During the last six or seven years we have witness the wide and quick expansion of the Forex market all over the world. There is hardly any part of the world that has not been involved in Forex trading. As it was expected, the expansion of the Forex trading market result in the increase of number of broker that were developed for one purpose and that is to help the people who are doing trading with Forex to achieve as better results as it is possible. Since the number of these Forex brokers has increased significantly it might be very hard for a person who wants to use these brokers to choose which broker they actually should use. This is very this review comes into focus. This review will provide information about the LiteForex that is just one drop in the ocean of the Forex brokers. Offering information about the background, platforms, account types and several other types, this review might help the readers to make a decision what Forex broker is the best for them. LiteForex has been established back in 2005 and since then it has only grew in popularity. Besides that, the number of people have used this broker and very satisfied with what they got increased with every year.
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Background and Regulation
As we have already mentioned, LiteForex has been established in 2005 and it is registered in the Marshall Islands. Additionally, this Forex broker is regulated by the Marshall Islands Business Corporation Act and it follows of directives and regulations that this Act has imposed on all the Forex brokers registered in Marshall Islands. Throughout the years, LiteForex was awarded by many different awards. What is important to mention in that regard is the fact that these awards were awarded in different countries which testifies to the quality of services that this broker is providing for all clients in all countries. What LiteForex is doing really is well is that it provides all clients with equal opportunities to trade because the options are provided for those do not want to trade with big amounts and for those who are big players and who want to take risk by trading with big sums of money as well as for those in the middle. According to the official data from the company there are several principles on which LiteForex is operating and those are:
- Create the opportunity for all people and make Forex market available for everyone
- Provide the clients with the best custom support in the business
- Invite only the best specialists to work with their clients and their staff
- Provide the best and the most effective solutions that the clients can use while trading on Forex market
From the previous mentioned facts, it is clear that the main focus of the LiteForex broker is the client and the benefits of the clients which can be seen from the feedback that the clients had after using this Forex broker.
Besides having the client as the main focus of the company, LiteForex broker is also using one of the best platforms for trading on Forex market. The platform that this Forex broker is using is the one used by many other Forex brokers and that MetaTrade or MT 4 platform. However, LiteForex does not stop there because this Forex is also providing their clients also with the MT 5 platform for Forex brokers. Besides these platforms, LiteForex also uses the web-based basic platform which is more often used for monitoring the positions rather than conducting the complex and less complex analytics. The main reason for this is the fact that this web-based platform is much simpler and that it does not provide sufficient options for those tasks. However, MT 4 and MT 5 platforms are there to conduct those more complex analyses.
LiteForex Account Types
LiteForex provides their clients with four different types of accounts that clients can choose when singing up with this Forex broker. The first type of the account is the CENT account which seems the best for the new traders. This account provides clients with the lowest risks because the amount of deposits can be determined in cents. The second type of the account is the CLASSIC account and it is the best for the already experienced Forex traders. This type of account has determined the fixed spread and the minimum is 2 points while the leverage is at 500. The minimum deposit for this type of account is $100. The third type of account is the ECN or the Electronic Communications Network. The minimum amount of the deposit for this account is $500 and the leverage for this account is 1:400. Besides all of this, this type of account also does not include Stop and Limit levels that might be included in the previously mentioned types of accounts. The final type of the account offered by this Forex broker is PAMM account. This type of account is developed for the purpose of managing the Forex investors’ funds and the common traders will not have any business with this type of the accounts.
LiteForex broker is providing many different bonuses for using this Forex broker. One type of the bonuses is the bonus that clients get when selecting which account they will be using. For example, CENT and CLASSIC type of the accounts provide their clients with the 30 percent bonus. The same percentage of the bonus is awarded to clients for every deposit that is bigger than $100.
LiteForex broker is providing their clients with many different options when it comes to the deposit, withdrawal and payment methods. If a client prefers electronic transfers the options available to that client are WebMoney, Qiwi, Neteller, Skrill, Monetaru, OK Pay, PM, Boleto and many others. Those clients who do not prefer e-transfers, LiteForex provided the option of wire transfer. Besides these, many types of Credit and Debit cards are also provided as banking options such as VISA, MasterCard, VISA Electron, Maestro and several others.
One of the negative issues with this Forex broker is that it does not provide the customer support 24/7. Instead the customer support is available for clients form Monday to Friday from 9 a.m. to 9 p.m. The customer support service can be reached by phone, e-mail, chat and on social networks such as Facebook and Twitter.