LiteForex Forex Trade Platform and Broker Review

LiteForex Forex Trade Platform and Broker Review

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LiteForex Broker Review

LiteForex Investments Limited is a well-known Forex broker that provides advanced trading software, competitive trading conditions, and high-speed execution. 

LiteForex was founded in 2005 and is headquartered in the Marshall Islands, with main offices in several countries including Egypt, Iran, and Thailand.  LiteForex has 100 employees.

Is LiteForex Regulated?

Yes, LiteForex is registered in the Marshall Islands (registration number 63888) and regulated by the Marshall Islands Business Corporation Act.

According to the official website, LiteForex is under regulation for anti-money laundering procedures, client protection measures, and the provision of licensed financial and investment services. 

LiteForex’s regulations guarantee the implementation of client protection measures and data security procedures, including segregated client deposits and KYC account protection. 

Is LiteForex Regulated in the United States?

No, LiteForex is not regulated in Virginia or any other US state. 

Is LiteForex Regulated in Europe?

No. LiteForex is not regulated in Europe. 

Is LiteForex regulated in a Tier-1 Jurisdiction?

According to the LiteForex website, LiteForex is not regulated under Tier-1 jurisdiction. 

Tier-1 jurisdiction includes licensed investment services in certain countries, which consist of Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Israel, Japan, Luxembourg, Netherlands, New Zealand, Norway, Puerto Rico, Singapore, Sweden, and Switzerland.

Is LiteForex regulated in Tier-2 Jurisdiction?

According to the official LiteForex sources, LiteForex is regulated under Tier-2 jurisdiction. Tier-2 jurisdiction allows the broker to operate in a licensed fashion in one or more of the following countries: British V.I., Cayman Islands, Cyprus, Italy, Malaysia, Mexico, Poland, Portugal, Spain, and Taiwan.

What are the Platforms and Tools for Forex Trading in LiteForex?

LiteForex provides traders with access to the fully integrated MetaTrader suite from MetaQuotes, which consists of MetaTrader 4 and MetaTrader 5. 

  1. MetaTrader 4 from LiteForex is a highly popular Forex trading and analysis platform, which allows trading currencies, shares, precious metals, and CFD on stock indices. You can download MetaTrader 4 in the “Trading Platforms” section of the broker's website. It's free. To install the platform, double-click on the downloaded file “liteforex4setup.exe”. Choose a directory for installing the program and follow the installation program tips. MT4 will run automatically once it has been installed.
  2. MetaTrader 5 from LiteForex is the updated version of the popular forex trading platform that possesses increased functionality and an enlarged set of tools.  The high-tech modern trading platform is suitable for CENT and CLASSIC accounts

Does LiteForex Have a News Blog for Forex News?

Yes. LiteForex has a free news blog available on its official website. Traders can access the blog by navigating to the Economic News portal. 

This area consists of the most important economic and financial news of the international currency market and stock exchanges, allowing users to keep updated on impactful market movements. 

Does LiteForex Have a Traders Dashboard?

No, LiteForex does not provide a Traders Dashboard. This is a centralized area on many brokers’ websites that allows for users to oversee several different data streams that pertain to currency prices and fluctuations within the global markets. 

Does LiteForex Have an Educational Section?

Yes, LiteForex has an education system for Forex Traders. To join the education system, users do not need to pay any type of additional fee or undergo a registration process, as the educational section is available for free on the broker’s website. 

What is the content of LiteForex Forex Education?

There are a total of 5 lectures in the LiteForex webinars section, which are divided into various categories. These categories are listed below. 

  1. Technical analysis
  2. Trading psychology
  3. Trading strategies
  4. Money Management
  5. Trading Basics

This is a decent educational selection from LiteForex that should be used by beginner traders to gain an insight into the most important aspects of Forex trading. 

Is LiteForex Legit?

Yes, LiteForex is a legit Forex Broker and Trade Platform. LiteForex has Marshall Islands Business Corporation Act legal certificates to perform Forex Broker and trading services.

Is LiteForex Safe?

LiteForex is a reliable and safe Forex Trade platform in terms of its regulation and safety protocols. The broker is regulated in non-EU jurisdictions by the Marshall Islands Business Corporation Act.

LiteForex assures its clients of personal information safe as well as safety when conducting non-trading operations. 

The HTTPS data encryption protocol (Hypertext Transfer Protocol Secure) used in Personal Profiles is intended for safe data transfers between the client and the server and excludes any acts of the client’s data interception.

Is LiteForex a Good Broker?

Yes. According to the Forex Suggest review, for security, trading speed, online support, and cryptocurrencies, LiteForex is a good broker. 

  1. In terms of trading speed, LiteForex’s ECN technology allows for instant execution with no requotes and no limits on execution types. 
  2. In terms of security, LiteForex uses advanced data encryption technology. The HTTPS data encryption protocol used in Personal Profiles provides for safe data transfers between the client and the server and keeps out any acts of the client’s personal data interception.
  3. In terms of online support, LiteForex provides a live chat option that creates direct access to a customer support team member for a quick and professional response to all client queries. 
  4. In terms of cryptocurrencies, LiteForex offers several popular crypto coins including
    BTC, EDO, EOS, ETH, ETP, LTC, NEO, OMG, MXR, XRP, ZEC, and SAN.

What is the Offering of Investment in LiteForex?

Offerings of LiteForex can be found below.

Feature LiteForex
Forex Trading Yes
CFDs Yes
Forex Pairs Yes
Cryptocurrency (Physical) No
Cryptocurrency (CFD) Yes
Social Trading  Yes

Does LiteForex have Nasdaq?

Yes, LiteForex offers traders the option of trading CFDs on the Nasdaq 100 Stock Index. 

The Nasdaq is one of the world's largest stock exchanges based in the United States and focuses primarily on the securities of leading high-tech electronics companies, software development companies, etc.

What are the Awards of LiteForex?

Forex Trading Platform LiteForex’s awards are listed below.

  1. Best ECN Broker
  2. Best Copy Trading Platform
  3. Best Retail Forex Trading Platform
  4. Best Trade Execution
  5. Best Forex Social Trading Broker
  6. Best Affiliate Program
  7. Best Foreign Exchange Retail Service Provider
  8. Best Forex Broker in Nigeria
  9. Best Client Service

How to Use LiteForex for Forex trading?

To use LiteForex, a forex trader should have the necessities below:

  1. They should be residents of countries in which the broker operates. LiteForex does not accept traders from residents of the EEA countries, the USA, Israel, and Japan
  2. They should be 18 years or older
  3. They should be able to afford the minimum deposit of $150

If a Forex Trader has the conditions above, they can open a forex trading account to use LiteForex. 

How to open a Forex trading account with LiteForex?

To open a Forex Trading account with LiteForex, a trader should follow the steps below.

  1. Visit the registration portal on the official LiteForex website and create a Client Profile. An ECN trading account is automatically created in the Client Profile after registration.
  2. If you want to open another type of account or you need one more account, click “Open account” in the “MetaTrader” section, select your platform, account type, currency, and leverage.
  3. To verify your profile, you must submit the following 2 types of documents to LiteForex:
  4. Identification Document
  5. Residential Address Proof

What is the Forex Trader Account Types with LiteForex?

Forex Trading Platform and Financial Asset Management Institution LiteForex have 4 different account types. Every Forex trading account type has different features and conditions with LiteForex. 

LiteForex Account Types are listed below. 

  1. Demo Account

  2. ECN Account

  3. Classic Account

  4. Islamic Account

  • Demo Account

The Forex demo account from LiteForex is a training account that is perfectly suitable for practicing and getting ready for trading with real money. 

You can use your demo account free of charge to boost your trading skills, refine your trading strategies or test Experts-Advisers under real market conditions. Money put on a demo account is a virtual investment. 

  • ECN Account

The Forex ECN trading account from LiteForex is for professional experienced traders as well as investors and traders who wish to use the Social Trading service. 

This type of account offers the highest annual percent accrued on unused funds, and access to deep liquidity with low floating spreads. 

The trading account is created based on modern ECN technology that provides access to the best prices on the market, stable and guaranteed fast execution with no re-quotes and no conflict of interest. It includes the features listed below.

  • Increased quoting precision
  • Market execution of orders with no requotes
  • No Stop & Limit levels
  • Scalping and news trading allowed
  • Unlimited duration of transactions
  • Trades are delivered directly to liquidity providers
  • No conflict of interests
  • Social Trading platform is available
  • 2.5% per annum in your account
  • Leverage 1:500
  • Negative Balance Protection
  • Classic Account

The Classic Account from LiteForex with a floating spread has been designed for traders who have extensive experience in the trade and formed views on the market. It is ideal for those who adhere to a proven strategy in their trading using five-digit quotes and leverage up to 1:500, giving access to large volume transactions. It includes the features listed below. 

  • Increased quoting precision
  • Market execution and no requotes
  • No Stop & Limit levels
  • Leverage 1:500
  • Islamic Account

The Islamic Account from LiteForex provides the same conditions as the other accounts, except leverage and currency offered. In the case of any suspicion of abuse, the trading market might be at its discretion to end all open positions and also remove the free swap conditions.

The main and the only Islamic account determining factor is that the customer must be of the Islamic religion. The broker reserves the right to discontinue a swap/Islamic free account with no warning.

How to Withdraw Money from LiteForex?

To withdraw money from LiteForex, the following should be done:

  • You can withdraw money from the trading account via your Client Profile in the “Finance” section, using the same payment systems that have been used to top up the account. 
  • Please take note of the Company’s AML Policy (the funds can be transferred to the same purse and in the same currency which has been used for making a deposit), and the level of verification required for different types of withdrawals.
  • Withdrawal requests are processed manually by the Financial Department during its working hours. According to the Client Agreement, the transfer is performed on a first-come-first-served basis within 1 working day from the date of request. 
  • Kindly pay attention to the fact that if you use bank wire transfer, it can take up to 5 working days to process your transaction, depending on the operation speed of the sender’s and beneficiary’s banks.

How many days do deposits take with LiteForex?

Deposit times will vary depending on the chosen payment method with LiteForex. Deposits with bank wire can take between three to seven working days, depending on the location of your bank. 

E-payments, debit cards, and credit cards take about 24 hours to reflect in your account, at the most.  

What are the costs and fees with LiteForex?

There are three types of costs with LiteForex. Commission costs are charged per lot, spreads are charged to all account holders, and swaps consist of interest accrued to positions held open overnight. 

A Forex Trading Cost is charged by the broker in return for its services and is primarily how a broker will make a profit. These costs will consist of commissions, and fees, while swap charges can be debited or credited to the client, depending on the rollover. 

The LiteForex Trading Costs are below. 

  • Commissions: Commission is charged at $5 per lot
  • Spreads: Spreads are mostly 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.
  • Swaps: variable depending on the position

What are the Trading Fees with LiteForex?

The LiteForex Company does not charge a commission for topping up a trading account. You only pay the commission of the payment systems you use to top up your trading account. 

Under its client loyalty program, LiteForex pays the clients back into their trading accounts deposit fees charged by most payment systems.

The broker does not charge inactivity fees for dormant accounts, although swap fees are charged to positions held open overnight. 

Clients of the Muslim faith can open a swap-free, Islamic account, which does not apply swap fees, as this type of interest is prohibited by Sharia law. 

What is the minimum deposit in LiteForex?

The minimum deposit for all accounts is $50 with LiteForex, which is relatively low compared to most other Forex brokers. 

What are the contract specifications in LiteForex?

Feature LiteForex
Forex Trading Yes
CFDs 3
Forex Pairs 55+
Cryptocurrency (Physical) 0
Cryptocurrency (CFD) 12
Social Trading  Yes

Does LiteForex have promotional offers?

Yes, LiteForex Trade and Exchange platform has promotional offers for existing and new forex trading account owners. These promotional offers are listed below.

  1. Return of Commission with Zero Fees
  2. $10 no deposit bonus
  3. $100 Forex bonus
  4. Binary Forex no deposit bonus

Does LiteForex have a welcome bonus?

Yes, LiteForex Trade and Exchange platform has a welcome bonus. This is provided as a $10 no deposit bonus that is given to new and first-time forex traders by forex brokers. 

The 10 dollars no deposit bonus is seen as one of the most favorable types of forex bonus because it does not come with any form of requirement on the part of the forex traders. 

Does LiteForex have a deposit bonus?

Yes, LiteForex does offer a deposit bonus. The $100 Forex Bonus is only made available for the forex trader after a specific amount of money has been deposited in a trading account.

These deposit bonuses give forex traders a relaxed mind and the courage to trade various currency pairs in which they won’t trade with their own money on a regular day. They are mostly used by new forex traders who have no income or savings to trade forex.

Is there a commission-free trade bonus in LiteForex?

Yes, LiteForex does offer a commission-free trade bonus. The Return of Commission with Zero Fees Promotion means that payment system fees are reimbursed as balanced funds when you make a deposit.  

Is there a VIP bonus in LiteForex?

No, LiteForex does not offer a VIP bonus. The broker does not offer a VIP Account to high net-worth traders at this stage.  

Can you start trading with no money at LiteForex?

Yes, you can start trading with no money at LiteForex. If you claim the $10 do deposit bonus, you can trade with a free bonus from the broker without having to deposit any of your funds at first. 

How does leverage work with LiteForex?

Leverage consists of funds that are lent to the trader by the broker, allowing them to open larger trade positions. These funds are expressed as a ratio to your existing funds. 

The following leverage sizes are available to LiteForex’s clients, depending on their account types:

  • from 1:1 to 1:500 in CLASSIC accounts;
  • from 1:1 to 1:1000 in ECN accounts;

Traders can use leverage with LiteForex by choosing the size of leverage when you open your trading account. Later, you can change it via your Client Profile by using the corresponding option in the “MetaTrader” section. This procedure does not require you to close opened or pending orders.

Where are the headquarters of LiteForex?

LiteForex is headquartered in London, the Marshall Islands. LiteForex also has main offices in the following countries:

  • Afghanistan
  • Egypt
  • Ghana
  • India
  • Indonesia
  • Iran
  • Kyrgyzstan
  • Myanmar (Burma)
  • Nigeria
  • Philippines
  • Tanzania
  • Thailand
  • Vietnam

Who is LiteForex’s CEO?

The CEO of LiteForex is Aleksey Smirnov. LiteForex does not divulge any further information regarding its CEO. 

What are the social media accounts of LiteForex?

Traders can follow LiteForex on the following social media accounts:

  • Twitter
  • Facebook
  • Instagram
  • YouTube
  • LinkedIn

How many employees do work for LiteForex?

According to Owler.com, LiteForex has over 100 employees.

What are the opinions about LiteForex?

LiteForex is a good choice for traders seeking fast execution and ECN trading conditions. An electronic communication network (ECN) that facilitates the trading of financial products has several advantages:

  • Trades are sent directly to liquidity providers
  • No broker's intervention
  • Instant execution
  • No requotes
  • No conflict of interests
  • No limits on trading strategies

 Furthermore, LiteForex provides its clients a portfolio of trading instruments under advantageous conditions of margin trading, including:

  • A long list of major and exotic currency pairs and cross-rates;
  • Precious metals: gold and silver;
  • Wide choice of CFDs on shares – blue chips – listed on the world’s biggest stock exchanges (NYSE, NASDAQ);
  • Leading American, European, Australian, and Asian stock indexes;
  • Cryptocurrency;
  • Brent and Crude oil.

Unfortunately, LiteForex is not available to clients within the European Economic Area, the USA, or Japan. 

What are LiteForex Contests?

A Forex Trading Contest allows participants to earn cash rewards and other prizes by competing directly against each other in defined trading parameters. 

LiteForex does offer trading contests. These contests are listed below. 

  1. Contest for Forex Video Bloggers
  2. Demo Contest ‘Best of the Best
  3. Partner’s Contests

Does LiteForex have online support?

Yes, LiteForex has an online support team for Forex trade account users. The online support team can be contacted by clicking on the chat button on LiteForex's official website. 

Does LiteForex offer demo accounts for Forex trading?

Yes, LiteForex offers a free demo account for all new traders. The demo account can be opened with the following steps:

  1. Click on your name in the Client Profile in the upper line and make sure the demo trading mode is enabled. 
  2. Then access the “MetaTrader” section. 
  3. Click the “Open account” button and select account parameters from the drop-down lists.

Does LiteForex have a mobile app for Forex trading?

Yes, LiteForex offers mobile apps for Android and iPhone. 

These LiteForex Mobile Forex apps are offered to customers completely free of charge. You can download and install applications with daily analysis, trading signals, or strategies on your tablet or smartphone. 

All applications and their contents are supported in more than 8 languages and are constantly updated.

 

Does LiteForex publish an economic calendar?

An economic calendar is used by many Forex traders to monitor upcoming market announcements and economic events which may have an important impact on currency prices. 

LiteForex does offer an economic calendar. LiteForex’s economic calendar provides information on financial events, forecasts, and historical data.

 

What is the communication information of LiteForex?

LiteForex has 13 telephone numbers and 14 local addresses. 

LiteForex’s main telephone number is: +97143668997

LiteForex’s main local address is: Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960

Alternate phone numbers are:

  • Afghanistan: 078 46 48 463
  • Egypt: +201112237003
  • Ghana: +233205870418
  • Indonesia: +62888-9421-400
  • Iran: +441905570606
  • Kyrgyzstan: +996 555 57 99 77
  • Myanmar (Burma): +959895823232
  • Nigeria: +2349034525661
  • Philippines: +63 9556020727
  • Tanzania: +255625349746
  • Thailand: +66 635168805
  • Vietnam: 88007072963