LiteForex Brokers
Founded in: 2005 year
Offices in the country: Vietnam, Indonesia, Cyprus, Kyrgyzstan, Malaysia, Poland
Minimum Deposit: 10 $
Website languages: English, Arab, Indonesian, Spanish, Italian, Chinese, Malay, Deutsch, Polish, Portuguese, Russian, Thai, French
Execution model: ECN
Deposit currency: USD, EUR, CHF, RUB
Support languages: English, Indonesian, Malay, Portuguese, Russian
Mobile trading: iOS, Android
Types of offered accounts: Unlimited Demo Accounts, Standard Accounts, ECN accounts, Cent accounts, Swap free accounts
Affiliate program: Yes
Deposit bonus: 100%
What is broker LiteForex?
The broker of LiteForex is also an established CFD enriched with MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. Traders can do transactions on these platforms by using multiple deposit and withdrawal methods. This broker review has provided many services for their clients to help them in the different trading process such as opening account, customer supports, bounces and leverages.
The broker of Lite Forex was established in 2005. Nowadays, it has 500,000 clients from all over the world, and its headquarter is in the Marshall Islands. The other branches of this forex financial company are located in the Philippines, Kenya, Myanmar, Tanzania, Ghana, Nicaragua, India, Indonesia, Vietnam, Iran, and a recently opened office in Lagos, Nigeria. Therefore, for achieving the clients’ satisfaction, the company supports English and 14 more languages.
This forex broker is always ready to provide the services that it has promised to the clients. Many people who have found ways to their goals in this broker have claimed that they are satisfied with the services that this broker presents for different transactions. Trading accounts in this forex platform is opened seven days of the week for 24 hours. However, some specific markets are done on particular days; for example, the stocks trading is done on weekends.
All in all, LiteForex is one of the reliable forex brokers that could be suitable for your trading goals. To help yourself decide better, go for the following paragraphs and become aware of the benefits and drawbacks of this well-known broker.
Pros and Cons of LiteForex
To have better transactions, you must look at both the positive and negative sides of the broker you want to choose. Like many other forex brokers, this one has some pros and cons; but, the point is that it has gained a reputation because of having more advantages rather than disadvantages. So, it would be better to start with the benefits that this broker has for its clients.
Benefits
The first thing that is important in choosing a forex broker is to check even if the broker has a license. The review of LiteForex is a licensed broker that you can trust in its services. The other benefit of this broker is the copy trade services which is an essential element for a broker to have. The noticeable additional advantage of this broker, which could satisfy you, is the existence of a social trading platform that will expand your business.
Automated trading is the other PowerPoint of this review, which fastens the transaction speed and gathers time for you to focus on the different aspects of marketing. If you look at the customer review in 2001, you can see that it was rated as the best forex broker. That would be because of the broker’s intention for providing a breadth of assets and trading tools.
Drawbacks
The drawbacks of this broker of forex are less than its benefits, which is a good point by itself. However, it is necessary to know even the slightest weak points. Because, as you know, foreign exchange trading is one of the trickiest ones as well as most profitable. That’s why most forex traders are the ones who pay attention to even the tiniest details. So, take a look at the downfalls of LiteForex broker and study them to see if they are risky for your transactions or not.
The first thing the clients have complained about this forex broker is the inability to withdraw the fund they have transformed into the accounts. A good forex broker must have a variety of choices for opening accounts. This is going to make such broker-worthy. Although you can find different types of history in LiteForex broker, the lack of PAMM accounts is still considerable.
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.
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.