LiteForex is a Marshall Islands-registered Forex broker operational since 2005. Per its account, it was the first broker to break away from well-established industry practices respectful of capital entrance thresholds and introduced cent accounts with a minimum deposit of just $1. This was quite a revolutionary step, duplicated by other brokers since then, and enabling millions of new traders to get acquainted with Forex trading in a live trading account with a minimal deposit. It also made the world’s most liquid financial market accessible to countless traders from emerging markets with deposits of less than $100. The UK-based financial magazine World Finance included LiteForex in its 100 World Finance List. Over the past fifteen years, this broker expanded its trading services and asset lists, expanding its market share by offering attractive trader bonuses.
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Regulation and Security
LiteForex Investments Limited, the corporate owner of LiteForex, is registered in the Marshall Islands as a corporation since September 2013. While it is compliant with the Marshall Islands Business Corporation Act, this broker remains an unregulated entity, which is partially what allows it to offer services that many regulated brokers cannot offer. However, it also does not offer the protections that regulated brokers can afford.
LiteForex operates out of the Marshall Islands.
The Marshall Island International Registries, Inc. confirms LiteForex as a corporation established in September 2013.
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Spreads and commissions create the fee structure at LiteForex. The EUR/USD spread commences as low as 0.0 pips in the ECN account but for a commission of $10.00 per lot. It may increase to $30.00 per lot, depending on the currency pair. Commodity CFDs cost between $0.50 and $20.00, cryptocurrencies $0.50, and equity CFDs $0.25 per share. The commission-free Classic account shows elevated floating spreads from 1.8 pips.
Swap rates on overnight positions apply, and corporate actions like dividends, splits, and mergers impact equity and index CFDs. All affected portfolios are adjusted accordingly. LiteForex remains transparent about the pricing environment and maintains an archive of average spreads which is updated weekly. The client agreement notes no inactivity fees, which most brokers do charge, and LiteForex waives all deposit and withdrawal fees. While several assets appear overpriced, the overall cost structure remains acceptable. Traders can also see a library of the broker's past spreads, which is quite a nice offering.
MT4/MT5 traders can easily access swap rates from their platform by following these steps:
1. Right-click on the desired symbol in the Market Watch window and select Symbols.
2. Select the desired currency and then click on Properties located on the right side.
3. Scroll down until you see Swap Long and Swap Short.
Traders have access to raw spreads in the ECN account.
A dividend calendar for upcoming adjustments is equally available.
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What Can I Trade
Traders have access to 56 currency pairs, six commodities, 16 cryptocurrencies, 37 US-listed equity CFDs, and eleven index CFDs. The overall selection of 126 is suitable for new retail traders but inadequate for more advanced ones. While the homepage advertises over 145 assets, the full list of assets wasn't immediate obvious during our LiteForex review. Still, LiteForex continuously expands its tradeable assets and is expected to continue to offer its clients broader access to financial instruments.
LiteForex maintains 126 assets, a limited overall selection.
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LiteForex offers two account types, the commission-free Classic, and the commission-based ECN. Both require a small minimum deposit of $50 and feature maximum leverage of 1:500, which can provide a competitive advantage over brokers with higher regulation. An Islamic account option is available upon request. Traders who seek the full range of trading services need to opt for the ECN version, where social trading and annual interest payments exit together with negative balance protection. The Classic account comes equipped with high spreads, reduced to raw ones in the ECN version, but commissions can be as high as $30 per lot. Therefore, traders need to consider their trading style, but the ECN account remains superior in services and protection.
The Classic account is geared for experienced traders.
The ECN account offers all trading services available at LiteForex.
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The most basic versions of the MT4/MT5 trading platforms, as a desktop client, webtrader, and mobile app, represent the choices at LiteForex. LiteForex maintains a series of guides and articles related to both. At the time of this LiteForex review, the brokerage did not provide any third-party add-ons to unlock the full functionality of MT4/MT5 and improve the trading environment. The present choices will leave traders with an incomplete and sub-standard experience unless they are willing to invest in upgrades.
Traders may choose between the core MT4/MT5 trading platforms.
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LiteForex offers automatic withdrawals in less than 24 hours, but they are limited to $100, while traders from Kenya and Tanzania may withdraw up to $2,000 per day. Supported e-wallets are Skrill, Neteller, and Perfect Money. A VPS service, supporting automated trading solutions, exists for $15 per month. It appears this is an in-house hosted solution, rather than a via a third-party provider. Social trading, through another apparent solution developed by LiteForex, is available. It is additionally suited for retail account managers and signal providers seeking an additional revenue model.
Limited automatic withdrawals take up to 24 hours.
A VPS service carries $15 in monthly charges.
Social trading and retail account management possibilities exist.
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Research and Education
A combination of in-house research and third-party analytics by Claws & Horns offer traders comprehensive market coverage and trading idea. The LiteForex Analytics tab consists of technical and fundamental analysis, where the former consists of quality written content and charts, and the latter covers multiple assets in a Morning Brief. An Economic News section covers relevant releases in short-format, and the blog adds numerous trading ideas and educational content. LiteForex updates the content multiple times throughout the day. Via the partnership with Claws & Horns, traders receive independent analytics and market coverage from an established source, complementing the excellent research division.
The Analytics section features quality technical and fundamental analysis.
Economic News consists of brief market commentary.
The blog hosts additional trading ideas and educational content.
Traders have access to more excellent, independent research from Claws & Horns.
The Forex Trading Tutorial is an ideal starting point for traders new to trading. It entails six lessons with numerous sub-categories in a well-presented format. Trading Strategies and Trading Indicators explain select items for new traders to consider. LiteForex also maintains an excellent library of educational books, covering essential topics like psychology and money management. It also hosts webinars, but the last one took place in 2019. Traders may register to receive a notification once LiteForex schedules a new one. Overall, LiteForex grants traders an outstanding suite of valuable educational content.
The Forex Trading Tutorial offers new traders a basic introduction.
Trading Strategies explain select ones.
An introduction to numerous indicators exists under Trading Indicators.
One of the prime educational assets is the extensive library of books.
LiteForex hosts webinars, but the last one was in 2019.
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Customer service can be accessed 24/5 via live chat, and e-mail and phone support 12/5. LiteForex maintains a multi-lingual support team, while the FAQ section answers the most common questions. Traders are unlikely to require any assistance, as this broker explains most aspects well. In case of unforeseen events, it remains easy to receive help.
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Bonuses and Promotions
LiteForex currently offers three bonuses to entice new account openings, deposits, and trading volume. A contest for video bloggers to create content using the LiteForex website and to promote it on YouTube has a prize pool of $1,000. The Best of the Best is a monthly demo contest worth $10,000 in real cash. In May, the LiteForex Dream Draw contest commenced, ending in May of 2021. A dream house, an SUV, and 18 gadgets comprise this $350,000 promotion. Terms and conditions apply, and traders should familiarize themselves with the rules before entering.
Video bloggers may earn $1,000 and a three-year contract to create content for LiteForex.
The monthly demo contest awards $10,000 in real cash prizes.
LiteForex started a one-year $350,000 promotion.
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Opening an Account
Online registration merely requires an e-mail address or phone number, and a password. Traders may also sign-up through their Google or Facebook accounts. Since LiteForex claims to adhere to AML regulations, verification is mandatory. It is generally satisfied via a copy of the trader’s ID and one proof of residency document.
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Deposits and Withdrawals
Traders may use bank wires, credit/debit cards, Skrill, Neteller, Perfect Money, QIWI, Boleto Bancario, Yandex, M-Pesa, Africa Mobile Money, WebMoney, AdvCash, AliPay, Bitcoin, Ethereum, Bitcoin Cash, Bitcoin Gold, Litecoin, and Monero. LiteForex hosts a promotion to reimburse all deposit fees. The minimum amounts for financial transactions are $10, except for bank wires, where they are $100.
The choice of payment processors is excellent.
LiteForex reimburses traders for all deposit fees.
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- Broker's Name : LiteForex
- Headquarters : Marshall Islands
- Regulation :
- Type of Broker : 35,38
- U.S. Clients Allowed :
- Minimum Deposit : 50 to open an account, 10 afterwards
- Maximum Leverage : 1:500
- Commissions / Spreads : Both
- Account 1 : Classic
- Account 2 : ECN
- Demo Account :
- Islamic Account :
- Segregated Account :
- Managed Accounts :
- Deposit Options :
- Withdrawal Options :
- ETFs :
- CFDs :
- Commodities :
- Metals :
- Stocks :
- Oil :
- Gold :
- Binary Options :
- Indices :
- Type of Platform : MetaTrader 4, MetaTrader 5, Web-based
- Platform Languages :
- OS Compatibility :
- Trading Signals :
- Charting Package :
- Market Analysis :
- Chart Trading :
- Automated Trading :
- Scalping :
- Hedging :
- Mobile Alerts :
- E-mail Alerts :
- Trailing Stops :
- Guaranteed Stop Loss :
- Guaranteed Limit Orders :
- Guaranteed Execution :
- One-click Execution :
- OCO Orders :
- Interest on Margin :
- Web-based Trading :
- Mobile Trading :
- Website Languages :
- Support Hours : 24/5
- E-mail Support :
- SMS Support :
- Chat :
Pros and Cons
Choice of Trading Accounts
High Interest on Unused Deposit
No Live Webinars
LiteForex vs Comparisons
We have gathered a list of the top broker alternatives to LiteForex, and conducted an in-depth broker comparison to assist you in choosing the right broker for your trading needs.Back to Top
Is LiteForex legit?
It is a legit business registered in the Marshall Islands.
What is LiteForex?
It is an unregulated Forex and CFD broker operational since 2005 out of the Marshall Islands.
Is LiteForex regulated?
The Marshall Islands entity remains unregulated. A CySEC-regulated entity caters to EEA traders with a significantly less competitive environment.
Is LiteForex a scam?
While LiteForex remains unregulated, and numerous reports of issues exist, it is not a scam.
What is the LiteForex minimum deposit?
It is $50 to open an account, and then $10 except for bank wires, where it is $100.Back to Top
LiteForex is a Forex broker operational since 2005 and registered as a corporation in the Marshall Islands since 2013. While this broker fails to take necessary steps to ensure a safe trading environment, it has catered to its core market for over fifteen years. Given the operational consistency, one can assume that LiteForex operates fairly, with a distinct focus on emerging market traders with deposits below $500. Per its account, it pioneered cent accounts with a minimum deposit of $1, but the current minimum to open an account is $50 with follow-on transaction lowered to $10.
Traders may choose between the MT4/MT5 trading platform from the Classic and ECN account, the former commission-free, and the latter commission-based. Depending on the asset, the pricing environment can be excessive, while the asset selection is somewhat scarce. LiteForex maintains excellent research and educational content, the prime assets of this broker. Multiple bonus programs exist to entice new account openings and promote trading activity. New retail traders with smaller deposits who seek outstanding educational value in their broker, together with in-depth research, may consider LiteForex as an option.Back to Top
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