with most queries, including around internal transfers and account admin issues.
LiteForex community forums can also be found on:
The broker’s head office address: Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MN96960.
Safety & Security
LiteForex offers a safe and secure platform and the site is protected with firewalls and isolated servers. LiteForex recommends a VPS to manage trades whilst users’ gadgets are switched off. It is not reliant on an internet connection or power supply and offers a degree of security to web traders.
LiteForex has a lot to offer. There are a good range of tradeable forex and CFD assets, plus the MT4 & MT5 platforms. The website is easy to navigate, the support function easily accessible and there are multiple free analysis tools. The LiteForex brand is largely inclusive and despite its international presence, remains tailored.
In response to whether it is a good broker? Yes, would be the answer. In response to how LiteForex compares vs FXTM, XM, OctaFX, HotForex or FBS; traders should research thoroughly but this brand has a strong history and is a credible option.
LiteForex accepts traders from Australia, Thailand, Canada, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use LiteForex from United States, Japan, Israel