- Company: LiteForex is the trading name of LiteForex Investments Ltd registered in the Marshall Islands.
- Founded: Online since 2005.
- Payment Options: Credit/Debit Cards, CashU, EgoPay, LiqPay, OKPAY, Perfect Money, QIWI, Skrill (Moneybookers), Wallet One, WebMoney and Wire Transfer.
- Platforms: MetaTrader 4 & 5.
- Accounts Available In: EUR, USD, RUB and CHF.
- Minimum Deposit: $1.
- Regulation: Unregulated.
- Social Trading: N/A.
- Support Options: Callback, Forum, Live Chat, Phone
The FX offering from LiteForex revolves around the MetaTrader platforms developed by MetaQuotes, with LiteForex offering both MetaTrader 4 & 5 to clients. (Check out MetaTrader 4 vs, 5) The MetaTrader platform is one of the most popular FX trading platforms available, with the trading platform having a large following in part due to the ability to use Expert Advisor’s to automatically trade the financial markets. The MetaTrader platform works just as expected and should please those who are fans of the popular trading platform. Additionally, the brokerage offers mobile versions of the MetaTrader platform providing support to those who want to trade on the go from their smartphone or tablet device. However, LiteForex doesn’t offer any alternatives to the MT4 & 5 platform meaning that those who trade with the brokerage have no choice but to use a version of the MetaTrader platform.
- Leverage: Up to 1000:1.
- Scalping: Positions must be held for more than 2 minutes (Fixed Spread accounts).
- Trailing Stops: Yes.
- Typical EUR/USD Spread: 3 pips with a fixed spread account. Floating spreads from 0.1 pips with a NDD account.
6.8. In exceptional cases, in the event of sharp gaps between the opening and closing prices or when trading upon the release of news, the results of trading operation (both negative and positive) can be adjusted by the Company, if clients’ order was executed only in part or rejected by Company’s Counteragent. The adjustments will be made in proportion to a volume of conducted orders and with an appropriate commentary”(Source)
This essentially gives LiteForex the ability to reverse profitable client trades. It also suggests that the brokerage may not operate a true STP execution model, as trades should be filled by the counteragent before an order is executed in a client account. This term of use should be enough to put most people off opening an account with the brokerage.
- Number of Currency Pairings: 50 Currency Pairings
- Other Instruments: Precious Metals, Stocks, Indices and Oil all via CFD’s.
LiteForex offers a significant range of currency pairings with it being possible to trade a good range of currency pairs with the brokerage. Additionally, the brokerage offers a number of other instruments to its customers including a significant range of Stock CFD’s including a number of CFD’s on major Russian stocks reflecting the brokerages largely Russian clientèle.
- Contact Methods: Callback, Forum, Live Chat, Phone
- Phone Numbers: Range of Worldwide toll free numbers.
LiteForex provide customers with plenty of ways to get into contact with the brokerage, with the brokerage offering a range of toll free numbers. Despite how easy it is to get into contract with the staff at LiteForex, the brokerage does not have the best reputation for customer service. This partly due to the conditions of service which understandably have brought a number of clients into conflict with the brokerage.
- Regulated: Unregulated.
- MiFID Regulated: LiteForex is not regulated in the European Union.
- US Traders: Cannot accept US traders.
- Regulatory Record: N/A.
LiteForex is completely unregulated and is based offshore in the Marshall Islands an offshore financial hub and tax haven. The brokerage happens to be part of the same Self-Regulatory Organisation as InstaForex who have had a number of run ins with regulators. However, Self-regulatory organisations provide little or no protection for traders and often suffer from a significant conflict of interest resulting in them failing to take action any form of against their members. LiteForex has also had a number of runs with regulators who have released warnings regarding the brokerage soliciting potential customers without the necessary regulatory approval. We strongly recommend only doing business with brokerages regulated in reputable jurisdictions.
While LiteForex offers clients the ability to trade a range of instruments via the popular MetaTrader platforms, the brokerage is both unregulated and has terms which allow the brokerage to alter the results of client trades.
It is for this reason we do not recommend LiteForex. Many would call this firm a plain-out scam.
What did you think of our LiteForex review? If you have experience with the brokerage why don’t you leave your own LiteForex review in the comments?