Table of contents:
- 1 LiteForex experience with Forex trading
- 1.1 1 – seat and regulation: CySEC-regulated provider
- 1.2 LiteForex serious or fraudulent?
- 1.3 Other trading offers
- 1.4 3 – trading conditions and minimum deposit: 50 USD minimum deposit required
- 1.5 ECN Account Trading Conditions
- 1.6 Conditions of the classic trading account
- 1.7 4 – trading platform and mobile trading: MT4 & Social Trading Platform
- 1.8 Using Social Trading as another platform
- 1.9 LiteForex serious or fraudulent? Social trading is offered transparently
- 1.10 5 – account opening and bonus offers: Open an account online very easily
- 1.11 Registration in several steps
- 1.12 No bonus offers according to LiteForex experience
- 1.13 6 – demo account: no balance on demo account
- 1.14 Virtual balance up to 1 million Euro
- 1.15 Demo account usable for 30 days
- 1.16 7 – service and education: numerous terms and trading strategies explained
- 1.17 Technical analysis explained
- 1.18 Fundamental analysis and trading psychology explained
- 1.19 Further training offers in German language
- 1.20 8 – deposit and withdrawal: three payment methods available
- 1.21 Withdrawals possible with restrictions
- 1.22 9 – seriousness: LiteForex is transparent for clients
- 1.23 License through CySEC
- 1.24 Demo account available for 30 days
- 1.25 10 – conclusion: positive LiteForex Forex experience
LiteForex experience with Forex trading
LiteForex fraud or serious? investors can now gain LiteForex Forex experience after renaming the broker Mayzus. The design has been revised but the company itself is still located in Cyprus. Therefore the broker is regulated by the Cyprus Financial Supervisory Authority. With a minimum deposit of 50 USD, trading on over 200 underlying assets is possible. You can choose between an ECN and a Classic account. Traders who want to trade through LiteForex Forex can use social trading and copy other successful traders.
5 arguments for opening an account with LiteForex
- Minimum deposit only 50 USD
- Broker regulated by CySEC
- ECN and Classic account available
- Spreads from 0.9 pips
- Extensive German-language further training offer
1 – seat and regulation: CySEC-regulated provider
Icon RegulationTraders who want to gain LiteForex Forex experience can rely on a regulated provider. Due to its location in Cyprus, LiteForex is regulated by the Cypriot authorities. Forex broker comparison shows that many reputable providers with a serious offer are also regulated by the renowned Cyprus Financial Supervisory Authority. So this fact speaks for the broker in LiteForex Forex test report.
What is LiteForex’s experience with deposit insurance? Does the broker act seriously or is it a fraud? Deposit protection is in accordance with the European regulations, so the trader’s investments are protected with 20.000 Euro. Furthermore, the client’s own funds are kept separate from the broker’s funds according to the MiFID directive.
LiteForex serious or fraudulent?
In LiteForex Forex’s test report we would like to positively mention that all regulatory and legal documents are available for download. Thus, Forex Broker offers its clients enormous transparency. All the forms (for example, for applying for an Islamic account) are also available for free download.
LiteForex is regulated by the Cyprus Financial Supervisory Authority. Broker’s own funds are stored separately from the client’s funds. Moreover, deposits are secured up to the amount of 20,000 Euro.
LiteForex’s 2nd trading offer on trial:
- numerous majors and minors
As LiteForex Forex’s experience shows, the trading offer is extremely extensive. Forex trading is the main focus. All popular currency pairs and cross rates of the major currencies are offered. Among the main currencies offered by the broker are AUDUSD and EURUSD:
Additionally, traders can trade the cross rates of the major currencies. There are more than 15 possibilities. Additionally, cross pairs of small currencies are offered. These include USDSGD and USDCNH. In total there are over 15 currency pairs to choose from. With this wide range of services LiteForex does not have to hide behind other Forex brokers.
Other trading offers
LiteForex experience is also available to investors with other trading tools. These include metals, oil and stock indices. Platinum, palladium, silver and gold can be traded on the spot market for metals through the broker. Customers can continue to invest in crude oil and Brent oil on the Forex market. The most important stock indices of the world are also offered. These include among others: FDAX, FTSE, SPX.
The Forex Broker offers a wide range of trading opportunities. In addition to numerous currency pairs, customers can trade oil, metals and the most important stock indices. Measured at the selection the focus is however on the trade with currency pairs, because here over 50 offers are available.
3 – trading conditions and minimum deposit: 50 USD minimum deposit required
Icon Money BundleThe trading conditions vary depending on the selected account type. As LiteForex Forex test report shows, clients can choose between a classic account and an ECN account (for professionals). Additionally, a free demo account is available.
ECN Account Trading Conditions
The ECN account is also available with a minimum deposit of 50 USD. However, depending on the selected financial instrument, experience shows that the leverage varies between 1:10 and a maximum of 1:30. Trading takes place on the MT4 platform. Traders can invest with floating spreads starting from 0.0 points with a minimum fee of 5 USD/lot.
- Costs Forex Majors: 10 USD/Lot
- Cost Forex Crosses: 20 USD/Lot
- Cost Forex Minor: 30 USD/Lot
It is also possible to keep an Islamic account. The same applies to the use of social trading. There is no maximum order limit here.
Conditions of the classic trading account
If you want to open a classic trading account, you must deposit at least 50 USD. Traders can also use the broker’s social trading platform. LiteForex’s experience shows that trading is done with sliding spreads starting from 2.0 points. Leverage also depends on the chosen financial instrument; it is maximum 1:30 for the main currency pairs and varies between 1:20 and 1:30 for the cross rates of the main currencies. The same applies to the smaller currencies.
Starting from the minimum deposit of 50 USD, traders can gain LiteForex Forex experience themselves. Various financial derivatives are available with a maximum leverage between 1:10 and 1:30. The classic account is designed for all private investors, while the ECN account is available only for professional investors.
4 – trading platform and mobile trading: MT4 & Social Trading Platform
Icon PlatformsThe MT4 is available as a trading platform. This platform is extremely popular with customers because it is functional and can be operated in an almost self-explanatory manner. It also provides numerous tools for chart analysis. According to our experience we do not offer any other platform to trade LiteForex Forex.
Using Social Trading as another platform
LiteForex Forex review shows that clients can trade by copying successful traders. This is made possible by the broker’s own social trading platform. Customers get a copying system for Forex trading and can copy complete or single trades. For this purpose, investors find a selection of the best providers. The transparent online overview presents the platform’s most successful investors, and customers can copy their investments. In addition, the platform allows for learning and chatting and thus further education in this area. Traders can copy however not only Investments of successful traders, but register themselves as successful traders. If their transactions are copied by other investors, there is an additional income.
LiteForex serious or fraudulent? Social trading is offered transparently
Compared to other social trading platforms, LiteForex’s approach is transparent and does not indicate dubious actions. Even the percentage profit sharing of successful traders is not unusual.
The MetaTrader 4 is the most popular platform and is used by many other successful brokers. Additionally, a platform for social trading is available free of charge.
5 – account opening and bonus offers: Open an account online very easily
Registration in several steps
After the quick login, for which only a few details are required, the future account holders have to fill out another form. Here they are asked for their first and last name, country and telephone number. The e-mail address is automatically taken from the first input mask. Now traders can choose which currency to use for trading. Besides USD and Euro, PLN and GBP are available. The assignment of a password is also necessary. After all the details have been entered, these data are sent by clicking on “Register”. Afterwards, the clients will receive a confirmation e-mail and can start trading. Before the account capitalization is not done, the trading account is in demo mode.
No bonus offers according to LiteForex experience
Bonus offers for a deposit or new registration will not be made available after the experience. There is only an affiliate offer for entrepreneurial traders.
The opening of an account is very simple online. However, no bonus offers are available for private investors.
6 – demo account: no balance on demo account
Icon strategy traders can gain LiteForex Forex experience without any risk and own investment. For this purpose a free demo account is available. However, this is not a full demo account with virtual balance but only a demonstration account.
Virtual balance up to 1 million Euro
The virtual credit on the demo account can be selected individually. Traders can determine themselves how much credit they want to have available. A maximum amount of 1 million Euro (or currency equivalent) is available. With this credit balance, the users of the demo account can use all trading offers. If profits are made with it, they will also be credited virtually. The same applies to losses, which are also only virtually valued.
Demo account usable for 30 days
The demo account is available for 30 days and will be automatically deleted after this time. Traders do not need to worry about closing the account. A parallel use of demo account and live account is also possible. This allows traders to try out their own trading strategies with the demo account and, if successful, transfer them to their live account.
The demo account can be used for a total of 30 days and is then automatically closed. A maximum of 1 million euros (or currency equivalent) is available to investors as a virtual credit balance. The credit balance is freely selectable when the investors open the demo account. The parallel use of demo account and live account is also possible.
7 – service and education: numerous terms and trading strategies explained
Icon CleverLiteForex provides its clients with a very special training area. Under Forex Thorium, traders will find numerous rules, tips and recommendations for trading on the markets. The individual learning units are well structured. The introduction deals with the basic terminology. Thus the advantages of Forex are pointed out. In addition, the individual types of orders, trading opportunities and terminology for positions are explained.
Technical analysis explained
The technical analysis is explained in the following. Traders learn more about trends and how to spot them. The graphical analysis is also explained. Additional information is provided on volatility and seasonal dependencies. The chapter deals with numerous trend patterns, indicators and much more.
Fundamental analysis and trading psychology explained
Traders who want to know more about fundamental analysis or trading psychology will also find extensive information here. Risk management and strategy building are also addressed. Traders will learn how automatic trading works and how it can be implemented. Furthermore, there are valuable tips on trading concepts and individual settings on the platform.
Further training offers in German language
All further training courses are available in German. However, customer support in the live chat is available in English only. Therefore, the availability is given 24/7. Alternatively, those who wish to do so can contact the support team by central e-mail. According to our information, a telephone number is not available.
Traders receive valuable tips and further training offers around trading in the foreign exchange market. Terms, strategies and chart analysis are explained.
8 – deposit and withdrawal: three payment methods available
Icon PaypalThere are several payment options available for the account capitalization, including Visa and MasterCard credit cards. Also accepted are: Delta, Diners Club and JCB. The minimum deposit for credit card payments is 10 USD. There are no fees for this, as the broker refunds them for all payment methods. Bank transfer is another option for account capitalization. If you want to deposit using electronic wallets, you can use Neteller or Skrill. Here the minimum deposit is 1 USD.
Withdrawals possible with restrictions
The above-mentioned means of payment are also available for payment. However, customers can only withdraw their winnings using the method by which the deposit was made. If there is a difference between the deposit and withdrawal currency, LiteForex will automatically convert the currency when paying out the winnings. Clients can withdraw their winnings starting from 10 USD. No fees are charged for this. This is a positive difference of this broker compared to other Forex providers. Not everywhere winnings payouts are free of charge and are available starting from 10 USD.
For the payments, there are several options to choose from. These include credit cards, bank transfer and electronic payment services. Deposits are possible from 1 USD. There are no fees for this. The winnings can also be paid out free of charge from 10 USD.
9 – seriousness: LiteForex is transparent for clients
Icon ContactDoes the broker work seriously or is his offer a scam? After the test we draw a conclusion: All information is transparent, accessible in German language and available for all interested parties even without login. For us this is an indication that the broker has nothing to hide. The conditions for trading and account management are also moderate and show hardly any differences compared to other Forex brokers.
License through CySEC
Anyone who wants to trade with a broker does so in a regulated environment. LiteForex is regulated by the Cyprus Financial Supervisory Authority and operates with segregation. In case of bankruptcy the clients’ funds are protected.
Demo account available for 30 days
Those who want to can get to know the Forex Broker without risk at first. For this purpose, the free demo account with a virtual balance of up to 1 million euros (or currency equivalent) is available. Traders can even use the demo account parallel to their live account. For us this offer is also a sign of the broker’s seriousness. This is also reflected in the conditions for payments. Fees do not accrue or are refunded by the broker. For the payments, besides credit cards, electronic purses and bank transfer are available. Payments are possible from amounts as low as 1 USD. Withdrawals are also realized free of charge and are possible from an amount of 10 USD.
LiteForex offers its clients comprehensive services and attractive trading conditions. Whether the broker is reputable or not, clients can easily decide for themselves without any risk using the demo account.
10 – conclusion: positive LiteForex Forex experience
LiteForex’s trading offer is particularly extensive. Traders can invest in over 50 currency pairs in the foreign exchange market. There are two different account models to choose from. The minimum deposit is 50 USD (or currency equivalent) each. A free 30-day demo account is also included in the offer. Traders can trade with a virtual balance of maximum 1 million Euro. The spreads are variable and start at 0.0 points for the ECN account. Who would like, can open an Islamic account on request. The fees for trading are at least 5 USD/lot. We were positively impressed in the test by the extensive training offers. Traders get an insight into trading in the foreign exchange market and explanations of terms, strategies, chart analysis and much more. A social trading platform can also be used, allowing investors to copy successful trades from other traders and, at best, participate in them. Basically, LiteForex’s trading is conducted on the MT.
LiteForex Broker is also convincing in terms of service and security. Thanks to the regulation of the Cypriot Financial Supervisory Authority, at least from a purely legal point of view, the basic conditions for serious trading have been created. Deposits are secured up to EUR 20,000 per customer. In addition, the customer’s funds are stored separately from the broker’s own funds. However, there is a reduction in customer support, as the live chat is only available in English. If you want to gain LiteForex Forex experience yourself, simply register for the free demo account.