Regulation: Seychelles International Business Authority (SIBA)
Broker type: STP
Headquarter: Mahe, Seychelles
Established in: 2005
Broker Reviewed: LiteForex

LiteForex is a renowned Forex broker that has operating in the market since 2005 when it was established in republic of Seychelles. The minimum deposit is quite low and they have some interesting promos and bonuses, but is this the right broker for you? Read the facts below:

Pros and Cons

Pros
1. Very low initial deposit: $10
2. 30% deposit bonus
3. Various withdrawal options
4. MT4 and MT5 trading platform
5. Offer both fixed and variable spread

Cons
1. Certain customer care officers speak poor English.
2. Re-quotes problem reported from several traders
3. It puts transactions limited to $12,000 per week

LiteForex Review – Features

1. Spread

Depending on your account type, spread could be fixed or variable. The fixed spread is the standard-in-the-industry with 3 pips spread on major currency pairs. You can get floating spread in “floating spread account”. Using the floating spread could means lower or higher spread, use it only when you already familiar with the risk.

2. Leverage

Depend on the account type, you can get as high as 500:1. This is considered really high in the industry. Just remember that high leverage is a double-edged sword since you could lost as much as you won, so use this offer carefully.

3. Commission

As STP broker, they’re making profits from the difference between ask and bid price, so there is no commission charged, even in “floating spread” account.

4. Minimum Deposit

Minimum deposit is very low: $10 for all account type.

5. Strategies (EA, hedging, scalping, Islamic Account, managed account, trailing stop)

Liteforex doesn’t limit any strategy. Traders are welcome to use EA as well as hedging, trailing stop, and scalping. Swap-fee Islamic account also available for those with religious or strategy reason. If you decide to use another trader or organization to trade for you, LiteForex also provide a PAMM account.

In addition, they also held various contests for traders you could participate on.

6. Trading Platform

They use the well known MT4 and MT5 trading platform. Also offer mobile trading for traders who can’t stay close to a PC or laptop.

7. Citizenship

No restriction. LiteForex accept all citizenship, including US citizen. This is quite rare among other off-shore brokers.

8. Currency Pairs

More than 40 currency pairs, commodities, index, and CFDs.

9. Execution Type

LiteForex uses instant execution, which in my opinion is far better than market execution.

Conclusion

Overall, LiteForex is a good STP broker with excellent features. If you just started or trade with limited fund, you could make use of their low minimum deposit and 30% deposit bonus to your advantage. If you have various trading strategies like scalping or using EA, they could also accommodate your need. Overall, a decent off-shore broker with high leverage and complete features.

Visit LiteForex