LiteForex was established in 2005 with the introduction of the Cent account. They pioneered the mission of allowing smaller traders to open an account with a minimum deposit of $1. This was a big change in the history of forex as the Cent account opened the industry to a wider range of clients.
Since their establishment fifteen years ago, LiteForex has extended its services and created offices in different parts of the world. Their offices are in Poland, Kyrgyzstan, Vietnam, Malaysia, Indonesia, and Cyprus.
LiteForex Security and Licenses
LiteForex is regulated by the Cyprus Securities and Exchange Commission. They are also incorporated under the provisions of the Marshall Island Business Corporation Act. One of the ways that LiteForex protects their clients is through segregating their own accounts from each client’s bank account. They implement anti-money laundering procedures and have set up high-grade encryptions on their databases against cyber criminals.
Liteforex has extended their efforts in providing security to their clients. Prioritizing the welfare of their clients has been one of the main missions of this broker. Throughout the years they have modified their services to the needs of the clients. An example of this is their Islamic trading, which complies with the Sharia law specifically offered to Muslim traders.
LiteForex Platforms
LiteForex offers two platforms on their site: MT4 and MT5. This is actually a wise choice as incorporating the most trusted and most-widely used platforms, even by small-scale traders, fit into LiteForex’s brand. Many brokers also offer only MetaTrader platforms to their clients because of the platforms’ commendable features.
- MT4 – if you are big on the forex market, MT4 is definitely for you. This platform was developed specifically for trading in the currency markets and it has garnered recognition for its features. It is user-friendly and you will be trading spreads directly from the market’s price movement.
- MT5 – if you want to trade other assets outside of currencies, then you can opt for MT5. It was developed to trade in other markets other than forex, such as cryptocurrencies, stocks, indices, and commodities. It was created by the same developers as MT4 so you can expect top-notch features too.
LiteForex Account Types
LiteForex offers two main account types: Classic and ECN. On LiteForex’s website, they recommend the Classic account to experienced traders, while the ECN account is for pro traders. The Electronic Communication Network (ECN) account is particular to clients who utilize the Social Trading Service.
- Classic Account
- $50 min. deposit
- 1:500 leverage
- Floating spreads, starting at 1.8 pips
- No commissions
- Market Execution
- 0.01 to 100 min-max lot
- 100% margin call level
- 20% stop out level
- Unlimited positions
- Access to Islamic accounts
- Access to Social Trading
- ECN Account
- $50 min. deposit
- 1:500 leverage
- ECN technology
- 2.5% rate per annum to account
- Floating spreads, starting at 0 pip
- Commissions from $5 per lot
- Market Execution
- 0.01 to 100 min-max lot
- 100% margin call level
- 20% stop out level
- Unlimited positions
- Access to Islamic accounts
- Access to Social Trading
LiteForex Trading Conditions
- Investments
LiteForex has a competitive set of trading assets that range from currencies, cryptocurrencies, commodities like oil and metals, and indices.
LiteForex offers all three types of currency pairs. They have 7 major pairs, 21 cross pairs, and 28 exotic pairs. They offer the most-traded currency pairs and give clients the chance to perform hedging.
They offer cryptocurrencies like Bitcoin, Ethereum, and Litecoin. They offer UK Brent and US Crude for oil trading and gold for metals. For indices, they have SPX, FTSE, HK50, among others. They also offer the CFD NYSE and CFD NASDAQ.
- Payment Methods
For deposits and withdrawals, LiteForex offers four methods: debit/credit card, bank transfer, electronic transfer, and cryptocurrency payment. Part of their additional services is Auto withdrawal, where the process only takes 24 hours.
- Tools and Indicators
LiteForex has essential tools like Market News, Economic Calendar, and Forex Analytics. They also have the more advanced research materials such as the Trader’s Calculator, the Fibonacci Calculator, and even analytical materials from Claws&Horns.
For indicators, LiteForex has both basic and advanced features like Technical Analysis, Spearman’s coefficient, and Fractals. They have a full list of more than 75 indicators on their official website.
LiteForex Research Materials and Strategies
LiteForex has quite an extensive range of educational tools and materials. They have a page on their website dedicated to the discussion of various strategies in the market. These are articles that are commonly used by traders worldwide. Some of these include: Stochastic strategy, Free Candle, and TDI trend. They also have FAQs at the bottom of the page.
They have a tutorial on forex trading, which discusses basic concepts paired with a glossary of forex terminologies that a beginning trader must learn. Other than that, they also have available books that discuss forex and other types of trading. You can access the full books and articles for free.
Lastly, they offer webinars for beginning traders who are testing out the industry. These webinars are free and accessible to the public. Their webinars discuss technical analysis, trading psychology, money management, trading basics, and testing strategies among others.
LiteForex Review: Conclusion
LiteForex is a reputable broker that is well-trusted by its clients in more than 15 years of service. They pioneered the Cent account and opened the elusive trading industry to the masses. They have kept their brand all these years and still prioritized the welfare of their clients. They have enforced high-grade security for their clients and against cyber criminals who steal information from their databases.
LiteForex also has an extensive range of research materials and they prioritize teaching trading to beginning traders. They offer competitive spreads and leverage. Overall, LiteForex has topnotch services. They are definitely a broker worth trading with.