Liteforex reviews, this is a brokerage company that includes a broker that was founded in 2005. This is the same age as the FXOpen broker which was also founded in 2005.
At the beginning of its establishment, this broker made a marketing strategy by inviting traders to participate in the forum. From the posts approved members will get a bonus which can later be used for trading on a real account.
Over time, the program was discontinued, and the forum, for now, was no longer available. They change for the community using Facebook, Twitter, Instagram, Telegram, Linkedin, and Youtube.
- 1 Liteforex overview
- 2 Liteforex regulation
- 3 Liteforex account types and pricing
- 4 Liteforex trading platform
- 5 Payment method
- 6 Liteforex review forum
- 7 Liteforex withdrawal reviews
- 8 Liteforex customer reviews
- 9 Liteforex Forexpeacearmy
- 10 Liteforex review Malaysia
- 11 Liteforex pros and cons
- 12 Conclusion
Liteforex broker, founded in 2005, is a forex broker that offers online trading services on various currency pairs, and CFDs through the MetaTrader 4 and MetaTrader 5 trading applications.
Behind the LiteForex brand are two companies – LiteForex Investment Limited, which is registered as an offshore company, and LiteForex (Europe) Ltd., which is based in Cyprus and licensed by CySEC.
LiteForex reportedly bought the Cyprus company that previously operated the Mayzus brand.
LiteFinance Global LLC is incorporated in St. Vincent & Grenadines as a Limited Liability Company with registration number 931 LLC 2021. Registered address: James Street, First Floor, First St Vincent Bank Ltd Building, Kingstown, St. Vincent, and the Grenadines.
Lite forex is a broker regulated by the following tier-2 regulators: Cyprus Securities and Exchange Commission (CySEC). In Europe, Liteforex is registered with the Cyprus Investment Firm (CIF). A tier-2 regulator means it has an average confidence level.
Based Cysec is registered under license number 093/08 under the Markets in Financial Instruments Directive (MiFID).
Not all countries in the service by Liteforex’s services. Some countries that are not included in the service coverage are the USA, Israel, Japan, Russia, and some other countries.
In Europe, it is only to the residents of countries from the European Economic Area (EEA), Marshall Islands, and the United Arab Emirates.
The full list is as follows: Austria, Lithuania, Bulgaria, Luxembourg, Croatian, Malta, Cyprus, Marshall Islands, Czech Republic, Netherlands, Denmark, Norway, Estonian, Poland, Finland, Portugal, France, Romania, Germany, Slovakia, Greece, Slovenia, Spain, Hungary, Iceland, Ireland, Switzerland, Sweden, Italy, United Arab Emirates, Latvia, United Kingdom, Liechtenstein.
Liteforex account types and pricing
LiteForex provides 2 types of accounts for its clients. with minimum account deposit: $50, lot standard 100,000 with minimum lot 0.01. Social copy trade is also available for all account types.
Liteforex offers the maximum forex leverage for international clients is 1:500, while the maximum for European clients is 1:30.
The following is a breakdown of the account types from Liteforex:
- ECN Accounts: Floating spreads from 0.1 pips. Commissions start at $5 per lot. Only MT4 is available for this account type. 2.5% interest will be paid on the trader’s unused funds.
- Classic Account: Floating spreads from 1.8 pips. No commissions and brokerage fees add to the spread. MT4 and MT5 trading applications are available for this account type. No interest unuse trader funds.
- Cent account, minimum deposit $10, leverage up to 1:500, minimum lot size 0.01, maximum 10. CENT account is available for clients from the following countries: Afghanistan, Brunei, Ghana, Iran, Malaysia, Nigeria, Philippines, Thailand, Tanzania; as well as upon request through company representatives.
- Islamic Account: This account is for Muslims who do not wish to receive interest due to Sharia Law. This account is swap-free and will also receive no interest on unused funds.
- PAMM Account: This type of account combines all the advantages of management and investment including transparency, security, and convenience which provides greater earning opportunities for investors and managers. The minimum deposit is $200, and the maximum leverage is 1:200. No commission charged.
Liteforex trading platform
LiteForex offers its services through two of the most popular trading platforms among traders namely MetaTrader 4 and MetaTrader 5.
MT4 is available in desktop, mobile, and web versions called Web MetaTrader 4. This full-featured professional trading application provides everything a trader needs: fast order execution, a wide range of technical indicators, advanced charting packages, linear instruments, and the ability to expand and using an Expert Advisor (EA).
This platform gives you access to the MQL5 market where traders can buy or sell trading tools such as Forex EAs, forex signals, or the best MT4 and MT5 Indicators.
MT5 is an upgrade from MT4 and is currently the world’s leading forex trading application according to industry experts.
LiteForex also launching LiteForex Social Trading, a social application for copy trading. This service is automatic and available to ECN account holders on the MT4 trading app.
Social Trading offers four types of fully customizable trading copy: full-size copy, predefined fixed-size copy in lot size, copy based on a certain percentage of each transaction, or copy based on the amount of equity determined by the copier’s equity ratio/ provider equity.
Liteforex payment methods include LiteForex Card, Skrill, Neteller, Carte Bleue, Dankort, PostePay, Qiwi, and China Union Pay, bank transfer.
Withdrawals may only use the same payment method. There is also an automatic withdrawal which allows clients to make 2 automatic withdrawals over 24 hours with a maximum amount of $100 (or equivalent in another currency). The 24-hour period starts from the time the fund’s deduction from the balance after the automatic withdrawal of funds.
Liteforex review forum
You can share experiences or submit questions in the forex community forum. One of the popular forums is Babypips. In this forum, a member asked about the 40% bonus for account deposit.
Regarding the question among the members answered that the bonus is not free, there are always rules that traders must read.
We did not find more trader reviews in the forum about Liteforex. At forexrev.com, this broker is the only one who posts reviews. Whereas in MR Forex there is also only one review.
Liteforex withdrawal reviews
On the summary of inquiries about withdrawals, Liteforex processes withdrawals within 24 hours of withdrawal. Except with Bank transfers, the withdrawal process takes up to 5 working days. The withdrawal process is manual by the finance department.
Liteforex customer reviews
Customer reviews for traders who are looking for and find a broker, reading customer reviews is very important in deciding whether to use the broker’s services or not.
The following is a summary of customer reviews when using Litforex services.
Liteforex review Trustpilot
Trustpilot is a review site where companies from various business models get reviews from users.
Trader reviews for Liteforex services on Trustpilot currently have 82 reviewers with a 4.2-star rating which is great. Excellent value gets a rating of 78%. Great get 9%. Bad reviews get 13%.
Traders’ experience varies at Liteforex. Some traders get satisfaction with fast and smooth withdrawals. Some think Liteforex is a scam. One trader testified to having an unsuccessful withdrawal experience.
Forexpeacearmy is a leading site where traders look for broker references by reading traders’ reviews to share their experiences.
On Forexpeacearmy, Liteforex received a rating of 2.4 stars out of 218 reviews. It’s not a good value to see customer reviews.
Liteforex review Reddit
In the Reddit community, Liteforex doesn’t seem to have much experience with this broker. From a question about whether Liteforex is a scam. The available answers refer only to the user experience of Forexpeacearmy. While user experience refers to FPA, there are positive and negative reviews from traders.
Liteforex review Malaysia
From several website reviews in Malaysia, Liteforex is a good and safe broker, with automatic withdrawals and a fast process that makes Liteforex a good share as a broker with more than 15 years of experience.
Malaysian traders can also choose a cent account which is for novice traders. Liteforex is a market maker broker where traders’ transactions are within the scope of the company. This allows for a requote problem. When an order does not find a matching price it will face newly available prices that might give a disadvantage.
For deposits and withdrawals, Liteforex Malaysia also accepts Malaysian Bank Wire Transfers. Other options such as credit card, skrill, Neteller, Perfect Money, QIWI, WebMoney.
The company also accepts cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash, Bitcoin Gold, LiteCoin, Monero.
Liteforex pros and cons
- Regulated broker in Cysec.
- Old broker with over 15 years of experience.
- Leverage up to 1:500.
- Analytic by expert.
- Competitive trading fee.
- So many bad experiences among traders.
- Broker reputation very low in FPA.
Liteforex broker is between safe and unsafe if a trader decides to register and make a deposit with the company. One important thing to remember is to spend money that you afford to lose.
The bad experiences of some users are an important concern when a trader chooses a broker. On the good side, Liteforex brokers are regulated. But in practice, traders’ reviews are an important reference to avoid rogue brokers.
Note: This article is for informational purposes only and does not constitute investment advice or offer, each investor bears their own risk.
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