LiteForex Review 2023: Scam or Safe?

Accessing the online forex market has never been more convenient as technology advances. Yet, selecting the top Forex trading platform remains a complex decision. Evaluating available platforms is necessary, but the most effective approach is to explore reviews.

In this comprehensive LiteForex Review 2023, we will look into the details of a prominent Forex broker.

LiteForex Review: Quick Overview

What is LiteForex?

LiteForex (Europe) LTD is a brokerage company founded in 2005, duly registered as a Cyprus Investment Firm (CIF), bearing registration number HE230122. It operates under the Cyprus Securities and Exchange Commission (CySEC) regulation with license number 093/08 in adherence to the Markets in Financial Instruments Directive (MiFID)

Liteforex or Litefinance are the same trading platform. It is the first thing traders should be clear about. Liteforex offers services in the European Economic Area (EEA), the United Arab Emirates, and the Marshall Islands.

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. While trading, go for a broker, like Tradeeu that a stringent authority should regulate.

Is LiteForex Legit?

LiteForex seems like a legitimate trading platform. The platform has two trading websites operating in two different regions: LiteForex and LiteFinance.

The company is working under LiteForex LTD. It is registered with the Cyprus Investment Fund and has registration number HE230122. Also, it has regulation of the Cyprus Securities and Exchange Commission with licence number 093/08.

The other company is working 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.

Although Liteforex is legitimate, the operations of the broker in different regions with different entities create a sense of confusion in the mind of the trader. The onus is on the broker to make it much more clear to the trader which platform he/she is supposed to use. For a legit platform, look for Capitalix.

List of the countries where LiteForex offers services:

Available Trading Instruments on Liteforex

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

(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: 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:

• 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: Pros and Cons

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

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

Bank Wire Transfer

Electronic Transfer

Neteller

Skrill

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

Available Account Types by LiteForex

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:

(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 need to follow the given steps and make their trades:

• STEP 1. Visit the website, www.liteforex.eu, and click on registration if you still need to become a user.
• STEP 2. Next, traders have to enter their email addresses and passwords.
• STEP 3. They click on the statement below, agree with the company’s terms, and register.
• STEP 4. After registration, traders must provide any further information and select the trading account.
• STEP 5. They can deposit funds in the accepted currency and begin their trading.

After creating an account, traders can successfully login to their account and make easy trade. Now click here to get redirected to the login age directly.

Traders can go for equiity instead, as the broker has easy account access, deposit and withdrawal, an official website and low trading fees.

(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.)

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.)

Forex Beginners

There is a different section for forex beginners to access various options needed at the beginning of trading. These are:

Forex Glossary

The glossary comprises the most commonly searched and employed forex trading terms and their definitions, crucial for success in the Forex market.

Forex Books

Traders can explore the finest Forex books that offer valuable insights into trading psychology and money management. These resources also uncover new dimensions of technical and fundamental market analysis. 

Tutorial 

The Forex trading tutorial is a comprehensive guide featuring fundamental rules, helpful tips, and essential guidelines tailored for novice traders, providing an introduction to the initial stages of navigating the world of Forex.

Trading Strategies

Traders can access the library of Forex strategies, each accompanied by in-depth explanations and crafted by seasoned professional traders. These strategies are designed to enhance trader’s trading capabilities.

Trader’s Tools

Economic Calendar

The Economic Calendar is a vital resource for Forex traders, providing real-time updates on critical macroeconomic indicators and events influencing specific trading instruments. This calendar is particularly valuable for traders employing a fundamental analysis-based strategy. LiteForex clients can leverage the economic calendar to stay informed, ensuring their Forex market trading remains well-informed and prosperous.

Analytics

Traders can access the most recent reviews and forecasts for all market instruments and economic news. These materials are created by expert analysts and are provided for informational purposes rather than direct recommendations.

Trader’s Calculator

Traders can Utilize the LiteForex Trader’s Calculator to estimate potential gains or losses for their present or anticipated position. Simply input your account type, currency, trading instrument, lot size, and leverage.

Fibonacci Calculator

Traders can incorporate LiteForex’s Fibonacci calculator to enhance their trading by calculating price retracements and refining their Forex strategy. This technical analysis tool empowers traders to optimise their trading activities on the Forex market.

Currency Rates

View real-time currency exchange rates in the Forex market through online quote charts. These charts provide up-to-the-minute information on currency pair values.

Economic News

Stay updated with the critical economic and financial news from the global currency market and stock exchanges.

Claws and Horns

The broker offers a free analysis of your trade by a popular analytical agency called Claws and Horns. When you open an account with LiteForex, you can enjoy complimentary access to high-quality analysis. Claws&Horns offers traders comprehensive market analysis, video reviews, daily technical and fundamental assessments, and trading signals for a wide range of currency pairs, commodities, precious metals, stock indices, and CFDs on shares.

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 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 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.

Tradeeu has a good rating online. 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. 

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.

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