Introduction and Detailed Review of LiteForex Broker
Positive Points of LiteForex Broker
- Provides up-to-date and important market news
- Reduces trading costs for users
- Offers a variety of trading accounts
- Excellent copy trading service
- Provides a wide range of trading tools
- Automated trading (API)
- Offers an economic calendar and Fibonacci calculator
- 24/7 customer support
- Holds reputable licenses
Negative Points of LiteForex Broker
- High spreads on some trading accounts
- No free virtual server (VPS)
- Withdrawals via WebMoney have high commissions
About LiteForex Broker
LiteForex began its operations in 2005 in the Marshall Islands and later opened offices in locations such as Cyprus and Saint Vincent and the Grenadines. One of the company’s branches rebranded to LiteFinance. Iranian users can access the Persian version of the broker’s website through LiteFinance’s official website.
Founded by Russian entrepreneurs, LiteForex entered the market with the innovative introduction of Cent accounts. These accounts, which could be opened with a minimum deposit of just $1, allowed traders with small capital to trade smaller volumes and reduce their risks.
As LiteForex expanded its operations across multiple countries, it achieved significant success, making it into the top 100 companies globally as listed by the prestigious World Finance magazine in 2011.
In 2013, LiteForex faced challenges and complaints were filed against it by traders. ForexPeaceArmy, a reputable resource for evaluating Forex brokers, labeled LiteForex as a scam, and this label persisted for four years. In 2017, after management changes and resolving existing issues, ForexPeaceArmy removed the scam label from the broker.
That same year, LiteForex became one of the first brokers to introduce Bitcoin trading on its platform. Over time, the variety of trading instruments offered by this broker has increased, and a wide range of tools are now available to traders.
Is LiteForex Broker Reliable?
LiteForex provides its services through two registered companies. The first company, LiteFinance Global LLC, is registered in Saint Vincent, an offshore region, and services for Iranian users are provided through this company. The second company, LiteForex (Europe) LTD, is registered in Cyprus and operates under the regulation of CySEC (Cyprus Securities and Exchange Commission), providing services to European users.
The Saint Vincent regulation alone is not enough to grant a broker high credibility. However, when combined with other regulations like CySEC, FCA, or ASIC, its credibility is somewhat enhanced. LiteForex has been in operation for about 17 years, and aside from a few issues around 2013 that were later resolved by the broker, there have been no reports of problems with user payments.
Therefore, it can be said that LiteForex is currently considered a reliable broker, especially since it now has a significant number of Iranian users.
How to Register and Verify Your Identity at LiteForex
The following explains how to register with LiteForex, which serves Iranian users under the name LiteFinance. To start, access the website via the relevant link.
Once on the site, first select the Persian language option from the menu at the top of the page. Then, click the “Register” button to continue the process.
In the next step, a window will appear where you need to enter your email and preferred password. After clicking the “Register” button, a verification code will be sent to your email. By entering this code, your registration process will be completed.
Identity Verification at LiteForex Broker
After creating an account at LiteForex, you must complete the identity verification process to be able to deposit funds and trade. To do this, first log into your LiteForex account and go to the ‘My Profile’ section.
In this section, visit the verification page and enter your personal details, such as your first name, last name, date of birth, gender, and other required information.
Next, upload an image of a valid identification document, such as your national ID card. Once these steps are completed, your identity verification process will be finalized.
LiteForex does not impose any restrictions on the identity verification of Iranian users, so you can confidently submit your real information.
Review of Trading Accounts at LiteForex Broker
LiteForex, which provides services to Iranian users under the name LiteFinance, offers several types of trading accounts and a savings account.
The available accounts include the Classic account, the ECN account, and the SAFE savings account. In addition to these, there is also a Cent account, which is one of LiteForex’s notable features, though it is not officially listed on the broker’s website.
Classic Account
This account is recognized as the standard account of the broker, featuring variable spreads and no commission. The minimum initial deposit for this account is $50, and leverage of up to 1:1000 is available. This account allows trading in various markets, including currency pairs, gold, silver, oil and gas, shares of major global companies, stock indices, and cryptocurrencies.
Cent Account
This account is not officially listed on the LiteForex website but is available in the user panel. The Cent account offers similar features to the Classic account but with higher spreads and the ability to open an account with just $1, making it an attractive option for traders.
ECN Account
The ECN account offers lower spreads but with commission. Recently, the commission for this account has been reduced to an acceptable level.
cTrader Account
This advanced trading platform, introduced on October 17, 2023, offers different features, and the ECN account associated with it has varying commissions for Forex, gold, gas, cryptocurrencies, and stock indices.
To open an ECN account in LiteFinance’s cTrader platform, simply log into your user portal, select the cTrader option, and then choose your leverage and base currency through the relevant form. Leverage of up to 1:1000 is also available for this account. LiteForex Offers a Wide Range of Trading Instruments and Is Popular Among Traders
Trading Platforms Available at LiteForex Broker
LiteForex stands out for providing a variety of powerful trading platforms. In addition to offering MetaTrader 4 and MetaTrader 5, which are commonly used by Iranian brokers, LiteForex uses a custom web-based platform with a unique interface.
LiteForex’s web platform, which has a similar appearance to the popular TradingView platform, is a great option for users seeking a different trading experience.
While TradingView typically requires a paid subscription for access to some of its features, LiteForex offers this platform exclusively to its users without the need for registration or subscription. This feature is particularly attractive to users who cannot trade directly through TradingView.
Additionally, LiteForex recently announced that ECN account users can now access the cTrader platform as well. Due to its advanced capabilities and features, cTrader is highly popular among traders. The addition of cTrader to LiteForex’s platform offerings makes this broker an even more attractive option for a wide range of traders.
Deposit and Withdrawal Methods at LiteForex Broker
LiteForex offers several options for depositing and withdrawing funds. A key point is that no fees are charged for deposits, but depending on the selected method, a commission may be applied for withdrawals. The available methods include:
- Rial deposit and withdrawal via TopChange (net): No commission
- WebMoney: 2.5% commission
- Perfect Money: 0.5% commission
- Cryptocurrency: The commission varies depending on the type of cryptocurrency
The deposit and withdrawal process at this broker is relatively simple. For example, to make transactions via TopChange, you must first log into your LiteForex account. Then, in your dashboard, select the ‘Assets’ option and navigate to the TopChange section.
Here, choose your trading account and enter the amount you wish to deposit. After entering your TopChange username and password and selecting the desired wallet, a confirmation code will be sent to your email.
By entering this code, the deposit will be completed. For withdrawals, similar steps must be followed, but in this case, you will enter the desired amount in the withdrawal section.
Islamic Accounts and Bonuses at LiteForex
In the current financial market, the rising interest rates in major countries like the USA, UK, Canada, Australia, and New Zealand have made overnight swap fees a serious challenge for traders who hold long-term positions.
For instance, if 1 pip of swap is paid per night, 30 pips of profit could be deducted over a month. This is one reason traders seek Islamic accounts.
Additionally, some traders prefer swap-free accounts for religious reasons. Brokers typically offer such accounts to attract Muslim clients.
At LiteForex, the conditions for Islamic accounts are highly favorable. After completing the identity verification process, you can request to convert your account to an Islamic account.
With this conversion, swap or overnight interest is removed from all account types and for all instruments, without any time limits. This feature, which eliminates swaps on all symbols without restriction, is very suitable.
However, if the broker determines that the user is attempting to exploit the system by avoiding swap fees, the accounts may be returned to their normal status, and all previous swaps may be deducted from the user’s account.
To request an Islamic account conversion, follow these steps:
- Log into your user panel and go to the Profile section.
- In the Profile page, go to the identity verification section (identity verification must be completed).
- In the Islamic account request section, click on ‘Fill Out’.
- Accept the terms of use and then click the submit button.
Bonuses at LiteForex Broker
In the world of Forex, there are bonuses or rewards that traders can receive when depositing funds. LiteForex broker also offers this feature with four active bonuses. Keep in mind that these bonuses are non-withdrawable, meaning you cannot use them to protect your trades. However, under certain conditions, it is possible to withdraw these extra amounts.
It is important to note that the conditions associated with these bonuses are usually difficult and are better suited for scalper traders who have a high trading volume.
Each of these bonuses has its own dedicated page where the details of how to receive them and the conditions are explained. It is very important to carefully read the terms and conditions of each bonus.
Even though the bonuses may seem similar, the rules and regulations may differ. By visiting LiteForex’s Persian website, you can fully understand the conditions of each bonus.
Customer Support at LiteForex Broker
LiteForex’s support is mainly provided through online chat inside the user panel. Even if you haven’t registered with LiteForex yet, you can use the online chat option.
After clicking this option, you will be directed to a page that asks you to either log into your account or use a demo account. By selecting the demo account and clicking on the chat button at the top left of the screen, you can ask your questions.
However, LiteForex’s support may not always be as fast and accessible as it should be. Sometimes, response times can be slow, and the support experience may not always be top-notch.
Based on reviews, Persian support is only available through the website’s online chat, despite some websites listing different Telegram addresses for LiteForex support.
To alleviate concerns about finding support, it is best to contact LiteForex support through their website using your demo or user account.
This method is generally the most effective way to receive relevant answers to your questions and concerns regarding LiteForex’s services and performance.
Final Words
LiteForex (or LiteFinance) is one of the leading and reliable brokers in the Forex market, offering a wide range of features and services, which we have thoroughly reviewed in today’s article.
This broker, with a long and trusted history in the industry, offers ideal trading conditions, including a variety of account types, assets, and low spreads on currency pairs.
Notable advantages of LiteForex include:
- A variety of deposit and withdrawal methods tailored for Iranian users
- 24/7 Persian-language support
- Special features like investment accounts and copy trading
- Access to free analytical and educational tools
These features make LiteForex an attractive option for different types of traders, both beginners and professionals. The free analytical and educational tools are particularly valuable for users looking to improve their knowledge and skills in Forex trading.
