LiteForex

The Company. Security of Funds

Established in 2005, LiteForex was established in 2005 as a brokerage who trades in a broad range of currency pairs and different CFDs (including on cryptocurrency) using MetaTrader 4 and MetaTrader 5. Two companies are behind the brand: LiteForex Investments Limited, which is registered offshore as well as Liteforex (Europe) Ltd. The latter is based in Cyprus and is licensed by CySEC. LiteForex actually bought the Cyprot company which operated Mayzusbrand. Mayzusbrand.

With more then 10 years’ expertise in the market for foreign exchange and featured in Britain’s top financial publication World Finance 100 World Finance>> global list, the one thing that LiteForex did not have until recently was a legitimate Forex broker’s license. Now that it’s licensed and is well in the process of achieving its objective of providing top level of service.

CySEC requires that licensed businesses have a minimum amount of EUR730 000 to demonstrate their financial stability. separate client funds from the company’s operating assets, and to periodically report annually to the Commission.

Additionally, all clients of financial service providers that are authorized are entitled to a reimbursement up to 20.000 EUR in the event that the firm becomes insolvent and ceases to trade.

Trading Conditions

Minimum Initial Deposit

The minimum amount needed to sign up an account at LiteForex is $10. This is an acceptable amount given the absence of regulations. Additionally is that one can gain access to ECN trading with only $50.

Average Spreads & Commissions

The broker is commission-free and offers trading and flexible spreads. The average is 1.1 pip on EUR/USD for the ECN account which is considered to be the as an average value for the market for FX.

The real-time spreads for 15 of the most reputable brokers are available on this page.

Maximum Leverage

The leverage rates for LiteForex are extremely high, reaching 1:1000. Comparatively SVG-based OctaFX and ForexBroker Inc both provide leverage of up to 1:500. Forex brokers that offer leverage greater than or equal to 1:500 are available on this page.

However, traders must be aware of the dangers associated with trading on margins – higher leverage levels can result in massive losses that exceed the initial investment. This is the reason that many countries have set limits on leverage that are significantly less, like 1:50 in the USA and 1:50 in Turkey.

Trading Platform

LiteForex provides their services to two well-known platforms used by traders – MetaTrader 4 along with MetaTrader 5.

The MT4 can be downloaded as a desktop version, mobile applications, and a web-based version known as MetaTrader 4 Web terminal. The professional and fully-featured program gives traders everything they require: speedy execution of orders, a range of indicators that are technical as well as a linear instrument advanced charting software and the capability to build and utilize Expert Advisors (EA).

Additional brokers that use MT4 can be seen on this page.

The MT5 was created and promoted as an enhancement to MT4 however, some brokers still use the old technology since MT5 doesn’t allow hedges as well as the indicators and EAs of MT4 are not compatible with the MT5 platform.

You can search for other brokers who support MT5 here..

Furthermore, LiteForex has recently (as as of July, the year 2016) announced LiteForex Social Trading. It is a platform for social media to copy trade. The service is completely automated and available to ECN account holders using the MT4 trading platform. Social Trading Social Trading provides four kinds of copy trading that can be completely customized. They include full-size copying, copying a predetermined size of each trade by lots. Copying a specified proportion of each trade or copying a certain percentage of the duplicator’s capital as determined by the ratio of the provider’s equity to the copy equity.

Bonuses & Rebates

LiteForex provides a variety of promotions, for example:

Welcome the deposit of 30% on deposits of more than $100.

Spread rebates of up to 35% for VIP club customers (applies only to Cent & Classic accounts with the minimum deposits of $500);

A referral Bonus of $15 for each attracted friend.

Methods of Payment

Customers of LiteForex can choose from a range of payment options to select from such as debit cards for credit, wire transfer and the following E-wallets: Skrill, Neteller, Perfect Money, WebMoney, QIWI, MonetaRU, EasyPay, Boletto, cashU, etc. and the cryptocurrencies Bitcoin as well as LiteCoin.

Conclusion

LiteForex is a trusted offshore broker that provides the best trading conditions in many currencies, CFDs and Bitcoin on the MT4 and MT5 platforms. The main drawback is the absence of regulations.