|Minimum deposit:||$50 USD|
|Withdrawal fee amount:|
|Inactivity fee charged (Y/N):||N|
|Number of instruments:|
|Time to open account:|
|Demo account provided (Y/N):||Y|
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LiteForex is a long-established broker which offers its clients a first-rate trading experience.
Since 2005 it has focused on giving traders what they need and want. Its success is based on offering clients the world’s most popular trading platforms, MetaTrader’s MT4 and MT5, and a heap of other nice-to-have features.
The broker has a track record of offering beginner traders an easy route into trading. It was one of the first brokers to offer micro trading so that novices could develop trading skills using small amounts of cash. Even today it’s minimum account opening balance is $50. To further break down barriers to entry it also runs introductory schemes which involve third-party wire transfer fees being refunded.
After ticking the boxes in terms of entry level trading, the LiteForex package then helps traders move up the ladder. The research and learning tools are of a high standard and customer support and account managers provide professional support.
The trading infrastructure also caters to advanced trading strategies. Offering a choice of accounts, it’s very easy for clients to move up to ECN trading and to take advantage of the VPS service and super tight trading spreads that come with that service.
The firm has a more global outlook than some other brokers. As a result, there are now two LiteForex entities running in parallel. One to cater to global clients, and one to European Union, UEA and Marshall Island ones.
Due to them operating under different regulators, not all the services offered to one group are offered to the other. Though the parts of the service which are offered to both groups of clients, are the same.
LiteForex Investments Limited was founded in 2005 and holds a trading license in the Marshall Islands. To this day it still caters to global clients using its license number 63888. If you sign up for LiteForex from any country other than the EU, UAE or Marshall Islands, this is the platform you will trade off.
Liteforex (Europe) Limited is subject to European Union and registered as a Cyprus Investment Firm (CIF) with the registration number HE230122. It is regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 093/08 in accordance with Markets in Financial Instruments Directive (MiFID). If you sign up for LiteForex from the EU, UAE or Marshall Islands, this is the platform you will trade off.
If you’re looking for tight trading spreads then LiteForex could be the broker for you.
During our testing ECN accounts at LiteForex Investments Limited and LiteForex (Europe) Limited both offered 0.1pip spreads on AUDUSD. On EURUSD they offered spreads as low as zero pips.
The classic account is tailored to beginners and smaller sized trading. There is a corresponding widening of the spread to factor in the volumes being processed.
Spreads are variable, meaning that any improvement in terms is passed on to the client.
It’s refreshing to see the Swap Long and Swap Short rates shared with such transparency. Financing costs do add up and are often hidden away. As is often the way, brokers who are most transparent with their fees often have a competitive edge in terms of costs.
As the firm’s own site states.
“Under its client loyalty program, LiteForex pays the clients back into their trading accounts deposit fees charged by most payment systems.”
This approach helps LiteForex stand out from the crowd. The firm doesn’t charge for cash deposits and if third parties do, they offer a compensation scheme so that clients can (usually) be refunded.
LiteForex score well in terms of fees and commissions and have established a reputation for offering very competitive pricing.
Regardless of which LiteForex you trade with, you are provided with the same market leading trading platforms.
There are three platforms available for those looking to take part in both demo server and live trading. These are MetaTrader 4 (MT4), MetaTrader 5 (MT5) and the broker’s own Web-Terminal platform.
Many in the trading community will already be familiar with the MT4 and MT5 platforms. If you aren’t then you need to be.
MT4 is the world’s most popular retail trading platform. It’s been operating for almost 20 years and established a position as the go-to platform for traders of all asset groups. It’s graphics, charting tools and execution interface still look fresh and are the standard that other platforms aim to match.
MT5 is the successor to MT4. It has the same powerful software, improved and a wider choice of instruments. Possibly through inertia, or possibly through choice many have stuck with MT4. This is particularly the case for traders who use automated programs to trade as MT4 has built a strong reputation for catering for traders looking to run their own models.
There’s not much to choose between both platforms and both are hard to beat.
The in-house Web terminal is a different proposition. Its aesthetics are more current and scrolling between markets its obvious that ease of use was a key priority during the design process.
The monitors help the trading process. There is a lot of information available on the dashboard but none of it gets in the way.
Many will find the effortless simplicity of the Web platform appealing. Being accessible via any web browser is an added bonus and ensures clients only need internet access to keep on top of their trades.
Trading on the go is possible via the free Apps that come with MT4 and MT5 or via browser-based trading using Web-trader.
The MetaTrader Apps are free to download and supported by Android and iOS.
MT5 is slightly better than MT4 at transferring functionality from desktop platforms to smaller screens. Saying that MT4 loses only a couple of indicators which means that even on your phone you can build and trade strategies using a comprehensive package of powerful software tools.
The Web terminal can be used on any device with internet connectivity which means it can be opened in a browser both on a computer or handheld devices
LiteForex offer a very comprehensive research and learning service. They break the Beginners section into the following categories
This above is a substantial range of materials but is topped up with more research and analysis, some of it tailored to more experienced traders.
One of the top-picks from the Trader’s Tools area of the site is the access to trade-relevant third-party research from Claws&Horns.
More trade-specific analysis comes in the form of the Analytics area. These pieces are up to date studies of trade entry and exit points.
As well as the above LiteForex also offer the standard suite of products such as economic calendars and market news. These don’t stand out so much but are after all more generic in nature. The real plus point for LiteForex is the provision of research which can be turned into actual trading ideas.
One of the highlights of the LiteForex platform is the diverse ways that clients can access customer support.
The standard service, in line with the sector sees Live Chat offered 24/5 and toll-free telephone support for extended hours on weekdays. There’s also the option of email.
The added extras and approach to support are where the broker stands out
Its therefore not surprising to learn that LiteForex has won awards for its Customer Service. At the 6th International Investment & Finance Exposition they walked away with “The Best Client Service” award.
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