The seductive reports of success in the realm of forex trading tempt almost all of the traders all over the world. That’s why there are so many demands for finding the best broker of forex. A forex broker who is a financial company providing foreign exchange services helps traders access the platforms for buying and selling foreign currencies. Finding the right one which could have more appropriateness with your conditions is significant. One of the famous brokers is LiteForex, which you will know more about in this article.
First of all, you must know the pros and cons of this popular broker to understand whether it has the power points that you want or not. Then, it comes to knowing its characteristics in detail which helps you in choosing a professional broker. Other critical elements such as the type of account and the accepted country are essential to pay attention to before opening a report in the broker of LiteForex.
What is broker LiteForex?
The broker of LiteForex is also an established CFD enriched with MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. Traders can do transactions on these platforms by using multiple deposit and withdrawal methods. This broker review has provided many services for their clients to help them in the different trading process such as opening account, customer supports, bounces and leverages.
The broker of Lite Forex was established in 2005. Nowadays, it has 500,000 clients from all over the world, and its headquarter is in the Marshall Islands. The other branches of this forex financial company are located in the Philippines, Kenya, Myanmar, Tanzania, Ghana, Nicaragua, India, Indonesia, Vietnam, Iran, and a recently opened office in Lagos, Nigeria. Therefore, for achieving the clients’ satisfaction, the company supports English and 14 more languages.
This forex broker is always ready to provide the services that it has promised to the clients. Many people who have found ways to their goals in this broker have claimed that they are satisfied with the services that this broker presents for different transactions. Trading accounts in this forex platform is opened seven days of the week for 24 hours. However, some specific markets are done on particular days; for example, the stocks trading is done on weekends.
All in all, LiteForex is one of the reliable forex brokers that could be suitable for your trading goals. To help yourself decide better, go for the following paragraphs and become aware of the benefits and drawbacks of this well-known broker.
Pros and Cons of LiteForex
To have better transactions, you must look at both the positive and negative sides of the broker you want to choose. Like many other forex brokers, this one has some pros and cons; but, the point is that it has gained a reputation because of having more advantages rather than disadvantages. So, it would be better to start with the benefits that this broker has for its clients.
The first thing that is important in choosing a forex broker is to check even if the broker has a license. The review of LiteForex is a licensed broker that you can trust in its services. The other benefit of this broker is the copy trade services which is an essential element for a broker to have. The noticeable additional advantage of this broker, which could satisfy you, is the existence of a social trading platform that will expand your business.
Automated trading is the other PowerPoint of this review, which fastens the transaction speed and gathers time for you to focus on the different aspects of marketing. If you look at the customer review in 2001, you can see that it was rated as the best forex broker. That would be because of the broker’s intention for providing a breadth of assets and trading tools.
The drawbacks of this broker of forex are less than its benefits, which is a good point by itself. However, it is necessary to know even the slightest weak points. Because, as you know, foreign exchange trading is one of the trickiest ones as well as most profitable. That’s why most forex traders are the ones who pay attention to even the tiniest details. So, take a look at the downfalls of LiteForex broker and study them to see if they are risky for your transactions or not.
The first thing the clients have complained about this forex broker is the inability to withdraw the fund they have transformed into the accounts. A good forex broker must have a variety of choices for opening accounts. This is going to make such broker-worthy. Although you can find different types of history in LiteForex broker, the lack of PAMM accounts is still considerable.
After becoming aware of the advantages and disadvantages of this broker, it is time to go for its features and characteristics in detail. In this sense, you can make the best decision in the dilemma of choosing this broker or the other one. In the following paragraphs, you will know these features with their complete descriptions; therefore, there would be no excuse for making a mistake in choosing the best broker.
LiteForex Trading Platforms
As mentioned before, the LiteForex is famous for supporting two critical platforms of the MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Developed in 2005 and 2011, these platforms have become the most valuable platforms for online forex and CFD trading. These two platforms could be used online directly, or you can download them on your Mac or PC devices. Hopefully, the setup and the process of verification are fast enough to avoid wasting time.
Both download versions are user-friendly, but the web version of these platforms has extensive customization. Multiple chart types such as line, candlestick, and bars are some of the noticeable tools of these platforms. MetaTrader 5 is brilliant by having analytic tools such as a built-in economic calendar, 21 timeframes, and a Depth of Market feature. But, it doesn’t mean that MetaTrader 4 is less worthy of use. It is still one of the most popular platforms among successful traders.
Assets and Markets
There are various assets available for all those traders who have made an account in the platform of LiteForex, such as:
- Currency – foreign exchange trading is available five days a week and 24hours a day. The currency pairs are divided into primary, minor, and exotic teams. This fact lets the traders have a variety of choices for trading.
- Commodities – the broker of Lite Forex is not just limited to forex transactions. You can go for gold and oil trading with the help of this broker.
- Global stock indexes – it is possible to trade stock in the transaction platforms of this broker and be a part of CFDs.
- Cryptocurrency – As mentioned before, another trading alternative is a cryptocurrency which includes bitcoin trading markets.
Before opening an account in Lite Forex, you must decide which assets you are interested in working on. This broker is ready to help you in each of these areas of trading. You need to study the situation, trade each of these assets in this platform and set your success goal.
Spreads and Commissions
Like many other brokers, the LiteForex also requests for commission and taking fees from the spread. As you know, spreads depend on the type of trading account and the type of assets that have been traded. Commission for a definitive account is charged at $5 per lot. Remember that spreads are different for each asset, so do your final profits and commission calculation based on the markets you want to work.
LiteForex Account Types
The LiteForex has provided two significant types of account: the ECN account and a Classic account. Although you decide which version is the best to open, there is some information about these two that you must consider for making decisions.
The ECN account is designed for traders and investors who are beginners. Such traders are not going to be limited by more minor professional features of this account. ECN or Electronic Communications Network account offers an interest rate of 2.5% on surplus funds with an unlimited delivery. The ECN account is armed with the great features of the MetaTrader 4 platform. On the other hand, the classic account is appropriate for experienced traders. In such an account, no commission is charged, and both the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are available.
Now the question is that which one is the best for you? Apart from the matter of experience, both of them have their benefits. So, it would be best to do careful research to understand what is better for your conditions. Be mindful that it is not possible to change the type of account once you have opened one. To do this, you need to delete the account and open the other one.
There are also Islamic accounts which are handling halal transactions. As you see, the LiteForex has provided accounts based on different beliefs and religions, which is a unique event compared to some of the other brokers.
The broker of LiteForex accepts traders from different countries such as Australia, Thailand, Canada, South Africa, Singapore, Hong Kong, India, Norway, United Arab Emirates, Saudi Arabia, Kuwait, Qatar, and other countries. People can also use the tools and instruments of this broker of forex 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, and the United Kingdom.
The Bottom Line
Forex trading is so competitive that it sometimes seems that it is going to be so tricky. That’s why it is suggested to use one of the forex brokers like the LiteForex, proving that it could be beneficial for most traders. The only critical thing is that traders must be careful in choosing any type of account. That’s why you must go for the reviews of different brokers and choose the best one by high certainty.