LiteForex Review 2021: Brokers which are not rendering their service to the trader according to the standard is always a hitch for the traders. Due to the abysmal trading environment traders are always in the stumbling block situation. LiteForex brokers have been in the market since 2008, but its services have not made cock-a-hoop winning situation for its clients.
This firm has never cared about the client’s data and money. They are just interested in increasing their value in the market to earn as much as they can. Below is the detailed analysis of the LiteForex Broker, why it is not a pleasurable trading environment for the traders.
About LiteForex
Founded in 2005, The traders’ funds are also not segregated from the company funds, and the data of the customer is also not secured by SSL. LiteFonder has a difficult procedure of opening an account which is genuinely time consuming and risky.
The company also asks about client personal data and information. The company doesn’t have adjusted regulation and proper legislation and laws.
LiteForex international is controlled by Marshall Islands rules and regulation, which is a non-regulated entity. It does not provide clients with sharp protection. So always learn better about the entity you trade and learn about its protection conditions.
Is LiteForex a scam or safe?
LiteForex is not listed on the Stock Exchange, and their International accounts are under Marshall Islands entity. The company has not mentioned it’s license number or registration number on the website.
There is always a chance that one may be cheated. The money that clients invest does not glean them with the rewards, and their calculations and aspirations are not anticipated or planned properly. Hence, it can be said that LiteForex seems like a scam broker because it does not reveal. It’s pivotal information.
Also, company terms and conditions and risk disclosure are not explained properly; rather, they are kept secret from clients. It lacks clarity on important disclosures.
There is always a risk in spending money with this firm because it is registered and operates on the rules and regulation of an unauthorised statutory body. The company is just running after increasing the number of traders. Its minimum deposit is also high as compared to other brokers.
Customer Support Service
LiteForex customer service is not satisfactory. The team is not up to snuff to solve the customers’ problems and queries. Their mobile number always comes not reachable also they never reply to the email id.
LiteForex live support systems are also not available. The company’s customer support service is not as efficient and effective. Moreover, the service centre is just available for the customer for 5 days a week. They don’t provide 24/7 customer service.
Research
LiteForex research materials and tools are very complex, and it doesn’t cover the important tool strategies for both beginners and advanced users. The broker research is not compatible. They just provide books and material from other websites or authors.
Education
When it comes to the LiteForex Educational resources, they don’t have a well organised educational platform. The company does not cover topics which are important for the traders.
LiteForex: Trading Platform
Though the company has moved forward to the latest trading platform MetaTrader5 the platform is so complex that beginners can not get its features. Moreover, the tools and icons are not systematically organised and segregated which creates lots of problems for the client to get updated and do trading. MetaTrader 5 has shortfalls, and it is also not offering clients a proprietary platform.
The company is also using old trading platforms with not updated features. They do not provide good analytical tools.
Account Type
LiteForex has two types of accounts: STP and ECN. The conditions of both the accounts are different, which is as per the entity. The company does not offer specific services and trading accounts according to the needs of the users.
The type of account is also tricky for the user to understand, and also the user finds it’s difficult for them to adapt to features. They also offer high trading spreads.
Withdrawal and Deposit
The withdrawal procedure of the company is very slow and time-consuming. The broker most of the time has suspended consumers’ accounts or they cancel the request of the consumer. The company withdrawal policy is rigid and carries a lot of formalities.
The deposit procedure is also not excellent, they don’t allow many modes of payment not only data but it also charges convenience amounts when deposits are made.
Leverages
LiteForex does not offer high leverages on trading as compared to the other trading platforms. Its maximum leverage lasts to 1:500, which is too low. So when you take a step to sign for trading, always verify their conditions and look at its leverages tool, the more will be the leverages, the more will be the chances to make a profit.
LiteForex: Commission and Fee
LIteForex on their official account has not mentioned the commission and fee properly. There is always a fluctuation in their prices. The LiteForex spread is high compared to other brokers. Though they have mentioned that their commission is low, it is high when we withdraw money, it asks for extra money.
Cons of investing in LiteForex
- There are no hedging facilities.
- Its statutory body is not authorised administration.
- The company has a complex and confusing website which makes it difficult for the users to understand the company more in detail.
- It doesn’t have up to the mark user-friendly platform.
- Demo accounts are difficult to access.
- They don’t have good expert advisors.
- The company doesn’t provide diverse language options.
- It is risky for the client to invest their money with this broker because it lacks in providing better withdrawal procedures as well as accounts that also get suspended.
- Customer service available is not satisfactory.
- The company has an unfavourable provision in terms and conditions.
- It has insecure low leverages and high spreads.
- It does not provide Islamic accounts whereas brokers like ROInvesting, TradeATF provide the same to its clients.
Bottom line
The company does not provide a good trading platform for its users. It has lots of cons. If you want to have access to the easy and inexpensive financial market place then LiteForex is not a good platform for you.
Brokers do not give due rigour when it comes to profit and money. They don’t have a good layer of security. The company trading conditions are also not according to the entity and its regulation.
They also offer a high spread. There are a lot of logical inconsistencies and misleading demeanours. The broker does not agree with straightforwardness and they are too greedy in stealing the money of clients they have discouraged many users in the last few years. After considering various important points about this company, such as ROinvesting, Global TradeATFand ETFinance.
Frequently asked Questions
Where is LiteForex situated?
LiteForex is situated in the Marshall Islands.
Is it a safe firm to invest my money?
The company is not listed on the stock exchange. Due to its regular complaint regarding account suspended and cancellation of the withdrawal amount and poor analytical tool. We won’t recommend you to invest your hard-earned money with this firm.
Does the company provide proper withdrawal?
No, there have been lots of complaints regarding the company’s poor withdrawal system. The company doesn’t have a good withdrawal system.
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