LiteForex Review 2021

7.5

/10

LiteForex Review 2021

Davis J.
Robertson A.
March 2021
Analysis of the Main Features of the Forex Broker

7.5

Overall rating

7.29

/10

Execution of orders

7.71

/10

Investment instruments

7.35

/10

Withdrawal speed

7.65

/10

Customer Support work

7.13

/10

Variety of instruments

7.87

/10

Trading platform

24

Position
in rating

Trading terminals:

MetaTrader4 MetaTrader5
Own platform integrated in the personal account
24

Position in rating

7.5/10
Overall rating

Trading terminals:

MetaTrader4 MetaTrader5
Own platform integrated in the personal account

LiteForex Latest Comments for 2021

5
6
4

Positive reviews increase standing and, of course, any negative reviews decrease its position in the ratings.

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They actively promote their terminal on their blog, and it is not even close to MT4. 1. It is not possible to add indicators and advisors; there is no tester. 2. Some of the indicators from the toolkit do not work (you add them to the chart, but they are not there!). Most of the MT4 functionality (auto-scrolling, scaling, etc.) is missing. 3. The history of quotations is weak, in MT4, after downloading quotations, you can find the desired area in a couple of minutes, LiteForex does not have it. For beginners, it will do to just play around a bit, but professionals should stick to MT4 only!

Several words on deposits and withdrawals. Nice bonuses. LiteForex compensates the commissions of payment systems when replenishing an account. The money is refunded to a real trading account. But to withdraw, you’ll have to pay a commission. The withdrawal speed corresponds to what is written on the site, only it is closer towards the upper boundary. And you can withdraw money only to the account which was used for replenishment. When registering, you can specify a second alternative account, but support will eat your brain out before they agree to verify it.

Read all agreements or at least the FAQs carefully! For example, the declared leverage of 1:500, which is needed to reduce the margin level, works only for currency pairs. And there is no leverage for stocks or crypts, but there is a fixed margin in the formula. I only found out about this when I opened transactions for one level of margin and received another much larger one. The FAQs also has an interesting point 4.22 on how profit is calculated. And there is a reference to the contract specification in MT4, but half of the traders don’t even know where to look for it.

Does anyone else believe in the bubble button called social trading at LiteForex? :) I am connected to a couple of the most profitable traders: their profitability is awesome, last month it was about 500%. Well, I decided to close in a week or so... In a couple of days, out of nothing, you have a complete blow. I am checking equity, trying to find the reason for this blow. Okay, it’s an issue of thrill. I am trying to look at the history of the previous merged accounts of the manager - but it is absent! Lite just does not display it ☺ You don’t see all the trader’s previously blown accounts, but they simply blow your loot, honing some of their tactics, and open a new account. Ask support, according to what formula they assign a level of risk. Not a chance, they will tell you. They drew some numbers on the site, and they are happy.

I didn’t like it. MT4 may freeze up at the wrong moment and the Not Found window will be displayed instead of the chart. If you try to ask the support about the reasons, you’ll get your answer but only in 30 minutes. When the MT starts working again and the trades are closed by the stop (well, if you haven’t forgotten about them). Spread widening is a common pattern here. I down loaded the backtest, made all the screenshots at the time of widening (put the Spread Warner script in MT), compared it with other quotations and saw that LiteForex was cheating a bit on the spread. I would not recommend this broker because it scalps.

You can easily find a lot of negative reviews with examples of real correspondence with support and detailed descriptions of the situation and links to the points of the partnership agreement! Sudden widening of spreads, closing of transactions by stop-outs when the price has not yet been reached, slippage! I was shocked when my transactions were closed by stop-out on a small lot of 0.01. Be prepared for lengthy correspondence with technical support and their explanation that “the Company has the right to unilaterally enforce...” and so on. The regulator will also ignore your letters.

It is a controversial broker, but with others, there were even worse situations. They have very good spreads for scalping on ECN, but at the time of this news release, it is better to roll off transactions. They have no restrictions on high-frequency trading, but at the time of opening transactions, they can make your life difficult and the support will then shift the blame to liquidity providers. There are pros and cons.

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