|Leverage||From 1:50 up to 1:500|
|Minimum Lot Size||0.01 Lot|
|Broker Type||Market Maker/STP|
|Deposit methods||Credit/Debit cards; Moneybookers; Neteller; Bank Wire|
|Spreads/Commission||Fixed or Variable (starting from 0 pips). Commission Free.|
|Trading Platform||MT4, MT5|
|Base Currency||EUR, USD, CHF, RUB|
LiteForex is an established forex broker offering online forex trading products that includes currencies, metals, futures and CFD trading since 2005. Registered in Seychelles and recognized by the Seychelles International business authority (SIBA) LiteForex is also a member of the Russian Association of Financial Markets (RAFMM). Liteforex offers a range of trading accounts that include both fixed and variable spreads and boasts of over 300,000 live traders on their platform.
The most notable feature of LiteForex is their $10 trading account, which is a micro forex account that is ideal for completely new beginners to trade forex. Although the $10 trading from LiteForex will not yeild much, traders can use this opportunity to get familiar with LiteForex platform and online forex trading in general.
LiteForex ranks pretty high in the forex broker markets as can be aptly seen by the constant awards that they have been winning. These include, World Finance 2011, Best forex broker in Africa award, Best customer service award in the 6th International Investment & Finance Exposition in Guangzhou (China), the 2010 award for the most stable forex broker in Asia from ShowFX World.
Registering for a forex account with LiteForex is remarkably simple and easy. Uploading of documents is straight forward and if the documents are in order, account approval in most cases takes less than a few hours.
LiteForex – Types of Trading Accounts
LiteForex offers four types of trading accounts that is available with either MT4 or MT5 trading platforms. With the exception of LiteForex STP account, the minimum deposit is $10 irrespective of the trading account you choose. LiteForex offers four basic base currencies to fund your trading account and includes USD, EUR, CHF and Roubles. The average leverage for LiteForex accounts range between 1:50 up to 1:500. LiteForex CFD trading carries a fixed leverage of 1:20.
LiteForex also offers a straight through processing forex account with direct access to several liquidity providers made up of banks and 760 broker companies.
Refer to the table below for a comparison of Liteforex trading accounts and their features.
|Base Currency||USD, EUR, CHF, RUB||USD, EUR, CHF, RUB||USD, EUR, CHF, RUB||USD|
|Leverage||1:500 – 1:100||1:200 – 1:50||1:500 – 1:50||1:200 – 1:1|
LiteForex – Trading Platforms & Instruments
LiteForex offers the standard MT4 and MT5 forex trading platforms available across all types of accounts at LiteForex. The trading platforms are also compatible in the sense that with the LiteForex MT4 and MT5 trading platforms, traders can also access via a smartphone that includes Android and iPhones.
LiteForex offers a great collection of currency pairs that includes both majors as well as exotics such as the MXN (Mexican Peso), (PLN (Polish Zloty), CZK (Czech Koruna). Additionally, the CFD pool from LiteForex comprises of over 30 trading instruments.
When it comes to metals, LiteForex is a bit limited as they only offer Silver (spread of 5) and Gold (spread of 75).
The Indices trading from LiteForex offers 8 types of currency indices and is available for trading from 00:05:01 to 23:59:59 GMT+3, Monday through Friday.
LiteForex – Forex Rebate/Cashback accounts
LiteForex offers traders the flexibility to opt for the forex rebate facility, known as the Multi Rebate program. Under this scheme, traders can get up to 1.5 pips (which is about $15) as forex rebates straight from LiteForex. Click here to open account with LiteForex
LiteForex – Bonuses and Promotions
LiteForex offers a great collection of forex bonuses and promotions for new accounts. Besides the sign up bonuses, LiteForex also runs monthly contests that reward traders with cash prizes and much more. Below are some of LiteForex’s ongoing promotions.
LiteForex 15% Bonus
15% bonus from LiteForex is available for every deposit made into your trading account and requires a minimum deposit of $30. The 15% bonus is instantly available when you make the deposit and can be used to trade without any restrictions or limitations. Upon meeting the required conditions bonus amount and any subsequent winnings can be withdrawn. The maximum bonus one can get is $2000. The 15% bonus is not applicable for traders who participate in LiteForex MultiRebate program.
Below is the table for the criteria to claim this bonus.
|Deposit Amount||Forex Bonus||Required number of lots|
LiteForex Trader Contests
LiteForex holds trader contests regularly with great rewards of up to $120,000 to be won.
LiteForex – Feel the spread contest
Held every Month
The criteria for winning the Feel the spread traders contest is that the minimal spread on all the executed orders on Floating Spread accounts during a day. The first 7 traders participating in the contest who achieved the highest rating value during a contest day will be announced as the winner. The monthly prize fund is $2500 and is shared between the 7 traders who win the contest. The prize from this contest is available for trading as well as for withdrawal immediately as soon as they are credited to Floating Spread account.
LiteForex Traders marathon contest
Held twice a month
Prize of $6000 shared amongst the top 20 winners
The traders marathon contest from LiteForex is set up with the main purpose of rewarding traders with the best trading results with regular remuneration. This contest is applicable to all trading accounts and is offered to the top 20 traders. The Traders’ Marathon contest is held twice a month, from 00:00:01 Monday to 23:59:59 Friday according to the server time GMT +3 (indicated in the terminal) with the alteration of registration and contest weeks.
Besides the above two, LiteForex also holds regional contests presently available for traders in Bangladesh, India and Indonezia. Traders from these regions can win huge prizes that include Laptops, motorbokes and smartphones.
Why trade with LiteForex
- Good collection of major and minor currency pairs
- Cent or Micro accounts starting from just $10
- Swap Free or Islamic Trading Accounts
- Multi Currency accounts comprising of USD, CHF, RUB, EUR
- Commission free trading account
- Monthly interest on unused balances of 3.5% – 7.5%