LiteForex Review & Opinions: Is it Reliable and Safe in 2023?

LiteForex broker is a large international company operating in the financial market since 2005. A distinctive feature of the company is its focus on working with the widest possible range of clients. LiteForex enabled cent account trading right after its launch. You could start trading with 1 dollar. Let’s explore how good this broker’s conditions are at the moment, in 2020. We’ll also give an answer to the question of whether you can trust LiteForex with your money.

General Information

LiteForex sees its main goal in creating the most convenient and diverse trading conditions in the forex market as well as in other markets. Thanks to the high quality of services and constant improvement of the platform, LiteForex managed to get into the TOP-100 best brokers of the world according to the authoritative publication, “World Finance”.

At the moment, a huge list of financial instruments for professional trading is available for the clients of the broker. There are seven categories of assets alone.

The interface of the broker’s official website is presented in 15 most popular languages. The same applies to the platform. Literally everyone is able to get acquainted with it in no time.

Advantages and Disadvantages

15 years in the market: the broker began to provide its services in 2005 and quickly gained a reputation of a reliable platform.

Social trading platform: built into the trader’s ecosystem, a unique social network for traders that allows you to easily and quickly copy trades of the most successful traders.

High-speed automatic withdrawal of small amounts of funds: systems of the broker quickly process requests for withdrawal of amounts up to $100 without human intervention, which significantly improves the comfort of beginner traders and of those who are used to gradual withdrawing of profits in small amounts.

Implementation of unique ECN-technologies: the electronic communication network of the broker allows transactions to be carried out directly, without unnecessary interference from the broker, as well as allowing one to be confident in their fast execution.

Multilevel affiliate program: one can earn by distributing an affiliate link as well as by concluding a full-fledged affiliate agreement.

Simple registration: it takes no more than 3-5 minutes and does not require complex verification procedures.

Fast and accessible support service: qualified specialists will help a trader 5 out of 7 days a week, 24 hours a day via the chat widget in the lower right corner of the site.

Personal manager: this service is available to all clients of the broker regardless of the account size.

Сommission reimbursement: the broker reimburses its clients any commissions that are taken by the payment system upon making a deposit.

Support service: sometimes you come across not the most pleasant, even rude online assistants.

Withdrawals: automatic withdrawals sometimes work with delays.

Trading Conditions

LiteForex offers a floating spread regardless of the specific trading account as well as fairly high leverage of 1: 500, a minimum lot of 0.01 and five base currencies of the account, including the euro and the U.S. dollar. Clients are offered MT4 and MT5 platforms to trade in, as well as a convenient web platform. One needs a minimum deposit of $50 to get started.

Underlying Assets

The following asset categories are available for trading with LiteForex:

• Сurrencies: most popular fiat pairs and cross-rates;
• Metals: gold, silver and other metals;
• Crude Oil: popular grades of oil Brent and WTI;
• Stock Indices: the list includes American, European and other global options;
• CFD NYSE: CFDs of the world’s largest and most famous corporations;
• CFD NASDAQ: contracts for difference of large world companies;
• Cryptocurrencies: You can trade cryptocurrencies such as Bitcoin, Bitcoin Cash, Dashcoin, Ethereum, Ethereum Classic, Litecoin, Monero, Ripple and ZCash.

Trading Platform

Due to the fact that LiteForex aims to create the most convenient conditions for all clients, the company made sure to provide the most diverse trading options. Its clients may use the time-tested MT4 platform, the popular MT5 platform, a convenient and accessible web platform on the broker’s official website, or a mobile version of it for IOS and Android.

MT4 – a platform that has long established itself as an excellent tool for trading in the financial markets. It is suited best for currency pairs and CFD trading. The main feature of the MT4 platform is its versatility – it combines hundreds of different functions within one program. You can use 9 timeframes and 30 indicators originally present (you can download more) in MT4. It is also possible to connect additional automated robots and advisors.

MT5 – the successor to the previous platform. The software is distinguished by the presence of a built-in store of robots, a copy trading option and many other features. There are over 80 built-in indicators in MT5.

You may explore the web platform by clicking on the “Register” button in the upper right corner of the site. There is also a “Demo mode” there. This platform is somewhat simpler and more concise, but it is always available in your web browser.

The broker’s mobile application is adapted for devices with a smaller diagonal but is not inferior to the web version in terms of functionality and usability.

Mobile Trading

LiteForex mobile trading apps are free of charge and are available in app stores for Android and IOS-based systems. By downloading them, a client gets the opportunity to trade anywhere and anytime, receives free professional analytics, trading signals and strategies to a mobile phone.

Each of the applications has 8 language versions and covers the widest possible audience. LiteForex recommends using them as an effective additional tool that allows you not to “drop out” from the market under any conditions.

Demo Account

There is a demo account trading opportunity for all beginners (and professionals). You can hone your skills and study trading features provided by the broker using the complete set of trading instruments. Demo account trading works on the basis of real market data which makes it possible to test various trading strategies including scalping. At the same time, the money on the demo account is not real, so there is no risk. A demo account at LiteForex has no time limits – you can use it for years!

To switch to a demo account, you need to click on your login in the upper right part of the screen. There you will see a button “Activate demo trading”.

Account Types

There are only two types of trading accounts available on the LiteForex website:

ECN – an option that is perfect for experienced traders. You can use social trading (copy trading). An additional feature will be an increased interest rate on the balance of funds that is left on your account (it works just like a bank deposit). Access to high liquidity with low spreads will be a nice bonus. The ECN technology, on the basis of which this account works, will guarantee the fastest execution of your orders. The minimum deposit is $50.

Classic – an account type for all beginners and inexperienced traders. There will be a spread of 1.8 pips and more, leverage of 1:500 and no $5 commission per lot, as in the previous option. On the other hand, this trading account does not have an interest rate on the funds that are left in the account. All other conditions are identical to those of an ECN account.

Opening an Account

Opening an account on the LiteForex broker’s website is quite simple. To do this, click on the “Registration” button in the upper right corner of any page of the site, fill in your country, email and password, click on “Register” and enter the code from the letter that will come to your email. You can deposit and start trading in the platform immediately after that.

Funds Withdrawal

Deposits

You can deposit funds via:

• Bank card: deposit $10 and more without commission.
• Perfect Money: deposit 10 U.S. dollars/euro and more without commission.
• Skrill: deposit $10 and more without commission.
• WebMoney: deposit 10 U.S. dollars/euro and more without commission.

 

Withdrawals

You can withdraw funds in the same ways, but with some additional conditions:

• Bank card: withdrawal is available from $15. The commission will be 3% + $1 (or more – it depends on the bank card system).
• PerfectMoney: withdrawal is available from $1, the commission will be 0.5%.
• Skrill: withdrawals are available from $ 1, the commission will be 1%.
• WebMoney: withdrawals are available from $ 1, the commission will be 2.5%.

 

You need to go to the “Finance” section located on the left side of the screen inside the web platform where the client gets after authorization.

Trader Training

A huge section “For Beginners” is available on the LiteForex website where you can:

• Sign up for individual lessons on the basics of trading.
• Become a member of regular webinars with professional traders.
• Learn a glossary with the basic terms of trading in the financial markets.
• Read summaries of the most famous and useful books on Forex.
• Study a unique Forex trading tutorial.
• Explore popular trading strategies.
• Learn how to use the most effective indicators.

Trading Strategies

Convenient trading conditions, as well as a huge list of trading assets, allow you to work with dozens of strategies. The most profitable and effective of them can always be studied in the “Trading Strategies” section (located in the “Beginners” tab). These include such strategies as “Wild River”, “Nomad”, “Calm Position” and many others, described in a special section, as well as those that are studied at webinars.

Should I Trade with LiteForex?

Taking into account the convenience of the platform, its good reputation, as well as convenient and diverse trading conditions, we can safely recommend trading with LiteForex. So far, traders are mostly satisfied with this broker. LiteForex leaves almost none disappointed.