Best Forex Brokers Review 2022 We review the Best Forex Brokers and provide a step-by-step walkthrough of how to get started with an account today
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You can select the topic you want from the table of contents of this article:
- History & review of Liteforex broker
- Spreads & Commissions Liteforex
- The best trading platforms liteforex
- Trading with liteforex broker
- Account types Liteforex
- liteforex withdrawal & deposit methods
- Islamic account in LiteForex
- Special offers & prizes in LiteForex
- customer service Liteforex
Trading in forex market without using a broker is practically impossible. Also, every trader must choose a broker according to their needs.
If you are looking to open account in the best forex brokers, probably you have heard about the liteforex broker.
Liteforex broker offers currencies, metals (silver & gold), oil (Brent & crude), global stocks indexes, and digital currencies for trading.
This broker has more than a million and a half users from all over the world. Furthermore, LiteForex has received numerous awards such as best broker in Africa, Asia, Latin America & the fastest broker in Western Europa, and Asia.
Also, Liteforex has recently changed its name to Litefinance. In this article, we will examine that Liteforex broker is suitable for trading or not. Let’s look at some details about this broker.
The main address of LiteForex Broker: https://www.litefinance.com/
History & review of Liteforex broker
For LiteForex review, it is better to starting with the general history of this broker.
The main office of Liteforex is located in the Marshall Island that has worked in this area of forex trading over 16 years.
After a while, like the IFC Markets, the broker received a regulatory certificate from the RAFMM organization.
In fact, the regulatory has a duty to check, approve or reject the qualifications of brokers by examining them.
Liteforex was the first broker that break away from the main methods of structure of large brokers and introduce accounts with a minimum deposit of $1.
This was a completely revolutionary step! This action has been replicated by other brokers, as a result millions of new traders start trading with minimum deposit in real accounts (not demo).
Therefore, this action is the biggest initiative of liteforex broker, which was followed by other reliable brokers in the world.
In other words, with LiteForex this financial market became the most popular financial market for countless traders with deposits of less than $100.
Financial magazine, World Finance, located in UK put the name of LiteForex broker in the list of 100 global financial companies.
Over the past 16 years (from 2005 to 2021), this broker has expanded trading services & the list of tradable assets, as well as by offering attractive prizes for traders increased its market share.
Spreads & Commissions
The main part of Liteforex’s income comes from commissions & spreads.
The spread of currency pair dollar/ euro in ECN accounts starts from at least 0.0 points and receives a fee of $10 per lot.
Certainly, the value of spread changed according to the currency pair, and it could increase to $30 per lot.
The spreads for different trading assets in liteforex broker are as follows:
- Spreads value in CFDs (metals & commodities) between $0.50 and $20.00 dollar
- Spreads in cryptocurrencies and currencies pair $0.50 dollar
- CFD stocks’ spreads cost $0.25 per share
LiteForex maintains a transparent pricing environment and maintains an archive of average spreads that are updated weekly.
In client agreement does not mention costs for inactivity and LiteForex ignores all the deposit and withdrawal fees.
While several trading assets may over the prime cost, the overall cost structure is still acceptable. Traders can also see a library of the broker’s past returns, which is a great offer.
MT4/ MT5 traders can easily access to the exchange rate of their platform by following these steps:
- Right-click on the desired icon in the market window & select the symbols.
- Select the desired currency and then click on the features on the right.
- Scroll down to see Swap Long and Swap Short.
The best trading platforms liteforex
The liteforex group provides MetaTrader 4 and the updated version MetaTrader 5 for its clients, which are the most stable & in-demanding platform for trading all over the world.
In addition to desktop versions of MT, Liteforex customers can use WebTerminal to trade directly through the browser on any computer anywhere in the world without having to install a desktop version. The only condition for using WebTerminal is Internet access.
Also, this broker provided free download applications for clients to trade through smartphones & tablets (Android, iOS, and other OS).
For LiteForex download, click on this link, https://www.litefinance.com/mobile-apps/, and trade with this useful additional tool.
The main address of LiteForex Broker: https://www.litefinance.com/
Trading with liteforex broker
Traders have access to 56 currency pairs, six valuable metals, 16 cryptocurrencies, 37 CFDs, and 11 Global stock indexes.
For beginner traders, 126 items may be enough for trading, but advanced traders need more items.
Traders with ECN account have access to floating spreads. Also, this broker provides economic calendar forecasts on Forex for future trading.
| Account type | Classic | ECN |
| Minimum deposit | $50 | $50 |
| Instruments | 57 currency pairs, 4 metals, 2 energy, 42 stocks, 12 indexes, and 15 cryptocurrencies | 57 currency pairs, 4 metals, 2 energy, 42 stocks, 12 indexes, and 15 cryptocurrencies |
| Account currency | USD, EUR | USD, EUR |
| Margin Call | 100 | 100 |
| Max order | $100.000 | $100.000 |
| Max number of orders | Unlimited | Unlimited |
| Leverage | From 1:1 to 1:500 | From 1:1 to 1:500 |
| Spread | Floating from 1.8 points | Floating from 0.0 points |
| commissions | no | $5 per lot |
The homepage of LiteForex website promotes more than 145 assets for trading, however this broker constantly expanding the trading assets and expected to provide more clients services.
Account types
For trading in broker liteforex, the trader can start activity with different types of accounts. In the following, we provide complete information about the types of accounts.
Demo account
A Liteforex demo account is a training account that is great for practicing & preparing for trading with real money.
Use this free account to strength your trading skills, refine your trading strategies, and experience trade in real market condition.
Money that places in a demo account is virtual investment. Also, a demo account can be created via personal profile in less than one minute.
Learn how to work with MetaTrader platform, and experience trading on demo account without any risk for losing money.
Demo account specification:
- Spread: floating, from 0.9 points
- Commission: From $0.5 per lot1
- Platform: MT4
- Leverage: 1:400 – 1:1
- Account base currency: USD, EUR, MBT
- Islamic accounts: Yes
- Social trading: Available
- Minimum lot: 0.01
- Maximum lot: 100
- Minimum step: 0.01
- Max. number of orders: 300
- Margin Call Level: 20%
- Stop Out Level: 10%
Classic account
Experienced traders usually use the classic account in liteforex broker . This account with floating spread is designed for traders who have extensive experience in trading.
In fact, classic account for those who use the proven strategy in trading with using five-digit quotes and leverage up to 1:500 is the best option.
Classic account specification:
- Spread: floating, from 1.8 points
- Commission: None1
- Platform: MT4, MT5
- Leverage: 1:500 – 1:1
- Account base currency: USD, EUR, MBT
- Minimum deposit: $50
- Rate, % per annum: 0%
- Islamic accounts: Yes
- Minimum lot: 0.01
- Maximum lot: 100
- Minimum step: 0.01
- Max. number of orders: Unlimited
- Margin Call Level: 100%
- Stop Out Level: 20%
- Social trading: Available
ECN account
For professional traders, investors, and traders who want to use the social trading service, ECN account is the best choice.
This account provides the highest yearly percentage accrued on unused funds with minimum floating spreads.
For creating this account, use the modern ECN technology, which provides access to the best prices available in the market.
ECN account specification:
- Spread: floating, from 0.0 points
- Commission: From $0.5 per lot1
- Platform: MT4/MT5
- Leverage: 1:500 – 1:1
- Account base currency: USD, EUR, MBT
- Minimum deposit: $50
- Rate, % per annum: 2.5%
- Negative Balance Protection2: Yes
- Islamic accounts: Yes
- Social trading: Available
- Minimum lot: 0.01
- Maximum lot: 100
- Minimum step: 0.01
- Max. number of orders: Unlimited
- Margin Call Level: 100%
- Stop Out Level: 20%
liteforex withdrawal & deposit methods
The LiteForex company provides a wide range of payment methods for charging account & withdrawing profits.
Liteforex customers can use international electronic payment systems, bank cards, wire transfers and other methods.
For liteforex withdrawal & deposit, Liteforex offers 7 methods:
- TopChange Exchange
- Card to card
- Perfect Money
- Web Money
- Cryptocurrencies (Bitcoin, Ethereum, Litecoin, Monero & Ripple)
- Internet banks (QIWI, SKRILL, NETELLER, QIWI RUB)
- Visa card
Note 1: In the card-to-card method, after getting the card number from LightForex support, and transferring the money. You must send a deposit receipt to them via WhatsApp. LightForex will deposit the dollar equivalent of the desired amount to your account.
Note 2: The last two methods (6 and 7) are not applicable for Iranian users, and if you choose them, you must pay high fee & commission to intermediaries.
Note 3: For the security of account, liteforex deposit methods & withdrawal methods should be the same.
Islamic account in LiteForex
Broker liteforex has Islamic account for its Muslim users. Therefor, after opening a classic account, Muslim users can change their account to an Islamic account by submit a request to the broker.
Special offers & prizes in LiteForex
LiteForex broker is constantly expanding its incentive programs and special offers, so their users can gain more profit margins in the market.
- Every year, on the occasion of the opening of LightForex broker, a 50% bonus is awarded to the user for each charge.
- Users will receive 30% bonus, if deposit more than $100 within 24 hours of opening an account.
- my liteforex offers cash & valuable prizes such as cars, motorcycles, and gadgets to users who win in competitions.
This broker is also active in holding competitions between real & demo accounts.
- Instagram Contest: Any trader who can take a complete photo of themselves while trading on the LightForex platform will receive a $20 prize from this broker.
- The competition on trial accounts is divided into two parts, the Fighting contest and the Top10Forex contest.
- Real account contests are also held in several sections: Traders’ Marathon III, Great Hundred 4 and the Weekly Sprint.
As you can see, in addition to the profit of your Forex trading, you can take part in the competitions of this broker and earn dollars along with your trades.
LiteForex allows traders from Australia, Thailand, Canada, South Africa, Singapore, Hong Kong, India, Norway, United Arab Emirates, Saudi Arabia, Kuwait, Qatar and most other countries to trade.
Traders cannot use liteforex platform & investments from the United States, Japan, Israel, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, United Kingdom.
The best customer service
From the chat logo on the Litefinance website, you can ask your questions from the support team. Also, traders can contact to the support team in other ways:
- Email: clients@litefinance.com
- Phone: 88007072963
- Skype: liteforex.support
LiteForex community can also be found on:
- YouTube
- Telegram
Conclusion
As you know, LiteForex broker is not the only broker in forex market, but it can be the best option.
liteforex withdrawal & deposit methods, large number of users, Persian support, etc., are some advantages of this broker.
In contrast to the lack of variety in trading accounts, and disruption of servers in some cases, can be considered among the weaknesses of this broker.
Certainly, there is no perfect broker, and each one may have its drawbacks at some point in time.
You should choose a broker that is reputable, and has no margins. We recommend that you first work in demo or trial accounts for a while before registering with any broker.
By doing this, in addition to gaining more skills and improving your analytical knowledge, you can become more familiar with your Booker weaknesses.
Do not forget that activity in the financial markets is always associated with the risk of losing your money.
