WikiFX Broker Assessment Series | LiteForex: Is It Trustworthy?

In this article, we will conduct a comprehensive examination of LiteForex, delving into its key features, fees, safety measures, deposit and withdrawal options, trading platform, and customer service. WikiFX endeavours to provide you with the essential information required to make an informed decision about utilizing this platform.

Background:

Founded in 2008, LiteForex operates as an online brokerage offering the trading of exchange-traded CFDs.

The company offers a diverse range of tradable assets, including currency pairs, commodities, and global indices.

Types of Accounts:

LiteForex offers two account options: the ECN Account and the Classic Account.

Please refer to the attached image below for more detailed information on each corresponding account.

Deposits and Withdrawals:

LiteForex offers a range of payment options, including wire transfer, MasterCard, Visa, Maestro, Skrill, and Neteller.

Trading Platforms:

LiteForex provides the MetaTrader (MT4) trading platform, available on PC, mobile, and web, is widely used in the industry. MetaTrader 4 is an advanced trading platform offering a comprehensive suite of features and tools for precise trading analysis. With one-click trading, quick order execution, VPS hosting, and up to four pending order types along with trailing stops, it provides a highly customizable interface with thousands of online tools to plug in. The platform supports fully customizable and in-depth charts, in-depth trading history, and allows users to build or import Expert Advisors (EAs), enabling the automation of trading strategies.

Research and Education:

LiteForex offers a ‘Tutorial’ section that provides educational resources to support traders at different levels, including beginners, intermediate, and advanced. These resources are available in the form of texts.

Customer Service:

LiteForex provides customer service support in several foreign languages, including English, Polish, Portuguese, and others, through its live chat function, email (support@liteforex.eu), and phone (+357 25 750 555).

Conclusion:

To summarize, here's WikiFX's final verdict:

WikiFX, a global forex broker regulatory platform, has assigned LiteForex a WikiScore of 4.99 out of 10.

Upon reviewing LiteForex's licensing credentials, WikiFX confirmed that the broker is regulated by Cyprus Securities and Exchange Commission (CySEC). WikiFX has verified the authenticity of this license.

However, LiteForex has received several complaints from users worldwide and has been added to the warning list of Malaysias Securities Commission, casting doubt on its trustworthiness.

In addition, WikiFX‘s global field survey team paid a physical visit to LiteForex’s office in Cyprus, and it was reported that no office was found, suggesting that the information stated on its website isn't legitimate.

Therefore, WikiFX advises users to choose a broker with a higher WikiScore for greater credibility and security.