LiteForex is a regulated forex and CFDs broker that holds CySEC license for trading services. They are providing trading on a popular MetaTrader4 platform and have a great variety of trading accounts that can be used by traders all over the world. Considering they have been on the market for almost 10 years, they managed to create forex trading environment that provides the trading experience that leaves little to be desired. Traders can find out more about this broker by visiting the website by clicking the buttons in this review or by reading our review about LiteForex.
It is important to find out more about the broker before making a deposit.
Account Features
LiteForex review was written based on our experience with this broker. After we visited the website, we were surprised by different trading types that are offered on the platform.
Traders can not only trade forex and CFDs contracts but can also experience social trading. Social trading is a type of trading that allows you to utilize the knowledge of others for your own benefit. You can simply follow what is going on in the trading community and what trades are placed, and then copy their methods and actions.
LiteForex Social Trading
LiteForex social trading is based on copy trading principles. Basically, this means that you as a trader can copy trades placed by other traders without any restrictions. Traders who are placing trades originally have the ‘Master account’, while traders who are copying trades have ‘Investor Accounts’.
Of course, social trading is not mere copying, and traders can use 4 different strategies for copying trades.
- Full size – when you want to place trades of the exact volume as the Master trader
- Fixed size – when you define the trading volume before you start copying trades
- Allocated equity – trading volume is calculated by using a special formula (Master’s Trade Volume * (Investor’s Equity / Master’s Equity) = Investor’s Trade Volume)
- Part of Master’s volume – traders can set the volume trading share in advance
It is important to say how you can always change the strategy you are using to one that seems more convenient or a better choice at a certain moment. There is also a stop loss feature, and you can create a list of favorite traders as well.
LiteForex Account Types
LiteForex offers three different account types:
- Demo account for practice
- ECN account they say is for professionals
- Regular trading account
We will try to analyze every account type available.
LiteForex Demo Account
Demo account is also called a trading account. Traders can select out of two different demo accounts: ECN and Classic demo. Every LiteForex demo account corresponds with a different real account type. We never experienced such approach to demo trading before and must say how this is rather impressive and innovative approach.
Demo ECN account
- Unlimited virtual money
- Real quotes
- All trading tools
- Same experience of trading without risk involved
Demo Classic
- Unlimited virtual money
- No requotes
- Real market conditions
- Currencies, stock indices, metals, oil
The great news is that both demo accounts allow LiteForex traders to try out the leverage, margins, different spreads etc. for the ultimate trading experience. There is no element that is not integrated into the demo platform.
ECN Account
ECN account is considered to be for professional traders. Floating spreads are around 0.9 pips, and there is no commission. Traders can use MT4 platform and leverage that ranges from 1:400 to 1:1. Minimum lot is 0.1, and a maximum lot is 100. Margin call level is 20%. Minimum deposit for ECN account is $50.
Once the traders make an account and activate it with deposit, they can deposit smaller amounts as well.
Classic Account
Minimum deposit with this account is $50 and maximum leverage is 1:500. Traders can use all the benefits of the ECN account, as the main difference is the spread which is 1.8.
Trading Software & Assets
LiteForex review showed how this broker relies on the most popular forex trading platform MT4. MetaTrader4 is a special platform, developed for forex trading, that requires a download. This means that you must install it to your trading device (PC, tablet) and then use your credentials to log in every time. MetaTrader4 comes in several forms: for PC computers, as multiterminal, as an app for iOS devices and as an Android app.
Webterminal, on the other hand, is MT4 platform that is completely web based, which means you never have to download or install anything. The trading account is accessed directly from the internet browser. Traders can place their forex and CFDs trades from any device they have available, as no installations are required.
Traders who decide to trade with LiteForex, can offer an interesting set of assets. For example, there are currency pairs, including all major ones and an amazing selection of minor pairs. There are also oil, indices, and metals offered as underlying assets.
Overall, we can conclude in LiteForex review, how this broker really offers a great variety of trading opportunities at one of the most popular trading platforms among forex traders.
Support Information
LiteForex has a website available in English, Polish, Spanish, Russian, Portuguese, German, French and Italian Language. This is great for traders who prefer to trade in some other language that is not English.
Traders who need further assistance can contact LiteForex customer support via live chat which is always convenient. They can also send email to customer support or call them via telephone. LiteForex is also present on popular social media.
When it comes to education, LiteForex review must mention how there are several categories of educational materials. Traders can use all of them, depending on what they are interested in. For example, it is possible to watch a tutorial, check out strategies, follow analytics, read market news etc. There are also several tools that traders might find useful such as Fibonacci calculator, Trader’s calculator and similar. Traders can use them to calculate different rates and possible outcomes of market movements. Of course, it is always wise to combine them with other analytical methods, tools and strategies. Variety is often the key to successful prediction of market movements.
Banking & Company Information
As already mentioned in LiteForex review, once the traders make a deposit in the amount of $50, they can deposit smaller amounts to keep their account going. There are several methods available for depositing and withdrawing. When it comes to depositing, LiteForex is pretty clear that they charge no fees, but they might be charged by a third party (credit card company for example). However, when it comes to withdrawals they never state the minimum withdrawal amount or mention any fees.
- Credit cards: MoneyPolo, Visa, MasterCard, JCB, Delta, Dinery Central bank of Cyprus; $10 minimum deposit
- Bank wire; $10 minimum deposit
- Bitcoin; $10 minimum deposit
- MoneyPolo Payment Account, Qiwi, Neteller, Webmoney, OKPay; $1 minimum deposit
- MoneyPolo, Contact, Western Union; $10 minimum deposit
Traders can easily ask for a withdrawal by clicking the button in their trading account. Keep in mind that for every withdrawal LiteForex will ask you to enter a special verification code sent to your email. This step is a safety measure to prevent frauds from taking your money. You will also have to verify your identity with several documents before making a withdrawal.
All these steps are necessary so traders don’t lose their money because of hackers who main obtain their data illegally elsewhere. LiteForex is operated by Liteforex (Europe) Limited and has a CySEC license with number 093/08.