US traders Interest rate on funds Bonus offers Trading contests PAMM accounts LAMM accounts Affiliate program Islamic accounts available| 5.2/10 (540 votes) | |
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| Company | LiteForex Group of Companies, Inc. |
| Founded and online since | 2005 |
| Offices in | Indonesia Malaysia Russian Federation |
| Payment options | Show payment optionsHide |
| Demo platforms |
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| Account currencies | Euro Russian rouble Swiss franc United States dollar |
| Regulated by | RAFMM |
| Website available in | Show website languagesHide |
| Support available in | Show support languagesHide |
| Support methods | Callback Forum Live chat Phone |
| Trading server time zone | GMT+3 |
| VPS for traders | $20/month |
| Rebates per 1 std. lot | $15 |
| Minimum account size | $10 | ||||||
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| Minimum position size | 0.001 lot | ||||||
| Spread type | Fixed | ||||||
| Spread on EUR/USD, pips | 3 | ||||||
| Trading instruments |
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| Trading platforms | MetaTrader 4 |
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| Digits after the dot in quotes | 5 | ||||||
| Margin call level | 50% | ||||||
| Stop-out level | 20% | ||||||
| Minimum distance to stop/limit orders, pips | 3 | ||||||
| Number of currency pairs (of which exotic) | 31 (10) |
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58 reviews of LiteForex are presented here. All reviews represent only their author's opinion, which is not necessarily based on the real facts.
I requested a withdraw on 4th Apr...but today they still told me I need to wait, my withdraw is in the queue because they need extra security check. They keep telling me it will be processed as soon as possible, but as you see, it has been 40 days ... and they don't tell me how long I still need to wait. So disappointed.
Hello traders.
Since I worked with LiteForex not a short time, I want to write my own review. The company is stable and in the market for a long time. Particular problems with trading did not arise, and those which were Support solved very quickly. With withdrawals sometimes there are delays, but I get my money in time. It suits me. And also I'm happy to use their bonuses. I do not know about the contests because I never participated. Good luck and profits!
Hi Sergie,
Well this is for the benefit of everyone here who has been facing problems with LiteForex.
To give details about myself. I am a PAMM Account Manager and I have a PAMM Account with LiteForex, however, it is not listed in the PAMM Monitoring list as yet since I have not funded my PAMM account the required minimum Manager's deposit.
I'll explain why I have not yet deposited the required Manager's Capital even after 23 days of opening a PAMM Account as a Manager.
Before one invests their money with any broker, it is important to do your due diligence and find out about the company and its legitimacy, I do that. And I wanted to do that for LiteForex as well.
I asked them which regulatory body are they registered with, to which I got the below mentioned answer;
"LiteForex is regulated by Seychelles International Business Authority; the company is registered under the ref. number 036925. The registered agent of LiteForex on Seychelles is Intershore Consult (Proprietary) Limited. The legal address of the company is: 306 Victoria House, Victoria, Mahe, Seychelles."
Now make a note everybody, it is Intershore Consult, the agent for LiteForex which is registered with SIBA, which I have crossed verified by visiting the official site of SIBA (www.siba.net)
LiteForex itself is not registered with SIBA, but yet they claim to be registered with SIBA, which is false information.
When I asked for a clarification on the same, this is what I was told;
"Unfortunately don't provide details which you asked"
And when I asked them why, I was told;
"Unfortunately We don't provide more information about this question."
The agent I was chatting with is Sergey Porturay.
I kept asking, repeatedly to provide me with a telephone number or an email address where I can reach LiteForex with these questions and I can expect an answer from, and guess what;
"Sorry, I don't know who can help you" is the response I got.
And when I kept insisting, continuously, this is what Sergey tells me;
"Anyway you can send request to our partnership dept, maybe they can tell more e-mail: partner@liteforex.com"
A company that is not willing to provide clear details about their registration with a regulatory body, is seriously not worth trusting your money with. I don't know why are they so shy in sharing these details, or maybe they are lying, making false claims of being a registered and regulated forex broker which they clearly aren't.
Let me share another experience that I had with Ekaterina Orekhova and Akarsh Dhaiya, Manager, Asia Pacific for LiteForex.
When I asked Ekaterina if I can remit funds via wire transfer from a bank account in India, she told me;
"Unfortunately, you cannot use this method of payment. But you can use other electronical systems. For example, Liberty Reserve. Concerning method of payment from India, please, contact our representatives in India."
And she got me connected to Akarsh Dhaiya.
This guy, Akarsh, who is supposed to be the Manager of the Asia Pacific region, should have clarified that remittance, both inward and outward via wire transfer is possible from India. I mean one would expect a manager to have that much knowledge at the least, but instead of clarifying this, he suggested using Liberty Reserve.
Now since he did not clarify this and suggested Liberty Reserve, anyone would assume that what Ekaterina said was correct. But that was not the case.
The very next day, I again went on their chat support and spoke to Alexander Bakhtinov and asked him the same question to which I got the below answer;
"Yes, you can. Bank wire transfers are available as well. To select this method of funding you should confirm your personal data by uploading appropriate documents and then click at the option “Deposit” – “Bank Wire Transfers”."
I still thought of giving it one more try and I shot an email to their customer support team at "clients@liteforex.com". This was on the 26th of April 2012 and I still haven't heard from them.
Now, how can someone trust a forex broker who has so many discrepancies and the worst, refuses to share and disclose its registration details with SIBA, which it claims to be registered with.
@Sergie Shuvalov -
Hi Sergie, don't take this personally, but your last response, accusing someone as a cheat, well you may be correct but the way you have responded certainly shows the amount of professionalism you carry. You are a representative of LiteForex on this public forum. And the attitude that you have displayed seems to be of a school bully. "Yeah right, come on I am ready to fight you, lets see if you can beat me"
I mean come on, is this how LiteForex is? Should we expect this kind of "professional" support from your company?
Anyways, to the questions and concerns that I have raised, do you have any concrete answers to them?
I would really like to hear from your side.
Regards,
Arif
Hello Mashiur Rahman,
I am Sergei Shuvalov, a representative of LiteForex. Let me explain something to you.
You faced problems with execution because we found you to be a cheater who tried to deceive our company. Well, you need to learn that cheating is not a good thing. Let it be a good lesson for you and your friends.
Concerning the delay with the withdrawal of your own money – the explanation is the same – you and your friends were suspected of cheating. That’s why the withdrawal time increased; we needed to check you more carefully (“Transfer of funds can be extended by Company for the period up to 14 working days…”). Btw, your money has already been withdrawn.
Concerning your threats to take some actions against us at FPA. Be warned that we have a good experience of dealing with cheaters who tried to put pressure on us at FPA. Go ahead, and you’ll learn that it’s not a good idea to call a reputable broker a “sucking company” and a “nightmare”. We have won a lot of cases against cheaters there. So, see you at FPA.
This is one kind of sucking company. I have a nightmare experience with them. First one of my account I can't even open a trade. I have contacted with them and send my logs file but there was no reply. It has been in this condition like for 5 or 6 weeks.
In another account I have withdrawn my money (neither bonus nor profit earned from bonus pure my invested money ) on 20-04-2012 via Liberty Reserve. But till now it has not received yet. And there customer service is just like their terminal like turtle slowwwww. And they gave me parrot like answer please wait.. we are sorry for incon... bla bla. If you promise to give max 3 working days then why my money is not received in 5 working days. This is one kind of cheating with customers, isn't it? I will wait another 2 or three working days and then I will make a complaint in FPA. Guys if you want good service then it the last choice.
I am trading with my EA and everything is smooth. Execution speed and withdrawal speed are okay.
After some time of being with LiteForex I can say that I like the company. BUT!
They MUST improve the time of of profit withdrawal. Why should I wait for 5 days when they approve the money transaction? (The deposit is instant btw). But overall I do love the broker.
I'd like to thank LiteForex tech support team for their help and commitment. My problem was solved and now I'm trading with pleasure and comfprt. Thank guys.
Stable, reliable broker. High exceution speed, everything is cool. They are not regulated by CFTC, but that's ok for me.
Hello,
My name is Sergei Shuvalov, I am official representative of LiteForex.
To SY from Singapore:
As you know you have lost your case against us at RAFMM. The committee consisting of independent traders and representatives of forex brokers established that you are a scammer who tried to steal our money. They considered your actions to be unlawful. So we were right when we cancelled your profit.
To forexia from Israel.
The "investigtion" at FPA that you mention included a case of several of our former clients against us. Like with SY's situations we have won this case at FPA and and our actions were justified.
Stay Away From Them!
They continue to steal profit from you.
3 more victims from Asia!
Stop Your Trade with Them.
Withdraw Your Money Now!
A great forex broker. One of the best in my area. I'd like to recommend it to everybody.
I saw the investigation regarding this company at the forexpeacearmy site - please, check that out before opening account with them
[B]Email From LiteForex [/B]
I receive email from LiteForex on 19 August 2011 regarding the account blocking & initial deposit refund as described in following section.
================================================
[I]We've found out that IP address was used to create multiple different Client Profiles which is a direct
violation of p. 5.14 of Public Offer Agreement "The Client acknowledges that he/she is entitled to
register only one profile in the Client's Cabinet. Company's policy does not allow a person and
juridical entity to have multiple profiles.". Also, we are obliged inform you, that you had violated the
term of affiliate agreement:
1.8 Neither a Partner nor his relatives or any Partner’s affiliated entities may act as Referral. If any
data intersections (such as passport details, address, phone number, e-mail, IP-addresses or other)
are detected, a Referral’s account will be excluded from a Partner’s client list and commission will
not be paid for such account. Accounts operated from the same IP-address are considered as a
single active account. Due these facts your account's will be blocked for trading, but you will be able
to withdraw all your initial deposits.
Profile [email]c.y.wong.digi@gmail.com[/email] was deposited on EUR 58570,9, withdrawed EUR 53 198.16 so you
can withdraw now EUR 5372,74.
Profile [email]syking@gmail.com[/email] was deposited on EUR 57 408, withdrawed EUR 50 036 so you can
dithdraw now EUR 7372.[/I]
================================================
[B]Regulation 1 – Public Offer Agreement P.5.14 [/B]
Refer to Page 5 of terms-of-use.pdf
P.5.14. The Client acknowledges that he/she is entitled to register only one profile in the Client's
Cabinet. Company's policy does not allow a person and juridical entity to have multiple profiles.
I disagree with LiteForex claims on above violation. I only have 1 verified account [email]c.y.wong.digi@gmail.com[/email]. I have confirmed with [B]Natalya Zhaminova (Accounts Manager)[/B] that I only have one verified profile with LiteForex. Based on following Regulation P.5.9, I would like LiteForex to provide me evidence/server log file to show me that I have multiple verified account. Based on P.5.9. In the event of disagreement concerning the state of the Client's account, parties will review records of Client's operations in the server's log-file.
[B]Regulation 2 – “INTERNET-PARTNER” PROGRAM PUBLIC OFFER AGREEMENT P.1.8[/B]
Refer to [url=http://www.liteforexpartner.com/programms/partnership_agreement]Forex Affiliate Agreement | LiteForexPartner[/url]
Based on P.1.8 Neither a Partner nor his relatives or any Partner’s affiliated entities may act as Referral.
If any data intersections (such as passport details, address, phone number, e-mail, IP-addresses or
other) are detected, a Referral’s account will be excluded from a Partner’s client list and commission
will not be paid for such account. Accounts operated from the same IP-address are considered as a
single active account.
Based on the above regulation P.1.8, LiteForex should not take my profit as I do not participate
affiliate program. In what circumstances that LiteForex think my profile related to [email]syking@gmail.com[/email]
that I considered violate above regulation. I do not sign this “INTERNET-PARNTER” Program Public
Offer Agreement & LiteForex has no autohority to claim that I violate above regulations.
The relation between Wang Suyun and I (Wong Cheng Yee) is friend. We are neither partner nor
relatives. [B][B]Sharing IP address[/B] is very common in Singapore[/B]. From here, I want to declare that I am
Wong Cheng Yee with Passport number is A17746000 and I am from Malaysia, Suyun Wang is from
P.R.China. We are 2 different persons.
[B]No Regulation to Take My Profit[/B]
I have gone through all the signed agreement with LiteForex. There is no single regulation that
LiteForex has permission to take my profit. LiteForex does not provide me with sufficient evident
to prove that I have violate their regulation. I do not violate any regulations & LiteForex has no
authority to block my account & only refund me with initial deposit.
[B]Account Blocking[/B]
LiteForex has blocked my trading account 106299 & 111172 without advance notice.
[B]Balance Of My Active Account [/B]
Balance of Trading Account 106299 - [B]4372.86 EUR[/B]
Balance of Trading Account 111172 [B]16, 647.12 EUR[/B]
Total Balance(106299 + 111172) - [B]21, 019.98 EUR[/B]
LiteForex Initial Deposit Refund - [B]5, 372.74 EUR[/B]
[B]Full Refund (Intial Deposit + Profit) [B]21, 019.98 EUR[/B][/B]
LiteForex should refund (Full Refund = Initial Deposit + Profit) [B]21, 019.98 EUR[/B] to me.
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JandG, Dude, until LiteForex people don't see your account number, they can not help and can't see that you are telling the truth. I guess it's better to tell account number at least or to contact them directly. Or may be you just wanna troll?