The foreign exchange market has remained unexplored for many years with only a limited number of traders showing courage to explore the foreign exchange market. This is because of the high-risk, liquidity and ever-changing trading conditions associated with the forex (foreign exchange) market. However, despite its unpredictable nature, the forex market is one of the most popular markets in the world. The complicated nature of foreign currencies demands constant guidance both at the technical and the professional levels which can only be provided by an efficient forex broker.
Moreover, the Foreign exchange market determines the rate at which the various foreign currencies will be traded and therefore, it requires an expert brokerage service providing company to support clients who want to participate in the forex trading. In a foreign exchange transaction, a party purchases some foreign currencies by paying with some other currencies. Clients can see profits only if their deal surpasses that of other clients; for this, they would require a brokerage service providing platform that will aid them in foreign currency dealings. LiteForex is one of those popular forex brokers that resonates success for clients at all levels of trading experience.
LiteForex Review – Overview
For online LiteForex trading of foreign currencies, there is a plethora of brokerage service providing companies available and one can get one by closely looking at the features of the broker that suit their trading needs. To know about all the specific details related to features, pros, cons, other benefits, safety, risk reward ratio, etc., one needs to go through the full LiteForex review. In this LiteForex review, we will discuss the exclusive features of LiteForex that make it one of the top forex brokers in the world.
What is LiteForex?
LiteForex is an online brokerage service providing company that came into existence in 2005 to aid traders in foreign exchange trading. The company made its existence felt with some exclusive features like social trading that involves the most sought after “copy trading” features that clients look for in an efficient broker. As of 2021, LiteForex has over 500,000 clients all over the world. The company is headquartered in the Marshall Islands under the title ‘LiteForex Investments Limited’. The LiteForex group also operates from its branch offices apart from the registered office in the Ajeltake Island, Marshall Islands. The branch offices are located in various parts of the world like Myanmar, India, Indonesia, Vietnam, Philippines, Kenya, Tanzania, Nicaragua, Ghana, Iran, and Nigeria.
There is another popular broker in the similar name LiteForex Europe Ltd. Clients should be aware of the fact that the LiteForex Europe group is a separate entity and not related to the LiteForex Investments Limited of the Marshall Islands. As the name hints, the company only serves clients located in Europe whereas on the contrary, LiteForex Investments Limited is a global Forex and CFD broker serving clients from all over the world. CFDs are complex instruments traded on LiteForex.
LiteForex Investments Limited, registered in the Marshall Islands mh96960, makes use of the peoples’ tenacity to stay tuned with the social trading platforms. Attracting people through the social trading platform helps in building a rich community of traders where they can use one another’s knowledge and expertise to earn profits in forex trading. The main weapon of social trading is “copy trading” where new traders are allowed to follow (or copy) the trade tactics of successful traders and also become an example to other traders and help them to win trades successfully.
With the help of social trading, clients are allowed to trade in their respective аccounts and provide a newsfeed for each where they can share their trading experiences, success stories and also chat with their followers. Apart from the trading profits, clients are also entitled to receive a commission from their various investors.
LiteForex Review – Trading Tool
LiteForex is a reliable company serving traders at levels of forex trading experiences, be it the beginners or the seasoned ones, for investors and also for their partners. The forex broker company has been working flawlessly in the sphere of Forex trading since its inception in 2005. LiteForex owes its leadership to the exclusive features that the company provides to clients that work in its favor, thereby setting it apart from most of the present-day brokers. Features like competitive spreads, diverse services, updated technology, high speed of execution of forex trading orders, hi-tech trading capabilities, regulatory limitations, and low transaction costs, contribute to the growing popularity of the LiteForex trading platform. We have tried to include all these aspects in this LiteForex review so that it can help clients to access the platform in the most unbiased way.
The LiteForex platform constantly updates its technology to implement new services, and develop the network of representative offices across the world so that the clients can exercise their full potential while exploring the Forex currency market. The company focuses to make forex available to thousands of clients settled in all corners of the world. For this, the company has kept the initial deposit to as low as $1 so that every trader can get the opportunity to try trading through the LiteForex platform.
Working of LiteForex
The working of LiteForex and its trading conditions are very simple. At first, one needs to register with the broker by filling in a registration form available on the broker’s website. After traders login to the company’s website, they will be directed to a registration page where they need to fill in the registration form with some personal information like the full name, address, and phone number with country code is required. After filling in these details, traders need to provide a strong password to protect their login credentials, and also for the account balance protection, because every time they log in to their account, they would be required to provide their passwords. After successful registration, a minimum deposit of $1 is required to activate the account after which the registered traders can straightaway begin trading foreign exchange on LiteForex.
LiteForex Review – How It Works?
As per the review, LiteForex provides the following features to the traders:
1) Easy Registration
Like most other forex brokers, LiteForex also provides its services through online communication only through a website. For this, the clients need to register their names and other portfolio details on the LiteForex website. The website has a self-explanatory and user-friendly interface. After login, the users will be directed to the registration page where there are details like full name, address, phone number along with the country code. After these details are filled in, the users are required to provide a strong password (alphanumeric). The password should be remembered and fed in every time the users want to log in to their swap free accounts on the LiteForex website.
The best way to remember the password is to write to it on a piece of paper and keep it in a secret place. Never share the login credentials with others. After registration, a KYC verification is conducted online, after which the user’s account number is activated. Generally, it takes around 2 working days to get the account number fully verified and activated. For clients settled in some other countries, the verification process may take a little longer, 5 to 6 working days. The initial deposit is also kept as low as $1 so that anyone can become a fully-fledged forex market participant.
LiteForex Review – Registartion
2) Wide Range of Trading Instruments
As per our review, LiteForex offers its clients a wide range of trading instruments that includes cryptocurrencies, Precious metals like gold and silver, Brent oil, Crude oil, and a variety of CFDs on shares. After the successful registration on the LiteForex platform, clients get access to over 126 instruments categorized under multiple asset classes. There are also over 56 forex currency pairs available on the LiteForex platform.
The company also supports 6 commodities and 16 cryptocurrencies including 37 US-listed equity CFDs. CFDs are complex instruments that demand more attention. Apart from these, there are also 11 index CFDs available on LiteForex. LiteForex is still on the verge of expanding its portfolio and thus the company has been advertising to add more tradable instruments to its existing list of assets.
LiteForex Review – Trading Instruments
While making this LiteForex review, we found that, among the wide variety of instruments offered by LiteForex, currency pairs are the most popular ones among all account holders. The stock indexes traded through LiteForex are mostly CFDs that are listed on major global indices, like in the US30 list of Dow Jones.
3) Account Types
Lite Forex Investments Limited offers 2 account types to clients: ECN account and Classic account. Apart from these two primary account types, there is also a provision for an Islamic forex account. Traders are free to choose the best fitting account according to their trading needs and strategies.
The ECN account is for professional investors and traders who prefer to perform real trading operations using the Electronic Communications network provided by LiteForex. The ECN account charges an interest rate of 2.5% on the surplus money but the ECN account offers an unlimited time limit on transactions and trades. The trades are directly delivered to liquidity providers. ECN account provides access only to the MetaTrader 4 or the MT4 trading platform.
LiteForex Review – Account Types
The Classic account is meant for first-time traders. As regards the Classic account, it neither charges any interest on the surplus money (EUR USD), nor any commissions are charged on the money earned by the traders. Moreover, the Classic account holders get access to both the trading platforms MT4 – MT5.
The Islamic Forex account is designed for Islamic clients settled in the Middle East and other parts of the world. The Islamic Forex account is developed with a motto to support the halal trading options of the Islamic community. Islamic traders who are prohibited from participating in forex trades owing to their religious beliefs can create their account under this category and effectively participate in foreign exchange trading on the LiteForex platform.
Apart from these 2 account types, there is a demo account with all the demo tools and features like in real forex trading. The demo accounts are quite functional and help the clients to test the features and services of the platform before they invest real money (EUR USD) in forex trade. There is no risk warning involved as regards using a demo account as the clients will be using virtual money and so there is no risk of losing anything. The sign-up process for the demo account is very easy as it does not require any verification.
LiteForex Review – Demo Account
4) One-Click Trading
Execution speeds at which forex trade is carried on is made much easier with the “one-click” feature available on LiteForex. The “One-click trading” service is available only to LiteForex’s clients within the mt4 and mt5 platforms. This indigenous feature allows traders to conduct a large number of transactions per lot without losing any time, thereby positively influencing their trading results. Moreover, the “one-click trading” feature helps traders to optimize the opening and closing of positions on their LiteForex account thereby helping traders to reap the benefits of foreign exchange trading in just a single click.
5) Data Safety
LiteForex aims at providing a secure platform for forex traders. While making this review we found that LiteForex makes sure that all the personal information fed in by the clients at the time of the registration is safe. The company also assures its clients safety of information while conducting non-trading operations. To ensure the safety and confidentiality of the clients’ accounts, the personal profiles of the clients are encrypted by HTTPS (Hypertext Transfer Protocol Secure) data protection protocol. With HTTPS protection, data transfers between the client and the server are safe.
6) Copy Trading Options
As per our review, LiteForex is among the few trading platforms that allow traders to copy the trade of other successful traders. It gives the traders a LiteForex social trading platform that provides four ways of copy trading. A social trading platform brings global traders together in a community where they can communicate with other community members, share each other’s thoughts and trading achievements, and also use each other’s experiences to reach their respective goals. The copy-trading feature allows traders to duplicate trades of successful traders legally. This attracts new followers and encourages them to copy trades and also earn profits therefrom. It helps in building self-confidence and inspires traders to trade more.
LiteForex Review – Copy Trading System
7) Customer Support Services
LiteForex’s users are guaranteed 24-hour uninterrupted technical support for 5 days a week. There is a “single window” feature activated on LiteForex that helps clients to reach out to experts from any department through live chat or e mail. While making this review, we also found out some exclusive accolades bagged by Lite Forex, like “The Best Client Service” that was awarded to Lite Forex at the 6th International Investment & Finance Exposition which confirms the extremely high competence and client-oriented approach of the company. There are millions of positive customer reviews on LiteForex. Check out the user reviews from the company’s website.
LiteForex Review – Customer Support
Pros & Cons
Every online broker has some positive and some negative sides and so does LiteForex. In this review, we have highlighted some of the pros and cons of the broker that are quite transparent.
1) Reliable Broker
LiteForex Investments Limited is a well-regulated and licensed broker with over 15 years of experience in forex trades. The broker has over a million clients from all over the world and it is continuously upgrading its services with the latest technologies to increase their clients’ potentials in the forex market. The company is also extending its services by opening new offices; currently, it has representative offices in over 15 countries. Extending its services to all corners of the world would help traders to reach out to the customer support services portals in any language they would prefer. In all these years of providing brokerage services and maximum leverage to millions of clients, Lite Forex has also received huge accreditations like Best Broker in Latin America, Africa, Asia, and the Fastest Growing Broker in Western Europe and Asia. It has also made its position in one of Britain’s leading financial magazines called “World Finance” in the top 100 brokers of the world.
2) Metatrader Platforms
There are very few platforms that offer its clients like MT4 – MT5 trading platforms. LiteForex offers both the MT4 – MT5 along with the updated version of MT5 platforms to the clients. Besides these MetaTrader (MT4 & MT5) desktop platform versions, LiteForex’s clients can also access WebTerminal so that they can trade directly from the browser on any computer from anywhere in the world without installing any desktop version. Users only need a robust internet connection to use WebTerminal. MT4 WebTerminal is developed by the developer of MT4 and MT5. There are also free mobile apps that can be downloaded on any mobiles or tablets so that users can always try mobile trading through these mobile apps. This enables maximum leverage to always track the foreign exchange market through mobile trading.
LiteForex Review – Metatrader Platforms
3) Better Forex Analysis
Competent market forecasts and situation analysis are the two main components in foreign exchange trading. At LiteForex, experts compose the actual analysis reports and publish them regularly on the company’s website to aid the traders to make the right trade decisions. The analysis reports are also sent to the registered clients’ emails for their ready perusals.
LiteForex Review – Forex Analysis
LiteForex also provides upgraded analytical materials straight from the independent professional analytical portals like Claws Horns, along with various video reviews, trading signals, and expert opinions to help the clients trade successfully. Moreover, these analytical materials like Claws Horns, are provided in almost all popular languages which help clients who are settled in various corners of the world.
4) Affiliate Programs
With the help of affiliate programs, forex traders can earn money without even trading in the forex market, and LiteForex makes sure that they do. There are 5 types of affiliate programs available on LiteForex Investments Limited.
For the Revenue Share, the clients receive $15 from each trade off, and 10% of the partners’ income. For a CPS program, traders who perform more than 50 trades within a specified time would receive $50 each along with 10% of the co-partners profits. To avail these profits, regional representatives promote the LiteForex brand in various regions and manage a local office.
LiteForex Review – Affliate Program
5) Personal Manager
LiteForex provides its clients with the best customer services to help the clients to increase their potential to win right trades by applying risk-free strategies. For each client, there is a dedicated personal manager who looks after the trading needs of the clients. traders can reach out to their assigned personal manager anytime they wish to and get their queries solved immediately. They can receive the most competent advice whenever they need it.
6) Convenience of Work
There is a distinct electronic payment system featured on LiteForex that helps traders to top up their swap free trading accounts automatically and simultaneously withdraw money from their accounts, that includes direct deposits through bank transfers or by debit or credit cards.
This automatic payment system enables clients to transfer money internally between different trading accounts conveniently. Moreover, all the money of the retail clients is insured by the Investor Compensation Fund.
LiteForex Review – Payment System
Also, there are no additional fees charged on LiteForex for withdrawals per lot or when the clients top up their bank accounts. The initial minimum deposit required to start trading is also kept low. The company always focuses on the client’s needs and safety. If any fee is charged from the clients at the time of depositing money, the extra fees will be automatically credited back to the clients’ trading account as a commission. LiteForex decided to refund a commission paid by clients to a payment system when making a minimum deposit into their trading accounts. With the help of this solution, minimum deposit fees will be automatically paid back to your trading account.
As compared to the pros, there are not many cons that we could find in our review:
1) Customer Services Not Available at Weekends
The customer service team is available 24 hours for 5 days a week. So if a trader faces any problem during the weekends, he will have to wait for the next working day to be able to communicate with the customer support team.
2) Rigid for Certain Countries
Though LiteForex is supported by all leading countries, the company has rigid regulations for some countries, and people living in those countries cannot participate in forex trading through the LiteForex broker.
As per our review, LiteForex appeared to be a risk-free & legit website in all respects and not a scam as alleged by the rival companies. Unlike all scam trading platforms, LiteForex is registered in the Majuro Marshall Islands under the Marshall Islands Business Corporation Act bearing registration number 63888. The regulatory status implies that the broker treats its client fairly in accordance with Marshall Islands international laws and authorities supporting the clients will protect their claims in case of any mishaps.