Lite Forex Broker Review
With Lite Forex, you get a forex broker that offers you a variety of trading tools for a minimum initial deposit. In fact, you can get your account started for as little as $10! You also get to choose between forex trading platforms with fixed or floating spreads, multicurrency accounts, access to the MetaTrader 4 and 5 platforms, and even bonuses and contests that give you real prizes. With Lite Forex you can get access to the tools and account types that even professional traders use with a minimum investment, something that isn’t covered in many of our other forex broker reviews.
Lite Forex lets you trade forex, precious metals, CFDs, and indices. They also give you access to a trader’s calculator and a Fibonacci calculator.
But the biggest features that Lite Forex offers its traders are its promotions, bonuses, and contests. In fact, they offer more prizes and bonuses than nearly any of the other regulated forex brokers that we have reviews. Lite Forex offers special deposit bonuses over time and always provides you with interest on the money that you have deposited in your account. You can always withdrawal the bonus as well, provided that you have met the trading requirements for withdrawal.
There are a variety of contests that are offered each and every day as well. The most popular contest is called “Feel the Spread.” The goal of the contest is to get the minimal spread on all of your floating account orders throughout the day. But you can’t just make one trade and sit on your laurels. A formula helps the contest determine who has gotten the least spread on the highest amount of orders.There is also a trader’s marathon contest, which awards traders for the most trades within a given time period. Regional contests are also offered for traders in different areas of the world and you can even enter the demo account contest, where you can get real money and prizes for trading on your virtual account.
All of the accounts at Lite Forex are based on the MetaTrader4 and MetaTrader5 software, the forex trading platforms used by most professional traders. It includes support for mobile and multi-terminal platforms.
There are four different account types available at Lite Forex. They are:
The LiteForex account is available on the MetaTrader4 or 5 platform and is designed for beginners. It’s an easy way to get started with forex with a minimal deposit. Accounts start with just a $10 deposit and you can use any leverage between 1:500 and 1:100. The main drawback once you pass the beginner level is that you can’t use it to test your own trading systems. Spreads are fixed on all currency pairs.
The RealForex account is for professionals and also based on either the MetaTrader4 or 5 platform. There are no maximum deposits and leverage is between 1:50 and 1:200. Spreads are fixed.
A floating spread account is for traders that want to trade with a floating spread. Floating spreads can offer you better spreads than fixed spreads but they can also become much larger during volatile market periods. It is based only on the MetaTrader4 platform.
With an STP account at Lite Forex you get access to the same system that banks and other major companies use to trade their forex reserves. It starts with a $100 minimum deposit and leverage runs from 1:200 to 1:1
Lite Forex is one of the few brokers in our forex broker reviews that lets you choose between fixed and floating spreads. The spreads on most major currency pairs are around three pips but can get as high as 24 pips with floating spreads. If you plan on trading minor currency pairs the spreads range from around ten pips to as high as 250 pips for the most exotic pairs.
Lite Forex gives you access to a wide range of deposit and withdrawal options. Currently you can deposit or withdrawal via:
• Liberty Reserve
• OK Pay
• LiqPay PM
• Bank Wire
• Credit Cards
Customer support is available in several different languages and is ready to help you out 24 hours a day 5 days a week.
Lite Forex is one of the many regulated forex brokers located in the Seychelles and is regulated by the SIBA.
Lite Forex gives you all the tools and flexibility that you need to be a profitable trader with a myriad of extra promotions and bonuses thrown in to help you make the most out of your trading budget. However, they unfortunately aren’t regulated in Europe or the U.S. and if you want the extra protection of those regulators you might need to look at some of our other forex broker reviews to find the right broker for you.