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LiteForex Review: Is Liteforex.com Broker Decent Or Scam?

LiteForex Review: Is Liteforex.com Broker Decent Or Scam?

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Estimated reading time: 6 minutes

Forex brokers have dominated the internet with all kinds of offers. Look around you and chances are that you will find a broker pitching an attractive offer like a welcome bonus and weekly prizes.

LiteForex seems to be enjoying success due to the fact that they have capitalized on ways of attracting and keeping clients.

LiteForex hosts weekly contests where traders can win prizes in form of cash. This money can be added to the winner’s live account to boost their capacity to trade.

Besides, LiteForex knows that not all prospective customers have the knowledge to trade successfully. For this reason, the broker has taken it a notch higher to introduce tutorials that teach the fundamentals of trading.

To enhance good performance, LiteForex has also added a feature that allows delivery of Forex strategies which are regularly updated and checked by professional traders.

At the end of the day, this broker has to remain competitive. They have to attract even more clients to remain afloat in the business. So what did they do to ensure that this is happening?

Well, they added a feature called social network trading. If you are a newbie, you can interact with more experienced traders and even copy their trades.

On the other hand, if you are experienced, you can still interact with other like-minded individuals on the LiteForex community. You can also earn extra commissions when you attract followers as a result of your outstanding performance.

LiteForex: why this broker is on top of his game

LiteForex has a history dating back to 2005. They are registered as a Cyprus Investment Form (CIF) and their registration number is HE230122.

The company is regulated by CySEC under reference number 093/08 which is in accordance with the requirements of the Markets in Financial Instruments Directive (MiFID).

LiteForex assures its clients that their funds are insured by the Investor Compensation Fund program, and hence this is a very safe broker to do business with.

Trading accounts offered by LiteForex broker

There are 4 different types of accounts which suit every client’s needs. These include ECN, Classic, Cent and Demo accounts.

lite forex

  • ECN

If you want deep liquidity and access to low floating spreads, this account is for you.

The account was created on the basis of modern ECN technology and by using it, you are getting access to the best prices in the market.

This account guarantees fast execution, no-requotes or conflict of interest between the broker and trader.

This account also has the highest annual percent accrued when you don’t use all your funds. This is a way of compensating you in terms of interest just for trading with LiteForex.

Social trading, scalping, news trading and any other style is allowed with this account. The minimum deposit is $50.

  • Classic

With this account, the broker will promise you increased quote precision meaning that prices will nearly be the same as in an ECN account.

This account promises fast execution and no-requotes. In addition to this, LiteForex says that no stop or limit levels will be applied on this account.

Non-stop bonuses apply in addition to a 3.5% per annum reward on unused funds.

However, this account is only available to clients of LiteForex customers who reside in Marshall Islands.

  • Cent

This account was designed to accommodate novice traders with little capital to invest.

You can open a cent account with as little as $10. The account offers an opportunity to trade in micro lots as the size of your contacts can only be $1,000. Non-stop bonuses and other exciting rewards are offered too.

  • Demo

This account simulates ECN trading conditions with 100% precision. However, no risk will be involved in using this account since virtual money is used in place of real money.

It’s ideal for those who want to sharpen their skills on trading before transitioning to a live trading environment.

Demo ECN also gives you access to all trading instruments for purposes of effective learning.

Trading platform

MT4 and MT5 trading platforms are offered by this broker. These platforms are currently being used by thousands of traders across the world. Thus it only makes sense for Lite Forex to offer trading on these platforms.

However, the broker also offers trading directly from your browser through their web-trader platform.

Web-based trading is more geared towards those who prefer to monitor positions on the go as opposed to engaging in the analytical aspect of trading.

lite forex

Commission and spreads

LiteForex broker does not charge commissions in any trading account. However, all accounts have floating spreads which vary depending on the account you’re trading on.

Basically, spreads start from 0.9 (for ECN traders), all the way to 3 pips for those holding Cent accounts.

Bonuses and promotions

This broker runs promotions on a frequent basis. As a customer of this broker, you will be treated to daily and weekly contests.

In addition to this, LiteForex also gives bonuses of 30%. This only applies to Classic account holders.

Leverage

Again, leverage varies with the account type. ECN account holders enjoy a leverage of 400:1. Classic account holders get a leverage of 500:1 while Cent account holders get the highest leverage at 1000:1.

Social Trading: A very important feature on this broker’s platform

With statistics estimating that 90% of traders lose money, it’s only necessary that people attempting to pursue financial freedom through trading should work with like-minded individuals who are more experienced than they are.

With regards to this, Lite Forex broker is offering a facility that lets traders interact with each other.

Other than communicating with other traders, social trading also enables copying of trades placed by successful traders.

Traders also earn commissions if they are really good at it and are having a loyal following that copies their trades.

Customer service

To facilitate communications between the broker and its customers, Lite Forex has put in place support through phone calls, call back feature, email, chat and forum messaging.

If you are a client of this broker, there is no saying that their support staff can’t be reached.

Pros

This broker offers Islamic accounts to accommodate those who would like to trade in line with Sharia laws.

Secondly, this broker supports a wide range of deposit and cashing out options. Clients can use bank wire, credit and debit cards, e-wallets, and many more options when funding or withdrawing profits. The process is quick and simple.

With variable spreads, you are guaranteed of trading with tight spreads, thus keeping your expenses low as a trader.

Cons

Sometimes spreads can be high for those operation a cent account. However, you don’t intend to use this account to make money in the long run.

A Cent account is ideal for people who want to experiment with real money on a live account.

Again, variable spreads can be disadvantageous when trading during news time. You must stay away from the markets if you are a scalper and news is affecting volatility in the markets.

Our Best Advice

Lite Forex is a decent broker with a wide range of Forex products and services to offer.

Secondly, the broker has setup a wide range of payment methods which is a huge plus. Besides, they often run daily and weekly trading contests which encourage traders to participate and win cool prizes.

Apart from this, we have never heard any major complaints brought against this company. Now, that’s a good reason to join them.

Summary
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Lite Forex
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