Forex Blog

A good news from the LiteForex broker. Yesterday they announced that they are adding e-Bullion and Liberty Reserve on-line payment systems as the options to deposit funds into the Forex trading accounts. Although these systems are less popular than WebMoney or e-gold, which are already supported by LiteForex, it is a good addition for a Forex broker as it adds comfort to the traders’ necessary routines of accounting. Unfortunately it can’t be used to withdraw funds yet, but maybe soon it will be changed too.

I’ve updated the brokers section adding another Muslim-friendly Forex broker that doesn’t charge or give any overnight interest over the open positions. While being crucial to Muslim traders this quality can be useful to other traders that prefer positions with negative overnight interest. GCI Financial is not a new Forex broker, it operates since 2002, which is rather old for the on-line brokers. GCI Financial also supports PyaPal as an account funding method with the minimum Forex trading account size starting from $500.

Some good news from LiteForex broker came on Friday - the cost of CFD trading has been lowered twice. Now the commission on opening a CFD (NYSE stocks contracts for difference) position is 0.05% only, which is below the average level of other CFD Forex brokers:

Dealing centre LiteForex has always tried to provide the best trading conditions for our customers and today we have just made a big step forward to it. Since today Liteforex is a first MetaTrader broker who can provide 2 times lower comission! Now it will be 0.05% only!

LiteForex announced about some changes for their mini Forex trading accounts. These changes became active today, on September 3rd. Decreasing the minimum trading lot size, margin requirement for hedging positions and minimum deposit amount is a step towards the more easier trading for small traders and Forex newbies:

Aspiring to provide to our clients the best trading conditions on international financial markets, the group of companies LiteForex (www.LiteForex.org) has made the following improvements of our trading conditions:

1. Decreased minimum contract size for MINIForex accounts, - starting September 03, 2007 the minimum contract size for MINIForex accounts becomes 0.01 lot with step 0.01; The maximum contract size was not changed and remains 10 lots.

2. Decreased margin requirements to keep opposite (locked) positions (AKA “hedged margin”) on MINIForex and 100KForex accounts, - starting September 03, 2007 the hedged margin for all Forex instruments (EURUSD, GBPUSD, USDCHF, USDJPY, USDCAD, AUDUSD, NZDUSD, EURGBP, EURCHF, EURJPY, EURCAD, EURAUD, EURNZD, GBPCHF, GBPJPY, GBPCAD, GBPAUD, GBPNZD, CHFJPY, CADCHF, AUDCHF, NZDCHF, CADJPY, AUDJPY, NZDJPY, AUDCAD, NZDCAD, AUDNZD, including XAUUSD, XAGUSD) on MINIForex and 100KForex accounts becomes 25%. Previously hedged margin was 50%.

3. Removed the limitation on minimum initial deposit for MINIForex accounts, - starting September 03, 2007 there is no minimum deposit requirements for MINIForex accounts.

EarnForex broker list was updated with a new Forex broker - LiteForex. This broker offers 3 very important opportunities for the new Forex traders:

1. Metatrader 4 Forex platform - many has it, but it is really almost a must for a Forex broker.
2. e-gold - as a funds deposit/waithdraw method.
3. Only 1$ to open a mini Forex account - a really easy start for a Forex newbie, isn’t it?

As to the disadvantages - LiteForex lacks phone support and is only regulated on British Virgin Islands (which is not very serious for solid financial institutions).