LiteForex Broker Review
The LiteForex broker company was registered in 2005 on the Marshall Islands. Today it is a major financial partner of private traders and investors from the CIS, Australia, South America, Asia, and some European countries. Today, the broker’s orientation is aimed at opening access to ECN-accounts, which means a direct transfer of transactions to the interbank market.
General information about LiteForex:
• Site type – multilanguage
• Regulator – yes, Marshall Islands Business Corporation Act. and CySEC
• The minimum deposit is $ 10
The official website is translated into 10 languages, so a resident of any part of the world will choose the best option for themselves.
The user can register one of the following types of accounts:
• Cent (minimum deposit is only 10 US dollars) Classic
• ECN (orders are sent directly to the interbank market)
Cent account is considered to be the easiest. But it can be riskier since the leverage is 1: 1000, which is already dangerous for a deposit. To minimize risks, it is rational to adhere to the competent policy of Money Management. When opening a classic account, the maximum leverage is 1: 500, but the minimum deposit is set at $ 50.
Commissions for the execution of transactions are not charged. The size of the spreads remains loyal, at a level of 0.9 pips, even for ECN accounts. According to current customers in the reviews, the broker is allowed different trading techniques. In particular, scalping, a grid of orders. Each transaction has a market execution type. Therefore, the processing of applications takes less than one second.
Among financial instruments are currency pairs, precious metals, raw materials, CFD. The process of creating a new account on the site does not take much time. Registration is carried out with the input of basic contact information. After that, the user enters his new personal account, where the verification procedure is carried out. Additionally, you will need to confirm the contact phone number and email address.
Description of trading terminals from the LiteForex
There is nothing new in the trading terminals section of this broker. The familiar MetaTrader 4 is presented in versions for mobile devices and computers. If the client has several trading accounts, you can use the auxiliary tool MultiTerminal. And another alternative is WebTerminal, which opens directly from the browser (it has access from a personal account).
The investment services
The LiteForex broker has a choice of several additional income services. For example, the service of automatic copying transactions of managing traders. The so-called social trading implies that the user selects a manager and connects his signals to his account with automatic execution, for a fixed monthly commission. It is not difficult to make a choice since each managing trader from the rating has a history of activity, income/loss statistics.
Analytics on the LiteForex website
The LiteForex has a whole analytical department, the task of which is to draw up a technical analysis on a daily basis, to publish news and financial market forecasts. The financial blog is separately compiled, it publishes informational articles. It is the training material that is not sufficiently posted on the site, but a large amount of analytical data and well-formed forecasts compensate for this.
The trader’s tools section presents the economic calendar as well as the calculator for calculating potential profits. There you can calculate the possible income from the transaction, taking into account the volume of the lot, spread, leverage, and other parameters.
How to deposit and withdraw funds from the account
The LiteForex company is focused on cooperation with citizens of the CIS, Asia, parts of Europe and South America. And on every continent, different payment systems are predominantly popular. And the broker made sure that for the deposit or withdrawal of funds it was possible to use electronic payment systems, bank cards, and direct transfers to a bank account. The transaction processing time takes on average 10-60 minutes. On weekends and holidays, applications are not executed. As it was written above, no additional fees for depositing or withdrawing funds are charged.