What is LiteForex?
LiteForex Investments Limited was founded in 2005. It boasts 500,000 clients worldwide and has headquarters in the Marshall Islands. The group also has offices in the Philippines, Kenya, Myanmar, Tanzania, Ghana, Nicaragua, India, Indonesia, Vietnam, Iran, and a recently opened office in Lagos, Nigeria. To cater to its global audience, the owner has ensured the website and platform are available in English and 14 other languages.
Note LiteForex (Europe) Ltd operates as a separate broker offering trading services to clients from Europe.
LiteForex Pros and Cons
LiteForex has Long history of operation, good trading technology and ECN environment with Low Deposit Requirement and Social Trading. Spreads are tight and good for Forex.
For the negative points, spreads are High for Stocks trading, International trading done through offshore entity in Marshall Islands and there are Negative experience from some traders.
Is LiteForex safe or a scam?
No, LiteForex is not a scam, one of the entity is based in Cyprus while also regulated and set according to CySEC regulatory obligations and compliant to MiFID European directive. However, International accounts are under Marshall Islands entity.
How are you protected on LiteForex?
Obviously, the regulatory status is the most important measure you should always check, as in simple words it means a client is treated fairly according to the international laws and requirements while authorities standing behind traders and protecting claims or concerns towards the operation.
Therefore, trading with LiteForex Cyprus entity you can refer to CySEC in case of any violence, while the regulator himself constantly checking on the operation and environment broker provides. Also, traders’ funds are segregated from the company funds, and application of the standard covers under investment protection.
However, different authorities apply adjusted regulation according to its legislation and particular laws, as a result may diverge from the entity or regulator or another.
Likewise, LiteForex international is based in offshore Marshall Islands which is a rather non-regulated entity, since its requirements are quite low and do not give sharp protection towards clients. So always make sure to learn better under which entity you trade and what protection conditions applicable to you, but we would definitely better to open an account under European ESMA regulations.
LiteForex licenses
Leverage
Being a European broker, LiteForex also compliant with ESMA standards of lowered leverage while international traders actually still offered a quite high leverage level up to 1:500 on Forex instruments.
International clients allowed maximum leverage 1:500
European traders can use a maximum of 1:30
So before you sign in make sure you verify conditions and understand how trading works, as leverage is a tool of two sides that may maximize your gains and losses likewise. Besides, always make sure to learn how to use it and what the smartest way for a particular instrument is.
Conclusion
Overall, LiteForex has a quite long history of operation and balanced trading conditions suitable for various trading styles, account size and level of experience. We should admit good analysis tools and technology solutions LiteForex provides, also costs are rather good compared to other industry competitors.
Even though, there were numerous claims and complaints from the global traders presenting an impressive collection of issues that were faced during the trading experience they had. Of course, some of them might not be as they seem, we would anyway recommend trading with the Cyprus entity that gives an extra layer of protection, and of course make your own research and LiteForex Review before you sign in.
FAQ
Does LiteForex offer automated trading?
Yes – LiteForex Investments Limited does offer automated trading. EA trading robots are a popular option and the broker’s website provides details on how to start using them with your trading strategies.
Is there a LiteForex demo account?
Yes – LiteForex Investments Limited does offer a demo account. It is a great way to get to grip with the MT4 and MT5 platforms and to explore different strategies.
Does LiteForex offer copy trading?
Yes – to start copy trading users will need an account with a minimum balance. Access the ‘Traders’ section to find all the information on any trader.