LiteForex Review – Are They a Scam?

LiteForex Overview

Founded2005
PlatformMetaTrader4, MetaTrader4 WebTerminal, MetaTrader5
Minimum account size$10
Minimum lot size0.01
Tradable assets100+
Maximum margin1:1000
Spread on EUR/USD2 pips
Payment methodsCredit Cards, Electronic Transfers, Bank Wire Transfers, Other methods
Demo accountYes
Accepts Malaysian tradersYes
RegulatedNo
SupportPhone, E-mail, Live Chat, Yahoo Messenger, Skype, ICQ, MSN, AOL IM
Websitewww.liteforex.my

 

Skip Content and Read the Bottom Line!

 

Pros

  • $10 minimum deposit

Cons

  • Not regulated
  • Boring platform design
  • Lots of trader complaints

 
LiteForex is a forex broker that has been around since 2005. Currently they are not licensed with any financial regulator.

Platform

They have a downloadable platform for the MetaTrader4 and MetaTrader5 but they also have an MetaTrader4 WebTerminal as well. Both have executable programs for desktops and mobile devices as well. This warrants a Platform score of 9/10.

Design

They haven’t distanced much from the traditional design so expect to see the same old layout if you have already used a MetaTrader platform before. It is for this reason that we are giving them a Design score of 3/5.

liteforex platform

Minimum Deposit

Each type of account require certain deposits. The Cent account only necessitates $10 while the Classic account requires $100. ENC and PAMM accounts have higher minimum deposit requirements at $500 and $200 respectively. Only the Cent account is affordable so we’re giving them a Minimum Deposit score of 4/5.

Minimum Lot Size

All have a minimum lot size of 0.01. Since it allows much efficient risk management with this size, we’re giving them a Minimum Lot Size Score of 4/5.

Tradable Assets

There are more than 100 assets that are available for trading with LiteForex. They have CFD’s from the world’s biggest companies or blue chips, CFD’s from Russian companies, currencies, precious metals, world indices and oil. This kind of variety deserves a Tradable assets score of 4/5.

liteforex assets

Payouts

They offer floating spreads without any commissions and major pairs range from 2 to 3 pips. The EUR/USD currency pair for example has a spread of 2 pips which is already at par with what other brokers can offer. This warrants a Payouts score of 8/10.

Withdrawal Time

They process withdrawals within 1 working day and that is faster than what other brands can achieve so for this we are giving them a Withdrawal Time score of 10/10.

Deposit and Withdrawal Methods

They support a variety of banking methods and this includes Bank Wire Transfers, electronic transfers (WebMoney, QIWI, Neteller, Skrill, Moneta.ru, OKPAY, Perfect Money and more), credit cards (Visa, MasterCard, LiteForex Card, Visa Delta/Debit, Visa Electron, Maestro) and other methods. For such coverage, we’re giving them a Deposit and Withdrawal Methods score of 5/5.

liteforex deposit

Customer Support

We were able to get in touch with their phone support though we weren’t really that impressed on how they talked to us. They kept on introducing several promotions which we weren’t really interested in and that got us a bit of annoyed with their support agent. We’ve tried contacting them via live chat instead and had a much better assistance so we’re giving them a Support score of 8/15.

liteforex support

Quoting Accuracy

There were only a few slippages when we’ve done some tests on the platform. In most cases, we were still able to execute some trades with favorable prices. Overall, we’re giving them a Quote Accuracy Score of 9/10.

Reputation

One of our major concerns about this broker is that they are not regulated by any financial authority plus the fact that we’ve seen a number of complaints all over the web from their unhappy clients. This kind of credibility gets a Reputation score of 13/20.

liteforex reputation
liteforex reputation
liteforex reputation

Conclusion

LiteForex had a fair share of good and bad scores in this review but in totality, this broker managed to score close to average as it has a number of factors that they need to work on. And since they are not regulated, there’s a high level of risk that you need to consider if you choose to trade with this broker.

Final Score: 77/100

We highly recommend that you sign-up with a much more stable and reliable brands like LCG or Pepperstone as alternatives so you can continue with your trading activities.

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66% of retail CFD accounts lose money.