Best Forex Brokers:LiteForex Review
Liteforex is a Forex broker that offers the market-standard advanced MT4 trading platform. In that sense they are very similar to many other brokers using that platform. It seems that Liteforex wanted to differentiate themselves from the pack, and so they did so by implementing a $1 minimum deposit in order to start trading, which is a tremendous advantage over the majority of brokers that have a $100 minimum deposit, if not more.
Choose the Best Forex Brokers Right Now!
LiteForex, as opposed to many brokers we have reviewed, focus primarily on the foreign exchange market, and do not get distracted trying to offer trading on other markets. This can of course be seen as a disadvantage, but in this case, I think it has contributed to LiteForex's excellent offering. Since they are focused solely on Forex, they make sure that their offering is on the highest of levels at all times.
As mentioned, LiteForex works with the Meta Trader 4 trading platform, which essentially means you can trade with all the bells and whistles offered to Forex traders around the world. These trading features include Stop Losses, Take Profits, Instant Execution Technology, Limit orders, Trailing Stop orders, and much more. LiteForex does make sure to separate themselves from their competition by offering many different features not supported by the average Forex broker.
Let's start with mobile trading. It is pretty clear to all that the mobile industry is booming, and the Forex industry as a whole has not caught up yet. Too many brokers do not offer mobile support. With LiteForex, they have full support for mobile trading with a downloadable MT4 platform for your mobile device. An additional advantage that I have not encountered with any other Forex broker is the ability to open a LiteForex account with a single US dollar. Now, do not fool yourself, the value in this is not that you are going to become a millionaire from a $1 investment, because you wont. What this offers is a means for new traders to gather experience in real Forex trading with a minimal investment. This, in my opinion, is worth more than the actual money you can make from the $1 investment. Not to mention, that this is a great PR and marketing move on the part of LiteForex, and one that once again, separates them from the pack.
LiteForex also offers the standard free demo account and advanced trading tools, such as market analysis, trading history, and of course the ability to trade with a high leverage if you are so inclined. They also offer various types of accounts to meet the demand of traders' on all levels of experience, something I have not encountered with too many other brokers, at least not this many. LiteForex makes the registration, deposit, and withdrawal processes as easy as possible with the option to open an account using one of many payment methods such as bank ware, moneybookers, Webmoney, Liberty Reserve, and Alert Pay.
The withdrawal process with LiteForex is also relatively painless with some traders reporting a minimal withdrawal delay of less than 48 hours. LiteForex supports over 40 currency pairs with the typical spreads for the majors fluctuating around the 3-4 pips. They also offer a no-commission policy, another huge advantage over past brokers we have reviewed.
LiteForex's website is available in 14 languages, just another indication that they strive toward excellence. To just add another feature that impressed me about LiteForex, they offer a state-of-the-art customer support solution, which is based on an advanced chat room, in which you can speak to their representative as well as other traders in English, Spanish, Portuguese, or French.
They also offer Forex training on their site, that consists of some very informative articles on a variety of topics, if you are new to the market. In addition to their chat functionality, they also provide the basic contact information such as email and phone numbers, and are pretty much available to answer any of your questions, around the clock.
LiteForex was established in 2005 and now have a global presence with offices in many countries around the world.
LiteForex's declared mission is to “provide opportunity for individuals around the world to trade on financial markets under equal conditions like traders operating in traditionally closed financial centers and institutions”.
With their advanced trading platform, their high level of customer support, and their wide and growing spectrum of features and advantages, I think they are well on their way to accomplishing their goal.
Choose the Best Forex Brokers Right Now.
Start Your Forex Trading Journey!
