Our Review of LiteForex Group of Companies, Inc
The main goal of LiteForex is to allow its customers to access the international Forex market, precious metals market, and futures market. They also provide a number of different brokerage services that make trading easy. Because this brand is world famous, it also tends to be one of the most popular companies to trade with. More than 300 new accounts are opened every month. They were the first to offer the cent account in order to minimize risks, which has since been adopted by most other trading companies. This company was established in 2005.
The accounts that are available from LiteForex range from smallest and most basic to largest and most comprehensive. They are the Lite account, the Real account, the PAMM account, the NDD account, the STP account, and the SGD account. The minimum deposit for the Lite account is $1, while the minimum deposit for the SGD account is $25,000, with a suggested initial deposit of $50,000. The two smallest accounts have instant execution, while the rest have market execution.
Commissions & Spreads
There are no commissions charged for trading on the Forex market, but there is a 0.05 commission charged on trading CFDs. This commission is only on the opening price of the CFD. The spread for EUR/USD is 0.5, for GBP/USD is 0.2, for AUD/USD is 1.2, for USD/JPY is 0.4, and for EUR/JPY is 0.7. The spread for Lite and Real accounts is fixed at 3. It is floating from 0.1 for all other accounts.
The main trading software that is used by this company is MetaTrader 4/5, as well as the mobile version of MetaTrader. MetaTrader tends to be considered one of the best types of trading software for those who are just entering the world of trading because it contains a great deal of information for new traders, as well as a demo account that allows traders to try the experience without actually putting any money on the line. MetaTrader 4 also offers a range of constantly changing charts and trading information that reflect what is going on in the world in real time. This helps traders of all skill levels to make rational decisions about the trades that they are making. The MetaTrader 4 platforms offers one click trading and specializes in fast execution time in order for people to be able to capitalize on opportunities and make sure that they are able to be as successful as possible.
Deposits & Withdrawals
The minimum deposit that can be made is $1. Deposits can be made using wire transfers, any major credit cards, or web money transfer services. There is a charge on deposits that are made using credit cards (1.7% - 3.5%) and web transfers (up to 10%). Withdrawals are made using a wire transfer or electronic banking transfer.
Full customer support is offered twenty four hours a day, between Monday and Friday. The weekends have a limited amount of customer support offered, but any queries that develop over the weekend are sure to be addressed on Monday. There is also a wealth of informational materials that are geared to those who are first learning how to trade on the Forex markets, as well as on many other different types of markets. Walk-throughs are also available in order to make sure that all new traders can use the trading software effectively.
Regulators & Safety
LiteForex is regulated by the Seychelles International Business Alliance. Deposits up to a certain amount are fully insured, which allows people who are depositing money to feel confident that their funds will be kept safe. LiteForex has publicly stated that their goal is to make the process as safe and secure as possible, so its money transfer methods have been verified by many different companies.
The maximum leverage that is available is 1000:1.
Sign Up Bonuses (if any)
A bonus is provided that totals 40% of any deposit that is made into an account over $100. This bonus is earned with each and every deposit.