LiteForex has grown into a global broker with offices spread across the globe since 2005. It offers currencies, commodities, stocks, indices, and cryptocurrencies. Besides the regular market making model, it also claims to own the ECN brokerage model.
Therefore, the brand is capable to offer low spreads and charges commission on certain trades. Those trades will be directly executed without requotes.
Each day the brand boasts 300 new accounts and 500,000 clients across the world. With that huge number of clients the website provided in 15 languages.
The requirement for Opening Account
LiteForex offers four types of accounts for forex market. All of those accounts require $50 as the minimum opening balance for 100,000 lot size, with the minimum lot is 0.01. Besides, all of the account holders will also have access to social trading.
The maximum leverage offered is 1:500 for international clients and 1:30 for European clients. The types of accounts offered are:
ECN Account
For this account, the floating spread starts from 0.1 pips with a $5 commission charged per lot. This account only available on the MT4 trading platform. The interest rates for this account are 2.5% paid on the traders’ surplus funds.
Classic Account
Classic account’s floating spread starts from 1.8 pips. But, the good thing is, this account does not charge any commission since the broker charges embedded in the spread. Besides, this account also is also available in both MT4 and MT5 trading platforms. There is also no interest paid for traders surplus funds.
Islamic Account
This account is specifically for faithful Muslims since Sharia Law prohibits them to gain interest. Islamic account is swap-free. It also does not receive an interest in the surplus fund.
Demo Account
This is a practice account is for strategy testing and to get familiarized with the platform. With this account, there are no trading risks, while traders can access unlimited virtual funds.
The account is for traders to determine the amount of virtual money they and the strategies they need to make maximum profits from each trade.
Deposit and Withdrawals Options
LiteForex provides various deposit and withdrawals options, ranging from credit/debit card, bank wire, local transfer, e-payment gateways, and cryptocurrencies.
Also read: Forex Broker Review: FP Markets
