LiteForex review was written based on our experience with this broker. After we visited the website, we were surprised by different trading types that are offered on the platform.
Traders can not only trade forex and CFDs contracts but can also experience social trading. Social trading is a type of trading that allows you to utilize the knowledge of others for your own benefit. You can simply follow what is going on in the trading community and what trades are placed, and then copy their methods and actions.
LiteForex Social Trading
LiteForex social trading is based on copy trading principles. Basically, this means that you as a trader can copy trades placed by other traders without any restrictions. Traders who are placing trades originally have the ‘Master account’, while traders who are copying trades have ‘Investor Accounts’.
Of course, social trading is not mere copying, and traders can use 4 different strategies for copying trades.
- Full size – when you want to place trades of the exact volume as the Master trader
- Fixed size – when you define the trading volume before you start copying trades
- Allocated equity – trading volume is calculated by using a special formula (Master’s Trade Volume * (Investor’s Equity / Master’s Equity) = Investor’s Trade Volume)
- Part of Master’s volume – traders can set the volume trading share in advance
It is important to say how you can always change the strategy you are using to one that seems more convenient or a better choice at a certain moment. There is also a stop loss feature, and you can create a list of favorite traders as well.
LiteForex Account Types
LiteForex offers three different account types:
- Demo account for practice
- ECN account they say is for professionals
- Regular trading account
We will try to analyze every account type available.
LiteForex Demo Account
Demo account is also called a trading account. Traders can select out of two different demo accounts: ECN and Classic demo. Every LiteForex demo account corresponds with a different real account type. We never experienced such approach to demo trading before and must say how this is rather impressive and innovative approach.
Demo ECN account
- Unlimited virtual money
- Real quotes
- All trading tools
- Same experience of trading without risk involved
Demo Classic
- Unlimited virtual money
- No requotes
- Real market conditions
- Currencies, stock indices, metals, oil
The great news is that both demo accounts allow LiteForex traders to try out the leverage, margins, different spreads etc. for the ultimate trading experience. There is no element that is not integrated into the demo platform.
ECN Account
ECN account is considered to be for professional traders. Floating spreads are around 0.9 pips, and there is no commission. Traders can use MT4 platform and leverage that ranges from 1:400 to 1:1. Minimum lot is 0.1, and a maximum lot is 100. Margin call level is 20%. Minimum deposit for ECN account is $50.
Once the traders make an account and activate it with deposit, they can deposit smaller amounts as well.
Classic Account
Minimum deposit with this account is $50 and maximum leverage is 1:500. Traders can use all the benefits of the ECN account, as the main difference is the spread which is 1.8.
