LiteForex is an online financial broker which was established in Cyprus in 2005. It belongs to the World Finance’ top 100 companies and is one of the leading brokers for traders of all levels. 

With its more than a decade long in the industry, alongside more than half a million clients it is serving, it has already proved how well established and how good the service it provides. It is also very much known due to its stability and transparency in as much as it offers different ways to increase the client’s profit as time goes by.

Basic Information of the Broker

Regulator – CySEC

Trading Platforms – MT4, MT5

Available since – 2005

Minimum Deposit – $10

Leverage – 1:1000

Spreads and Commission – 2 pips

Minimum Trade Size – 0.01 lot

Demo Account – Available 

Mobile Trading – Available 

Trade Signals – Automated Trading, an e-mail alert

U.S. Clients – No

Islamic Account – Yes

AssetMagnate Rating: 

Trading Platforms 

LiteForex offers their clients two trading platforms to choose from. These trading platforms are the MetaTrader4 or MT4 and the MetaTrader5 or MT5. 

MT4 is the most popular and most widely used trading platform all over the world. Its great features make it mt4different from the rest. MT4 is an old trading platform that is still maximized by almost 80% of the brokers today due to its great features which include advanced charting package, Expert Advisers, a number of built-in indicators and backtesting option which clients can use whenever they like. Clients using MT4 by Liteforex can access it via the web, mobile or desktop.  MT4 is MultiTerminal as well which means that clients can manage multiple accounts all at once using one device only. 

 

A client terminal is provided which is equipped with a compiler and built-in editor. The compiler gives access to clients to a wide range of software library and information which can be of great help especially when trading. Expert Advisors are also available for client use through the MQL4/MQL5. The most prominent feature of MT4 is the algorithmic trading in as much as it is also known as a stand-alone system. This means that positions are manually managed by brokers. On the other side, there are also third-party developers who have created software bridges in order to automatically hedge positions. 

MetaTrader 5 or MT5  is also integrated with the Liteforex trading platform. MetaTrader5 is an online multi-assetmt5 trading platform owned and licensed by Metaquotes Software Corporation. It is one of the most advanced trading platforms which enable traders to trade automatically with the help of trading robots. Furthermore, it also supports copy trading which means that traders can copy the trading techniques of successful traders. 

Definitely, MetaTrader 5 is one of the most respected trading platforms available today. The MT5 trading platform is known and considered as an updated and upgraded version of the MT4 trading platform. The MT5 trading platform has a typical spread of 0.5 pips, with a leverage which can go as high as 1:500. It is equipped with over 3,000 markets. The MT5 trading platform basically has the same feature with MT4, but it has additional features which clients can enjoy every time they trade. 

Account Types 

There are four trading accounts offered by LiteForex to their clients. 

1. Cent Account 

Requires a minimum initial deposit of $10 with a maximum leverage of 1:1000. It comes with a 30%  deposit bonus. 

2. Forex Classic 

Requires a minimum initial deposit of $50 with a maximum leverage of 1:500. Spreads offer at 1.8 pips with no commission offered. 

3. ECN Forex Account 

Requires a minimum initial deposit of $50 with a maximum leverage of 1:400. 

4. PAMM Account 

Requires a minimum initial deposit of $200 with a maximum leverage of 1:200. There is no commission offered in this account. 

Demo Account 

A demo account is provided by LiteForex to their clients who wish to practice trading without risking their assets. This can also beEutik8zed by their clients who want to master trading or those who simply want to familiarize themselves with the brokers and the trading platforms as well. 

Minimum Deposit 

A minimum initial deposit of $10 is required in order for someone to open a live trading account with LiteForex. This is significantly a small amount which comes with great benefits and features in return. 

Payment Methods 

Clients who wish to withdraw or deposit can do the transaction via different channels which includes all major credit and debit cards, Neteller, GiroPay, China Union Pay, Skrill, and bank, wire transfer and so much more. An automatic withdrawal is offered to clients for 24 hours when the amount is $100 or more. 

Maximum Leverage 

A maximum leverage of 1:1000 is offered by LiteForex with their Cent account. This is considered a high leverage which means that traders should be careful when trading as great risk comes with it.

Spreads and Commission 

The average spread offered by LiteForex is 2 pips. It offers a commission-free pricing on both trading platform that they offer. 

Regulation and License 

LiteForex is a regulated broker under the jurisdiction of Cyprus Securities and Exchange Commission or CySec.  CySec is known as a strict and one of the leading financial regulatory bodies, thus, clients are ensured that they are trading with a broker that is safe and secured. 

Customer Service 

Clients who wish to contact LiteForex for support can reach them via email, live chat or telephone for 24 hours, 5 days a week. Their website is also available in different languages to cater to their clients who speak different languages. 

Benefits of Trading with LiteForex 

Trading with LiteForex comes with a lot of benefits. Such benefits include a safe and secured broker, amazing features and trading platforms, easy to reach customer support and so much more.

Pros 

  • Variable spreads 
  • Low initial deposit 
  • Great trading platforms 

Cons 

  • Limited to Forex only 

Conclusion

LiteForex is a reliable and transparent Forex broker which is ideal for both beginner and seasoned traders. It offers a good spread in as much as the number of payment options is superb. Furthermore, its generosity to bonuses and promotions make makes it one of a kind.