|Account type||Minimum deposit||Minimum trade size||Maximum leverage||Average Spreads||Trading Platforms||Execution Type|
|Cent||$10||0.1||1:1000||Fixed, 3 pips on EUR/USD||MT4/MT5||Instant|
|Classic||$50||0.01||1:500||Fixed, 2 pips on EUR/USD||MT4/MT5||Instant|
|ECN||$50||0.01||1:400||Variable, 1.1 pips on EUR/USD||MT4||Market|
Like most forex brokers, LiteForex offers its clients a choice of several basic account types in order to suit the needs of traders of all levels of experience.
In addition, swap-free (Islamic) services are available for all account types, tailored at clients who are not willing to earn interest for religious reasons.
Founded back in 2005, LiteForex is an offshore broker trading in a wide range of currency pairs and CFDs on MetaTrader 4 and MetaTrader 5.
LiteForex is the trading name of LiteForex Investments Limited, registered in the Marshall Islands, providing financial services under the laws of the Marshall Islands Business Corporation Act.
Formerly registered in the Seychelles, LiteForex has changed their registration to Marshall Islands, however both destinations are offshore zones and forex brokers registered there are not under any regulation.
Brokers based in Marshall Islands don’t face any of the strict requirements UK or US-based brokerages do: they are not required to report regularly to any authority, nor to conduct external audits; companies registered in Marshall Islands are not obliged to hold clients’ funds in segregated accounts, to possess certain minimum capital in order to prove their financial stability, nor to arrange a compensation scheme in the event of insolvency.
To put it simply, if you choose to open an account with an offshore broker, your funds are far from safe. So, if you intend to invest a large amount of money, we would advise you to select among FCA-regulated brokerages, US-based ones or Swiss brokers, where the respective financial watchdogs are always on alert.
We have to point out that despite the above said, LiteForex cannot be compared to all those emerging offshore brokers who chose the St. Vincent and the Grenadines or the Seychelles as their headquarters because of the looser regulation and less costly registration procedure.
LiteForex has more than 10 years of experience on the forex market, it is a reputable broker who has been included in Britain's leading financial magazine World Finance «100 World Finance» worldwide list.
Minimum Initial Deposit
The minimal amount required to open an account with LiteForex is $10, which is a reasonably low amount, considering the lack of regulation. What is more, one can access ECN trading environment with just $50.
Average Spreads & Commissions
This broker offers both variable and fixed spreads and all accounts are commission-free. Fixed spreads offered by LiteForex are average, amounting to 2 pips on EUR/USD and variable ones are 1.1 pips on EUR/USD for the ECN account, which is also considered average for the FX market. In comparison, ForexBroker Inc offers variable spreads from 1 pips on its commission-free accounts.
Real-time spreads of 15 leading brokers can be checked out here.
The maximum leverage rates at LiteForex are high, reaching 1:1000. In comparison, SVG-based OctaFX and ForexBroker Inc both offer leverage up to 1:500. More forex brokers offering leverage equal to or exceeding 1:500 can be viewed here.
Traders, however, should be aware of all the risks associated with trading on margin – higher leverage levels may lead to heavy losses, exceeding initial investments. That is why many jurisdictions set limitations on leverage, which are considerably lower, for instance 1:50 in USA and Turkey.
LiteForex offers its services on two of the most popular platforms among traders - MetaTrader 4 and MetaTrader 5.
The MT4 is available as desktop version, mobile apps a web-based version, called MetaTrader 4 Web terminal. This professional, fully-featured software provides traders with everything they need: fast order execution, a variety of technical indicators, linear instruments advanced charting package and the ability to develop and to use Expert Advisors (EA).
More brokers using the MT4 can be viewed here.
The MT5 was developed and marketed as an improvement on MT4, yet many brokers still prefer the earlier technology, since MT5 does not allow hedging, and besides, MT4’s indicators and EAs are not supported on the MT5 platform.
You may look up more brokers supporting the MT5 here.
What is more, LiteForex has recently (as of July, 2016) launched LiteForex Social Trading, a social platform for copy trading. The service is automated and is available for ECN account holders on the MT4 trading platform. The Social Trading offers four different types of copy trading that are fully customizable: full size copying, copying a fixed size of each trade predetermined in lots, copying a predefined percentage of each trade, or copying a fixed share of duplicator’s equity defined by the copy equity/provider’s equity ratio.
LiteForex offers various promotions, such as:
- Welcome on deposit bonus of 30% for deposits over $100;
- Spread rebates up to 35% for VIP-club members (applies to Cent & Classic accounts with a minimum deposit of $500);
- Refer a friend bonus of $15 for each attracted friend.
Clients of LiteForex are offered a variety of The following payment modes to choose from: credit cards, bank wire transfers, and the following e-wallets: Skrill, Neteller, Perfect Money, WebMoney, QIWI, MonetaRU, EasyPay, Boletto, cashU and others.
LiteForex is a reputable offshore broker, offering competitive conditions for trading in various currency pairs and CFDs on the MT4 and MT5 platforms. Its main disadvantage is lack of regulation. To sum up the above:
|Choice of platforms, MT4 available||Not regulated|
High leverage levels offered, low initial deposits required
FXTM is a EU regulated forex broker, offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $1 and take advantage of tight fixed and variable spreads, 1:1000 leverage and swap-free accounts.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
Grand Capital is a MT4 forex broker, offering $500 no deposit bonus and 40% bonus on all deposits.
Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
|Cyprus||CySec||MT4, MT5, Web||$5||Review Website|
|US, UK, Australia||CFTC/NFA, FCA, ASIC||MT4, Web,
|UK, Australia, Singapore||FCA||MT4, Web,
|UK, Cyprus||FCA, CySec||MT4||$5||Review Website|
|UK, Cyprus||FCA, CySEC||MT4, MT5, Web,
|UK, Bulgaria||FCA, FSC||Web||$150||Review Website|
|Belize||IFSC||MT4, MT5||$100||Review Website|
|Cyprus||CySEC||MT4, MT5||$300||Review Website|
|New Zealand||FMA||MT4||$1000||Review Website|