LiteForex Nigeria Review: What Forex Traders should know about this Forex broker

LiteForex Review

Liteforex is one of the top brokerage and forex brokers to ever grace the forex market. It has its business name registered as “Liteforex Investment Limited (Ltd)”. It has its headquarters located in Cyprus and has outlets and offices in Europe and other parts of the world. As a forex broker, they started in 2005 as a forex broker that offers a system technology for forex brokers and clients to trade on its thriving platform.

About LiteForex: License and Regulation.

LiteForex Review

Liteforex Investments Ltd is a licensed forex broker that has been regulated by the Cyprus Securities Exchange Commission (CySEC) in Cyprus. According to the requirements of the Markets in Financial Instruments Directive (MiFID), the company is regulated by the Cyprus Securities Exchange Commission (CySEC) under the reference number 093/08. They are also registered with Cyprus Investment Firm (CIF) under the registration number HE230122.

The company is not a new face in the forex market, it operates in the forex exchange market and they are one of the top forex trading companies in the world. Also, they were mentioned in the World Finance’s list of the top 100 forex companies.

They have a lot of clients who are forex traders on their platform. Currently, the records have it that the company has more than half a million (500,000+) forex traders who are using its platform in different countries across the world.

At the point of writing this review (01/10/2018), Liteforex has been in the forex market for a period of over 13 years.

Trustworthiness

The company has given assurance to its clients that it’s trading funds are safe on the platform. The forex company has been insured by the Investor Compensation Fund program, thus, it is a safe forex broker to trade with.

Liteforex Trading Accounts

They are four different trading floating spread forex trading account that suits the needs of every client on its platform. The CENT account is the first account which the company offers to forex traders.

The Liteforex CENT account is designed for new forex traders who are starting new in the forex market. The CENT account is also made for traders who have traded with Demo account and are considering on moving on and trading on a real trading account.

The CENT account required a minimum account deposit of $10. Also, the CENT account comes with a 30% bonus on account deposits and it has leverage that starts from 0.1 and runs up to 1000.1. Note that the CENT account may be based in Russian Rubles, EUR, CHF or USD.

The CLASSIC account comes with a 30% bonus on account deposits. The Liteforex CLASSIC account was made for all forex traders who have obtained experience while trading in the foreign exchange market. This account requires a minimum account deposit of $50. It has a floating spread which starts from 1.8 points and maximum leverage of 500 to 1.

There is no commission charged for CLASSIC account holders to pay. The Forex CLASSIC account offers an annual interest of 3.5% on unused equity as margin. The account may also be based in EUR, USD, CF, GBP, Polish Zloty or Russian Rubles.

The Liteforex ECN account hs maximum leverage of 1:400 and it requires $50 as the minimum amount for account opening. The ECN (Electronic Communications Network) broker uses a technology that allows the forex traders to trade without intervention from the forex trader. The ECN account offers an annual interest of 7.5% on unused equity as margins.

The PAMM account is the fourth trading account offered by Liteforex. The PAMM account was designed for the purpose of managing and handling the funds owned by forex investors. This account comes with plenty of opportunities for forex investors and managers. The minimum account deposit for the PAMM account is $200. The PAMM account has a maximum leverage of 1:200 and it has no commission that will be paid by the account holders.

RELATED: How To Start Forex Trading Investment In Nigeria

Commissions and Spreads

Liteforex company does not in anyway charge commissions on its clients in any trading account. However, all trading accounts have floating spreads which vary depending on the type of account owned by the trader. Normally, the account spread starts from 0.9 for the ECN traders, and they CENT account holders get 3 pips.

Trading Platforms

The uses the popular Meta Trader 4 (MT4) and the new Meta Trader (MT5) forex trading platform. The MT4 and MT5 trading platform are commonly and popularly used by forex traders all over the world. The Web-Trader platform allows forex traders to trade directly from their browser. 

Features

  1. It offers a 30% bonus on account deposits.
  2. The Liteforex ECN account protects forex traders and removes risks that may be faced when trading in the forex market.
  3. Forex traders can trade on their account from their browser with the Web-Trader account.
  4. It uses the MT4 trading platform.
  5. It supports its clients to trade on the Meta Trader 5 platform.
  6. It offers floating spreads on its four accounts.
  7. It has a demo account for new forex traders.
  8. The ECN account has low floating spreads and deep liquidity.
  9. The CENT account allows forex traders to trade with little capital.
  10. Forex traders can trade in the foreign exchange market with a minimum of $10.
  11. They do not charge commissions on its trading accounts.
  12. They have a standby customer support team.
  13. They’re known for offering bonuses and promotions to its clients regularly.
  14. The CENT account has a maximum of 1000:1.
  15. The ECN account offers safety of accounts as it protects the forex traders.
  16. There is no risk involved for demo account holders.
  17. ECN account holders enjoy leverage of 400:1.
  18. It offers Islamic accounts for traders who are willing to trade in the forex market according to sharia laws.
  19. It has different methods of payment for withdrawal and account deposit.
  20. It offers education to its clients by giving them tutorials, forex news report and insightful articles.

Bonuses and Promotions

This is a generous forex broker known for its bonuses, incentives and bonuses which it offers its clients. Basically, the Liteforex forex broker offers a 30% bonus on account deposits made on its trading accounts.

Also, they hold a contest for demo account holders in which the top 10 forex traders will be rewarded with a reward of $2500 on their trading accounts.

Forex CLASSIC and CENT accounts are eligible for the bonuses offered by Liteforex. Also, a multi-rebate of 1.5 pips is offered for every referral made to a Liteforex partner or referral account. There is also a promotion that enables the members of the VIP club to get spread rebates of 35% on trades taken on its platform.

READ MORE FOREX BROKER REVIEWS

Account Leverage

Liteforex trading account has certain leverage. However, the leverage enjoyed depends on the type of account used by the forex trader. The ECN account holders get a leverage of 400:1. Also, the account holders of the Liteforex CLASSIC enjoy a leverage of 500:1 while the Liteforex CENT account holders get the maximum leverage offered by Liteforex which is placed at 1000:1.

Customer Care

In order to facilitate business relations and communications by Liteforex, it has put a customer support team in place to get through with its clients. The Liteforex customer support team can be reached via email, chat, forum messaging and call back feature. A live chat is enabled on the website during trading hours.

Trading Education

Forex traders are provided with news and reports on the forex exchange market from the company. Forex traders also have access to get tutorial, informative articles and interesting content which are provided by Liteforex.

Liteforex clients also get forex expert tips, reviews, forex forecasts, analysis and calculators which are provided for them at a free cost.

Payment Methods

Deposits can be made on Liteforex trading accounts through online payment programs and through major credit cards. Litecoin accounts can be funded via Liteforex Cards, Carte Bleue, Dankort, PostePay, Qiwi, Bank wires and China Union Pay.

Account withdrawal can be processed using the same methods outlined above.

Pros and Cons 

PROS CONS
Liteforex offers demo account for new forex traders. Liteforex does not offer its clients with live webinars.
Liteforex rewards its clients with promotions and bonus The variable spreads offered on trading accounts may not favour most forex traders during news time.
Forex traders get 30% bonus on account deposits. Spreads can get high for CENT account holders.
Forex traders can open multiple trading accounts on Liteforex
Liteforex offers free forex education for her clients.
Forex traders can deposit their account with capital as low as $10.
Liteforex offers 4 trading accounts, interested traders have the wide options of choosing any trading account.
Account deposit and funds unused in Liteforex trading account attract high interests to the account holders.

Conclusion

Liteforex has its outlets and branches in many parts of the world. They have their representative in African countries such as Nigeria. They offer good trading services and forex traders enjoy the bonuses and promotions which are offered by Liteforex.

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here