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LiteForex Review 2021 – Top Key Points we found out
LiteForex Review 2021Overview
LiteForex Review: LiteForex is an online Forex and CFD broker founded in 2005, and primarily regulated by the Marshall Islands since 2013. It offers a small selection of tradeable instruments, only 132 instruments in different classes from FX pairs, Metal, oil, Stock CFDs, and cryptocurrency trading. At LiteForex trading cost is higher than the industry average. LiteForex mainly offers third-party trading platforms MT4 & MT5, and the proprietary trading platform is only available for mobile devices. Low minimum deposit requirement and its proprietary copy trading opportunities create a good environment for beginner traders, Although LiteForex broker struggles to compete with the industry average brokers in the core categories that are the most important concern for forex and CFD traders.
back to menu ↑ back to menu ↑LiteForex: Top Key Points
- Founded in 2005, Licensed and authorized by 1 tier-1 regulatory institution (CySEC), and 1 offshore entity (SVG).
- Only 132 popular tradeable instruments available, including forex (56), metal (4), oil (2), stock indexes (11), stock cfds (48), cryptocurrency (11).
- Trading cost is higher compare to the industry average, while deposits and withdraws are free.
- The website user interface is extremely easy to use, suitable for both beginners and professionals. And proprietary social/copy trading service very helpful for beginners.
Is LiteForex Safe?
LiteForex is considered a high-risk broker due to its offshore entities regulation. This broker is not publicly traded and does not operate a bank. LiteForex is authorized by 0 tier-1 regulators (high trust), 1 tier-2 regulator (average trust), and zero tier-3 regulators (low trust), and 2 offshore regulators (very low trust).
To increase traders’ trust LiteForex took authorization from CySEC, LiteForex established its global expansion through CySEC authorization. Unfortunately, only European traders will trade under CySEC regulation, and international traders will trade under offshore jurisdiction (Marshall Islands). As it is regulated and licensed by offshore entities, so you may face several unwanted coincidences while trading with this broker.
SVG Regulation: Saint Vincent and the Grenadines is a very low-quality regulatory jurisdiction. TopTrustedForexBrokers.com doesn’t include this jurisdiction in our Trusted jurisdiction list, due to the extremely low regulatory requirements required to operate in SVG regulation. Most scam brokers are regulated by this type of jurisdiction due to the extremely low regulatory requirements required to get a legal license.
CySEC Regulation: Only European traders will trade under CySEC regulation, and international traders will trade under offshore jurisdiction (Marshall Islands).
Since LiteForex is an offshore entity regulated broker traders have so many serious complaints and issues with this brokerage, most complaints are about withdrawals declined. You can easily find out them from any public review website like forexpeacearmy. Therefore we are concerns about LiteForex’s trustworthiness. We are not any financial advisors, So, please do your own research on LiteForex before trading with them.
We think LiteForex completely failed to create a safe, secure, and user-friendly trading environment, traders might not feel safe depositing their funds with LiteForex.
Please Note: LiteForex doesn’t provide an investor compensation fund that would protect customers against any unforeseen financial issues at this broker.
LiteForex is authorized by the following regulators:
- The Cyprus Securities and Exchange Commission (CySEC)
- Marshall Islands (registration number 63888)
- St. Vincent & the Grenadines (SVG) as a Limited Liability Company with registration number 931 LLC 2021
PROS:
+
- Founded in 2005, authorized by (CySEC) and (SVG)
- Intregated copy trading service
- Making deposits are free and few withdraw methods are free too
CONS:
- No compensation fund is available.
- Not accept traders from the United State, Israel, Japan, Russia, and some other countries.
- Trading cost is higher than the industry average.
- Only 132 tradeable instruments are available
- Not all withdrawals methods are free.
LiteForex Review: Trading Instrument
LiteForex offering fewer tradeable instruments than most other brokers in the industry. Currently, it’s offering only 132 tradeable instruments including forex (56), metal (4), oil (2), stock indexes (11), stock CFDs (48), and 11 major cryptocurrencies including Bitcoin, Bitcoin Cash, Dashcoin, Ethereum, Ethereum Classic, LiteCoin, Monero, Ripple and ZCash. Trading forex support up to 1:1000 leverage for non-UK clients, and up to 30:1 leverage available for UK clients due to its regulation. There are limited opportunities to diversify your portfolio, maybe it’s adequate for beginner traders, however advanced traders looking for cross-asset diversification could be disappointed.
LiteForex is considered a small selection broker compared to market leaders like XM Group, CMC Markets, or SAXO Bank, each of them offers thousands of instruments in multiple assets.
Cryptocurrency: You can cryptocurrencies as CFDs but can’t trade the underlying asset (e.g. buying Bitcoin). LiteForex offers only 11 major cryptocurrencies with comparably higher fees and supports up to 1:10 leverage, but there are other alternative brokers that offering a larger selection of cryptos and give higher leverage. Currently, the best option for crypto traders could be eToro or AvaTrade.
The following table summarizes the different Instrument available at LiteForex broker:
| Features | LiteForex |
|---|---|
| Total Instruments | 132 |
| Copy Trading | Yes |
| Cryptocurrency | No |
| Cryptocurrency (CFD) | Yes |
| Forex Pairs | 56 |
| Commodities | 6 |
| Cryptocurrencies | 11 |
| Indices | 11 |
| Share CFDs | 48 |
LiteForex Review: Commissions and Fees
LiteForex offers both commission-based and commission-free trading opportunities. Two main different account types are available CLASSIC and ECN accounts, where the CLASSIC account is commission-free and operates under the market maker model with a minimum spread listed at 2 pips in EUR/USD pair. ECN accounts operate under the NDD model, where spreads are highly competitive starts from 0.0 pips and a commission of $10/lot per side and $20 per round turn. It may increase to $30 per lot depending on the currency pair you are trading. At Liteforex swap rates on overnight positions apply, dividends, splits, and mergers impact the equity and index CFDs.
Besides these, an Islamic Account is also available which has so swap-fee and operates under a fixed commission per lot. ECN account has a better advantage over the CLASSIC account.
CLASSIC accounts (Beginner): CLASSIC account type is commission-free but contains higher spreads than the ECN account. Spreads start from at 2 pips in EUR/USD pair and higher spreads at minor and exotic pairs. The CLASSIC account type is tailored for beginners traders who want simple, direct market access with no commissions. The minimum deposit requirement is $50, but to cover the trading margin and stay on the safe side you should deposit a smart amount depending on your trading strategy.
ECN Account (Professional): The ECN account offers competitive pricing. Spreads start from 0.0 pips and a commission of $20/round turn standard lot. ECN account type is great for professional traders who need deep liquidity and sharp spreads. You can access the LiteForex ECN account just by depositing $50 in your account.
| Features | Classic | ECN |
|---|---|---|
| Minimum Deposit | $50 | $50 |
| Minimum order size | 0.01 lot | 0.01 lot |
| Average Spread at EUR/USD | 2.0 pips | 0.0pips |
| Rebate program | Yes | Yes |
| Max Leverage | 1:500 | 1:500 |
| Commission | Zero Commission | $20 round turn per standard lot |
Note: LiteForex’s trading cost is much higher than the cost-effective brokers XM GROUP, or Saxo Bank.
back to menu ↑ back to menu ↑Deposit and withdrawal fees at LiteForex
At LiteForex there are multiple payment methods available for funding and withdrawal procedures. Deposits are free of cost while withdrawals methods charge certain fees.
Different deposit methods offered by LiteForex:
- Bank Wire Transfer
- Credit/Debit Cards, Visa
- E-wallets (Perfect Money, Webmoney, AdvCash)
- Cryptocurrencies (Tether, LIteCoin, Bitcoin, Ethereum, Bitcoin Cash, Monero, Ripple, Zcash)
- Local Payment also supported from some countries
Withdrawal Fees:
Only Perfect Money, AdvCash withdrawals are free, while most withdrawal methods aren’t free,
Bank Card: Min. payment: 10.00 USD, 10.00 EUR, 1 000 JPY, 200.00 RUB. Commission fees: MC USD/EUR: 3%(min. $4/€4). VISA USD/EUR/JPY: 3.5 %(min. $1/€1). RUB: 4%+70 RUB.
E-wallets: WebMoney & QIWI commission fees: 2.5%
Cryptocurrencies:
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-
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- Tether: (Commission fees: 0% + 15.00 USD)
- LIteCoin: (Commission fees: 0.9%)
- Bitcoin: (Commission fees: 0.5%, min. 0.000200 BTC, max. 0.005000 BTC)
- Ethereum: (0.5%, min. 0.004000 ETH)
- Bitcoin Cash:(Commission fees: 0.9%, min. 0.001200 BCH)
- Monero: Commission fees: 0.9%
- Ripple: Commission fees: 1.1% + 0.10 XRP
- Zcash: Commission fees: ZEC: 2.8%
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Standard withdrawals processing time is 1 business day but it’s not guaranteed as it’s dependent on the type and location of your bank. Larger withdrawals take a longer time.
LiteForex Review: Trading Platforms and Tools
LiteForex mainly offers third-party trading platforms MT4 & MT5 developed by MetaQuotes Software Corporation, and the proprietary web trading platform provides only the most basic functionality, and the proprietary mobile trading app “LiteApp” is available for Android and iOS devices.
LiteForex features a proprietary web trading platform that is fully compatible with any modern browser Chrome, Firefox, Safari, and Opera. Mobile app for both Android and iOS platforms. They tried to keep its user interface clean and simple. LiteForex Platform gives access to 48 technical indicators and 6 chart types. more advanced tools for more advanced traders. Also through a web trading platform, you can choose from over 100 instruments. Additionally, it’s algorithmic rules, indicators, Autochartist, and social trading functions also with Analytical materials from Claws&Horns.
| Features | LiteForex |
|---|---|
| Proprietary Desktop Platform | No |
| Mobile App | Yes |
| MT4 | Yes |
| MT5 | Yes |
| cTrader | No |
| DupliTrade | No |
| ZuluTrade | No |
| NinjaTrade | No |
| Charting Indicators | 51 |
| Charting Drawing tools | 31 |
| Copy/social Trading | Yes |
| Demo Account | Yes |
Attention: No fees for Deposit and Withdrawal also spread is highly competitive in the XM broker. Read our detailed review about the XM broker. Click Here.
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LiteForex Mobile App
LiteApp: LiteApp lets you directly access daily analysis, trading signals, or strategies on your tablet or smartphone. You can easily manage your account, setting up Stop Loss and Take Profit levels, transparent charts. News updates can be filtered and so will get up-to-date information only for currency pairs or other trading instruments you are interested in. The mobile app can be downloaded and installed on tablet or smartphone devices. Mobile app contents are supported in more than 8 languages and are constantly updated.
However, LiteForex AppTrader is far behind the proprietary mobile apps offered by competitors such as IG Markets or Saxo Bank.
LiteForex Review: Research Tools
LiteForex broker provides research tools from the combination of in-house and third parties resources, analysis prepared by independent company Claws&Horns. LiteForex falls far behind research leaders Saxo Bank and XM GROUP. It has a good range of versatile technical analysis tools that helps traders to speculate next market moves and take the best trade. Publish daily market updates in the market news section, an economic calendar, technical and fundamental forex analysis, forex calculator, Fibonacci calculator fore forex current currency rates and quotes charts, and latest economics news from the forex world.
The LiteForex market analysis combination of technical and fundamental analysis powered by the Claws&Horns Company. where they publish high-quality written content with charts, and the latter covers multiple assets in a Morning Market Review. And Technical analysis based on the Ichimoku indicator.
Overall Liteforex broker offers comprehensive market coverage and trading idea.
| Features | LiteForex |
|---|---|
| Market Insights | Yes |
| News | Yes |
| Trading Signals | Yes |
| Autochartist | Yes |
| Copy Trading | Yes |
| Forex calculators | Yes |
| Economic Calendar | Yes |
LiteForex Review: Education
LiteForex provides educational materials for free. It provides education through live webinars, books from expert traders, forex glossary, and many different trading strategies from expert traders. It provides trading strategies for both intraday Forex strategies and medium-term trading systems. Strategies on graphic patterns, currency trading strategies, stock exchange, and scalping Forex strategies. In order to succeed in forex traders need to strictly follow a strategy that suits their trading style.
Forex glossary: Forex glossary gives an idea about basic terms and concepts of the Forex market. From LiteForex’s glossary, you can find the definitions of all main trading terms of the Forex market.
Overall, the education section is another weaker point for LiteForex brokers, educational resources fall behind market leaders like XM, or CMC Markets. XM group publishes tons of market insights and educational resources every day, so don’t forget to check out them.
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LiteForex Review: Conclusion
Overall, LiteForex is a low trust broker regulated by offshore financial institutions. Trading cost is higher than the industry average. Opening an account is a straightforward process and deposit/withdrawal processes are mostly free. Offering proprietary web platform and MetaTrader 4 and MetaTrader 5, but most traders use MetaTrader as their trading platform. The bottom line is LiteForex might not be a good choice for low-cost traders and traders are looking for a wide range of products for creating a diversified portfolio. Education is another drawback of LiteForex. For CFD traders there are many other better choices available like XM, or Saxo Bank as their wide range of instruments and rich educational resources will satisfy most beginners and advanced traders.
In order to compete with giant brokers with the best offering, LiteForex broker needs to upgrade in all the core categories, including trading cost, forex, and CFD trading education, trading platform should support EAs, and more in-house research tools, and mobile trading app.
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