- Segregates client funds
- Social trading platform
- Doesn’t allow scalping
- Inactivity Fee
- IOnly 71 trading tools
- INot FCA Regulated
- INo free VPS
- INot cheap commission fee
Company Information
LiteForex, formerly Mayzus, was founded in 2005 and is operating from the Marshal Islands. Liteforex is represented in EEA countries, like Switzerland, the United Arab Emirates, and the Marshall Islands, so their clients can get assistance in their native languages in most cases. The LiteForex broker has over 500,000 all over the world, and as they claim almost 300 new accounts are activated every day. However, we must add that the broker is not in our best brokers list, and comparatively it scored lower than others. So, let’s dwell into details and see what the broker offers to its clients.
Markets
LiteForex has 71 various instruments, including 56 currency pairs. You can trade with currency, metals, oil, global stock indices and leverage and margin requirements.
● Forex
● Metals
● Oil
Trading accounts
LiteForex offers its clients two main account types and one demo account. Let’s review in details the features of each account type in order you could choose the most suitable for you.
- ECN
- CLASSIC
• Min deposit – 50$
• Spread – from 0 pips
• Leverage – up to 1:500
• Commission – from 5$ per lot
• Platform – MT4
• No bonus
• Min deposit – 50$
• Spreads – from 2 pips
• Leverage – from up to 1:500
• Commission – none
• Platform – MT4
• 30% deposit bonus
- DEMO
• is a training account, which suits perfectly well for practicing or polishing your trading skills
• you do not trade with real money
• is for free, and money put on the demo account is a virtual investment
• opening process is superfast, as all you need is one minute of your time
Open an account
With LiteForex you can open a new account through an online application form. It is an easy and very quick process. All you need is to provide basic personal information about yourself and to indicate your trading experience. After the application is approved, traders need to submit a copy of their ID, and proof of residency documents.
Minimum deposit
The minimum deposit at LiteForex is just $50 for both account types, namely ECN and Classic ones. The difference touches upon other aspects, to so more details scroll above.
Trading Platforms
The broker gives its customers to use the well-known MT4 Forex trading platform. If you want to find out more about the MT4/MT5 platforms, click here. Moreover, there is also an opportunity to use their custom LiteForex platform. The combination of downloadable platforms for both Mac and Windows allows traders to trade with their device of choice. You can download and install applications with daily analysis, trading signals or strategies on your tablet or smartphone.
Our verdict
Let’s sum up all the basic features so that you could decide to trade with the very broker or no. First of all, LitaForex has a wide range of customers all over the world and has a long trading experience. There are, however, a bunch of negative opinions from some customers. Secondly, it offers its clients to use the MT4 and MT5 platform, which is one of the best trading platforms, LitaForex even has developed its mobile platform. And the amount of the first deposit is rather attractive to many customers. But you should pay attention to the facts that they suggest only 71 trading tools, the commission fee could have been lower, they have an inactivity fee, there is no free VPS, and it doesn’t allow scalping. We hope our review has helped you to see the key points and to make the final decision in favor or not of this broker.
LiteForex Details
Opened a small account to test the waters. Trading conditions seemed to be ok but support team been ignoring me((
I have made numerous attempts to deposit funds using multiple credit cards, all transactions fail.
I made a post before telling about LiteForex criminals.
I can tell that LiteForex is involved in way more worse things than described in this article. And like before, that is why I know many positive reviews on LiteForex are fake.
I have reason to believe LiteForex is using 1) an IP changer to submit fake positive reviews or 2) they bought positive review package/service somewhere. Maybe they even do both.
I URGE PEOPLE TO STAY AWAY FROM LiteForex . DON’T BE FOOLISH. RESEARCH BROKERS IN-DEAPTH BEFORE PUTTING YOUR HARD-EARNED MONEY WITH THEM.
More than 95% of the brokers out there, including the big names, are scamming their clients in various ways that rookie traders don’t even know how to detect.
I don’t want to recommend alternative brokers as a good broker today can start doign nasty things in the future. So there is no guarantee. The safest way to trade is via a large local bank. Many brokers have offshore subsidiaries that are used for money loundering and to protect them from you getting your money back when they scam you. You CAN’T get your money back.
Until thursday 3 august, I had a Previous Ledger Balance or $ 913,48. On thursday I was winning big, almost $ 1700. At 2.25pm (swiss time) they stopped all my trades. My account was blown down to $ 5,10!! I was away and checked the account only in the evening. I was shocked and wrote an email for clarifications. Here their awful reply:
“Dear Client,
Thank you for your email.
Kindly note that after investigating your request, we have concluded that your Trading Account 2008024 was correctly stopped out due to the market moving against you”.
They are scammers, as in effect they stole my money. I just want to see if they will reply. STAY AWAY. Needless to say I can change my review if they give me back my money, but they won’t.
I like LiteForex professional approach but unfortunately before news its a disaster to open orders. Only get awful requotes with vps near there server with low latency. I have a micro account.
my problem with LiteForex is i lost my credit card and i got a new card replacement with last 4 digit changed due to security reasons now LiteForex want me to get a letter from the bank and the bank will not give me this letter that my card has been lost and will not be in used in international transactions,i have talk to customer service and the matter cannot be settle they are hard and want the letter luckily i have a very small amount if it was big then the broker will have a big meal . beware of this broker they are just waiting you make a small mistake and never let you withdraw your money . i will be submitting a case on the matter with all doc attracted , feeling very frustrated .
For a small trader that is in process of learning LiteForex is terribly birocratic company to be in.
They check your document every 3 months (the same one) and that is after you deposit money . so they trap your money under excuse that you are not validate . And they toy around with you with requests of documents that you already sent them but they play dumb and ask them again .And if you say i sent every thing that you asked ? they just copy paste their email with the same request.
This is all for under 50 $ deposit?!