LiteForex
Chris Cammack January 7, 2020 09:18 AM
With excellent copy trading functionality and a range of accounts with low minimum deposits, including a micro-trading account, Liteforex appeals to beginner traders familiar with the Metatrader platforms. However, traders should note that Liteforex's trading costs are higher than other similar brokers. LiteForex offers two live account options, both with a low minimum deposit of 50 USD, making them accessible to beginner traders. The ECN Account has tight spreads (starting at 0 pips on the EUR/USD) but this is in exchange for a commission of between 10 to 30 USD per lot traded. The Classic Accounts is commission-free, but spreads are wider than other similar brokers, starting at 1.9 pips on the EUR/USD. In addition to the MetaTrader 4 and Metatrader 5 platforms, LiteForex also offers a user-friendly proprietary copy trading platform. The automated copy-trading system allows traders to duplicate the best trades, trade independently, share information, and communicate with their signal providers. It also offers VPS hosting at a cost of 15 USD per month in addition to free independent market news and analysis from third-party provider, Claws & Horns. Although not the best in the industry, LiteForex's education and market analysis materials are comprehensive and regularly updated, and appeal to both beginners and more experienced traders. Apart from the high trading costs, other drawbacks are that LiteForex charges high withdrawal fees. Additionally, its Australian clients will be trading under the LiteForex subsidiary registered in Saint Vincent and the Grenadines, which provides virtually no regulatory oversight.