Liteforex Investment Ltd is the company which operates the Liteforex brokerage brand. The company is located in Russia. The company was started in 2005 and operates a market maker model of business. Liteforex has an undetermined regulatory structure as at the time of writing this review.
Special Offers and Bonuses
Liteforex offers bonus programs and promotions that will allow every client increase their deposits and get more capital to trade efficiently. These programs are as follows:
a) There is presently a 50% account deposit bonus being given out to celebrate Liteforex’s 9 years as a forex brokerage business.
b) A promo code (HappyBirthday200) can be used to get a bonus of $200 during the promo period. This is another promo to celebrate the 9th anniversary of Liteforex in the forex brokerage business.
c) Deposits above $100 which are made within a 24-hour window of opening a new account get an automatic 30% account deposit bonus.
d) Rebate programs are available. These pay back fees incurred on transactions, or refund 1.5 points of spread depending on terms and conditions.
Liteforex also features a number of trading contests for traders on demo and real money accounts. These are:
a) Instagram Contest: $20 is paid to traders who are able to make a complete photo of themselves trading on the Liteforex platform.
b) The demo trading contests feature 2 games: the Fighting contest and the Top10Forex contest..
c) The live trading contests feature the Traders’ Marathon III, Great Hundred 4 and the Weekly Sprint.
Types of Trading Accounts
When it comes to the type of accounts traders can have on Liteforex, there is a unique nomenclature assigned to the accounts. The accounts are designated according to the “plans”, each with its own spreads and unique features.
a) The Lite account offers a leverage of 1000:1, with a minimum deposit of $1, even though it is recommended to deposit at least $50. Minimum lot size is 0.1 lots with an increment of 0.01 lots and a maximum of 100 lots. Margin call level is 50%. Margin call stop level is 50%. Spreads are fixed and start from 3 pips.
b) The Real account offers a leverage of 200:1 and a minimum deposit of $100. The minimum trade volume is 1 standard lot, with a maximum of 100 lots. Spreads are fixed and start from 3 pips.
c) There is a PAMM account type which is purely a managed account service. The minimum deposit allowed is $1000 and the leverage maximum is 200:1. Traders can trade a minimum of 0.1 lots and a maximum of 1,000 lots. Spreads are floating and start from 0.1 pips.
d) The NDD and STP accounts are the professional type accounts on Liteforex. For the NDD account, the leverage maximum is 500:1 while for the STP account, it is 100:1. Minimum lot size for NDD is 0.1, while that for the STP account is 1 standard lot. Minimum deposit requirements are $1,500 for the NDD account and $5000 for the STP account.
Trading Platform Features
Liteforex offers the following platforms:
a) MetaTrader 4: The MT4 platform is the major platform offered on Liteforex.
b) Webtrader Sirix 3.0: There is a web-based version of the MT4 which requires no downloads and can be accessed via a URL from anywhere on the globe on an internet-connected device.
c) Webtrader Sirix 3.0 Web Copy: This is a trading platform which is web-based and used exclusively for the social trading program of Liteforex.
d) MetaTrader Mobile: This is the mobile version of the MT4 platform designed for the Android devices, iPhone, and iPad. These can be downloaded from the respective app stores.
e) MT4 Multiterminal: This is the multi-terminal MT4 software for account managers and those who trade multiple accounts on Liteforex.
In addition to the charts that come in-built with the various platforms, there are analytics tools which have been provided for traders. These include the Fibonacci calculator, the Flexi analysis tool and the Autochartist tools.
Education and Demo Accounts
There are a number of educational tools that traders can access on Liteforex. These include periodic webinars and offline seminars which are hosted by the local representatives of Liteforex in different countries.
Traders also get access to a free and unlimited demo account worth $100,000 on all platforms.
Liteforex Customer Support can be contacted through the following means:
a) Contact Form
b) Live Chat.
Deposit and Withdrawals
Traders on Liteforex can perform account deposits and withdrawals with:
a) Credit/debit Cards: Only VISA, MasterCard, Laser, JCB, PostePay, Dancort, Carte Bleue, American Express, Maestro and the Liteforex Prepaid MasterCard are accepted.
b) Bank wire transfers
c) Western Union
d) Electronic Methods: These include QIWI Purse, Skrill, WebMoney, OKPay, Boleto Bancario (Brazil), TBL (Uruguay, Brazil, Peru, Mexico, Argentina and Chile), CashU (Middle East, North Africa, CIS countries), EGOPay and DaoPay (Austria).
e) Digital Currencies: PerfectMoney is the digital currency of choice which has replaced the use of Liberty Reserve.
f) Local representatives of Liteforex can also be used to effect payments. This will require transfers using local bank wire deposits.
The minimum deposit amount allowed on Liteforex for new accounts is based on the account type chosen and the information has been stated above. For the purpose of deposits, certain methods such as credit cards and electronic transfers, have certain deposit limits attached to them. For instance, $500 and $5000 are the minimum and maximum deposit limits for Western Union, while the minimum deposit amount for credit cards and bank wires is generally $10 and $100 respectively. For electronic methods, the minimum deposit amount is $1.
There are no maximum withdrawal limits on Liteforex. The minimum withdrawal limits are the same as the deposit limits for each method of transaction. The beneficiary name on withdrawal requests must match the account names on the ID documents. Card withdrawals will also require extra verification of card ownership status.
An autowithdrawal service has just been introduced on Liteforex. This tool works for withdrawals made using Skrill, WebMoney and Perfect Money, and is restricted to 2 automatic withdrawals worth $100 for verified traders and $50 for unverified traders.
One thing that Liteforex has done is to take forex down to the local trader by appointing representatives all over the globe. This is in the form of partnerships with companies either as affiliates, introducing brokerages and white-label partnerships.
However, the lack of clear regulatory status is one thing that the company needs to address and very urgently too if they are to maintain the growth of the Liteforex brand.