LiteForex Review: Is LiteForex a Scam?

LiteForex Investments Limited stands as one of the largest forex and CFD brokers globally. The LiteForex platform allows customers to trade on MetaTrader 4 (MT4) or MetaTrader 5 (MT5) using various deposit and withdrawal methods.

LiteForex Trading Platform Review

I. What is LiteForex?

LiteForex Investments Limited was established in 2005, serving 500,000 clients worldwide, headquartered in the Marshall Islands. Additionally, the group has offices in multiple countries, including Vietnam, with websites and trading platforms available in English and 14 other languages to cater to global clients.

II. Trading Platform on LiteForex

LiteForex stands out in forex trading compared to other platforms by offering both leading trading platforms, MetaTrader 4 and MetaTrader 5. Developed in 2005 and 2010, these platforms are available as downloadable software for traders on PC, Mac, Android, and iOS.

Additionally, LiteForex provides the WebTrader online trading platform, allowing investors to trade directly on their browsers. The account setup and verification process is straightforward and swift.

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III. Types of LiteForex Accounts

LiteForex trading platform offers two main account types: Classic and ECN.

- ECN Account: For professional traders and investors, LiteForex recommends the ECN account, featuring a 2.5% interest on surplus funds, unlimited trading duration, and direct transactions for liquidity. However, only MT4 platform is available for ECN account holders.

- Classic Account: The Classic account suits less experienced traders, with no commission fees. This account is compatible with both MT4 and MT5 trading platforms.

In addition to the two real trading accounts, LiteForex also provides a demo account for investors and traders to experience the platform and refine existing trading strategies. As it is not an official account, the demo account registration process is simple and takes less than a minute.

- Islamic Account: This account type is exclusively designed for followers of Islam, exempt from overnight fees and does not receive any bonuses or interest.

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IV. Trading Assets

Supporting a variety of trading assets is a notable advantage that investors and traders appreciate in LiteForex compared to some other trading platforms. Specifically, LiteForex supports trading in:

- Currency: The trading platform supports trading 56 currency pairs, including many widely traded ones.
- Commodities: Trade gold and oil with stable liquidity.

V. Deposits and Withdrawals on LiteForex Platform

Traders can deposit funds directly into their LiteForex accounts using methods such as: Credit/Debit cards; Bank transfer; WebMoney; CentrePay; Neteller; and Skrill. PayPal is not available. Additionally, traders can deposit using cryptocurrencies like Bitcoin.

The minimum deposit across all account types is 50 USD, and there is an automated withdrawal feature allowing traders to withdraw up to 100 USD/day within 24 hours via Skrill, Perfect Money, and Neteller. Withdrawal fees vary depending on the chosen method.

In general, Mytour rates LiteForex for supporting a variety of deposit and withdrawal methods.

VI. Other Highlighted Features of LiteForex

1. Fee Structure and Commission

LiteForex charges a fee structure specific to the account and assets being traded. The Classic account uses a spread-based system, while the ECN account employs a commission-based system with a fee of 5 USD per lot.

Spread fees are generally competitive, with major currency pairs having spreads around 2 pips, relatively high. On major indices like FTSE 100, spread fees start at 1 point.

2. Leverage

Leverage up to 1:500 is available, and during registration, investors can choose their desired leverage level.

3. Additional Features

The trading platform also provides a comprehensive set of tools to support successful trading, including economic calendars, global market news blogs, Fibonacci calculators, analytical tools, and more.

4. Customer Support

LiteForex review highlights customer support available through various channels: live chat, email ([email protected]), and phone calls.

The customer support team assists in addressing all queries, including issues related to fund transfers, and more.

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VII. LiteForex Review: Is it a scam or legitimate?

LiteForex is registered in the Marshall Islands (registration number 63888) and operates under the regulations of the Marshall Islands Business Corporation Act.

Additionally, Mytour acknowledges LiteForex as a secure and protected platform with a firewall-protected website and dedicated servers. The platform suggests a separate VPS for traders to manage transactions independently of internet connectivity or power sources, ensuring a level of security for web traders.

LiteForex holds high rankings in licensed services, copy trading, social trading platforms, automated trading-API, customer-rated excellence in 2021, and broad asset and trading tool support.

In summary, LiteForex is positively reviewed, not a scam or fraudulent. The platform suits both novice and professional traders with its user-friendly website, accessible support features, and various free analytical tools. However, thorough research and comparison with other electronic trading platforms are advised before making any decisions.