LiteForex Review, pros and cons
LiteForex is an up and coming Forex Broker that offers Forex trading in a straightforward and no-nonsense manner. The company has been offering it’s services since 2005, and can Provide accounts with as little as $1, making it a perfect place to learn the markets. The dealer also pays interest of 3.5% on the balance of your account that is not involved in trading as well, offering a way to increase your profits over time. Lets dig in and found out about this broker’s ups and downs in this liteforex review.
LiteForex Trading Platforms
First of all let’s review LiteForex Trading Platforms. At liteforex you have easy access to the most popular Metatrader4 and 5. Like other famous brokers, there is no fuss about trading with these platforms and you can use them to take advantage of vast trading possibilities and even use your own forex indicators and forex expert advisors.
LiteForex Special Offers and Bonuses
Surely this is the most interesting part of this liteforex review. offers special offers and bonuses programs and promotions that will allow every client increase their deposits and get more capital to trade efficiently. These programs are as follows:
a) There is presently a 50% account deposit bonus being given out to celebrate Lite forex’s 9 years as a forex brokerage business.
b) A promo code (HappyBirthday200) can be used to get a bonus of $200 during the promo period. This is another promo to celebrate the 9th anniversary of Lite forex in the forex brokerage business.
c) Deposits above $100 which are made within a 24-hour window of opening a new account get an automatic 30% account deposit bonus.
d) Rebate programs are available. These pay back fees incurred on transactions, or refund 1.5 points of spread depending on terms and conditions.
Liteforex also features a number of trading contests for traders on demo and real money accounts. These are:
a) Instagram Contest: $20 is paid to traders who are able to make a complete photo of themselves trading on the Liteforex platform.
b) The demo trading contests feature 2 games: the Fighting contest and the Top10Forex contest..
c) The live trading contests feature the Traders’ Marathon III, Great Hundred 4 and the Weekly Sprint.
LiteForex Trading Accounts
When it comes to the lite forex trading account types, there is a unique nomenclature assigned to the accounts. The accounts are designated according to the “plans”, each with its own spreads and unique features.
- The Lite account offers a leverage of 1000:1, with a minimum deposit of $1, even though it is recommended to deposit at least $50. Minimum lot size is 0.1 lots with an increment of 0.01 lots and a maximum of 100 lots. Margin call level is 50%. Margin call stop level is 50%. Spreads are fixed and start from 3 pips.
- The Real account offers a leverage of 200:1 and a minimum deposit of $100. The minimum trade volume is 1 standard lot, with a maximum of 100 lots. Spreads are fixed and start from 3 pips.
- There is a PAMM account type which is purely a managed account service. The minimum deposit allowed is $1000 and the leverage maximum is 200:1. Traders can trade a minimum of 0.1 lots and a maximum of 1,000 lots. Spreads are floating and start from 0.1 pips.
- The NDD and STP accounts are the professional type accounts on Lite forex. For the NDD account, the leverage maximum is 500:1 while for the STP account, it is 100:1. Minimum lot size for NDD is 0.1, while that for the STP account is 1 standard lot. Minimum deposit requirements are $1,500 for the NDD account and $5000 for the STP account.
LiteForex Charting Packages
In addition to the charts that come in-built with the various platforms, there are analytics tools which have been provided for traders. These include the Fibonacci calculator, the Flexi analysis tool and the Autochartist tools.
LiteForex Education and Demo Accounts
There are a number of educational tools that traders can access on Liteforex. These include periodic webinars and offline seminars which are hosted by the local representatives of Lite forex in different countries.
Traders also get access to a free and unlimited demo account worth $100,000 on all platforms.
LiteForex Customer Service
One of the reasons which you might have searched for this liteforex review, is to find out that this broker is not going to let you down. Liteforex Customer Support can be contacted through the following means:
a) Contact Form
b) Live Chat.
LiteForex Deposit and Withdrawals
Traders on Liteforex can perform account deposits and withdrawals with:
- Credit/debit Cards: Only VISA, MasterCard, Laser, JCB, PostePay, Dancort, Carte Bleue, American Express, Maestro and the Liteforex Prepaid MasterCard are accepted.
- Bank wire transfers
- Western Union
- Electronic Methods: These include QIWI Purse, Skrill, WebMoney, OKPay, Boleto Bancario (Brazil), TBL (Uruguay, Brazil, Peru, Mexico, Argentina and Chile), CashU (Middle East, North Africa, CIS countries), EGOPay and DaoPay (Austria).
- Digital Currencies: PerfectMoney is the digital currency of choice which has replaced the use of Liberty Reserve.
- Local representatives of Lite forex can also be used to effect payments. This will require transfers using local bank wire deposits.
LiteForex Deposit Limits
The minimum deposit amount allowed on Lite forex for new accounts is based on the account type chosen and the information has been stated above. For the purpose of deposits, certain methods such as credit cards and electronic transfers, have certain deposit limits attached to them. For instance, $500 and $5000 are the minimum and maximum deposit limits for Western Union, while the minimum deposit amount for credit cards and bank wires is generally $10 and $100 respectively. For electronic methods, the minimum deposit amount is $1.
LiteForex Withdrawal Limits
There are no maximum withdrawal limits on Liteforex. The minimum withdrawal limits are the same as the deposit limits for each method of transaction. The beneficiary name on withdrawal requests must match the account names on the ID documents. Card withdrawals will also require extra verification of card ownership status.
An autowithdrawal service has just been introduced on Lite forex. This tool works for withdrawals made using Skrill, WebMoney and Perfect Money, and is restricted to 2 automatic withdrawals worth $100 for verified traders and $50 for unverified traders.
Should I open an account with LiteForex?
If after reading this thorough LiteForex Review you are asking whether should I open an account with LiteForex? One thing that Lite-forex has done is to take forex down to the local trader by appointing representatives all over the globe. This is in the form of partnerships with companies either as affiliates, introducing brokers and white-label partners.
If you feel that this liteforex review was not enough and you need more information or consultation on this matter, please feel free to contact us!