LiteForex has been recording significant growth in the forex market recently. Let’s determine if it is the right broker for you.
Who is behind LiteForex?
Lite forex is a brand under the LiteForex Investments Limited that was founded in 2015. It has its headquarters in Cyprus and another Brach at Marshall Island and is regulated by CYSEC which is the regulatory body in Cyprus offering protection to forex traders.
Since then it has expanded significantly to all areas offering more languages ad attracting thousands of traders. Most of the trading assets that it provides are diverse. It offers all popular currency pairs and cross rates, metals including Gold and silver, oil including Brent and Crude oils, Global stock indexes from American, Australian and European stock indexes, CFD NYSE, CFD NASDAQ, and cryptocurrency trading forex.
What trading platforms are available?
LiteForex provides its clients with 3 major trading platforms.
The MetaTrader 4 platform is one of the most popular trading platforms and allows its clients to trade various financial instruments. Clients can, therefore, access databases history, build charts and use the technical analysis tool effectively. It is available for iPhone, iPad and Android users. It can be used on iPad, mobile phones, computer or multi-terminal.
The MetaTrader 5 which is a new and more improved trading platform. It allows for more functionality with advanced tools for the Cent and Classic accounts. It is available for free download for computer iPad and mobile phones with Windows, IOS and Android operating systems.
There is also the mobile app platforms that allow the users to download and install on their mobile phones. Apps will give you daily analysis and trading signals at the tip of your fingers. It is currently available in 8 languages with potential for expansion.
For beginners, there are various educational materials available on the website to help you get familiar with the basics. They include Forex glossary. Forex books, tutorials, trading strategies, Trading indicators, and Reviews.
What are the Trading accounts available?
Three important accounts are available for clients to choose from and use.
The ECN trading account is best suited for professionals, investors, and traders. It also provides its clients with direct access to the foreign exchange foreign market and a minimum deposit of 50 dollars at the cost of 2.5 % of your account. It also allows you to apply leverage of up to 1:500 and spreads of 0.1 pips. There is a commission fee of 5 dollars.
The classic account is a regular trading account with a minimum deposit of 50 dollars and a leverage of 1:500. It provides its customers with increased quoting precision, non-stop and limits level and has a floating spread ideal for those with experience. It does not require any commission.
The Demo account offers an opportunity for customers to trade with the real market without losing any money.It will help you enhance your trading skills and fry out new ideas from professionals.
Deposit and withdrawal options
Lite Forex offers multiple methods of payments and withdrawals including LiteForex Cards, Skrill, Neteller, Carte Blue, Dankort, QIWI PostPay, and China Union Pay. Bank wire transfers are also allowed.
The withdrawals can be made using the same platforms. There is an added feature for the automatic withdrawal with a maximum withdrawal of 100 dollars. Withdrawal takes 24 hours from the time of initial withdrawal.
Commissions, spreads and leverage
You get a bonus of up to 100% on your first deposit. You also get leverage of up to 1:500 and spreads of 0.1 pips. There are also free trading signals available at the website. The ECN trading account also requires a commission fee of 5 dollars. There are free and also charged trading signals.
The customer support is available for 24 hours. It promotes 27 languages globally. There is a live online feature on the website that allows you to chat with agents, you can give your suggestions and feedback on this platform. Customer service is also available on social media platforms like Facebook, Twitter, Instagram, Telegram, LinkedIn and YouTube. You can also opt to email them or call them. The customer service team is made up of professionals who are also friendly.
- Allows choice of trading account
There are up to 3 trading accounts available. Client’s get to choose the one that suits them best.
- Demo account
There is a demo account that allows the new clients to train under real-time account before they can invest their money
Liteforex is very reliable because it has been in the market for quite some time. It has also shown tremendous growth with regulations in place.
- Does not have live webinars
Lack of live webinars limits the clients to the educational materials on the website
LiteForex is a broker that provides its clients with three different trading accounts and MetaTrader4 and 5 Platforms which are the most advanced technologies in forex trading.It also has various educational programs and a Demo account that enables its clients to train before trading. It is a broker worth your consideration regarding its unique features.
RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK