LiteForex was founded in 2005 to make the Forex market available, safe, easy and gainful for you anyplace in the world.
This Forex broker operating out of the Marshall Islands, and as such falls under the financial laws of the Marshall Islands Business Corporation Act.
Just not satisfactory with the strict regulations and requirements given by well recognized regulatory bodies such as the FCA. So if you choose LiteForex as your Forex broker you are not going to have the same level of security.
LiteForex has been in the industry for over ten years now, and they have been included in the UK’s leading financial magazine ‘World Finance’ top 100 list, so they must be doing something right.
Trading Conditions You Can Expect from LiteFore
With LiteForex you can anticipate to trade some of the most famous assets, with not really bad spreads.
It includes not just foreign currency pairs, but CFDs, precious metals, oil, and world indices. Both fixed and variable spreads are available, and accounts operate on a commission free basis. The minimum deposit is just $1, and you can get up to 1000:1 leverage. However, we should point out the detail that while high leverage can possibly be very profitable, it also increases the possibility of heavy losses.
Just like other Forex brokers LiteForex have decided to offer their clients MT4 and MT5 for their trading platform. MetaTrader mobile is also accessible for those who like to trade using their mobile devices. If you do want to have to download the trading software, there is also a web-based MetaTrader 4 WebTerminal, based on HTML5.
LiteForex Selection of Trading Accounts
Aside from the demo account, there is a cent account, a classic account, an ECN account, and a PAMM account.
Cent account – this account requires a minimum deposit of $10; Fixed spreads from 2 pips; Leverage up to 1000:1; Minimum lot size 0.1; Lot size $1000; Margin call level 50%; Islamic account available; MT4 or MT5 trading platform.
Classic account – with this account, it requires a minimum deposit $100; Fixed spreads from 2 pips; Leverage up to 500:1; Minimum lot size 0.01; Lot size $100,000; Margin call level 50%; Islamic account available; MT4 or MT5 trading platform.
ECN account – the minimum deposit for this $1, Floating spreads from 0.9 pips; Leverage up to 400:1; Minimum lot size 0.01; Lot size 100,000; Margin call level 100%; Islamic account available; MT4 trading platform.
PAMM account – Minimum deposit is required for this account is $200; Floating spreads from 0.9 pip; Leverage 200:1; Minimum lot size 0.01; Lot size $10,000; Margin call level 100%; Islamic account available; MT4 trading platform.
LiteForex have also selected to enter the world of social trading and have presented a way to synchronize your trades with successful providers, along with opportunities to become a provider and earn additional income when other traders duplicate your trades.
LiteForex Interesting Bonuses
- Bring a friend 2.0 – The more friends you introduce, the more bonus given. You will get $15 for each attracted friend, $10 for a second level friend, $5 for a 3tf level friend, and $2 for a 4th level friend.
You can benefit not just from the immediate referral, but their referrals too, It operates on different levels.
There is also a 20% bonus when you open your live account, deposit at least $100 and join the refer a friend program.
- Non-stop bonus promotion – Deposit of over $100 into your trading account in the first 24 hours after opening, then a further 15% for subsequent deposits over $100.
- Pips back – Up to 35% spread rebates back for members of the VIP club, and provided a minimum deposit of $500 has been made.
However, there are terms and conditions that are bound to be attached, the terms and conditions for some of these bonuses are a little heavy.
Although, there is one thing that really bringing down this broker and that’s the lack of recognized regulation, however, there is a lot going on for this well-established broker.
Nonetheless, the range of assets is good, spreads are not over the top, bonuses are useful and from time to time they even have contests.
Of course, the lack of regulation is not necessarily a negative thing, but being licensed and regulated by a body like CySEC or the FCA would definitely make this broker far more striking.
But then again, the final say still up to you! Would be better to create a demo account first before creating a live account. For your trading concerns, they have the live chat and call back support.