LiteForex is yet another broker with a suspicious regulation and an offshore entity. For clients to fully understand who they’re dealing with, we prepared this unbiased LiteForex review.
After exposing all of the facts related to this illicit operation, we believe you will change your mind regarding the broker. Let’s start!
|Broker status:||Regulated Offshore Broker|
|Regulated by:||CySEC (Offshore entity)|
|Operating Status:||Alleged Forex Scam Broker|
|Blacklisted as a Scam by:||N/A|
|Broker Owner:||Liteforex Ltd or LiteFinance Global LLC|
|Headquarters Country:||Cyprus and Saint Vincent and the Grenadines|
|Trading Platforms:||MT4, MT5|
|LiteForex Minimum Deposit:||$50|
|Crypto Assets:||BTC, ETH, XRP (Total 12 cryptos)|
|Available Trading Assets:||Forex (FX), Commodities, Indices, Cryptocurrencies|
|Free Demo Account:||Yes|
|Accepts US clients:||US traders are not accepted|
LiteForex Regulation and Licensing Details
Of course, we’ve checked is LiteForex a regulated brand and who’s the owner. Behind the whole operation, we have Liteforex Ltd from Cyprus and LiteFinance Global LLC from Saint Vincent and the Grenadines.
The first of them has a regulation by CySEC, number 093/08. On the other hand, SVG LiteForex regulation doesn’t exist since it’s an offshore zone, and FSA SVG is not a real regulator. Instead, it’s a register.
Beware that you can be assigned to any of the entities at any given moment since the broker has the discretionary right to decide.
LiteForex Trading Platform Review – Trading Software
As it suits CySEC regulated brokers, the company trading platform is MetaTrader. The broker offers both MT4 and MT5 along with the mobile app. Depending on the entity, you will get a leverage of up to 1:30 or 1:500 if you are registered with an offshore brand.
LiteForex MT4 and MT5
Meanwhile, LiteForex MT4 is one of the best platforms in the industry, as any MT4. The platform is the favorite of many traders thanks to a high number of indicators and a vast number of trading features. Also, fast trade execution is rather appreciated.
On the other hand, we have a newer MetaTrader version, LiteForex MT5. This platform is more similar to a web trader but managed to keep all of the MT4 indicators. Therefore, if you’re a fan of web traders, consider using MT5 instead.
LiteForex App – Is Mobile Trading Available?
First of all, mobile app is available for both Android and iOS devices, and the link is provided on the broker’s website. It’s available in 8 different languages, but it looks like not all of the assets can be accessed via mobile phone.
LiteForex Copy Trading
Broker copy trading system implies a system where traders can copy trades from the most successful investors and profit this way. Copy trading or social trading is available in Demo mode as well.
In Which Countries Does This Broker Work?
Depending on the entity you belong to, the broker has different permissions. The CySEC regulated entity can operate within the EEA zone, including the UK, since it’s on a temporary regime, waiting for the FCA license. Besides, it can operate in the Marshall Islands, Saint Vincent and the Grenadines, Switzerland, and UAE.
The offshore entity has restrictions from providing services in the EEA zone.
Both of the entities do not operate in the:
LiteForex USA Traders
For now, LiteForex USA traders will have to wait since none of the entities has not been permitted to operate anywhere on US soil.
Assets You Can Trade With LiteForex Broker – Trading Instruments
The broker offers a solid range of trading assets, including:
- 46 currency pairs – all the majors, crosses, and minors such as ZAR/USD
- 7 commodities – 5 metals and 2 energies
- 11 indices from major US, EU, and Asian markets
- CFDs on NASDAQ and NYSE
- 11 cryptocurrencies
However, it’s still a lot weaker than some of the regulated brokers.
LiteForex Spreads, Leverage & Fees
LiteForex spread depends mostly on the account type. For example, the EUR/USD pair on the ECN account starts from 0.2 pips, while the on Classic account starts from 2.2 pips. The leverage depends on the entity. A regulated entity provides up to 1:30, complying with CySEC, while an offshore entity provides up to 1:500.
On the ECN account, the broker takes a commission of $5 on all of the accounts in other currencies, while for the Classic account, there are no fees besides spreads and swaps.
LiteForex Trading Accounts – Account Types
Although, there are only two regular account types:
- ECN account
- Classic account
LiteForex’s minimum deposit for both accounts is $50, and the main difference is the spread.
LiteForex Demo Account
Meanwhile, demo account is only available for the MT4 platform, offering the same terms as the ECN account. You will have a chance to practice the live conditions of this particular account and check if the platform is suitable for you.
Besides, the broker offers Islamic swap-free accounts as well.
LiteForex Classic Account
LiteForex Classic account requires a minimum deposit of $50, as the ECN, but there’s a difference in the spread. Spread starts with 1.8 pips for this account type, while there’s no fixed annual return on investment.
LiteForex ECN Account
LiteForex ECN account, on the other hand, has a spread starting from 0.0 pips and a promised return of a minimum of 2.5% annually. However, this account comes with a commission of $5 per lot on currencies other than USD and cryptocurrencies.
Negative Balance Protection
On both platforms and account types, LiteForex broker offers negative balance protection. Once the trader loses funds, the account is automatically resetting to zero, preventing a negative balance.
- In addition to this, we encourage you to read our recently updated AlpsMarkets and InstaForex broker reviews.
LiteForex Deposit and Withdrawal Methods
There are several payment methods broker accepts, including:
- Wire transfer
- Perfect Money
All of the methods are free of charge and available for withdrawals as well.
LiteForex Scam – Amateur Traders Targeted
Using its copy trade and other features, LiteForex is mainly targeting newcomers to trading. Since they have official CySEC regulation, they do not mention their offshore entity before assigning clients there.
Once assigned, clients will have entirely different trading conditions and higher leverage and will belong under different regulatory jurisdictions where the payout is nearly impossible.
Have You Been Affected by a LiteForex scam? – Talk to Our Experts
Suppose you were involved or scammed by LiteForex. Let us know what happened. Global Fraud Protection received numerous complaints about the broker and managed to find a proper solution. You’re not the only victim of the LiteForex scam, and we want to help you out.
Contact our support department via online chat and let us know what happened. We will find a refund solution together!
Don’t Let the Scammers Go Away for Free!
What is LiteForex, and Should I Invest Money in it?
It is an online trading brokerage with entities in Cyprus and Saint Vincent and the Grenadines.
Is LiteForex regulated and licensed?
This brokerage platform is regulated by CySEC, while its offshore entity has no regulations.
Are My Funds Safe with LiteForex?
Since the broker has an unregulated offshore entity, your funds are not safe with LiteForex.
Does LiteForex Offer a Demo Account?
Yes, company provides a Demo account for the MT4 platform so traders can practice investing.
What products does LiteForex offer?
Broker offers trading with currency pairs, commodities, indices, and cryptocurrencies.
Is LiteForex Available in the United States?
No, this brakerage company is not available for traders coming from the USA, Japan, and Israel.