LiteForex Review 2023: Scam or Safe?

LiteForex

$5

Min Deposit

0.9

Min Spread

Foundation

Broker Trusted Points

Regulation

With the emergence of technology, accessibility to the online forex market has become easier than ever before. However, choosing between the best Forex trading platforms is still a challenging task to do. You will need to analyze the available platforms; however, the best way is to read their reviews. So, today, let’s talk about a leading Forex broker – LiteForex, through this in-depth LteForex Review 2023.

LiteForex Review 2023: Quick Overview

 

Details Broker LiteForex
Official Website www.liteforex.eu /www.liteforex.com
Year of Establishment 2005
Headquarter Cyprus
Account Currency USD, EUR, CHF, RUB
Leverage  Up to 1:30
Minimum Deposit  $50
Spread Classic – from 1.8pips and ECN- from zero pips 

What is LiteForex?

Liteforex or Litefinance are the same trading platform. It is the first thing traders should be clear about. Liteforex is a brokerage company that was founded in 2005. The motive of the company’s establishment was to satisfy the traders with international forex markets. Also, it aims to focus on small scale trades online. 

Thus, making a breakthrough in brokerage services with their cent accounts with a minimum deposit of $1. Making forex trading simple for potential investors and traders online. 

Also, the platform has the best services with the most popular MetaTrader4 trading platform. The brokerage company since 2016 is growing manifolds making forex trading easier. 

Is LiteForex Legit?

No, LiteForex is not a legitimate trading platform. The platform has two trading websites which is confusing for traders. 

The company is working under the ownership of LF Global group of companies. It is incorporated with LiteFinance Global LLC at St. Vincent & the Grenadines as a limited liability company. Its registration number is 931 LLC 2021

Secondly, another company in this is LiteForex LTD. It is registered with Cyprus investment fund and has registration number HE230122. Also, it has regulation of Cyprus Securities and Exchange Commission with licence number 093/08.

Its confusing for traders with two trading platforms and to trust it. However, the platforms are registered with proper regulations. Traders can refer to www.liteforex.eu for better advantages and trading as per our review. 

LiteForex Review 2023: Available Trading Instruments

The forex broker has various assets to trade online along with a range of currency pairs. Here are the products available: 

  • Forex 
  • Global Stock Indexes 
  • Metals
  • Oil 

Forex

The broker provides traders with all major and minor currencies to invest in. There are more than 40 currency pairs, out of which 7 are major currency pairs. The market enables traders with the following facilities: 

  • Unlimited liquidity 
  • Trading for 24 by 5 
  • Popular currency pairs 
  • Opportunity of hedging 
  • Allows diversifying risks 
  • Instant order execution 
  • Spreads and swaps as per market conditions 
  • One standard lot size

Metals

The online trading platform offers clients with Gold and Silver trading. Only two metals are available but traders can have the following facilities with it: 

  • 24/5 trades 
  • High permanent liquidity 
  • Investment alternative to currency trading 
  • Leverage up to 1:400

Oil

Trading in oil futures contracts is allowed. The oil trading offers given services: 

  • Clearly stated world’s tendencies
  • Trend market 
  • Investments distributions
  • Risk diversification 

Indices

Global stock indexes are available for traders to invest. It has leading American, Europeans, Australian and Asian stock indexes. The features of indices include: 

  • High liquidity 
  • Hedging to reduce market risk 
  • Speculative trading 
  • Low margin requirements 
  • Diversification of investment portfolio between different financial tools 

(Our Verdict: As per LiteForex review we think that it has a good range of products available. Traders can choose the suitable one and trade to earn profits.)

LiteForex Review: Fees, Commission and Spreads

The trading fees, commission and spreads at the platform are low compared to other brokerage firms. We can say this as we compared the costs of trading. The charges at the platform are as follows: 

LiteForex review shows you the fee that traders have to pay to use the services as per the trading account they use: 

 

Details  Classic  ECN
Minimum deposit  $50 $50
Dormant account maintenance fee 3 EUR per month  3 EUR per month 
Commission None From $5 per lot
Spreads Floating, from 2.0 pips  Floating, from 0.0 pips 
  • Besides, it has negative balance protection for both the accounts
  • ECN account holders have the following commission for the products; forex $10 per lot, forex crosses $20 per lot, forex minor $30 per lot, metals $20 per lot, oil $0.5 per lot and stock indices $0.5 per contract 
  • There are unlimited duration of transactions in ECN

(Our Verdict: The trading accounts of the platform are sufficient for beginners and experts. They can use classic and ECN accounts or even practise using a demo account facility.)

LiteForex Review: Deposit and Withdrawal Methods

Deposit and withdrawals at LiteForex are easy. Traders have to be registered with the firm and be verified by it. The deposits are processed in the company’s Secure Client Cabinet, thus ensuring security of funds. 

Traders can deposit funds in the following currencies: 

  • EUR
  • USD
  • GBP
  • RUB
  • JPY
  • CHF
  • CAD
  • AUD 
  • NZD and others

While, the withdrawals at the platform go to the Client Cabinet. Traders choose the option and submit their requests. When the currency of deposit and withdrawal don’t match the transfer is automatically converted by the broker. 

The methods available for deposit and withdrawal of funds are: 

Credit Card

 

Commission  0%
Minimum Amount  $10
Allowed Cards VISA and Maestro 
Processed via SafeCharge
Processing time of deposit  Instant 
Processing time of withdrawal 3-5 days 

Bank Wire Transfer 

 

Commission  0%
Minimum Amount  $10
Processed via  AS BlueOrange Bank 
Processing Time  2-5 days

Electronic Transfer

Neteller

 

Commission  0%
Minimum Amount  $1
Processed via Paysafe Financial Services Limited 
Processing Time  Instant 

Skrill

 

Commission  0%
Minimum Amount  $1
Processed via Skrill Limited 
Processing Time  Instant 

 

(Our Verdict: The platform has good payment methods available for the traders. Besides, the deposit and withdrawals are also simple.)

LiteForex Review: Available Account Types

LiteForex offers the clients with three trading accounts. These accounts are for the traders from different trading levels. Below we have the account types: 

  • Classic 
  • ECN 
  • Demo 

LiteForex Demo Account

Demo account is a practising account. The training account is perfectly suitable for getting ready for the real trade. It is a free-of-charge facility that boosts traders skills, helps them create good trading strategies and use the tools under real market conditions. 

Traders have virtual investments to trade using a demo account. Also, it can be opened within a minute using a personal profile. Besides, traders can have MetaTrader platform and trading experience. 

Classic and ECN Accounts

Classic account is the beginners account while ECN is a professional trading account. Traders can enjoy the given services with the two and with LiteForex review have their comparison: 

 

Details Classic ECN
LiteForex Spread  Floating, from 2.0 points Floating, from 0.0 points
Commission None  From $5 per lot
Execution Type Market execution Market execution
Trading Platform MT4/MT5 MT4/MT5
Leverage  Depends on financial instrument Depends on financial instrument
Account Base Currency  USD, EUR, GBP, PLN USD, EUR, GBP, PLN
LiteForex Minimum Deposit  $50 $50
Negative Balance Protection Yes Yes
Social Trading  Available  Available 
Minimum Lot  0.01 0.01
Maximum Lot  100 100
Minimum Step 0.01 0.01
Maximum Number of Orders Unlimited  Unlimited 
Margin Call Level  100% 100%
Stop Out Level  50% 50%
Dormant Account Maintenance Fee 3 EUR per month  3 EUR per month

 

(Our Verdict: LiteForex provides traders with two significant accounts that support various users. Traders can find the suitable one and begin trading. Besides, the demo account facility is quite supportive for beginners.)

How To Open A LiteForex Account?

Creating an account with LiteForex is a straightforward process. Traders have to follow the given steps and make their trades: 

  • Visit the website, www.liteforex.eu and then click on registration if not already a user. Traders with an account can directly have LiteForex login. 
  • Next traders have to enter their email address and password. 
  • They click on the statement given below agreeing with the terms of the company and register. 
  • After registration, traders have to provide any further information asked and then select the trading account. 
  • They can deposit funds in the accepted currency and begin their trading. 

(Our Verdict: Although, it is a simple process to create an account. It’s not reliable as traders from some countries are provided with a www.liteforex.com page for registration. For example, Indian traders have to register through the LiteFinance page. This makes it suspicious and a scam broker. Traders can go for InvestFW instead as the broker has easy account access, deposit and withdrawal, official website and low trading fees.)

Does LiteForex Offer Leverage Trading? 

Yes, LiteForex offers its clients a leverage facility. Traders can have a complete list of leverage ratios available for major and minor currency pairs, major cross rates, global stock indices, metals and oil. 

The maximum LiteForex leverage available for the traders as per the LiteForex review is 1:30. However, traders should know that leverage on the platform is as per the financial instrument traded and it has high risk so should be used carefully. 

(Our Verdict: It’s good as LiteForex has clear mention of leverage and it depends on the instrument traded the leverage users can have.)

LiteForex Review 2023: Trading Platforms & User-Interface

With LiteForex review, traders can understand the features of the user-friendly trading platforms available. LiteForex MetaTrader4 and MetaTrader5 are the most popular trading platforms globally.

LiteForex traders can enjoy investing with these trading platforms of MetaQuote company.  Besides, traders can trade without installing the platforms using the MetaTrader4 terminal. 

MetaTarder4 (MT4)

Traders can easily download the platform for their mobiles. iPhone and iPAD, iOS and Windows users can have them on their mobiles. It provides the facility of real time trades, indicators, tools, charts and time frames, etc. 

MetaTrader5

MetaTrader5 is an advanced version with expert advisors, algorithmic trading and automatic trading. Traders can have these services along with real time trades, tools, charts and other facilities. 

The platform can be downloaded for Android, and Mac PCs. 

(Our Verdict: The broker has the best trading platforms, MT4 and MT5. These are the best and popular available in the market. Thus, traders can have the best tools and facilities.)

LiteForex Review: Bonus, Promotion and VPS

LiteForex does not provide any kind of bonus or promotion to the users. However, it has the facility of Virtual Private Servers (VPS). It is an additional facility to control trading when the gadgets are turned off. 

The VPS is based on visualization technique and guarantees all resources stated in the price plan will be available for clients anytime regardless of company server. Also, it has a qualified support team 24 hours. 

LiteForex Review: Customer Support

LiteForex has a 24 hours customer support team available. The team is highly skilled to guide the client through: 

  • Live chat 
  • FAQs
  • Contacts 
  • Feedbacks

The team is available 9 am to 9 pm from Monday to Friday. Traders can contact the team using the following: 

  • Email: [email protected] 
  • Contact number: +357-25-750-555
  • Feedback form is available 
  • Live chat timings are available on the website

(Our Verdict: The customer services are great as traders can connect any time with timings given with the team. They can have feedback, FAQ’s and connect using numbers and email.)

LiteForex Review: Pros and Cons

Traders of LiteForex can have a brief analysis of the platform using the pros and cons. Below we have mentioned the pros and cons with LiteForex review to provide a short overview: 

 

Pros  Cons
Low cost structure Limited to 28 countries only 
Access to forex pairs  Shares trading only for US listed co.
Excellent 24 hours customer service
Reasonable spreads
Educational and financial resources

LiteForex Alternative

LiteForex is a trading platform with regulation, products, leverage, trading platform and low trading fees. However, it is a scam as per our review because of the two trading websites. 

It is confusing for the traders as to which one is authentic. Also, it is limited to 28 countries only. So, traders can choose from the alternatives available in the market. 

InvestFW has a good rating online of 4.9/5. It is a leading forex and CFD broker with exceptional trading experience. The excellent services, trading tools, opportunities, resources and support make it a good choice for forex traders. 

They can have more than 200 assets and it has regulation of Cyprus Securities and Exchange Commission. It has only one authentic website and is available globally. Thus, the best choice for forex traders with CFDs. 

Conclusion

LiteForex is a scam forex broker as per our LiteForex Review. It is not reliable due to the availability of two websites which confuses traders and is not reliable.

In addition, the platform is not available globally. Traders from 28 countries can open their account only. For account opening traders are directed to the LiteFinance page. It’s quite suspicious for online traders. 

So, we’ll recommend analysing, researching and then making a decision. 

FAQ’s

Who is the owner of liteforex?

LiteForex is owned by LF Global group and CEO of the company is Aleksey Smirnov. 

How to install liteforex mt5?

Traders can install the LiteForex MT5 trading platform by following the steps given: 

  • Traders can download it on their mobiles using the Android play store, and iOS. 
  • While the desktop users can have the download option on the website for Windows and MAC PCs. 
  • They can be downloaded and automatically installed on mobile or PC. 

What is liteforex?

LiteForex is a forex trading platform. It offers traders with a range of services from easy deposits and withdrawals to customer services and best trading platforms. 

What are the benefits of partnership with liteforex?

LiteForex is working on a CPA program. It will be an upgraded model of partnership between LiteForex and clients. The program offers new perspectives of mutual benefits and provides valuable services to all the parties. 

How to login liteforex in meta4?

LiteForex has a simple login process. Traders can download their MetaTrader4 trading platform on mobile or PC whichever they want. They have to follow the steps given: 

  • Click on login tab
  • Enter the ID and password
  • You can see your dashboard

Types of orders in forex trading and how to use them … – liteforex?

Forex trading has different order types available. At LiteForex traders can have the following order types: 

  • Market: It is the order type for opening a trade at the current price. Thus allows buy and sell. 
  • Limit Stop-Limit: The order type is simple. Traders have to set their limit for the sale of the asset. When the asset reaches the limit it automatically gets sold in the market. 
  • Stop order: It is an order to close the open market position. When the asset reaches a certain price the system automatically closes the position. 

Traders can apply them easily through the trading platform. They can select the order type and set the details and then click on place order. 

How to withdraw money from liteforex?

Traders can withdraw money from LiteForex using the following methods: 

  • Credit/debit card taking 3-5 days
  • Bank wire transfer taking 2-5 days 
  • Skrill and Neteller with instant withdrawals

Traders have to visit the website, go to their dashboard. They click on the withdrawal option and enter the amount. They have to then wait for verification by the broker and it automatically is shown in the traders account within the time of method used and approval by the broker. 

How many currency pairs does liteforex trade?

LiteForex trade has more than 40 currency pairs and out of these 7 are major currency pairs. 

{{ reviewsOverall }} / 5 Users (2 votes)
Broker
Spread
Customer Support
What people say... Leave your rating
Order by:

Be the first to leave a review.

User Avatar User Avatar
Verified
{{{ review.rating_title }}}
{{{review.rating_comment | nl2br}}}

Show more
{{ pageNumber+1 }}
Leave your rating

Related Brokers