Note: It is important to note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies. In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.

In this review, if there is a conflict between the image and the text content, the text content should prevail. However, we recommend that you open the official website for further consultation.

General Information & Regulation

LiteForex is a Cyprus-registered company that provides online trading services for forex, commodities, indices, and metals markets. It is regulated by the Cyprus Securities and Exchange Commission (CYSEC) and offers two types of live accounts: ECN and Classic. LiteForex also provides a demo account, educational resources, and customer support in multiple languages. The company allows clients to deposit and withdraw funds via electronic transfers, bank cards, and bank wire transfers with a minimum amount of 10 USD and no extra fees.

In the following article, we will analyse the characteristics of this broker in all its dimensions, providing you with easy and well-organised information. If you are interested, read on.

What Type of Broker is LiteForex？

LiteForex is an STP (Straight Through Processing) broker that enables its clients to have direct access to interbank markets. This type of broker passes on their client's orders directly to liquidity providers, which are typically banks, without the need for a dealing desk. As a result, STP brokers are typically known for their transparency and faster order execution. LiteForex's STP model allows clients to experience pricing that reflects current market conditions, which can result in lower trading costs. However, since LiteForex does not have fixed spreads, clients may experience wider spreads during volatile markets. Additionally, requotes may occur due to the time it takes to process orders.

Pros & Cons

Pros:

• Wide range of tradable markets including currency pairs, indices, metals, and energy

• Competitive average spread for EURUSD at 0.5 pips

• Offers demo account for risk-free trading

• Provides various educational resources such as glossary, e-books, tutorials, and economic news

• Multiple language support for customer service

• Detailed deposit and withdrawal information with minimum amount of 10 USD and no extra fees

Cons:

• Limited information on spreads and commissions

• Maximum leverage of 1:30, which may not be sufficient for some traders

• Limited working hours for customer service

Market Instruments

LiteForex offers its clients a wide range of trading markets that includes currency pairs, indices, metals, and energy. This variety of instruments allows traders to find what they want to trade on the platform, whether they are beginners or experienced traders. However, LiteForex does not offer cryptocurrencies and stocks currently.

Account Types

LiteForex offers a demo account for beginners to practice trading without risking real money. For live accounts, the company provides two options: ECN and classic. The classic account has higher spreads but no commission, while the ECN account has lower spreads but a $3 commission per lot. This allows traders to choose the type of account that best fits their trading style and preferences.

Leverage

LiteForex offers a maximum leverage of 1:30, which is a commonly seen level in the forex industry. Leverage is an important aspect of forex trading as it allows traders to open positions larger than the amount of money they have deposited, which can lead to higher profits with successful trades. However, it also increases risk and potential losses, especially for inexperienced traders who may be tempted to over-leverage their positions. While higher leverage can be attractive to traders with smaller capital amounts, changes in market conditions can lead to sudden losses. It is important to note that regulators may restrict leverage levels in certain regions.

Spreads & Commissions

LiteForex's information on spreads and commissions is quite limited, which may make it difficult for traders to accurately assess the cost of trading with the broker. However, LiteForex does declare to have tight and variable spreads, with an average spread of 0.5 pips for EURUSD, which is a competitive level compared to other brokers in the market. The broker also does not have any hidden fees or charges, which can be seen as an advantage for traders. However, the lack of transparency on commission charges may be a disadvantage for traders who want to have a clear understanding of all the costs involved in trading with the broker.

Trading Platform

LiteForex offers both MT4 and MT5 trading platforms, which are widely recognized and trusted by traders in the industry. These platforms provide a user-friendly interface and a wide range of features and tools, making it easy for traders to analyze and execute trades.

Deposit & Withdrawal

LiteForex's deposit and withdrawal process offers several advantages to traders. Firstly, the broker supports multiple payment methods, including electronic transfers, bank cards, and bank wire transfers. Secondly, the minimum deposit requirement is only $10, making it easy for beginners to get started. Lastly, there are no extra fees charged for deposits or withdrawals, which is a bonus for traders on a tight budget. However, LiteForex does not offer e-wallet options, which is a popular payment method among traders, and the information on withdrawal processing times is limited. Additionally, local bank transfer is not available in some countries.

Educational Resources

LiteForex offers a comprehensive range of educational resources for traders of all levels. With glossaries, e-books, tutorials, strategies, economic calendars, analytics, traders calculators, currency rates, economic news, and more, LiteForex provides a wide range of resources to help traders make informed decisions.

Customer Service

LiteForex offers a variety of customer service options to its clients, including support in multiple languages and two contact options: email and phone. However, there is no live chat available, and customer support is only available during limited working hours from 9 a.m. to 9 p.m. (GMT+2) on weekdays. Another downside is the lack of 24/7 customer support. Despite these limitations, the broker provides a physical address, which can add to clients' peace of mind. Moreover, during the working hours, the response time is quick, and clients can expect to receive a helpful response in a timely manner.

Conclusion

In conclusion, LiteForex is a well-established and reputable online forex and CFD broker, offering a wide range of trading instruments, educational resources, and customer support in multiple languages. With its user-friendly trading platforms, tight spreads, and low minimum deposit, it is an attractive option for both beginner and experienced traders. While its maximum leverage is relatively low compared to some other brokers, this can be seen as a positive aspect for traders who prioritize risk management. Overall, LiteForex seems to be a reliable and trustworthy choice for anyone looking to trade the financial markets. However, it is important to always do your own research and carefully consider the risks involved before making any investment decisions.

Frequently Asked Questions (FAQs)

• Question: Is LiteForex a regulated forex broker？

• Answer: Yes, LiteForex is a regulated forex broker registered with the Cyprus Securities and Exchange Commission (CYSEC).

• Question: What trading platforms does LiteForex offer？

• Answer: MT4 and MT5.

• Question: What financial instruments can I trade on LiteForex？

• Answer: LiteForex provides currency pairs, indices, metals, and energy.

• Question: Does LiteForex offer a demo account？

• Answer: Yes.

• Question: What are the minimum deposit and withdrawal amount on LiteForex？

• Answer: The minimum deposit and withdrawal amounts on LiteForex are both 10 USD.

Note: For some unknown reason, we cannot open MultibankFXs official site (https://www.multibankfx.com) while writing this introduction, therefore, we could only gather relevant information from the Internet to present a rough picture of this broker. Traders should be careful about this issue.

General Information & Regulation

MultibankFX, a trading name of MEX Group Worldwide Limited, is allegedly a forex and CFD broker registered in the United Kingdom that claims to provide its clients with over 1,000+ tradable financial instruments with leverage capped at 1:500 and variable spreads from 0.0 pips on the leading MetaTrader4 and MetaTrader5 trading platforms, as well as a choice of three different live account types.

As for regulation, it has been verified that MultibankFX has four different licenses, but they are all suspicious clone, that is why its regulatory status on WikiFX is listed as “Suspected Fake Clone” and it receives a relatively low score of 1.42/10. Please be aware of the risk.

Field Survey

The investigators went to London, UK, to visit the foreign exchange dealer MultibankFX as planned. However, they did not find the dealers office at the publicly displayed address. The dealer may just borrow the address to register the company without a real business place. Investors are advised to choose the dealer carefully.

Market Instruments

MultibankFX advertises that it offers access to more than 1,000 trading instruments in financial markets, including forex pairs and CFDs on indices, commodities, precious metals and shares.

Account Types

MultibankFX claims to offer three types of trading accounts, namely Maximus, MultiBank Pro and ECN Pro. The minimum initial deposit amount is $50 for the Maximus account, while the other two account types have much higher minimum initial capital requirements of $1,000 and $5,000 respectively.

Leverage

The leverage offered by MultibankFX is capped at 1:500, which is much higher than that provided by most brokers. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.

Spreads

MultibankFX claims that different account types can enjoy quite different spreads. Specifically, the spread on the Maximus account starts from 1.4 pips, the MultiBank Pro account has spread from 0.8 pips, while only the ECN Pro account holders can enjoy raw spreads from 0.0 pips. These spreads are all below the industry average of 1.5 pips.

Trading Platform Available

Platforms available for trading at MultibankFX are said to be the industry-standard MetaTrader4 and MetaTrader5. In any case, we recommend using MT4 or MT5 for your trading platform. Forex traders praise MetaTrader's stability and trustworthiness as the most popular forex trading platform. Expert Advisors, Algo trading, Complex indicators, and Strategy testers are some of the sophisticated trading tools available on this platform. There are currently 10,000+ trading apps available on the Metatrader marketplace that traders can use to improve their performance. By using the right mobile terminals, including iOS and Android devices, you can trade from anywhere and at any time through MT4 and MT5.

Deposit & Withdrawal

MultibankFX says to accept payments with credit cards like Visa and MasterCard, bank wire, Neteller and Skrill. The minimum initial deposit requirement is said to be only $50.

Bonuses & Fees

MultibankFX claims to offer all kinds of bonuses, covering the 100% bonus, the 20% bonus, Imperial bonus and Refer a Friend bonus. Just take the 20% bonus as an example: the minimum deposit required for it is $1,000. Clients who wish to withdraw $200 of their bonus must trade 80 lots for every $200 they wish to withdraw. Additionally, clients must complete the trading requirements within 90 days of receiving the bonus. Clients who fail to meet the deadline will only receive a percentage of the bonus.

In any case, you should be very cautious if you receive a bonus. First of all, bonuses aren't client funds, they're company funds, and fulfilling the heavy requirements that are usually attached to them can prove a very daunting and difficult task. Remember that brokers who are regulated and legitimate do not offer bonuses to their clients.

Also, the broker also charges an inactivity fee. If a trading account stays inactive for 3 months, a monthly fee of $60 will be charged. However, other licensed brokers give a grace period of 6 months or even 1 year.

Customer Support

MultibankFX‘s customer support can be reached by telephone: +44 203 953 8381 (English), +62 02129264151 (Indonesian), +351 304 500 657 (Portuguese), +400 120 8619 (Chinese), +49 69 257377474 (German), +1 833 291 1788 (French), +7 499 609 46 73 (Russian), +34 931 220 671 (Spanish), +84 28 44581652 (Vietnamese), email: cs@multibankfx.com, cncs@multibankfx.com, cs.mys@multibankfx.com. You can also follow this broker on social media platforms such as Twitter, Facebook, Instagram, YouTube and LinkedIn. However, this broker doesn’t disclose other more direct contact information like the company address that most brokers offer.

Risk Warning

Online trading involves a significant level of risk and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.