LiteForex Broker Review 2024

LiteForex is a multi-asset broker headquartered in Cyprus with attractive benefits such as an ECN trading account, access to MT4/MT5 & cTrader platforms, and funding fee reimbursements.

Are you interested in learning more about the brokerage? We will delve into its commissions, spreads, registration, account types, and so on in this thorough LiteForex review.

An Introduction to the Company and Its Regulation Status

LiteForex (Europe) LTD, established on 2008, is a brokerage with a long track record in the industry. Headquartered in Limassol, Cyprus, the broker operates under the watchful eye of the Cyprus Securities and Exchange Commission (CySEC), one of Europe's most respected financial regulators. Other Key Points:

• Registered at 30 Spyrou Kyprianou, 1st Floor, Germasogeia, 4040, Limassol, Cyprus;
• Regulated under the license number 093/08;
• Client funds are insured by the Investor Compensation Fund.

Summary of The Broker's Specifications

This is the section where we provide a table of notable specifics and features offered by the broker. Take a look to get a better view of the brokerage:

Trading Accounts Variety

The choice of trading account on this broker is limited between 2 main options. Traders can choose one based on their preferences and trading styles. Let's discuss the accounts in the table below:

ECN accounts are particularly attractive for those seeking the tightest spreads and fastest execution. In addition to real accounts, a demo account is provided for risk-free trading and skill improvements.

Pros and Cons of Trading With LiteForex

Every brokerage comes with a set of advantages and disadvantages. We will have a brief look at some of the strengths and weaknesses in the broker's services in the table below:

How to Sign Up and Verify Your Account

Creating an account with LiteForex is not complicated, but might take longer than you expect:

1. Visit the website and click "Registration" at the top;
2. Choose your country of residence and enter your birthdate at first;
3. Enter your email address and create a password;
4. Agree with the Client Agreement and the Privacy Policy;
5. Enter the verification code received in your inbox;
6. Type in your phone number;
7. Submit the verification code sent to your number.

Now, you are registered on the broker's website. For verification, you should provide additional information and submit the required documents on your profile.

Trading Platforms and Related Software

LiteForex offers a variety of trading platforms to fit different trading approaches and preferences. Two of them are MetaTrader 4 and MetaTrader 5, most popular terminals in the Forex industry. Also, a proprietary platform is developed by the broker for those preferring other options.

All of the mentioned terminals are available on the computer, web, and mobile:

MetaTrader 4:

• MT4 Android
• MT4 iOS
• MT4 Windows
• MT4 MacOS

MetaTrader 5:

• MT5 Android
• MT5 iOS
• MT5 Windows
• MT5 MacOS

Proprietary App:

• Mobile Trading Android
• Mobile Trading iOS

LiteForex Broker Spreads And Commissions

Brokerages typically charge a commission on specific live accounts. Also, a spread is applied on trading pairs. Let's investigate these two for LiteForex in the table below:

In addition to these charges, a fee is applied for inactive accounts as a 3 EUR monthly cost. The spread varies depending on the trading instrument and market conditions. Major forex pairs like EUR/USD typically have the tightest spreads.

Which Methods Are Available for Funding and Withdrawals?

This section is where LiteForex puts on a strong performance. Based on our investigations, the brokerage supports these options for deposits and withdrawals:

• Credit/Debit Cards: Visa and Mastercard;
• Bank Transfers: Wire transfer;
• E-wallets: Skrill & Neteller.

As stated by the company on its website, it reimburses the deposit fees for payments made through all methods. This is a strong point for the broker in terms of deposits and pricing.

Is Any Copy Trading Option Available on LiteForex?

The broker has considered those looking for investment options, too. It offers an automated copy trading feature, allowing less experienced traders to mimic the strategies of successful traders:

• Easy-to-use interface for finding and following traders;
• Detailed statistics on each trader's performance;
• Profit calculator with investment time and amount parameters;
• Option to communicate with signal providers.

This feature is particularly useful for newcomers looking to learn from experienced traders or those who don't have time for active trading.

LiteForex Forex Broker Bonuses And Promotions

Brokerages occasionally offer bonuses and promotions to attract new traders and reward existing ones. Currently, LiteForex does not offer any deposit bonuses or promotional offers.

We think that this approach aligns with CySEC regulatory requirements, which has discouraged brokers from offering trading bonuses. Always check the official LiteForex website for the most up-to-date information on any current promotions or special offers.

Support Dept.; Contact Channels and Service Schedule

LiteForex provides support via a standard, typical set of channels to assist traders with any queries or issues:

• Live Chat: Accessible directly from the "Contacts" page on the website;
• Email: support@liteforex.eu;
• Phone: +357-25-750-555.

Unfortunately, there are no 24/7 support services available; the department answers to your inquires 24 hours a day, from Monday to Friday.

Is LiteForex Limited to EU Countries?

This broker is different than most of its competitors in this regard, providing its services only to a selection of countries. According to the website, these countries include the European Economic Area (EEA), the UAE, and the Marshall Islands. Therefore, these regions are all restricted:

• United States;
• Japan;
• Canada;
• Australia;
• New Zealand;
• North Korea;
• Sudan;
• Syria;
• Iran;
• Cuba;
• and so on.

In conclusion, if you are not from one of the allowed countries mentioned above, this broker is not for you.

Trust Scores & User Reviews

The ForexPeaceArmy website is one of the reliable sources for evaluating trust scores for a Forex broker. LiteForex has received mixed scores from the trading community on the mentioned platform:

• Score: 2.9 out of 5;
• Number of Reviews: Over 60.

While the broker has a relatively long history in the industry and is regulated by CySEC, these mixed reviews suggest that potential clients should carefully consider their options and perhaps start with a small deposit to test the brokerage's services.

Conclusion And Final Words

LiteForex appears to be a viable option, being regulated by CySEC, a respected, reputable broker in the financial industry. Also, there are benefits such as an ECN account, trading calculators, and funding commission reimbursements, which are all attractive in a trader's eyes.

However, you should consider the negative, low-rating reviews submitted by some users. Moreover, it's only available in some countries.