Liteforex Malaysia - Is It a Good Broker in 2024?
Founded in 2015, forex broker LiteForex has been serving more than 500,000 global clients. Its headquarter is located in the Marshall Islands with multiple offices in 11 countries, including Tanzania, the Philippines, Ghana, India, Myanmar, Iran, Nicaragua, Indonesia, Vietnam, and Nigeria.
With its efficient copy trading feature, LiteForex Malaysia is an excellent broker for beginners to start trading on MetaTrader platforms.
Malaysians can trade under its subsidiary, Litefinance Global LLC, which is regulated and authorized by the Financial Services Authority of St. Vincent and the Grenadines (SVGFSA). This Forex & CFD broker is safe to use as it has a registered number (931 LLC 2021) and a registered address in St. Vincent and the Grenadines.
Let's dig deeper into LiteForex Malaysia and see if it is a good broker in 2023 or not.
LiteForex Malaysia – General Information
LiteForex Malaysia is a renowned company offering innovative solutions for all sorts of trading. Despite having higher trading costs, it is one of the top choices of traders due to its multitude of benefits for easy and effective trading.
Before moving forward on these benefits, have a look at its brief profile.
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💰 Account currency:
USD, EUR, CHF, MBT
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🚀 Minimum deposit:
$50 USD
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⚖️ Leverage:
Up to 1:500
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💱 Spread:
Classic — from 1.8 pips, ECN — from 0 pips
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🔧 Instruments:
Currencies, assets of stock and commodity markets, cryptocurrencies
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💹 Margin Call / Stop Out:
100% / 20%
LiteForex Malaysia – Pros and Cons
Most traders look for brokers that facilitate them throughout their process, despite having a high trading cost. However, some see this as a downside. LifeForex Malaysia is one such broker, having several advantages with some disadvantages.
👍 Pros
• Easy trading on MetaTrader 4 and 5
• Quick withdrawals
• Copy trading accounts
•Automated trading – APIs
• Three live account options
• Customisable charting
👎 Cons
• High commission
• Wide spreads
LiteForex Malaysia Review
If you're considering LiteForex Malaysia as your primary broker, it's a great time to do so. It offers the traders a proprietary copy trading platform, supported by an automated copy-trading system to enhance their experience.
With this feature, you can easily duplicate your best traders, share information, interact with your signal provider, and trade independently. Not only that, but LiteForex Malaysia also provides traders with VPS hosting that cost them only US$15 a month.
If you prefer having multiple live account options, this platform offers you three options to choose from. These include Classic, Cent, and ECN accounts - all having a minimum deposit rate of US$50.
Classic Account: It is commission-free, starting at 1.9 pips (in EUR/USD).
Cent Account: Like the Classic account, it also doesn't have any sort of commission. However, it has wide spreads, starting at 3.0 pips (in EUR/USD).
ECN Account: It has tight spreads, starting at 0 pips (in EUR/USD), but a high commission rate ranging from US$10-$15 per lot traded.
Learn about Top-10 ECN Brokers
What makes LiteForex an ideal platform for beginners is its ability to facilitate traders in dealing in smaller trade volumes or micro-lots. Moreover, you can also get free independent market news and analysis from Claws & Horns, a third-party provider.
LiteForex Malaysia enables users to trade on the MetaTrader platforms, including MT4 and MT5 – the best platforms for online Forex and CFD trading. You can use various types of charts, including lines, bars, and candlesticks.
These platforms also come with multiple chart types, including line, candlestick, and bars.
LiteForex Malaysia – Fees
Lifeforex's trading fees are usually higher than other brokers on all three accounts.
Most brokers offer a range of accounts with higher minimum deposits. On the contrary, LiteForex only offers three types of accounts with relatively lower minimum deposits.
If you opt for a Classic or Cent account, you'll get the trading costs included in the spread. Meanwhile, with the ECN account, you'll get tighter spreads with an additional small commission per trade.
Learn about Brokers with Lowest SpreadThe entire fee structure of LifeForex Malaysia is available online.
We used this formula to calculate the trading cost: "Trading Cost: Spread x Trade Size + Commission," with EUR/USD as the benchmark currency.
| Trading Account | Minimum Deposit | Minimum Spread | Commission | Trading Costs |
|---|---|---|---|---|
Classic |
USD 50 |
1.9 |
- | 19.0 |
Cent |
USD 10 |
3.0 |
- |
30.0 |
ECN |
USD 50 |
0.0 |
Starting from US$10 per lot |
10.0 |
You may find these costs comparatively higher than other brokers that offer a starting trading cost of US$9. Apart from trading costs, LiteForex Malaysia also charges some other fees.
Swap Fees
A swap fee is charged on overnight trades. It is calculated by taking the difference between the interest rates of the traded currencies. For example, on a long position, the swap fees for the EUR/USD are -5.616, while on a short position, they are -0.156.
Non-trading Fees
LiteForex's non-trading fees are charged averagely as compared to other brokers. Most traders usually ignore the non-trading fees while opting for a broker. They don't realize that these fees can considerably affect their overall profitability.
Although LifeForex doesn't charge traders for deposits and inactivity, it still charges a fee for various withdrawal methods. Unfortunately, the withdrawal fees are comparatively higher than other brokers.
For example, you will have to pay a 3% fee for withdrawing through debit/credit cards and a 2% commission for withdrawing via bank transfer.
LiteForex Malaysia Trading Assets
With LiteForex, you can do CFD trading on Forex, commodities, cryptocurrencies, shares, and indices. Sadly, these financial instruments are very few compared with the bigger international market markers.
| Financial Instruments | Number of Assets | Leverage |
|---|---|---|
Forex |
56 |
500:1 |
Commodities |
6 |
100:1 |
16 |
2:1 |
|
37 |
20:1 |
|
11 |
100:1 |
Even though LifeForex Malaysia offers limited financial instruments, it has an impressive range of cryptocurrency assets available.
Is LiteForex Malaysia Regulated? Is This Сompany Safe?
Of course, LifeForex is a safe broker for Malaysians to start online trading.
The headquarter of LifeForex is situated in the Marshall Islands, which is regulated and authorized in Cyprus by the Cyprus Securities and Exchange Commission. It acts according to the Marshall Islands Business Corporation Act, with license number 093/08.
LiteForex Investments Limited is authorized in the Marshall Islands with registration number: 63888.
Malaysian traders come under the subsidiary, LiteFinance Global LLC, which is regulated by the Financial Services Authority in St. Vincent & the Grenadines (SVGFSA), with registration number 931 LLC 2021.
Keep in mind that SVGFSA is not an authentic forex broker regulator, which means the CFD trading-related activities are not supervised. Therefore, you may have to depend on LiteForex's reputation if you want to opt for it.
But this doesn't make LitForex a non-authorized or unreliable broker. Luckily, it categorizes the funds from its operating capital at well-renowned banks and offers negative balance protection to the clients.
LiteForex Malaysia – Best for Beginner Traders
Due to its three account and micro-lots trading options, LiteForex is considered the best broker for beginners. Other than that, it also facilitates beginner traders with multiple other features, including:
Free Deposits and Little Withdrawal Charges. The withdrawals are made through the same method and in the same account as the first deposit. You can withdraw funds up to US$100 a day, available on Skrill, Perfect Money, and Neteller.
Bonuses & Contests. The company runs a 'Dream Draw' with a prize pool of $350,000 and a "Video Blogger" competition with a prize fund of $1,000. You can also win trading contests of cash prizes up to $4,000.
Additional Features. You can use a world market news blog, an economic calendar, a margin calculator, and a Fibonacci calculator.
Trading Hours. Open and usable 24/7.
Customer Support. You can seek assistance via chat, email, and contact number.
Summary – Is LiteForex Malaysia a Good Broker?
LiteForex is a trustable broker with a limited set of financial instruments and low-deposit accounts that help newbies trade on the MT4 and MT5 platforms. Although it charges a relatively high commission rate, its versatility and easy-to-use features make it a top broker in 2023.
With excellent copy trading platforms, three live accounts options, no deposit fees, and 24/7 availability, LiteForex Malaysia is definitely a good choice for Malaysian traders to start trading.
Keep in mind that the SVGFSA is not considered a reliable forex broker regulator, so this may cause some risks. However, the broker is usually safe to use since it segregates all clients' funds from its operating capital and offers traders negative balance protection.
FAQs
Is LiteForex Malaysia regulated?
Yes, it is. Malaysian traders come under Litefinance Global LLC, which is regulated and authorized by the Financial Services Authority of St. Vincent and the Grenadines (SVGFSA). It has a registered number (931 LLC 2021) and a registered address in St. Vincent and the Grenadines.
Is LiteForex Malaysia safe to use?
Although SVGFSA, which regulates Litefinance Global LLC, isn't a reliable forex broker regulator, the company segregates the clients' funds from its operating capital. Also, it offers the users negative balance protection. So, it is safe to use.
How many account options do LiteForex Malaysia offer?
It offers three live accounts: Classic account and Cent account that are commission-free, and an ECN account that charges a commission ranging from US$10-$15 per lot traded.
What are the financial instruments you can trade on LiteForex Malaysia?
LiteForex offers a limited number of financial instruments, including Forex, commodities, cryptocurrencies, CFD shares, and indices.
Team that worked on the article
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