LiteForex Broker Review
LiteForex is a Forex broker operating out of Marshall Islands, and as such falls under the financial laws of the Marshall Islands Business Corporation Act. Not quite on a par with the strict regulations and requirements laid down by well recognised regulatory bodies such as the FCA, so if you choose LiteForex as your Forex broker you aren’t going to have the same level of protection. Nevertheless, we believe in giving everyone a fair crack at the whip, so are going to continue with our LiteForex Forex broker review.
LiteForex has more than 10 years experience in the industry, so they must be doing something right. And they have been included in the UK’s leading financial magazine ‘World Finance’ top 100 list.
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What trading conditions you can expect with LiteForex
With LiteForex you can expect to trade some of the most popular assets, with not too bad spreads. And that includes not just foreign currency pairs, but CFDs, precious metals, oil, and world indices. Both fixed and variable spreads are available, and accounts operate on a commission free basis. Minimum deposit is jus $1, and you can get up to 1000:1 leverage. We should, however, point out the fact that while high leverage can be potentially very profitable, it also increases the chance of heavy losses.
LiteForex offers the industry standard MetaTrader 4
Like many other Forex brokers LiteForex have decided to offer their clients MT4 and MT5 for their trading platform. MetaTrader mobile is also available for those who prefer to trade using their mobile devices. If you’d prefer not to have to download the trading software, there is also a web-based MetaTrader 4 WebTerminal, based on HTML5.
LiteForex has a fair selection of accounts
To suit the needs of a wide range of clients LiteForex offer a good variety of accounts. Aside from the demo account, which is always a welcome addition, there is a cent account, a classic account, an ECN account, and a PAMM account. Let’s look at some of the features.
Cent account – Minimum deposit $10; Fixed spreads from 2 pips; Leverage up to 1000:1; Minimum lot size 0.1; Lot size $1000; Margin call level 50%; Islamic account available; MT4 or MT5 trading platform
Classic account – Minimum deposit $100; Fixed spreads from 2 pips; Leverage up to 500:1; Minimum lot size 0.01; Lot size $100,000; Margin call level 50%; Islamic account available; MT4 or MT5 trading platform
ECN account – Minimum deposit $1; Floating spreads from 0.9 pips; Leverage up to 400:1; Minimum lot size 0.01; Lot size 100,000; Margin call level 100%; Islamic account available; MT4 trading platform
PAMM account – Minimum deposit $200; Floating spreads from 0.9 pip; Leverage 200:1; Minimum lot size 0.01; Lot size $10,000; Margin call level 100%; Islamic account available; MT4 trading platform
LiteForex have also chosen to enter the world of social trading and have introduced a way to synchronise your trades with successful providers, as well as opportunities to become a provider and earn extra income when other traders duplicate your trades.
LiteForex have some interesting bonuses
LiteForex seem to appreciate the benefit of having bonuses. There are a number to choose from so let’s give you the details, before we consider some of the terms and conditions that are bound to be attached.
- Bring a friend 2.0 – The more friends you introduce the more bonus rewarded. $15 for each attracted friend, $10 for a 2nd level friend, $5 for a 3tf level friend, and $2 for a 4th level friend. It operates on different levels, as you can benefit not just from the immediate referral, but their referrals too. There is also a 20% bonus when you open your account, deposit at least $100 and join the refer a friend program.
- Non-stop bonus promotion – Deposit more than $100 into your trading account in the first 24 hours after is opening, then a further 15% for subsequent deposits over $100.
- Pips back – Up to 35% spread rebates back for members of the VIP club, and provided a minimum deposit of $500 has been made.
The terms and conditions for some of these bonuses are a little hefty.
So what do we think of LiteForex? There is a lot going for this well-established broker, but there is one thing that really lets it down and that’s the lack of recognised regulation. Nevertheless, the range of assets is good, spreads aren’t over the top, bonuses are worthwhile and there are even some contests. The lack of regulation is not necessarily a bad thing, but being licensed and regulated by a body like CySEC or the FCA would definitely make this broker far more attractive. But at the end of the day, the choice of broker is entirely up to you. And there is always the option of opening a demo account first, before risking real money.