Forex Trading in Nigeria happens to be a profitable online business idea opportunity for entrepreneurs to venture into. If you are into forex trading and you are a frequent reader of this blog, you must have heard about top forex brokers such as FBS Forex Broker, Admiral Markets Forex Broker, FxPro Forex Broker and so much more. This time around, we want to make a review about the Liteforex Cyprus Forex Broker.
Liteforex is one of the top brokerage and forex brokers to ever grace the forex market. Liteforex 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.
LiteForex Broker Review: Forex Regulation
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 Liteforex company is regulated by the Cyprus Securities Exchange Commission (CySEC) under the reference number 093/08.
They are also registered with Cyprus Investment Form (CIF) under the registration number LiteForex has a history dating back to 2005. They are registered as a forex brokerage company and their registration number is HE230122.
Liteforex is not a new name to the forex market, Liteforex Nigeria is veteran in the forex exchange market and they are one of the top forex trading companies in the world. Having been included in the list of the top 100 forex companies by World Finance.
Liteforex has a lot of clients who are forex traders on its platform. Currently, the liteforex 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.
Liteforex Review: Reliability & Trustworthiness
The Liteforex company has given assurance to its clients that their trading funds are safe on the platform. The Litecoin 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 Liteforex 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 moving on and trading on a real trading account.
The Liteforex 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 Forex CLASSIC account comes with a 30% bonus on account deposits. The Liteforex CLASSIC account was designed for the forex traders who have obtained forex trading experience 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 Liteforex 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 has 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 offers various opportunities to both forex investors and managers.
The minimum account deposit for the PAMM account is $200. The Liteforex PAMM account has maximum leverage of 1:200 and it has no commission that will be paid by the account holders.
Commissions and Spreads on Liteforex Trading Accounts
Liteforex company does not in any way charge commissions on its clients in any trading account. However, all the liteforex trading account has 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.
Liteforex Forex Trading Platforms
Liteforex 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.
Common Features of LiteForex
Liteforex offers a 30% bonus on account deposits.
The Liteforex ECN account protects forex traders and removes risks that may be faced when trading in the forex market.
Forex traders can trade on their account from their browser with the Web-Trader account.
Liteforex uses the MT4 trading platform.
Liteforex supports its clients to trade on the Meta Trader 5 platform.
Liteforex offers floating spreads on its four accounts.
Liteforex has a demo account for new forex traders.
The ECN account comes with deep liquidity and low floating spreads.
The Liteforex CENT account allows forex traders to trade with little capital.
Forex traders can trade in the foreign exchange market with a minimum of $10.
They do not charge commissions on its trading accounts.
They have a standby customer support team.
Liteforex is known for offering bonuses and promotions to its clients regularly.
The highest leverage offered by Liteforex is 1000:1 which runs in the CENT account.
The ECN account offers safety of accounts as it protects the forex traders.
There is no risk involved for demo account holders.
Liteforex ECN account holders enjoy leverage of 400:1.
Liteforex offers islamic accounts for traders who are willing to trade in the forex market according to sharia laws.
Liteforex has different methods of payment for withdrawal and account deposit.
Liteforex offers education to its clients by giving them tutorials, forex news report and insightful articles.
Liteforex Review: Bonuses/Promotions
The Liteforex forex broker is known for its bonuses, incentives, and bonuses which it offers its clients. Basically, 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 it’s platform.
Liteforex Account Leverage
Liteforex trading account has certain leverage. However, the leverage lies on the type of the trading account used by the forex trader. The ECN account holders get leverage of 400:1.
Also, the account holders of the Liteforex CLASSIC enjoy leverage of 500:1 while the Liteforex CENT account holders get the maximum leverage offered by Liteforex which is placed at 1000:1.
Forex Review: Liteforex 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.
Liteforex Trading Education
Forex traders enjoy the best news and reports on the forex exchange market from the Liteforex 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.
Liteforex Review: Forex Account 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.
LiteForex Advantages & Pros
Liteforx offers demo account for new forex traders.
Liteforex rewards its clients with promotions and bonus
Litecoin forex traders get 30% bonus instantly on account deposits.
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.
LiteForex Disadvantages & Pros
Liteforex does not offer its clients with live webinars.
The variable spreads offered on trading accounts may not favor most forex traders during news time.
Spreads can get high for CENT account holders.
Liteforex has its outlets and branches in many parts of the world. They have their representative in African countries such as in Nigeria where they have offices in Lagos, Warri, Enugu, Ibadan and Delta State. They offer good trading services and forex traders enjoy the bonuses and promotions which are offered by Liteforex.