LiteForex has a track record of more than 15 years in the online brokerage industry with offices in jurisdictions worldwide. The company’s European operations (based in Cyprus) offer traders a variety of account types and forex buying, selling, and swap options while maintaining a low-cost structure that is fully compliant with EU financial regulations.
The brokerage offering from LiteForex Europe is centered around affordability, ease of account funding, enhanced financial markets analysis, and investor education that empowers users to improve their trading skills and achieve financial freedom. The LiteForex website contains excellent financial analysis and a variety of tutorials along with how-to guides that will bring new traders up to speed while providing seasoned investors with the detailed information they require.
LiteForex users can choose between MetaTrader 4 and MetaTrader 5 as platforms for their trading activities. This ensures data privacy and software stability while granting users access to mobile and desktop trading 24 hours a day. The broker’s excellent customer service (which is available day and night most days of the week) adds an extra element of reliability to an already impressive service offering.
Pros and Cons
Pros
- Low-cost structure
- Access to a large selection of forex pairs at reasonable spreads
- Excellent customer service with 24-hour availability five days a week
- Extensive trader education and financial information resources
Cons
- Limited to traders in 28 countries
- Shares trading is limited to US-listed companies
Recommended For
LiteForex is recommended for traders of various experience levels thanks to the extensive investor education resources provided on the website and through the brokerage’s partnership with Claws & Horns, which adds extra value. Forex traders focused primarily on major and exotic currency pairs will benefit from competitive spreads and a transparent fee structure while using the industry-standard MetaTrader platform.
Top Features
- Access to expert analysis and trading information: The broker’s website contains a wealth of investor education resources and financial news designed to give traders the edge in competitive global financial markets.
- Low fee structure: The Classic account features no commissions and instead includes a markup within the various spreads offered by LiteForex.
- Simple onboarding process: Users can register a new account, fund it using various payment methods, and start trading with minimal delays.
- Excellent customer service: Technical support is available 24 hours a day, five days a week, either telephonically or via live chat.
Overview
- Type of Broker Non-Advisory/Executionary Broker (Market Maker)
- Non-Advisory/Executionary Broker (Market Maker) Cyprus Securities and Exchange Commission (CySEC)
- Clients Accepted from 28 countries (mostly in the EU)
- Assets Offered Foreign Exchange, Indices, Commodities
- Platforms Available MetaTrader 4 and 5
- Mobile Compatibility Android & iOS
- Payment Types Accepted Credit Card, Debit Card, Neteller, Skrill
Account Types
|
Features |
Classic |
ECN Account |
|
|
|
|
|
Account Currencies |
USD, EUR, GBP, PLN |
USD, EUR, GBP, PLN |
|
Available Leverage |
Up to 30:1 |
Up to 30:1 |
|
Minimum Deposit |
US$50 |
US$50 |
|
Starting Spreads |
2 pips |
2 pips |
|
Commission Per Trade |
None |
None |
|
Decimal Pricing |
Up to 5 |
Up to 5 |
|
Trading Instruments |
Foreign Exchange Commodities Indices |
Foreign Exchange Commodities Indices |
|
Min. Lot Size Per Trade |
0.01 |
0.01 |
|
Max Lot Size Per Trade |
100
|
100
|
|
Demo Account |
Yes |
Yes |
|
Swap/Rollover Free |
Yes |
Yes |
|
Copy Trading Support |
Yes |
Yes |
Compliance & Regulation
This company is a registered broker operating from Cyprus, an EU member state located in Southern Europe. As such, all trading and client activity is regulated by the Cyprus Securities and Exchange Commission. As noted above, this jurisdiction offers investor compensation up to EUR 20,000 on non-professional trading accounts in the event of brokerage liquidation.
Traders considering availing themselves of the various benefits of a LiteForex account will want to weigh up the benefits and risks involved, bearing in mind that the company operates in a well-regulated jurisdiction.
Pricing
The low-cost structure associated with this broker stems from the spreads offered on its various asset classes, including a built-in markup. This could mean that trading individual currency pairs turns out to be less advantageous. However, the overall rates that traders have at their disposal are still quite competitive compared with similar online brokers. Additionally, deposit fees are automatically refunded and credited to the customer’s account balance once the funds have cleared.
It should be noted that LiteForex applies a slightly different cost structure to its two account types. The Classic account features 0% commissions with the spreads, including a markup, as outlined above. However, the ECN account, which is aimed at professional and institutional users, charges a flat commission of $5 per round trip per lot.
Since LiteForex operates in various jurisdictions worldwide, the level of leverage available differs depending on where the user is based. In terms of European Union law (the ESMA regulations that came into effect in March 2018), the maximum margin trading allowed for forex transactions stands at 30:1. This broker may offer higher ratios to traders based in other regions.
Reliability & Security
Account holders can choose between MetaTrader 4 and MetaTrader 5 as a trading platform. This industry-standard software comes with a raft of features and benefits and is recognized for its data security features, analytics tools, and quick execution times.
This broker provides a reliable and engaging copy trading facility that functions as a social media network. Users can view the trades carried out by top-ranked account holders and imitate their winning strategies as they aim to increase their performance daily.
Another benefit related to the European Union’s financial markets regulations is the negative balance protection feature that applies to both account types. The Cyprus Investor Compensation Fund covers all retail trading accounts (for those not belonging to professional or institutional investors) against broker liquidation to a maximum value of EUR 20,000.
User Experience
This broker has invested substantially in the functionality and navigability, which makes an excellent first impression on would-be traders. The LiteForex site features extensive information about the account types and assets available to buy and sell using its platform. Customer service contact information is prominently displayed for smooth communication with the support team.
The customer onboarding process employed by this brokerage is simple, with users offered the option of signing up for a demo account that is compatible with MT4 and MT5. Depositing and withdrawing funds is also straightforward and should pose no difficulties to traders regardless of their experience level.
Another strong point is the broad range of forex trading educational resources available on the broker’s website. These range from tutorials and summaries of well-known books on investing, economics, and financial markets to the opportunity to access expert analysis through a partnership with financial insights provider Claws & Horns.
Final Thoughts
Overall, LiteForex is an excellent proposition for both beginner traders and professionals thanks to its range of account types and the wealth of financial information available to account holders. Private investors focusing primarily on forex pairs while appreciating transparency and competitive pricing will benefit, especially from this broker’s offering.
Trading Platform Screenshots
Contact Info
30 Spyrou Kyprianou, 1st Floor, Germasogeia, 4040, Limassol, Cyprus
FAQs
Q: Can I register for a demo account?
A: Yes. You may sign up for a demo account using your name, email address and mobile number.
Q: What are the account types offered by LiteForex?
A: There are two types of LiteForex accounts: Classic and ECN. The minimum deposit of $50 applies to both. It’s worth noting that the ECN account is aimed at professional and institutional traders and a $5 commission per lot applies when trading using this account type.
Q: What are the different trading platforms offered by LiteForex?
A: Users can choose between Metatrader 4 and Metatrader 5.
Q: Does LiteForex offer mobile trading?
A: By offering MT4 and MT5 as alternative trading platforms, this broker provides users the opportunity to trade using mobile devices.
Q: What currency can I choose to fund my account with?
A: LiteForex offers the following account balance denominations: US Dollars, Euros, Pound Sterling, and Polish Zloty.
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