LiteForex Review 2024 with Rankings By Dumb Little Man

LiteForex Review

As technology has revolutionized all aspects of life, the financial industry is equally transformed through advanced technological reforms. Previously traditional trading involved physical or on-call correspondence with brokers. Later, it evolved into an online trading platform. Now the most advanced version is the automated ECP trading accounts. Many brokerage platforms facilitate traders with ECP accounts, and Liteforex is one emerging name among these ECP brokers.

At Liteforex, all kinds of traders and investors can benefit through advanced trading solutions, including novice as well as experienced traders. The copy trading options provided on this platform help new traders learn and trade and allow professional traders to trade with massive investments. However, the Liteforex platform lacks in providing basic educational resources for training, inexperienced traders and, in a way, promotes those trades who have basic trading skills.

This Liteforex review is intended for traders who are considering investing with this ECN/STP broker. We have provided all the relevant information regarding Liteforex as a trading partner, including its pros and cons and account registration, deposit, and withdrawal procedures. Moreover, we have not only provided our expert opinion but have also assessed the customer reviews to put forward the most objective analysis of the firm for the customers.

What is LiteForex?

Liteforex is a brokerage platform that has been providing trading services to customers globally since 2005. This firm is regulated by the Cyprus securities and exchange commission (CySEC) and has specifically made its name as a reputable ECN broker in the financial markets. Moreover, at Liteforex, passive traders can benefit like active traders due to its social trading platform.

Liteforex has an easy-to-use platform that outruns many other brokerage companies with complex trading procedures. Moreover, Liteforex makes it convenient by providing only two basic trading account types with tight spreads and fast market executions. Liteforex has all the major trading instruments, including forex, indices, stocks, commodities, and cryptocurrencies.

Liteforex also has other trading features, including minimal or no slippage and no requotes; similarly, hedging and scalping are also allowed. Furthermore, copy trading is the most prominent feature of this brokerage firm, where traders can follow successful traders’ trading strategies and risk management for maximum profits.

Safety and Security of LiteForex?

Liteforex (Europe) Limited is a licensed broker as it has a regulatory status acquired from the Cyprus Securities and Exchange Commission (CySEC). Brokerage platforms regulated by any financial authorities are liable to provide the best trading services to their clients and are monitored for secure fund transactions.

Liteforex also provides security of funds through providing segregated accounts in European banks. These accounts ensure that the funds of the clients are not misused or exploited in any way and are kept separately to be withdrawn whenever the clients process them. Moreover, the user’s data is secured through the data encryption protocol used through the HTTPS (Hypertext transfer protocol secure) system.

Another aspect of Liteforex security and protection is through its provision of compensation of funds and negative balance protection. This broker provides trading insurance to customers where the users can claim compensation in case of any major loss of funds. Similarly, any negative balance of the trader is automatically reverted to zero to exempt traders for any liabilities to the company. This is an important feature of Liteforex, as most brokers do not facilitate compensation claims.

Sign Up Bonus of LiteForex

Liteforex offers free-of-cost withdrawal and deposit of funds where the broker applies no extra cost or charges. Customers can claim their fund withdrawal whenever needed and deposit funds without worrying about the broker’s commission.

Other than this facility, no signup bonus is available for clients at Liteforex. However, a temporary bonus is available at various events with promotional offers. The information regarding the latest promotions and rewards can be explored on the official website of the broker.

Minimum Deposit of LiteForex

Liteforex is a brokerage firm that mainly focuses on ECN trading in the forex market; therefore, the trading features of the platform are also suitable more for professional or experienced traders than beginners. For this reason, when most of the top brokers have the lowest minimum deposit requirements, Liteforex has a comparatively high initial deposit policy.

In both the Classic and ECN accounts, traders have to pay a minimum deposit of $50 to start trading. Traders are given various payment method options to deposit payments, including bank transfer, credit or debit cards, and many online and e-wallet options. Moreover, Liteforex covers all the payment charges when customers pay the minimum deposits.

Account Types

Liteforex does not have a wide range of account types which is often considered to be an advantage of any brokerage platform. As more options in account types can facilitate customers in choosing the account which perfectly fits their trading styles, fewer account types are usually a drawback for the firm.

Litefore offers two types of trading accounts to its customers. It may be a flaw in the broker’s trading services. However, it surely keeps the trading conditions straightforward and simple for the traders. The two account types which Liteforex offers are the following

#1. Classic Account

A classic account is, just as the name suggests, the basic or standard account that is available on all online trading platforms. This account type is usually designed for inexperienced or low-budget traders who are looking for cost-effective trading solutions with maximum profit-earning potential.

The classic account is a commission-free account, with spreads from 2.0 pips with fast market executions. Moreover, users have the option of using social trading features as well as facilitating with the negative balance protection and advanced MT4 and MT5 platforms. There is no limit to the maximum number of orders, and the leverage also varies through different instruments.

#2. ECN Account

ECN account is specifically designed for seasoned traders and investors who want to take advantage of the automated trading system. Through the ECN accounts, clients can make profits from deep liquidity on the narrowest spreads starting from 0.0 pips. As ECN accounts are “No Dealing Desk” accounts, there is no middle-man and traders can access the markets without any conflict of interest.

As ECN accounts are intended for professional traders and investors, the commission rate is $ 5 per lot, unlike the commission-free classic accounts. Moreover, the maximum order is also unlimited, an added benefit for traders with big investments. Clients of ECN accounts also get the security of negative balance protection so that they are not liable to pay the firm in case of massive loss.

#3. Demo Account

Another benefit for traders on the Liteforex platform is that there is an option for a demo account for beginners and new traders. This allows users to explore the platform and familiarize themselves with the trading conditions before investing capital with this broker.

LiteForex Customer Reviews

After evaluating the customer reviews of Liteforex, we found out that there were positive as well as negative reviews about the firm. However, the majority of the people praised the trading services of Liteforex. Some customers seemed satisfied with the broker and appreciated the services like low fees, fast executions, and tight spreads. Others highlighted the reliability and overall efficiency of the broker.

On the negative side, there were comments from customers regarding the platform’s slow and irresponsive customer service. The customers complained about the broker’s lack of communication and support in times of need. Hence, poor customer service broke the deal for many existing customers regardless of the good trading services provided by the broker.

LiteForex Spreads, Fees, and Commissions

Liteforex claims to offer the tightest spreads for customers in the financial market, which is half true. The ECN accounts have the narrowest spreads starting from 0.0 pips, with the fastest market executions. However, for traders having a Classic account, the spreads are as high as 2.0 pips.

There are no additional fees or hidden charges on the Liteforex platform. The best part of this platform is that the fee structure is kept transparent so the traders can make an informed decision before investing with the firm. There is a monthly fee of 3 Euros for dormant accounts, which is also clearly mentioned on the platform.

Regarding commissions, Liteforex offers a zero-commission approach on the classic account and a $5 commission per lot on ECN account types. Moreover, there are also no commission rates of the broker on the deposit and withdrawal of funds. In this way, we can say that Liteforex provides low-cost trading solutions to traders.

Deposit and Withdrawal

The minimum deposit in both the account types at Liteforex is $50, and there are no additional commissions or charges on this amount. However, third-party charges may be applied to these payments. Similarly, there are no limitations on the number of requests for withdrawals, and the minimum withdrawal limit is $10.

Liteorex also claims to provide an instant payment system for reimbursements and cashouts. Moreover, there are also multiple payment methods, including bank transfers, Visa and Master cards, Cryptocurrencies, and e-wallets such as Neteller, Skrill, Perfect Money, etc.

Even when the broker claims to provide instant payment transactions, the duration of cashouts depends on the payment method. Bank transfers take an average of 2 to 3 days of payment processing time, while other methods’ duration varies from one method to another.

How To Open a LiteForex Account – Step by Step Guide

Traders who are interested in opening an account on the Liteforex platform will have to go through a simple two-step registration procedure. The first step is to open the official website of the firm and explore the trading conditions provided by the company. Doing a bit of research on your own before moving to the registration process is recommended.

After opening the website, traders have to click on the register button on the top right corner of the landing page. The only information required by the platform to register a trader is the email address and a chosen password. Next, the verification link is sent to the given email address, and registration is completed after clicking on the link.

Traders can easily switch from real trading accounts to demo accounts with a click of a button. However, it is compulsory to pay the minimum deposit amount to start trading on the live account of the platform. Nevertheless, it is also suggested to use the demo account option first to familiarize yourself with the platform and experience the trading conditions of the brokerage firm.

LiteForex Affiliate Program

Liteforex offers Cost-per-sale (CPS) affiliate program where existing clients can earn reimbursements for every referral they generate. Clients are given a referral link to share with other potential customers. With every newly registered customer, the existing client would get up to a $50 reward and 10% profit from their referral.

Another affiliate program on the Liteforex platform is the regional representative program. Here customers can work in partnership with Liteforex and gain earnings of $15 from each referral. Along with this, the client can also get 10% of the profit share from each of their referred partners.

Customers can also opt for the Revenue share program on the Liteforex platform. In this program, the customers can earn revenue in percentage from each of their referrals at their chosen rate ranging from 0% to 95%.

From all of these above-mentioned programs, Liteforex provides the opportunity to their clients to earn according to their choice from any of these affiliate programs. The earnings are rewarded through cashback in the client’s personal account.

LiteForex Customer Support

Lifeforex provides 24/5 customer services through multiple communication methods in various languages. These methods include a Live chat box, phone calls, and emails. Users can also socialize with other traders on the live chat box trading chat tab. Similarly, on the live chat box, there are also options for various news channels which are offered by the broker to stay updated with the latest market news.

Even when Liteforex offers all the right mediums of communication on its platform, the reputation of the customer service of this broker is not so good. The customer reviews suggest that customer support is slow and prompt responses are not given. Regardless of these reviews, the initiative taken by Liteforex of social chat and trading channels is commendable as it is not available on most of the brokerage platforms.

Advantages and Disadvantages of LiteForex Customer Support

LiteForex Vs Other Brokers

#1. LiteForex vs Avatrade

AvaTrade is a competitor brokerage firm that holds a great reputation among traders and financial experts in the forex market. However, regarding the overall trading performance, AvaTrade is considered a better option than Liteforex. One advantage of Avatrade is that it offers a wide range of trading instruments for trading. Moreover, AvaTrade is also famous for its educational resources and tools available on its platform.

There are many similar features between Avatrade and Liteforex, such as free deposits and withdrawals, the advanced trading platform of MT4 and M5, and options for automated trading. However, the major difference is that Liteforex offers ECN accounts for its customers, which is not available on the AvaTrade platform and the minimum deposit of AvaTrade is also higher than Liteforex.

#2. LiteForex vs RoboForex

Roboforex is at the top of the best brokerage firm category list. This broker provides the best possible trading conditions for both professional and new traders; therefore, it is quite popular among customers worldwide. Moreover, at Roboforex, traders have tons of benefits, such as the highest leverage of 1:2000, the lowest minimum deposit of $10, multiple account types, and the tightest spreads in the market.

Roboforex is a better broker in many ways compared to Liteforex. First, the trading cost is lower through zero commission and $ 10 minimum deposit conditions. Next, the trading instruments offered by Roboforex are more than 12000 with 8 asset types, whereas Liteforex only offers the major currency pairs and limited trading instruments. Most importantly, Roboforex also has an ECN account type, so Liteforex cannot beat Robofoex in any of the trading features.

#3. LiteForex vs Alpari

Alpari is known as the best copy trading broker in the financial markets. Furthermore, Alpari has been among the pioneers of online trading who introduced an easy and cost-efficient form of trading. Moreover, Alpari is a regulated firm by FCA and FSA, making it a reliable and trustworthy broker in the market.

The common feature of Alpari and Liteforex is that both offer advanced MT4 and MT5 trading platforms and copy trading options to their customers. In contrast, the differences between the two firms are many. For instance, Alpari offers binary options trading, which is not available on Liteforex. Moreover, Alpari has many account types of offers and the minimum deposit is just $ 5. So in many ways, Alpari is better than Liteforex.

Choose Asia Forex Mentor for Your Forex Trading Success

If you have a keen interest in establishing a successful career in forex trading and aspire to achieve substantial financial gains, Asia Forex Mentor stands as the optimal choice for the best forex, stock, and crypto trading course. Ezekiel Chew, renowned as the visionary behind trading institutions and banks, is the driving force behind Asia Forex Mentor. On a personal note, Ezekiel consistently achieves seven-figure trades, a distinction that truly sets him apart from other educators in the field. Here are the compelling reasons that underpin our recommendation:

Comprehensive Curriculum: Asia Forex Mentor offers an all-encompassing educational program that covers stock, crypto, and forex trading. This well-structured curriculum equips aspiring traders with the knowledge and skills necessary to excel in these diverse markets.

Proven Track Record: The credibility of Asia Forex Mentor is firmly established through its impressive track record of producing consistently profitable traders across various market sectors. This achievement serves as a testament to the effectiveness of their training methodologies and mentorship.

Expert Mentors: At Asia Forex Mentor, students benefit from the guidance and insights of experienced mentors who have demonstrated remarkable success in stock, crypto, and forex trading. These mentors provide personalized support, enabling students to navigate the intricacies of each market with confidence.

Supportive Community: Joining Asia Forex Mentor brings access to a supportive community of like-minded traders pursuing success in the stock, crypto, and forex markets. This community fosters collaboration, idea-sharing, and peer learning, enhancing the overall learning experience.

Emphasis on Discipline and Psychology: Success in trading necessitates a strong mindset and disciplined approach. Asia Forex Mentor provides crucial psychological training to help traders manage emotions, handle stress, and make rational decisions during trading.

Constant Updates and Resources: The financial markets are dynamic, and Asia Forex Mentor ensures that students remain up-to-date with the latest trends, strategies, and market insights. Continuous access to valuable resources keeps traders ahead of the curve.

Success Stories: Asia Forex Mentor takes pride in a multitude of success stories where students have transformed their trading careers and achieved financial independence through their comprehensive forex, stock, and crypto trading education.

In summary, Asia Forex Mentor emerges as the premier choice for those seeking the best forex, stock, and crypto trading course to carve a rewarding career and achieve financial prosperity. Through its comprehensive curriculum, experienced mentors, practical approach, and supportive community, Asia Forex Mentor provides the necessary tools and guidance to mold aspiring traders into accomplished professionals across diverse financial markets.

Conclusion: LiteForex Review

Liteforex also known as Litefinance is a licensed brokerage company that has been offering its services since 2005. Many customers worldwide have been affiliated with this firm and have earned profits by doing successful trading with this trading partner. Moreover, Litforex is regulated by the CySEC, ensuring the security and safety of customer funds and straightforward transactions.

Liteforex is not a complex trading firm with multiple trading features and massive trading instruments like the top brokerage platforms in the market. Therefore, Liteforex offers just two account types including the Classic account for basic trading requirements with low trading costs.

The other is the ECN account which is specifically designed to facilitate professional traders with big trading investments to earn directly through the liquidity providers. Moreover, the ECN account has the ideal trading features, such as fast market executions without requotes or slippage and no conflict of interest due to the absence of the “middle-man”.

The account opening process of Liteforex is super easy; anyone can start trading on a live account for a minimum deposit of $50. In addition to this, those customers who are reluctant to invest due to inexperience can also open a free demo account to familiarize themselves with the firm and the trading conditions.

On the downside, Liteforex is a very basic trading platform with limited trading instruments and trading tools. Moreover, the customer reviews also suggest that the broker has poor customer service and provides minimal assistance to customers. However, before making any impression regarding the firm, it should be considered that customer reviews are, at times, biased and cannot always be relied on.

LiteForex Review FAQs

Is LiteForex safe or a scam?

Liteforex is a safe and secure brokerage patform as it has been providing trading services to since 2005 to customers across the world. Moreover, unlike many other brokers, Liteforex uses the HTTP protocol whenever the client’s data is being transfered to the brokers server. This data encrypion procedure ensures that the client’s data is safe and cannot be misused or intercepted by hackers.

In addition to this, liteforex also provides traders insurance which ensures investor compensation fund in case of any major loses. For all these reason we can say that Liteforex is a safe web trading platform.

Is LiteForex a reliable broker?

Liteforex can be considered as a reliable broker as it provides many services which are in favor of the traders specifically a client suffer from loses. For instance, the traders are compensated at times of crisis and there is also a feature of negative balance protection where traders’ balance is turned into zero whenever there is any negative liability. These features makes Liteforex a trustworthy name which provides assistance to traders at times of need.

Who regulates LiteForex?

Liteforex is reguated by the Cyprus Securities and Exchange Commission and holds a legal license under the name of Liteforex investments limited. Moreover, all the transactions are monitored in accordance with Markets in Finanacial Instrument Directive ( MiFID).