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Lite Forex's New Service Insures Your Deposit

Jun 06 2013

In light of what has been happening with Liberty Reserve, many brokers released statements to assure traders they won't be affected. The Seychelles-based broker Lite Forex has just informed its clients that traders who deposited wit Liberty Reserve will have no trouble withdrawing their money – they'll be able to do so using the Moneybookers/Skrill and OKPay e-wallets. It's a bit weird that bank transfer is not listed in the announcement, as it seems the most logical choice, but I'm sure Lite Forex has its reasons only to consider the two online payment systems – possibly to promote them. 

The broker also offers individual consideration for clients who do not wish or are unable to use Moneybookers and OKPay, so that no trader has to suffer any losses for making the unfortunate choice to deposit via Liberty Reserve. 

Insure your deposit 

The announcement above is not the only measure Lite Forex is taking to prevent traders from freaking out: the broker is also starting a new service called “Deposit Insurance”. With it, every deposit of $500 or more is protected for one year after the date of the deposit. 
The insurance is available to traders who hold Lite, Real, NDD and STP accounts, however clients with PAMM and SGD accounts, as well as these who take advantage of a rebate offer are not eligible. 
The mechanism of the service suspiciously resembles that of a deposit bonus: you deposit a minimum of $500 in your account, check the “Insure the deposit” box and set the percentage of the payment you wish to insure, and the insured part of the deposit is automatically added to the Insurance section of your account. 
Once the insurance is added to your account, you would need to complete a certain trading volume to activate it (there's that bonus resemblance again). Once this comply with this requirement, you'll have access to your insurance money and you'll be able to use in the event when you are not able to execute a trade of a minimum volume by using your own funds only (provided that there are no open trades).
Keep in mind that any withdrawals you make will be resetting your progress towards activating your insurance and you would have to start over. 
Frankly speaking, I believe that Lite Forex could have spent a little more time thinking over the Deposit Insurance service – as it is, the insurance seems a tad too complicated and may not enjoy the attention the broker is hoping for. 

About Lite Forex

LiteForex Company was established in 2005, aiming to make the Forex market an accessible, safe, easy and profitable place. With this in mind, the brokerage was the first to offer cent accounts with an initial deposit of 1$. 
At present, LiteForex is among the leading Forex brokers offering services to traders with all levels of expertise from across the globe. It is on the list of top 100 companies according to World Finance.
TAGS: Lite Forex  forex trading  forex broker  forex   

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