LiteForex review (2022) Review
LiteForex, founded in 2005, is an established CFD and forex broker, where clients can trade on the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms using multiple deposit and withdrawal methods. They offer a variety of account types and forex buying, selling, and swap options while maintaining a low-cost structure. They are also fully compliant with EU financial regulations. The minimum deposit is $50, and they also offer a demo account and other three accounts.
What can be traded with LiteForex
You will have access to 56 currency pairs, six commodities, 16 cryptocurrencies, 37 US-listed equity CFDs, and eleven index CFDs. On the homepage, you can find under the option Trading Assets:
- Global Stock Indexes
They are registered in the Marshall Islands and regulated in accordance with Marshall Islands Business Corporation Act. And as you can find on their website: “The entire operations of Liteforex (Europe) Limited are subject to European Union regulations. All relations between the Company and its Clients are governed by the European Union and Cyprus laws.” I`d say they are a credible company that has the right documentation in licenses in the regions it runs its operations.
As I have mentioned earlier, they offer a demo account, where you can learn everything about trading, learn how to use their platform without any risk. The sign-up process is straightforward, and an account is opened in a minute. It’s free of charge.
Keep in mind that LiteForex applies a different cost structure to its other account types. The Classic account has 0% commissions with the spreads. And the ECN account, which is aimed at professional and institutional users, charges a commission of $5 per round trip per lot. There are no deposit fees and no withdrawal fees and no inactivity fee. But I found a maintenance fee. I was missing some extra information about fees on their website.
To find a way to register was very simple. On the main page, you had the CTA button to start for free.
You can also sign-up through their Google or Facebook accounts, or type in your name and email or telephone number. After filling in the details, I was immediately in my account and received an email with the verification code. I needed that code, so I can start with my demo account. I also received another email with my login details.
In a minute or two, I`m in my account.
And then I wasn`t sure where to go next. Only later I saw, I am in a real account, so that was the reason why I couldn`t do anything, so to get into the demo account I had to switch over. I found that option in the top right corner. Other than that, I found the platform I was working on simple, straightforward and working fine.
LiteForex trading platforms
As I have already mentioned they offer to trade on the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms. These systems have become the foremost platforms for online forex. The platforms can be downloaded to Mac or PC devices, just be aware, that with a MacBook you might have problems downloading the platform. Alternatively, there is the WebTrader interface. The platforms are user-friendly, and the web terminal offers extra customisation.MT5 offers more indicators and advanced analysis tools, it’s called the better MT4, but still, MetaTrader 4 remains the most popular platform. I was happy to use the WebTrader.
The brokers’ website
The brokers’ website is simple, functional and without any extra marketing blabber. I found my way through very quickly. In the top pane, you can find lists of information you might be looking for:
- About Us
- For Beginners
- Trade Forex
- For Investors
- For Partners
In the first list, you`ll find regulations and licenses, contacts and why to choose them. The second option is something I have been looking for. In there you`ll see “Forex trading strategies”, which compose a free library of trading systems created by experienced traders.
Another advantage is a Forex Trading Tutorial, which has general rules, tips and guidelines for a new trader and what first steps to take. Also, a Glossary, with the searched and used forex trading terms, so you can just type in a term you`re not sure of, and it comes up with an explanation.
Further on in the main pane, you can find news, economic calendar, analytics, calculator, rates and much more. I`d say, the educational and support part of their website is one of the best. I found pretty much everything I needed to see. And got all the support I needed.
LiteForex social networks
This is where I found the stumbling block. They are not active on social networks such as Facebook, Twitter, Instagram or YouTube. In this century, that`s a bit disappointing, because younger traders actually look for information, groups and help on these accounts. Anyway, they have live chat, feedback, FAQ, email and a telephone number if you needed to contact them.
Advantages and disadvantages
I`d say they are a legitimate broker with a lot to offer their clients, especially beginners. There is a good range of tradeable forex and CFD assets. The MT4 & MT5 platforms, WebTrader, mobile app are top instruments. The website is easy to navigate and there are multiple free analysis tools. The downside is, they are not active on social networks, it was difficult to find fee information and from what I have found the Standard Forex spread is high compared to other brokers.
- Very good educational support
- Live chat
- Demo account
- Low deposit
- Conditions are different according to the entity
- I found a lot of negative experience from some traders
- The Standard Forex spread is high
- No sign of being active on social networks
Pros / Cons