LiteForex Review Is LiteForex Scam or Legit?

The most common sign of a broker scam or a Forex trading scam is that the broker is either not regulated at all or has a low-quality regulatory license. There is a lot going for this well-established broker, but there is one thing that really lets it down and that’s the lack of recognised regulation. Nevertheless, the range of assets is good, spreads aren’t over the top, bonuses are worthwhile and there are even some contests.

• The Classic account holders get charged with a spread-based fee while the ECN account holders get charged based on commission.
• There are reasons to believe that you have invented this story because we process all requests for withdrawal of money.
• There is a lot going for this well-established broker, but there is one thing that really lets it down and that’s the lack of recognised regulation.
• Compare broker See what benefits one offers over the other.

LiteForex is an online broker offering its services to customers from different parts of the world. As a company, LiteForex was founded in 2005 under the title LiteForex LimeFXs Limited. This company has more than a decade of experience maintaining the trade order quality of multi-domain financial services to its customers from around the world. As of 2020, LiteForex has over 500,000 clients who trade with the broker actively daily.

Each spread has a specific fee assigned to it based on the account and the asset being traded. The Classic account holders get charged with a spread-based fee while the ECN account holders get charged based on commission. The overall commission is charged at an average of $5 https://limefx.biz/ per lot. LiteForex’s spreads are quite competitive, but some major forex pairs get a spread of 2 pips, which is considerably high. The Classic account is recommended for experienced traders. Additionally, the MetaTrader 4 and MetaTrader 5 trading platforms are accessible.

The brokerage provides an excellent selection of online trading platforms to choose from and a wide array of tradeable assets to invest in and trade. The level of customer support is phenomenal and LiteForex offers a variety of favorable trading fees based off the trading account the trader chooses. All in all, if you’re looking for a reliable online trading brokerage to trade forex and other financial assets, LiteForex could be the broker for you. To support its clients, the technical assistance of these trading platforms is available online.

LiteForex Copy Trading

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LiteForex is a name that caters to a wide range of investors due to its global presence. Among the sea of brokers, LiteForex is a promising trading platform offering its services to the fullest. Their safe and protected system is the basic aspect that attracts their customers to trade with LiteForex.

Something that may look strange for traders is the fact that Liteforex is using a .org domain. Org domains are pretty much the same as .com or .net but not that popular. Sure, brokerreviews is also working under a .org domain but we’re no FX broker and you can’t deposit money here. We think that Liteforex could invest a couple of thousand dollars to buy the .com domain and look a bit more reliable.

Deposit Options

The firm offers very limited payment methods, and none of them is known to us. At the same time, the broker also adds several hidden charges and fee for withdrawals. We don’t recommend to trade with them and if you are trading with LiteForex contact them immediately and try to get your fund out.

• The spreads and commissions offered by the company are based on a unique fee structure.
• I also want to express a huge gratitude to our representative in Nigeria and his team.
• The trading platform should be very simple and user-friendly to help users conduct daily transactions.
• LiteForex has some limited options as far as competing brokerages are concerned, specifically variable spreads aren’t as attractive as the option to choose.

We expect a response from the bank with information about results of document verification. Our specialists contact you as soon as verification process be done. In case of violations, the Company has the right to transfer the Client’s account to the swap accounts category and charge swap fees on earlier trades without preliminary notice. LiteForex is trusted broker, and we faithfully fulfill our obligations to customers. If you are still waiting tell us please your account number, and we will check everything. My bank operations manager went through the chat between me and LiteForex support and concluded that the team only wanted to frustrate my efforts to get the money, and I have now confirmed it.

As LiteForex is based in the Marshall Islands, they are licensed and regulated in accordance with the Marshall Islands Business Corporation Act. Therefore, the brokerage is trusted to provide safe, secure, and transparent online trading services and has been doing so for over 13 years. LiteForex utilizes ECN trading technology while also supporting social trading and facilitating copy trading.

In Which Countries Does This Broker Work?

And my balance was more than $7500 as at time of stop out. 3000 was stop out by liteforex at I wrote to them they are still fabricating rules that are not written any were in there set of rules. First, I invested 100$ in a PAMM account with some manager of theirs that appeared to have enough expertise and a profit curve with positive and permanently increasing slope. Then another 100$ with a manager called with an increasing-only profit curve in the form of successive up and up steps. I was advised to update the current version of the terminal.

Allscamreports can have advertising and affiliate relationships with some of the best and trusted recovery companies and may be compensated through them . All Scam Reports is committed to the fair handling of reviews and posts regardless of such relations. While choosing a broker online, the regulation status is one of the most critical points. Here, LiteForex seems not to be regulated in its jurisdiction of operation and is indulged in scam activities.

Security and safety are the most critical factors to consider before signing up with any brokerage. There are firewalls and segregated servers to safeguard the LiteForex platform, making it a safe place to trade. LiteForex suggests using a virtual private server to handle transactions when customers’ devices are turned off. LiteForex is a well-known, trustworthy, and dependable CFD and FX brokerage. It has 500,000 customers globally addition to the Philippines. The brokerage firm has offices in Kenya, Tanzania, Ghana, India, Indonesia, Iran, and Nigeria’s newly built office.

What products does LiteForex offer?

The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff. LiteForex is a zero commission trading brokerage and only charges trading fees through floating spreads on all types of trading accounts.

The reviews also revealed that the basic versions of the MT4/MT5 trading platforms are more useful and easy to adopt. Clients can get trained to use their upgraded versions from a series of tutorials and guides. No third-party add-ons are limefx forex broker currently available on the MT4/MT5 offerings. The existing tools may leave many traders incomplete, creating a sub-standard experience. Another downside is that the clients may choose either of the accounts – MT4/MT5 – for investing.

One thing to be noted about ECN brokers is that they always have third party liquidity providers. After a point of time, these brokers start acting as the broker to the provider and not the trader. When we first came here two weeks ago introducing a whole new form of trading forex and escaping the inhouse witch-hunting of some brokers, limefx website many here called us names and lashed at us. Now you can see for yourselves as an insider is bringing out to public whats going on in liteforex. From our experience,its not just liteforex, there are others Eg fxcast. You can never profit with such brokers,if you do,just count yourself lucky to part of the 1% they allow.

The customer support provided by LiteForex is truly phenomenal. It’s evident that the brokerage takes the success of their clients very seriously as they do everything in their power to help their traders succeed. For instance, traders have access to numerous eBooks, tutorials, strategies, articles, and more to help them become better traders. Also, support representatives can easily be contacted 24 hours a day, 7 days a week via live chat, email, support forums, and telephone support that supports call back functionality. Therefore, traders will always be able to get in touch with a representative easily and quickly.

• The overall commission is charged at an average of $5 per lot.
• When one enters the official website’s home page, the optimized website structure allows novice traders the well organized system to understand the basics of forex trading.
• Further, the broker also offers services like a free and unlimited demo account, low minimum deposits, high leverage, and range of trading platforms.
• They inform of poor customer support, unreasonable deleting client’s profits and accounts and huge difficulties in withdrawing money.
• LiteForex is a name that caters to a wide range of investors due to its global presence.

A low rating on several online platforms makes it clear that the broker has a negative reputation among the investors. The investors have accused them of being scam brokers and state how they have been victims of the LiteForex scam and lost all their money and efforts to them. Therefore, trading with LiteForex Cyprus entity you can refer to CySEC in case of any violence, while the regulator himself constantly checks on the operation and environment the broker provides. Also, traders’ funds are segregated from the company funds, and the application of the standard covers LimeFX protection. I trade with this broker using the ECN and Classic account types.

Spreads are used in the Classic account, while commissions are used with the ECN account. Dear Ayodeji, LiteForex do not have problmes with deposit and withdrawal. Best regards, representative of LiteForex LimeFXs Limited. It seems that I can’t withdraw all of my deposits because it stated that my bank card is not verified.

I just left Liteforex because of the lame support and the fact that withdrawals take too long. I have screenshots to prove this… because I expect these things from liteforex to happen.. They are very dodgy forex broker for years… nothing has changed. No, this brakerage company is not available for traders coming from the USA, Japan, and Israel. However, it’s still a lot weaker than some of the regulated brokers. The offshore entity has restrictions from providing services in the EEA zone.