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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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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?

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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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3 Replies to “LiteForex Review: Is Liteforex.com Broker Decent Or Scam?”

  1. Lite Forex India and Super Forex India is a big scam and fraud operational setup run by 8 Indians.

    This setup is not officially owned or operated by Lite Forex Investments Limited, Marshall Islands.

    As we all know Forex Trading is strictly banned in India for Cross Currencies except traded and permitted by Finance Ministry and SEBI.

    However, many frauds and cheaters have opened their fraud setup in India by the name of different International Forex brokers and are running away with the money of Indians by f***ing them. I too got f***ed, however I felt it as my responsibility to report this to Enforcement Directorate, Economic Offence Wing, Income Tax, Finance Ministry and Anti – Corruption Bureau to save all other fellow Indians from such frauds and scamsters.

    These cheaters show big dreams to medium cla** people, and make them invest money on their forex trading platforms on which they earn huge commissions on deposits, trades, profits and on the name of CONVERSION / TRANSFERRING money outside India. They are requesting users to deposit money through crypto with an a**urance of doubling the deposits and giving you back profits, however when I tried the same I was refused bluntly by them. See all attached proofs yourself. As per Law, SEBI and Authorities, this is illegal and soon these guys will be summoned considering the fake dream these people are showing to people.

    Remember, if they could multiply / double your money through crypto – they would have done it for themselves in first place and wont be begging money from people.

    Simple – apply your mind be cautious and if you are already been f***ed by these guys – report to the authorities mentioned below.

    They meet people with young guys who have no knowledge about forex trading skills, and portray them as expert traders who will earn lot of money for client by trading on their fraud platform under the name of LITE FOREX INDIA.

    They register clients under mirror accounts under which actual trades are not placed and show to the client that the client lost all money because of his wrong trading. Obviously client will lose because they play with spreads, leverage, implement slippage and close trades without permission.

    In addition, if client is able to make money, they stop the funds and put it on hold showing KYC issue, as if they are legal and KYC abiding people, their complete setup is d****, registered under fraud names, fraud bank accounts with an intent to cheat people and run away with their money.

    Here are the contact details of the setup run by Manish, Logan and Matlub under the name of Lite Forex India and Super Forex India:
    City: Bangalore
    1. Manish Kaverappa (He mentions himself as the Country Head)
    Address: 139, Old Airport Road, Kodihalli, Bangalore
    Contact Number: +91-88619 77001
    http://www.facebook.com/manish.kaverappa

    He is operating illegal Forex Trading and Brokerage Business under the company name of Click Ads, Bangalore, and is f***ing government and people by proving that he has ad agency and not a forex company, however while collecting money he promises big returns by trading on forex trading platform of Lite Forex. Sadly, he has no knowledge about Forex, Technology, Processes and Investment management. He is purely taking money and gulping it down.

    Manish is a scoundrel, he has earned a lot of money by f***ing people in different cities near Bangalore, agencies should check his bank accounts – it says it loud, to buy expensive bikes and pamper his darling wife, from owning Pulsar and a Maruti Baleno in 2014-15 to owning sport bikes and expensive cars.

    Vinod
    Contact Number: +91-8050600029
    Brundha Kaverappa (Wife of Manish Kaverappa)
    https://www.facebook.com/brundhakaveramma.kaveramma
    Logan Nathan operating from Bangalore, with Manish
    Contact Number: +91 99162 17744, +91 78921 76435

    MUMBAI:
    5. John Mahesh Periamani, Mumbai
    Contact Number: +91-9664785872

    Matlub Qureshi (Another Fake Country Head, operating from Vikhroli, Mumbai)
    Contact Number: +91-9920201699
    He is running the office under LF Technology, B – 203, Kailash Business Park, Savarkar Marg Park Site, Vikhroli West. He has registered the office under the name of LF Technology, and is working through his close friend Shahabuddin Khan, to save his a** he smartly registered the company and office on Shahbuddin’s name – which again shows malicious intentions.

    I recently came to know that now he in the run with client’s money and has shifted to Pakistan or Dubai.

    Matlub Qureshi, Logan Nathan and Manish Kaverappa are using bank account of a fake textile company to route money in different bank accounts to their own account under the name of Balaji Textiles with the bank account number: 250000280381 in IndusInd Bank, Crawford Market, Mumbai.

    One of my friends from Punjab also lost a lot of money, because they made good profits through genuine trading however Matlub and Manish refused to give them the money saying the trading pattern was wrong (WOW what a f***ing excuse). They have filed a case with EOW and ACB like me.

    I am hopeful, that agencies will look into this matter and will take strict action against these frauds and will help us recover our money which we paid by trusting them, their w***s which is surely our mistake, however I wont let these people run away with my money and other people’s money.

    My name is Harvinder Singh from Chandigarh currently at Pune, My friend’s name is Bhavesh Patel and his cousin’s name is Rajesh Patel from Surat. We all three were cheated by the above people for 65,00,000 Rs.

    I have shared my details with police as I have all proofs of handover of cash and bank transactions, you too should do the same.

    If you too were cheated by them, please report to EOW, Police and ACB at:

    Ms. Archana Tyagi
    Jt. C.P. (Adm.)
    +91-22- 22620879
    Email: [email protected]
    Mr. Ashutosh Dumbare,
    Jt. C.P. (EOW)
    +91-22- 22625028
    +91- 8454845998
    Email: [email protected]
    Sh. K.M.M.Prasanna,
    Ad. C.P. (Crime)
    Mobile: +91- 9870198979
    Email: [email protected]
    Mr. Datta Padsalgikar
    Commissioner Of Police,
    +91- 7710060100
    Email: [email protected]

  2. If they could double the money through crypto deposits and forex trading, why they would be here begging for money to run away with it!!
    Report them to POLICE if you have been scammed.

  3. I joined LiteForex three years ago and i was a demo traded for 4 months. They allow to test your strategy and learn how to trade on demo. Live account opened from 2016, execution is well withdrawal during 2 days usually.

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