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LiteForex review and ratings

Established 2005
Location Cyprus Marshall Islands
Regulation CySEC
Offices Limassol, Majuro, Bishkek, Ho Chi Minh, Bangalore, Dubai, Port Harcourt, Benin City, Ibadan, Warri
Broker type STP | ECN
Leverage up to 1:500
Deposit from 50 USD
Spreads mid  mid
Platforms Web MetaTrader 4 MetaTrader 5 Specific
Instruments Currencies Crypto Indices Metals Energies Stocks
Funding methods Wire Transfer Credit Cards Skrill Neteller Perfect Money Yandex Money Qiwi Bitcoin Bitсoin Cash Ethereum Liteсoin

Company information

LiteForex group includes 2 related companies.

LiteForex CY - located in Cyprus, regulated by the Cyprus Securities and Exchange Commission (CySEC).
LiteForex MH - legally registered entity located in the Marshall Islands, but not regulated by any government agency.

Be aware, CY company has some trading restrictions because of the European Securities and Markets Authority (ESMA) influence.
At the same time, MH company accepts European traders, so one can open a trading account there.

Availability

LiteForex group accepts clients from all over the world, excluding USA, Belgium and some third-world countries.

Distinctive features

Trading instruments

Forex broker offers the following underlying assets for trading.

55+ Currency Pairs Based on major and minor world currencies.
23 Crypto Pairs Based on BitCoin, Bitcoin Cash, Ethereum, Litecoin, Dash, Eidoo, Iota, Monero, Metaverse, EOS, NEO, OmiseGO, Ripple, Santiment, Zcash.
11 Indice CFDs Based on baskets of different blue-chip stocks.
2 Metal CFDs Based on Gold and Silver.
2 Energy CFDs Based on Crude Oil (WTI, Brent).
45+ Stock CFDs Based on shares of US and RU companies.

Comprehensive review

LiteForex is a forex broker based out of Cyprus and the Marshall Islands. In Cyprus, the broker is registered under the name Liteforex (Europe) Limited, and regulated by the Cyprus Securities and Exchange Commission (CySEC). As always in the EU, CySEC is in turn subject to oversight by the European Securities and Markets Authority (ESMA).

In the Marshall Islands, on the other hand, LiteForex is completely unregulated by any financial regulator, which means that it is free to offer pretty much whatever trading conditions it deems appropriate. The registered business name in the Marshall Islands is LiteForex Investments Limited.

Although LiteForex explicitly states on its website that LiteForex Investments Limited - the Cayman Islands-based branch - does not accept clients from any EU/EEA country, there are examples of EU-based traders who have successfully signed up with this branch of the broker.

What this essentially means is that EU-based traders, who would normally be assigned to trade with the Cyprus-regulated entity, instead can choose to open an account with the entity based in the Marshall Islands. This way, European traders can easily circumvent the very strict ESMA regulations that severely restricts trading leverage in Europe.

The underlying trading assets offered by LiteForex includes what is actually a pretty good selection of more than 50 FX pairs, as well as more than 20 different cryptocurrency pairs. In addition, the broker gives its clients the chance to trade the stocks of more than 40 large American companies, as well as major stock indices and various commodity CFDs.

All trading instruments offered by LiteForex can be traded on either the MetaTrader 4 or 5 (MT4/MT5), which are the only two trading platforms offered by the broker. While this may seem boring to some traders, it does ensure a smooth transition from other brokers for traders who are already used to those platforms. Another nice benefit of sticking with MT4 & 5 is that it ensures access to the very wide selection of Expert Advisors (trading algorithms) that exist for both platforms, both as paid and free trading strategies.

LiteForex gives clients the choice between signing up with an ECN (electronic communications network) account or a regular “Classic” account. While the ECN account by far provides the tightest spreads, it does come with commission fees on all transactions. Meanwhile, the Classic account comes with much wider spreads but commission-free trades.

As one might imagine, the ECN model usually turns out as more favorable for traders with large trading accounts, while the Classic forex trading account is more suitable for small traders and beginners in the forex market.

All trading accounts with LiteForex can be funded via all the usual funding methods such as major credit & debit cards, bank wire transfers, as well as e-wallet services Skrill and Neteller. In addition, LiteForex has added a whole range of other payment systems that they accept as funding methods, including the popular cryptocurrencies Bitcoin, Bitcoin Cash, Litecoin, and Ethereum.

LiteForex’s customer service is available 24 hours a day via live chat on the company’s website. Another unique thing about LiteForex is that they have also set up dedicated groups and online chats for its own community where traders can talk and help each other out with various issues. Lastly, support can also be reached via a UK-registered phone number that is open from 9 AM to 9 PM (GMT+2) Monday to Friday.

To sum it all up, we consider LiteForex to be a decent choice as a broker for anyone who prefers to stay on either the MetaTrader 4 or 5. Given the fact that EU-based traders may be able to sign up with the offshore-based branch of LiteForex, trading leverage can also potentially be quite high with this broker. Unfortunately, however, spreads are still relatively high with LiteForex compared to several of its competitors.

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