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LiteForex Review 2024

By:
Plamen Stoyanov
Updated: Apr 15, 2024
Overall Rating
3.8
  • Trust
    3.2
  • Fees
    2.6
  • Platforms and Tools
    4.3
  • Tradable Instruments
    2.7
  • Customer Support
    4.6
  • Research
    4.2
  • Deposit and Withdrawal
    4.9
  • Account Types and Terms
    4.9
  • Education
    4.9
  • How Did We Test and Rate This Broker?
    When trading forex and CFDs, understanding a broker's strengths and weaknesses is essential. We developed a proprietary rating system, which is the result of extensive research and hands-on evaluation by our expert reviewers. With a rigorous approach, our reviewers manually assess each broker, investing more than 50 hours per review, checking and testing the broker while analyzing over 250 variables to simplify the broker selection process for you. The categories we evaluate include trustworthiness, trading platforms, customer support, regulatory oversight, spreads, fees, the variety of instruments offered, education, and research tools. This unique rating system is specifically developed to ensure that the assessment is based on firsthand knowledge and experience. By dedicating a significant amount of time to each review, our team of experts can provide in-depth insights and help you make well-informed decisions when choosing the broker that best suits your trading goals.
    Chart

    Our Take on LifeForex

    Founded in 2008, LiteForex is a forex and CFD broker based in Cyprus, authorized by CySEC. It supports the MetaTrader 4 and 5 platforms and offers VPS hosting for low-latency trading.

    LiteForex stands out for its social trading capabilities, extensive educational and research materials, and strong safety features, making it an excellent choice for beginners.

    However, LiteForex’s range of instruments is somewhat limited, with an absence of share CFDs and cryptocurrencies. While the spreads on its Classic account are relatively high, the ECN account type offers more competitive trading fees.

    Overall, LiteForex is deemed suitable for novice traders, day traders, and those interested in algorithmic trading.

    LifeForex Pros and Cons

    Pros Cons
    • Copy trading
    • Tight margin policy 
    • VPS hosting
    • Robust supporting content
    • Versatile mobile app
    • No Share CFDs
    • High spreads

    Verdict: Is LiteForex Right for You?

    When we review a broker, we assess its suitability for implementing a wide variety of trading strategies. I evaluated LiteForex’s performance for each category below:

    Casual Trading

    Acceptable Choice: LiteForex offers demo accounts, extensive educational and research materials, and a low minimum deposit requirement ($50). The broker also gives its clients the freedom to choose between three platforms (MetaTrader 4&5 and its proprietary platform powered by TradingView).

    Social and Copy Trading

    Acceptable Choice: The broker facilitates an environment where strategy followers and strategy providers can interact with each other. It is available in LiteForex’s copy trading environment through the “Investing” section on the website.

    Swing Trading

    Not Recommended: LiteForex’s swap charges are average to high compared to the industry average, which is not good for the purpose of holding a position open for multiple days. Additionally, the broker has an extremely limited instruments offering.

    Day Trading

    Acceptable Choice: Even though its spreads exceed the industry average, there are some exceptions (FX Majors). The broker offers a standard suite of MetaTrader platform – the go-to for day traders. Additionally, the LiteForex proprietary platform has fluid and feature-rich charts from TradingView. Additionally, the broker offers actionable trading signals from third-party research providers.

    Scalping

    Acceptable Choice: I measured LiteForex’s average execution speed at around 63 milliseconds, though much faster speeds are available with its VPS hosting. While the broker offers versatile platforms with features necessary for scalping, such as one-click trading and low timeframes, the above-average costs are a major obstacle for scalping.

    News Trading

    Acceptable Choice: The broker offers actionable trading ideas and robust research content. LiteForex’s VPS offering affords low-latency trading. However, its above-average trading costs make it less than ideal for high-frequency trading.

    Automated Trading

    Not Recommended: LiteForex provides VPS hosting on a subscription basis, enabling MT5 users to achieve fast execution speeds of under 2 milliseconds. However, it lacks FIX API for direct market access and does not support specialized software for programming trading strategies, like Capitalise.ai. Additionally, LiteForex’s trading fees are higher than average.

    Investing

    Not Recommended: LiteForex does not offer any dividends-paying instruments (e.g. real stocks), meaning that traders cannot build portfolios meant to increase in value in the future.

    LiteForex Highlights for 2024

    • Mixed Protections: While the Liteforex (Europe) Ltd entity, which is regulated by CySEC, ensures a high safety level, the unregulated LiteFinance Global LLC has much weaker protection.
    • TradingView-Powered Platform: LiteForex has developed its own trading platform with integrated TradingView, offering advanced charting and a range of analytical tools for technical analysis.
    • Robust Research and Education: LiteForex provides extensive supporting materials, including content from Claws&Horns, multiple trading signals, in-house market breakdowns, as well as educational guides, books, and videos.
    • Safety Mechanisms: The broker has a margin call at 100% and a stop-out level at 50%. This combination is quite tight and protects inexperienced traders against adverse volatility.
    • Variable Fees: The fees of the broker’s Classic account exceed the industry average, while the ECN account features more affordable prices.
    • Narrow Instruments Offering: Clients of LiteForex can trade with only 73 assets. There are no share CFDs, cryptocurrencies, ETFs, bonds, futures, or options.

    What Sets LiteForex Apart?

    LiteForex stands out with its beginner-friendly services. The broker offers extensive supporting content, multilayered safety mechanisms, and fast but basic customer support. Its accounts are quite accessible with a low minimum deposit requirement of only $50, and at the same time, clients can choose from multiple supporting tools.

    I performed my tests on a Classic trading account using the desktop versions of MetaTrader 5 and the broker’s proprietary platform. I also tested LiteForex’s proprietary mobile app. The account was opened with the broker’s Liteforex (Europe) Ltd entity. Some features and services may vary depending on where you reside and which entity you open an account with.

    LiteForex Main Features

    ☑️ RegulationsCySEC (Cyprus)
    🗺 Supported Languages
    English, Russian, Indonesian, Portuguese, Spanish, Malaysian
    💰 ProductsCurrencies, Indices, Commodities
    💵 Min Deposit$50
    💹 Max Leverage1:30 (CySEC )
    🖥 Trading Desk TypeSTP, No dealing desk
    📊 Trading PlatformsMT5, MT4, Proprietary
    💳 Deposit OptionsWire Transfer, Skrill, Neteller, Credit Card
    💳 Withdrawal OptionsWire Transfer, Neteller, Skrill, Credit Card
    🤴 Demo AccountYes
    🗓 Foundation Year2008
    🌎 Headquarters CountryCyprus
    Risk DisclosureCFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

    LiteForex Full Review

    Trust

    3.2
    How Did We Test the Broker's Trustworthiness?
    Assessing a broker's trustworthiness with your funds is vital. To help you make the right decision, we carefully checked each broker's regulatory license and examined how well they protect traders. Moreover, we looked at the broker's stability by studying their business history, corporate structure, and industry experience. Finally, we thoroughly reviewed all of the broker's legal documentation, including terms, conditions, and fees, and evaluated their transparency based on our analysis. Our hands-on approach ensures that even novice traders have the knowledge they need to make smart decisions.
    trust chart

    LiteForex operates two brands. Liteforex (Europe) Ltd is regulated in Cyprus by CySEC, and LiteFinance Global LLC is unregulated. I discovered that the European entity of the broker adheres to all essential safety requirements, such as ensuring negative balance protection and a compensation scheme. The broker also has very tight margin call and stop-out policies.

    Entity Features Liteforex (Europe) Ltd LiteFinance Global LLC
    Country/Region Cyprus, Limassol St. Vincent and the Grenadines, Kingstown
    Regulation  CySEC Unregulated
    Tier 1 NA
    Segregated Funds Yes Yes
    Negative Balance Protection Yes Yes
    Compensation Scheme Up to EUR 20,000 under ICF No
    Maximum Leverage 1:30 1:1000

    LiteForex Regulations

    In our reviews, we examine the licenses and regulations of each entity operated by a broker, allowing us to compare their different levels of protection. We rank licenses by various regulatory bodies on a three-tier system, where Tier-1 licensing indicates the highest level of regulation.

    This is what I discovered about the two entities operating under the LiteForex trade name:

    • Liteforex (Europe) Ltd is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 093/08. We rate CySEC as a Tier 1 regulator.
    • LiteFinance Global LLC is incorporated in St. Vincent & the Grenadines as a Limited Liability Company with registration number 931 LLC 2021. The entity is unregulated.
    Liteforex (Europe) Ltd’s licensing info at cysec.gov.cy
    Liteforex (Europe) Ltd’s licensing info at cysec.gov.cy

    Why is it Important to Know Where Your Broker’s Subsidiaries are Regulated?

    Brokers operate multiple entities because it allows them to serve clients worldwide. However, licenses obtained by regulators in different jurisdictions do not always entail the same degree of protection.

    Some regulators mandate compliance with the strictest financial frameworks, whereas others are less rigid. That is why traders must familiarize themselves with the safety mechanisms ensured by the entity they want to open an account.

    Here is what you need to be looking for in a broker in terms of safety mechanisms:

    • Segregation of client funds. Keeping client funds in segregated bank accounts from the ones used for the broker’s corporate capital negates the risk of accounting errors. All LiteForex entities ensure segregated client funds.
    • Negative balance protection. This safety mechanism removes the risk of trading losses exceeding the account balance. In other words, the losses you incur from trading are capped at the amount you have put in your trading account. Negative balance protection is available with all LiteForex entities.
    • Compensation scheme. A compensation scheme protects traders against the broker’s liabilities if the company becomes insolvent. LiteForex’s European entity has such a compensation scheme – up to EUR 20,000 under the Investors Compensation Fund (ICF).
    • Maximum leverage. Capping the maximum leverage restricts the extent of market exposure to retail traders. The higher the leverage, the higher the potential profits and potential losses. The maximum leverage with LiteForex is 1:1000, which is available with the offshore entity of the broker.

    Stability and Transparency

    In our Trust category assessments, we evaluate factors tied to stability and transparency, including the broker’s longevity, company size, and the transparency of information provided.

    I evaluated LiteForex as a transparent broker. Its license from CySEC is easily discoverable on the website, and traders can verify it fairly quickly. I also went over the broker’s legal documents and assessed that everything was in order. Its Client Agreement is exhaustive and written in easy-to-understand language.

    I did not discover any major discrepancies, and all essential safety information is readily available. I also concluded that LiteForex is pretty upfront about its trading fees. Furthermore, the costs mentioned on the website match the live quotes on the platform.

    Is LiteForex Safe to Trade With?

    I concluded that LiteForex can be considered as safe to trade with based on the following factors:

    • Licensed by CySEC
    • Adheres to all essential safety requirements
    • Has a very tight margin call and stop-out policy
    • Provides transparent legal documents

    Fees

    2.6
    How Did We Test the Broker's Fees and Commissions?
    Broker commissions and fees can be challenging to understand. To simplify this for you, we carefully examined all the broker's fee-related documentation and presented it in a clear, easy-to-understand format. Furthermore, we conducted hands-on tests on spreads and commissions for the most common instruments during both London and New York trading sessions. We then compared these real-time test results to the market benchmark we've established through our extensive experience evaluating the industry.
    fees chart

    I assessed that spreads and swaps in the Classic account exceed the industry average. More competitive prices can be found on the raw spreads ECN account. Swap-free trading is available via the broker’s Islamic Accounts. LiteForex does not charge deposits or withdrawals.

    LiteForex Trading Fees

    LiteForex Spreads

    I tested LiteForex’s spreads on 2 April 2024 during the London and the New York open. The results are shown in the table below:

    Instrument Live Spread AM Live Spread PM Industry Average
    EURUSD 2.1 pips 2.0 pips 1.08 pips
    GBPJPY 7.6 pips 7.8 pips 2.44 pips
    Gold (XAUUSD) 77 pips 70 pips 42 pips
    Crude Oil 0.09 pips 0.11 pips 0.03 pips
    Apple Not Available Not Available 0.33 points
    Tesla Not Available Not Available 0.50 points
    Dow Jones 30 6.1 basis points 5.9 basis points 3.3 basis points
    Germany 40 5.5 basis points 5.5 basis points 2.4 basis points
    Bitcoin Not Available Not Available $35.5

    Broken down by asset class and compared to the industry average, LiteForex charges high spreads on instruments across all asset classes for the Classic account. The raw spreads from 0.0 pips on the ECN account are much lower and generally fall below the industry average.

    LiteForex Commissions (ECN Account)

    The table below shows the commission rate (round-turn) per traded lot on instruments from different asset classes:

    Asset Class Commission Rate
    FX Majors $10
    FX Minors $30
    FX Crosses $20
    Metals  $20
    Energies $0.5
    Indices $5

    Generally, only the $10 commission on FX Majors falls below the industry average. Accordingly, the most favorable prices are available when trading FX majors on LiteForex’s ECN account type.

    LiteForex Swaps

    A swap fee is a trader’s cost for holding an open position overnight because of changing interest rates. Swap long refers to the charge deductible or credit receivable for holding a buy position open overnight. In turn, swap short relates to the charges/credits deductible or receivable for holding a selling position open overnight.

    The values listed below are for one full base currency contract (100,000 units).

    Instrument Swap Long Swap Short
    EURUSD Charge of $8.44 Credit of $2.58
    GBPJPY Credit of $11.01 Charge of $25.31

    My findings indicate that the broker charges average-to-high swaps compared to the industry average. This combination is not particularly suitable for longer-term trading strategies (swing trading and position trading).

    LiteForex Non-Trading Fees

    Dormant accounts are charged an inactivity fee of $3, which is quite low. Deposits and withdrawals are cost-free with LiteForex, though third-party banking fees may apply. This is only true for withdrawals, as the broker reimburses its clients for any processing fees incurred when depositing.

    Accounts Comparison

    I have compiled the table below to help you better understand the difference between the trading fees of LiteForex’s two account types and the industry average. It illustrates the spreads and commissions I have recorded for the EUR/USD pair and compares them against the typical costs for ECN and STP accounts in the industry at large.

    The table demonstrates how much you would have to pay to trade 1 full lot (100,000 units) in EUR/USD with a pip value of $10 for each account.

    To calculate the cost of such a full-sized trade, I used this formula: Spread x pip value+commission

    Account Type* Min. Deposit Requirement Spread Commission** Net Cost
    Classic $50 2.0 pips $0 $20
    ECN $50 $0.0 $10 $10
    Typical STP NA 1.2 pips $0 $12
    Typical ECN NA 0.2 pips $6 $8

    *The numbers in this chart are only illustrative and subject to change over time

    **Round-turn commission

    I discovered that LiteForex’s Classic account features trading costs that are nearly twice as high as the fees on the ECN account. The latter offers slightly more competitive prices than the typical STP account, but it falls behind the typical ECN account type.

    Are LiteForex’s Fees Competitive?

    LiteForex’s trading fees generally exceed the industry average. Its swaps are elevated and not particularly suitable for longer-term trading. The spread rate on the Classic account is considerably higher than the industry average. This is offset in the ECN account, which features raw spreads from 0.0 pips and varying commissions.

    Platforms and Tools

    4.3
    How Did We Test the Broker's Trading Platforms?
    We understand that platforms play a crucial role in your trading experience. That's why we spent many hours testing the broker's web, desktop, and mobile trading platforms to gain a real understanding of their usability, functionality, and overall performance. From experimenting with different order types to testing execution speeds, charting, and other features, we thoroughly examined every aspect of these platforms based on our trading expertise, helping you make an informed choice.
    platforms chart

    LiteForex incorporates a standard suite of the popular MetaTrader 4 and 5. It also has a proprietary platform with charts powered by TradingView. All the platforms can be used to carry out basic technical analysis and order execution. LiteForex also offers VPS hosting, which can be helpful for automated trading.

    Platform/Tool Suitable For
    MetaTrader 4 Simple order execution, automated trading
    MetaTrader 5 Simple order execution, automated trading, strategy testing
    LiteForex platform Enhanced price action examination
    VPS Hosting Low-latency trading

    The Desktop Version of LiteForex’s MetaTrader 5 Platform

    In this review, I tested the MetaTrader 5 platform, which features multiple essential tools, such as one-click trading, an alarm setting option, and a market depth tool. These allow traders to examine various market developments from different angles and to exploit the underlying trading opportunities in multiple ways.

    MetaTrader 5’s depth of markets tool
    MetaTrader 5’s depth of markets tool

    MT5 is arguably best suited for automated trading via its Expert Advisors (EAs) feature. The platform also has an intuitive strategy tester, allowing experienced algo traders to tweak the parameters of their strategies so that they can be used under different market conditions. For low-latency algorithmic trading, clients of LiteForex can take advantage of the broker’s VPS offering, affording execution speeds of below 2 milliseconds.

    LiteForex’s VPS hosting conditions
    LiteForex’s VPS hosting conditions

    Additionally, MetaTrader 5 has an intuitive mobile app, which helps traders stay connected to the global capital markets even on the go. LiteForex has also developed a mobile app of its own.

    General Ease of Use

    MetaTrader’s main panel
    MetaTrader’s main panel

    MT5’s layout is pretty straightforward. Account info is displayed at the bottom of the screen; charts occupy the middle portion of the window; a watch list of selected instruments and tools screen is positioned on the left side of the window; and a panel with various settings and configurations can be found at the top of the window.

    Charts

    I consider the charts screen a platform’s most important feature. It facilitates technical analysis by providing an overview of price action behavior. Chart artists use many analytical tools and chart configuration possibilities to examine it from multiple angles. In my experience, the really important aspect of a chart is how easy it is to scale price action up and down.

    MetaTrader 5’s chart window
    MetaTrader 5’s chart window

    As shown above, the problem with MetaTrader is that the charts can be crowded quite easily, even when we add no more than 2 indicators. This obscures price action behavior and makes it more difficult to conduct probing technical analysis.

    I have broken down the available analytical tools and chart configurations below:

    • 38 technical indicators. The platform supports trend-based, volume-based indicators, oscillators, and more. These can be applied to study price action behavior and determine the underlying market sentiment. In general, technical indicators are used to gauge where the market is likely to head next.
    • 24 drawing tools. Drawing tools, such as Fibonacci retracement levels and Elliott waves, are used to study repeatable price patterns. Additionally, they can be applied to determine key support and resistance levels and potential breakout or breakdown levels. Despite the rather big collection of drawing tools, the ruggedness of MT5 makes it difficult to discern price action behavior.
    • 21 timeframes. One of the standout features of MetaTrader 5 is its vast array of timeframes. MT5 allows multi-timeframe analysis of price action behavior. The greater the number of timeframes, the more intricate examinations that can be carried out across the short-term and long-term.
    • 3 chart types. Price action can be represented as a line, bars, or candlesticks. This diversity makes it possible to examine potential trading opportunities from different angles.

    Orders

    I have broken down the available order types on the MetaTrader 5 platform below:

    • Market orders. Market orders are used for immediate entry at the best possible price. If triggered, they guarantee volume filling, though there could be a discrepancy between the requested price and the price where the order gets filled.
    • Limit orders. Unlike market orders, limit orders guarantee exact price execution. However, a limit order will not be filled if the price action does not reach the pre-determined execution price.
    • Stop orders. They are used to support open positions by limiting the maximum loss that can be incurred if the market turns in the opposite direction. A stop-loss order is placed at a fixed price below or above the spot price. If the market does indeed turn and triggers the stop-loss, it will transform into a market order and get filled at the best possible price.

    My Key Takeaways After Testing the MetaTrader 5 Platform

    In my opinion, MT5 is a good option for fast and simple order execution. On the other hand, its dated and rugged design falls short compared to newer, sleeker platforms. As a trader who prioritizes flexible chart scaling, I find MT5’s charting capability too rigid and less effective.

    LiteForex’s Platform

    The main panel of LIteForex’s proprietary platform
    The main panel of LIteForex’s proprietary platform

    LiteForex’s platform is much more fluid in comparison to MetaTrader, especially its charts, which are powered by TradingView.

    Trading View offers advanced charting capabilities and multiple analytical tools for carrying out advanced technical analyses. As a chart artist, I have always valued platforms with detailed and versatile charts, and LiteForex’s platform is one such station.

    Copy Trading

    Traders can access LiteForex’s copy trading environment from the ‘Investing’ section of the website. The performance of all the available trading strategies is presented in the ‘Traders Ranking’ subsection.

    You can find ‘profitability,’ ‘lifespan,’ and ‘equity’ parameters that are especially important, allowing trader to understand the strategy’s performance over time. However, the ranking at LiteForex lacks ‘maximum dropdown’ and ‘average dropdown’, which are necessary for estimating the trading risk associated with each strategy.

    LiteForex’s copy trading rankings
    LiteForex’s copy trading rankings

    LiteForex’s Mobile App

    LiteForex’s mobile app affords quick and easy access to the market on the go. It’s very useful for opening, terminating, and adjusting open positions.

    The market is continually evolving, marked by periodic surges and declines in volatility. For this reason, staying on top of the latest market developments is crucial, a task made simpler through the mobile app version of LiteForex.

    You can also use the app to place market, limit, and stop orders, as well as to adjust the exposure of your open trades.

    Charts window (first), watch list (second), orders screen (third), research content (fourth)
    Charts window (first), watch list (second), orders screen (third), research content (fourth)

    My Key Takeaways After Testing LiteForex’s Mobile App

    I found the app quite versatile and beginner-friendly. Most apps suffer from the same underlying problem – having to compress complex data on low-resolution devices, which usually makes it quite difficult to discern. But LiteForex’s app retains the web trader’s sophisticated look and feel. It is a great tool for making quick trading decisions, as it incorporates comprehensive research materials and tools.

    Tradable Instruments

    2.7
    How Did We Test the Broker's Tradable Instruments?
    For this section, we examined the broker's market offering, assessing the variety and depth of instruments and asset classes available for trading. Through our proprietary database, we then compared the results with other brokers. This comprehensive analysis allows you to determine if the broker offers the specific instruments and trading options you're looking for.
    tradable_instruments chart

    LiteForex has an extremely limited instruments offering. While it provides a decent amount of forex pairs, commodities, and indices, there are no share CFDs, cryptocurrencies, or other lower-risk securities like ETFs and bonds.

    Markets  Industry Average Types Contract Types
    56 Currency Pairs 30 – 75 Majors, Minors, Crosses Spot
    6 Commodities 5 – 10 Metals and Energies Spot
    11 Indices 5 – 10 Europe, US, UK, Asia, Other Spot

    Compared to the industry average, LiteForex offers an average amount of forex pairs and commodities, and a high amount of indices. But the overall offering is pretty narrow.

    What Are CFDs?

    Contracts for difference (CFDs) are derivatives used to speculate on the underlying asset’s price without physical delivery.

    For example, a long position on gold would generate profit as the price rises or incur a loss as it falls, all without the need to purchase actual gold bars.

    One of the biggest advantages of trading CFDs is that traders can get in and out of the market almost instantaneously, thereby catching even minute changes in the price of the derivative.

    What Can You Trade With LiteForex?

    Forex Commodities
    EURUSD | GBPJPY | AUDCAD | GBPCHF | USDJPY | EURAUD Gold | Crude Oil | Platinum | Palladium | Silver | Brent Oil
    Indices
    Nasdaq 100 | Japan 225 | Germany 30 | UK 100 | France 40 | Hong Kong 50

    My Key Takeaways After Exploring LiteForex’s Instruments Offering

    LiteForex’s instruments lack both scope and diversity. The broker offers 73 instruments in total, notably lacking any share CFDs and cryptocurrencies. On the one hand, the broker should be praised for offering plenty of minor forex pairs, such as USDTRY, USDMXN, and GBPSEK. However, it lacks any lower-risk securities.

    I thus concluded that LiteForex’s instruments offering is mostly suited for day trading, but it cannot be used for hedging.

    Customer Support

    4.6
    How Did We Test the Broker's Customer Support?
    Traders often underestimate the importance of customer support, yet it proves to be a critical aspect during times of crisis. We put the broker's customer support to the test ourselves using all possible channels, such as chat, phone, and others. Our evaluation focused on the accessibility of live agents, as well as the helpfulness and professionalism of their responses. This way, we provide you with comprehensive insights into whether a broker can deliver full support when you need it most.
    customer_support chart

    LiteForex offers multilingual support available 24/5 via live chat, email, and phone. Help is available in 8 languages. Agents respond fairly quickly to queries and have a basic understanding of LiteForex’s services.

    Customer Support Channels

    Live Chat Phone Email
    24/5 from the website +357-25-750-555 support@liteforex.eu 
    Available languages English, Polish, German, Spanish, French, Russian, Portuguese, Italian

    Customer Support Test

    When we test a broker’s customer support, we evaluate the agent’s knowledge of their own website, how long it takes them to respond to questions, and how detailed their answers are.

    I conducted my customer support test on April 3 at around 10:15 a.m. CET via live chat. I inquired about the withdrawal fee, execution model, and commission policy.

    An agent connected to the chat within seconds. Their responses were prompt but basic. The agent quickly answered the first and simplest question but appeared to struggle with more complex inquiries. Thus, I concluded that LiteForex’s customer support is good but could be improved.

    My conversation with LiteForex’s support team
    My conversation with LiteForex’s support team

    Deposit and Withdrawal

    4.9
    How Did We Test the Broker's Deposit and Withdrawal Process?
    The deposit or withdrawal process can be tricky since you may encounter hidden fees or longer than expected processing time. To assess the broker's offerings, we examined their deposit and withdrawal options and conditions. Using our proprietary database, we then compared these results with those of other brokers.
    deposit chart

    LiteForex processes most payment requests between several minutes to several business days, depending on the chosen payment method. The broker does not charge deposits and even compensates the client for any third-party banking fees. LiteForex also does not charge a handling fee for withdrawals, but external fees may apply.

    LiteForex Deposit Methods

    Payment Method Currency Fee Processing Time
    Bank Wire EUR, USD, GBP, CHF, CAD, AUD, NZD, JPY $0 2-5 business days
    Credit/Debit Card EUR, USD, GBP, CHF, CAD, AUD, NZD, JPY $0 Instant
    Skrill EUR, USD, GBP, CHF, CAD, AUD, NZD, JPY $0 Instant
    Neteller EUR, USD, GBP, CHF, CAD, AUD, NZD, JPY $0 Instant

    LiteForex Withdrawal Methods

    Payment Method Currency Fee Processing Time
    Bank Wire EUR, USD, GBP, CHF, CAD, AUD, NZD, JPY $0 2-5 business days
    Credit/Debit Card EUR, USD, GBP, CHF, CAD, AUD, NZD, JPY $0 3-5 business days
    Skrill EUR, USD, GBP, CHF, CAD, AUD, NZD, JPY $0 Instant
    Neteller EUR, USD, GBP, CHF, CAD, AUD, NZD, JPY $0 Instant

    Account Types and Terms

    4.9
    How Did We Test the Broker's Account Types and Terms?
    When it comes to achieving your trading goals, choosing the proper account is essential. We initiated our evaluation by personally opening an account with the broker, which allowed us to gain firsthand experience of the process and accurately asses, how fast and easy it is. In addition, we carried out an in-depth analysis of the account types and features offered by the broker, including spreads, maximum leverage, minimum deposits, and more. For a comprehensive comparison, we turned to our proprietary database and examined how this broker's account offerings and processes stacked up against other brokers.
    account chart

    LiteForex offers two retail account types – Classic and ECN – both with a minimum deposit of $50. Traders can choose between EUR, USD, GBP, and PLN as a base currency. Swap-free trading is available via the broker’s Islamic accounts.

    LiteForex Account Opening Process

    LiteForex’s account registration form
    LiteForex’s account registration form

    To create an account with LiteForex, please follow these easy steps:

    • Step 1. Click ‘Registration’ at the top-right corner of the main page.
    • Step 2. State your country of residence and date of birth.
    • Step 3. Enter your email and choose a password.
    • Step 4. Agree to the Terms and Conditions and proceed.
    • Step 5. Enter the verification code sent to the email you provided.
    • Step 6. Provide your phone number and enter the OTP number you are sent.
    • Step 7. Provide additional personal details.
    • Step 8. Upload proof of ID and proof of address to verify your account.

     

    LiteForex Account Types

    Account Types Classic ECN
    Spread From From 2.0 pips From 0.0 pips
    Commission* $0 $10
    Minimum Deposit Requirement $50 $50
    Base Currency EUR, USD, GBP, PLN EUR, USD, GBP, PLN
    Copy Trading Yes Yes
    Margin Call 100% 100%
    Stop Out 50% 50%
    Islamic Account Yes Yes
    Demo Account Yes Yes

    *Round-turn per traded lot (100,000 units)

    The ECN account offers generally more favorable conditions, though traders should mind the commission rate. For forex majors, it is set at $10 per round turn. Coupled with its raw spreads starting from 0.0 pips, this combination on the ECN account is generally better than the industry average. However, the broker charges higher commission rates on instruments from other asset classes.

    Demo Account

    LiteForex offers demo accounts that introduce traders to the broker’s services and allow them to tweak their strategies in a risk-free environment. The market is continually evolving and never static, so it is important to hone your skills in a safe environment. You can set up a demo account for yourself alongside your live CFD account.

    Islamic Account

    The broker also offers Islamic accounts for swap-free trading, as mandated under Shariah law. Traders who want to open an Islamic account need to contact LiteForex’s customer support and request the service.

    What is CFD Leverage?

    The leverage determines a trader’s overall market exposure. When trading Contracts for Difference (CFDs), positions can be opened for a fraction of their value because of the leverage. Essentially, the broker lends the trader money so that the latter can open bigger positions. The leverage multiplies the profits a trader generates from winning positions but also the losses incurred from failed trades.

    Maximum Leverage By Asset Class

    In the table below, I have listed the maximum retail leverage available with LiteForex for instruments from different asset classes:

    Asset Class Maximum Leverage
    Forex 1:30
    Metals 1:20
    Energies 1:10
    Indices 1:20

    LiteForex Accepted Countries

    Liteforex (Europe) Ltd provides services only to the residents of countries from the European Economic Area (EEA), the United Arab Emirates (UAE), and the Marshal Islands.

    Research

    4.2
    How Did We Test the Broker's Research Tools?
    Research options offered by brokers may not be seen as the most important feature for some traders, but they can provide a competitive advantage. To assess the broker's research offerings, we personally explored and tested both proprietary and third-party tools and content, such as Fundamental and Technical Analysis, Market News, educational videos, and webinars. After evaluating the availability and quality of the overall research offering, we compared the results with our benchmark to provide a comprehensive analysis of the broker's research capabilities.
    research chart

    LiteForex offers robust research content catering to the needs of novices and experienced traders alike. The broker offers market breakdowns developed in-house and also incorporates content from Claws&Horns.

    LiteForex Research Tools

    I have broken down LiteForex’s research materials by type below:

    Analytics Feed

    The analytics feed is incorporated from Claws&Horns. It is comprised of regular market updates that inform traders of currently unfolding trading setups. The content serves the function of a news screener. Each article consists of an economic breakdown and a technical setup supported by a chart.

    Analytics feed by Claws&Horns
    Analytics feed by Claws&Horns

    Trading Signals

    Incorporated from Claws&Horns, the trading signals represent actionable trading opportunities. They cover instruments across different markets and use prominent indicators (Ichimoku, Bollinger, MACD, etc). Traders can use this type of content to get a sense of the prevailing market sentiment.

    Trading signals by Claws&Horns
    Trading signals by Claws&Horns

    Analytics

    Market breakdowns developed in-house by LiteForex, and available from the website with free access to everybody. The market reviews are detailed and multifaceted containing aspects of economic analysis, fundamental analysis, and technical analysis. I appreciated that each article outlines emerging trading setups on multiple instruments.

    Economic Calendar

    Traders can use the built-in economic calendar, which is an essential tool in a trader’s arsenal. It informs traders of upcoming market events and releases that have the potential to stir price action, thereby creating viable trading opportunities.

    LiteForex’s economic calendar
    LiteForex’s economic calendar

    Trading Calculators

    The broker provides several proprietary calculators (including margin and Fibonacci) that traders can use to calculate various metrics, such as the required margin to execute a specific trade, risk factors, and profit potential.

    My Key Takeaways After Exploring LiteForex’s Research Materials

    LiteForex’s research content gives traders a multifaceted overview of the current state of the market and provides them with actionable trading signals. I concluded that the broker’s research content caters to the needs of day traders and swing traders.

    Education

    4.9
    How Did We Test the Broker's Education Offering?
    Gaining knowledge about trading in the financial markets can make the difference between success and failure. To assess the broker's educational offerings, we personally tested and evaluated the quality of the content provided, considering its relevance for both novice and experienced traders. We explored the range of materials available, such as articles, videos, webinars, and courses. After evaluating the content's volume, update frequency, and overall quality, we compared the results with our benchmark to provide a well-rounded analysis of the broker's education offerings.
    education chart

    LiteForex provides layered educational content that is well-structured and easy to understand. Beginners can choose from multiple guides, books, videos, and more to gain a firm grasp of the ABCs of trading.

    Educational Content

    I have broken down LiteForex’s educational content below:

    Educational Books

    LiteForex offers a collection of over 100 books covering a broad spectrum of topics related to trading, investing, leadership, and more. Essentially, the broker’s ebook collection acts as a library for traders seeking to explore a wide array of subjects connected to the market and trading world

    LiteForex’s e-books
    LiteForex’s e-books

    Videos

    55 past webinars are available from the client area. I found them highly detailed, covering a wide range of topics. They contain lots of practical insights, e.g. how to use intraday trading strategies, Fibonacci retracements, etc.

    LiteForex’s educational videos
    LiteForex’s educational videos

    Lessons

    LiteForex offers 31 educational lessons available from the client area. They are divided into beginner, intermediate, and advanced categories. I appreciated that the materials are supported with tests to help the reader solidify what has been learned.

    LiteForex’s educational lessons
    LiteForex’s educational lessons

    Guides

    Additionally, the broker offers a range of educational guides, which are freely available on the website. I appreciated their diversity and sharp focus on technical analysis, fundamental analysis, and trading psychology.

    LiteForex’s educational guides
    LiteForex’s educational guides

    The Bottom Line

    LiteForex is a derivatives broker founded in 2008 and headquartered in Cyprus. It operates two brands: Liteforex (Europe) Ltd is authorized by CySEC and LiteFinance Global LLC is located offshore and unregulated.

    The broker offers its proprietary platform with versatile charts from Trading View and also incorporates MetaTrader 4&5. Clients of LiteForex can also use its VPS offering for low-latency trading and engage in copy trading. Another advantage of LiteForex is its robust and extensive supporting content.

    However, the broker generally charges high trading fees on its Standard account and provides extremely limited instrument offering of about 70 assets.

    In my estimation, LiteForex is a good choice for those interested in casual trading. Namely, beginners with little or no trading experience are interested in learning more about trading and developing a robust trading system.

    FAQ

    LiteForex Europe is based in Limassol, Cyprus. LiteFinance Global is headquartered in Majuro, in the Marshall Islands.
    European entity of LiteForex is regulated by CySEC and is mandated to comply with all essential safety requirements, such as ensuring negative balance protection and segregated funds. The broker also caps the maximum retail leverage at 1:30 and provides a compensation scheme. Because of all of these factors, I determined that this entity is safe to trade with.
    Deposits can be made by bank transfer, MasterCard, Skrill, and Neteller.
    The minimum deposit is $50.
    Withdrawals can be made by bank transfer, MasterCard, SaveChange Bank Card, and Neteller.
    Transaction times may vary between 3 to 8 business days.
    At LiteForex Europe, the maximum leverage is 1:30. The offshore entity offers standard leverage of up to 1:500 and up to 1:1000 by request.
    LiteForex incorporates the standard suit of MetaTrader 4 and MetaTrader 5. It also has an intuitive web platform with charts powered by Trading View and a mobile trading app.
    LiteForex is suitable for beginners because it offers extensive educational and research materials and low minimum deposit.
    Yes, it does.
    LiteForex can be used for scalping as it achieves relatively good execution speeds, averaging around 62 milliseconds. It also offers paid VPS hosting.
    Yes, auto-trading is available via MetaTrader’s Expert Advisors (EAs) feature.
    No, LiteForex is not suitable for hedging because it does not offer any lower-risk securities.
    No, spread betting is not available with LiteForex.
    Yes, it does not.
    LiteForex operates as an STP broker without a dealing desk.
    No, LiteForex does not operate a bank.

    See LiteForex Full Information

    Headquarters CountryCyprus
    Foundation Year2008
    RegulationsCySEC (Cyprus)
    Publicly TradedNo
    Number Of Employees79
    Trading Desk TypeSTP, No dealing desk
    Trading PlatformsMT5, MT4, Proprietary
    Restricted Countries
    Svalbard and Jan Mayen, Anguilla, Aland Islands, Christmas Island, Cocos Islands, Montserrat, Niue, United States, Japan, Russian Federation, Honduras, Egypt, Samoa, Algeria, Armenia, Bahamas, Bahrain, Barbados, Belarus, Belize, Benin, Bhutan, Bolivia, Bosnia and Herzegovina, Burkina Faso, Burundi, Cameroon, Canada, Cape Verde, Chad, China, Colombia, Costa Rica, Cote dIvoire, Croatia, Cuba, Djibouti, Dominica, Ecuador, Equatorial Guinea, Eritrea, Georgia, Gabon, Ghana, Jamaica, Jordan, Kazakhstan, Kenya, North Korea, South Korea, Kuwait, Kyrgyzstan, Lesotho, Guinea-Bissau, Guyana, Laos, Montenegro, Malaysia, Liberia, Sao Tome and Principe, Moldova, Namibia, Palau, Macedonia, Malawi, Maldives, Mali, Mauritania, Mexico, India, Micronesia, Morocco, Nepal, Nicaragua, New Zealand, Monaco, Indonesia, Niger, Nigeria, Oman, Papua New Guinea, Peru, Qatar, Gibraltar, Iran, Grenada, Guatemala, Guinea, Iraq, Rwanda, Democratic Republic of the Congo, Afghanistan, Curacao, Tonga, Guam, Cayman Islands, Swaziland, Bermuda, Suriname, Senegal, Zambia, Albania, Angola, Turkey, Timor-Leste, Australia, Paraguay, Cook Islands, Antigua and Barbuda, United Kingdom, Tunisia, New Caledonia, Andorra, Trinidad and Tobago, Kosovo, Northern Mariana Islands, Somalia, Puerto Rico, Togo, Argentina, Mongolia, Azerbaijan, Bangladesh, Macao, Uruguay, Turkmenistan, Solomon Islands, Venezuela, Switzerland, Yemen, Greenland, Tuvalu, Botswana, Brazil, Uganda, Syria, Seychelles, French Polynesia, Sierra Leone, Bonaire, Ukraine, Uzbekistan, Brunei, Cambodia, Central African Republic, Chile, Comoros, Dominican Republic, Saudi Arabia, Lebanon, Mayotte, Serbia, Madagascar, Aruba, Ethiopia, Taiwan, Fiji, Gambia, Panama, Israel, Singapore, Tajikistan, Mauritius, Vietnam, South Africa, Virgin Islands, British, Isle of Man, Guernsey, Tanzania, East Timor, Kiribati, Libya, Mozambique, Myanmar, Pakistan, Philippines, Haiti, Hong Kong, South Sudan, Sri Lanka, Sudan, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Thailand, Zimbabwe, Faroe Islands, American Samoa, Saipan, Sint Eustatius, Tahiti
    Supported Languages
    English, Russian, Indonesian, Portuguese, Spanish, Malaysian
    Min Deposit$50
    Max Leverage1:30 (CySEC )
    Deposit OptionsWire Transfer, Skrill, Neteller, Credit Card
    Withdrawal OptionsWire Transfer, Neteller, Skrill, Credit Card
    Time to Withdrawal3
    Time to Open an Account1
    Products
    Currencies, Indices, Commodities
    Demo AccountYes
    OCO OrdersNo
    Offers HedgingNo
    Automated TradingYes
    API TradingNo
    Guaranteed Stop LossYes
    Guaranteed Limit OrdersYes
    Guaranteed Fills / LiquidityYes
    Economic calendarYes
    Trading From ChartYes
    One-Click TradingYes
    Expert AdvisorYes
    Social TradingYes
    AutochartistNo
    Trading SignalsYes
    Platform Languages
    Italian, Portuguese, Chinese, Arabic, Turkish, Thai, Vietnamese, English, French, Farsi, Spanish, Russian, Malaysian, Indonesian
    24 Hours SupportYes
    Support During WeekendsNo
    Live ChatYes
    Daily Market CommentaryYes
    News (Top-Tier Sources)Yes
    WebinarsYes
    Deposit FeeNo
    Withdrawal FeeNo
    Inactivity FeeYes

    About the Author

    Plamen StoyanovBroker Analyst

    Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. Plamen’s favourite trading instruments include FX majors and gold. He earned a Bachelor's degree in Economics and International Relations. Plamen's broad experience has equipped him with the expertise to recommend the best forex brokers.

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