LiteForex Nigeria Forex broker Review

The foreign exchange market has given birth to a lot of forex brokers who are out to get clients and customers who will trade on its platform. There are so many forex brokers in the forex markets who seem to have dominated the internet with juicy offers and bonuses for clients. In this review, you will get to known about the forex broker globally known as Liteforex.

Liteforex is a forex broker which has its name registered as LiteForex Investments Ltd. Liteforex was founded in 2005, it is based in Cyprus and is regulated by Cyprus Securities Exchange Commission (CySEC).

Liteforex is a veteran and therefore, it is not new to the forex market. The company boasts of having more than 500,000 forex traders who are doing business on its platform.

Litecoin Trading Accounts

Liteforex offers four different trading accounts on its platform. The first account is the Cent account which requires a minimum deposit of $10 for forex traders. The Cent account comes with a 30% deposit bonus and it has a leverage of 1000. The Forex Classic account was made for forex traders with experience in the forex market. This account has a 30% deposit bonus and it requires a minimum deposit of $50. The forex classic account has a maximum leverage of 500 to 1.

The ECN (Electronic Communication Network) account requires a minimum account of $50 with a maximum leverage that runs up to 1:400.

The fourth Liteforex trading account is the PAMM account. The PAMM account is made for the purpose of managing the funds of forex investors. The PAMM account requires a minimum deposit of $200 and it has a maximum leverage of 1:200.

Features

  1. It offers the Meta Trader 4 (MT4) on its platform.
  2. Liteforex supports the new MT5 trading platform.
  3. Liteforex offers four different floating spread trading accounts on its platform.
  4. Forex traders can fund their account with a minimum account deposit of $10.
  5. Liteforex does not charge commissions on any of its trading accounts
  6. Liteforex offers bonus and promotions to its clients on frequent and regular basis.
  7. Liteforex encourages its customers with 30% deposit bonus on their trading accounts.
  8. Leverage on Liteforex varies on trading accounts. The highest leverage is in the Cent account which has a leverage of 1000:1.
  9. They have a customer support team which is always reachable.
  10. The Liteforex ECN forex account uses a technology which protects forex traders and eliminates risks.

Bonuses/Promotions

Since its inception, Liteforex has provided bonus offers to its clients. A 30% bonus is given on account deposits. Liteforex demo account holders are rewarded during a trading contest where the top 10 traders are given $2500 as reward.

Payment Methods

Deposits and payment can be processed to Liteforex trading accounts with LiteForex Cards, Skrill, Neteller, Bank transfer, Carte Bleue, Dankort , PostePay, Local Agent and China Union Pay

Withdrawals are also processed with the same payment methods.

Pros

  • They offer forex education to their clients.
  • Clients are being rewarded with bonuses and promotions.
  • Unused deposit in trading account attract huge interests.
  • Forex traders can open a demo account with Liteforex
  • Multiple accounts on the platform.

Cons

  • They do not offer live webinars.
  • Variable spreads may not favor traders when trading during news time

Conclusion

Liteforex has good bonuses and promotions for their customers. This is a decent forex company that offers good products and trading services.



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