LiteForex Trading Account | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

LiteForex Discussion 376 replies

LiteForex - suspicious broker 5 replies

LiteForex gives a $500 tradable non-deposit 2 replies

LiteForex Block My Account & Steal My Profit! 98 replies

Alpari, Liteforex etc 14 replies

Attachments: LiteForex Trading Account
Exit Attachments

LiteForex Trading Account

  • #1
  • First Post: Apr 3, 2010 2:06pm Apr 3, 2010 2:06pm
Hello,

I have opened an account with Liteforex.org as it has MT4 support for micro accounts. I wanted to know whether they are reputed vendor? Are they no dealing desk vendor?

Does anyone has good experience with them?

Could you please share your experience?


Regards,
Anjani
  • #2
  • Apr 3, 2010 3:41pm Apr 3, 2010 3:41pm
There's a review of LiteForex on this site. I wouldn't trust it entirely though, for anybody can submit a review. I mean if the broker gets a bunch of good reviews, how do you know it's not the broker who submitted them?
  • #3
  • Apr 3, 2010 8:40pm Apr 3, 2010 8:40pm
my experience with them is that technical support appears helpful but actually gives you a lot of misinformation.

PS: I should add that they appear to be in Russia. I tried reaching a senior technician, the person who would be there in the event their servers failed. Nobody was on duty
BarrySDCA Commercial Network Services
  • #4
  • Apr 4, 2010 2:36am Apr 4, 2010 2:36am
liteforex, uwcfx, instaforex, forexhunt all the same company. Wouldnt touch it with a 10 foot pole.
  • #5
  • Apr 4, 2010 5:17am Apr 4, 2010 5:17am
Thanks to ecTrade, BarrySDCA and Takeisd for the information.

Can you provide me who is good with low spread and reliable (this is must) in terms of faster payments and support?

Regards,
Anjani
  • #6
  • Apr 9, 2010 9:39am Apr 9, 2010 9:39am
I've been working with these guys for 2 months, all I can say - there are some inconveniences with a trader's cabinet. As for deposits and withdrawals - everything has been OK so far..
  • #7
  • Apr 13, 2010 12:53am Apr 13, 2010 12:53am
Liteforex was my first broker. I started playing forex with them in 2006. Since then I’ve tried a number of good brokers but still LF is something of the kind of first love to me.

When I started I had no experience and I was glad to find a broker with very small initial deposit requirement. That was why I chose them. Not bad company.
  • #8
  • Apr 13, 2010 1:45pm Apr 13, 2010 1:45pm
I've just read this thread: LiteForex is scam?

Have they cleaned up their act?
  • #9
  • Apr 19, 2010 1:09am Apr 19, 2010 1:09am
Nice reading. I can see that opinions are divided. Many people are against it and many people are for it. Is the truth somewhere in the middle?
  • #10
  • Apr 26, 2010 2:17am Apr 26, 2010 2:17am
I stumbled upon a question. This company offers a wide range of currency pairs, but I hven’t been able to find them in trading terminal. Why can I see only 4 currency pairs in market watch window, while I know there should be much more of them?
  • #11
  • Apr 29, 2010 12:53am Apr 29, 2010 12:53am
Quoting WoW81
I stumbled upon a question. This company offers a wide range of currency pairs, but I hven’t been able to find them in trading terminal. Why can I see only 4 currency pairs in market watch window, while I know there should be much more of them?
Dear WoW81,
They are hidden by default.
Right-click on any tool in your market watch window and select Show all symbols.
Regards,
  • #12
  • May 18, 2010 2:32am May 18, 2010 2:32am
I registered in the traders cabinet and found it to be very complicated. Too many security things I think. What is it all for?
  • #13
  • May 18, 2010 5:53am May 18, 2010 5:53am
liteforex is just trash, i'm afraid to say.
  • #14
  • May 18, 2010 11:51pm May 18, 2010 11:51pm
Quoting WoW81
I registered in the traders cabinet and found it to be very complicated. Too many security things I think. What is it all for?
Yes, the security is very strict. I remember for example I haven’t been able to withdraw money by bank wire because I deposited via Webmoney.
  • #15
  • May 20, 2010 12:25am May 20, 2010 12:25am
Quoting Aphrodite
Yes, the security is very strict. I remember for example I haven’t been able to withdraw money by bank wire because I deposited via Webmoney.
This procedure was designed for the security of the operations. You can only withdraw funds from your account in the same way it had been deposited previously. It means, if you deposit your account via Webmoney, you can only withdraw via Webmoney, using the same Webmoney purse you used when depositing into your account. Same applies to all the deposit/withdrawal methods. If you want to use multiple payment systems you will then need to deposit into your account from the various payment systems, and the ratio of the deposit sums will be equal to the ratio of the withdrawal sums.
  • #16
  • May 24, 2010 2:23pm May 24, 2010 2:23pm
Quoting PipsUser
Hello,

I have opened an account with Liteforex.org as it has MT4 support for micro accounts. I wanted to know whether they are reputed vendor? Are they no dealing desk vendor?

Does anyone has good experience with them?

Could you please share your experience?


Regards,
Anjani
You've done things a little backwards. You suppose to research the broker first, ask questions, and if you like what you heard ... then open the account.
Anyway, whats done is done. Litefx is one of those brokers you shouldn't trade with. Word on the street is they're a scam. Now since you've got the acct open already, you should test the waters with them using the smallest amount of equity. At thee first sign of trouble you need to bail but if things go well, you should do a proper review.
  • #17
  • Jun 4, 2010 12:39am Jun 4, 2010 12:39am
As I posted in another thread, from my experience, it seems that LiteForex delays orders of profitable traders (or puts them on manual execution). There are reports of such by others on the Forex Peace Army web site as well.

I was initially impressed by the automated account creation and automated Liberty Reserve deposit processes. But the execution delays that I experienced on more than a few occasions caused huge slippage such that I lost a lot of profit after closing my trades.

Also, even though Liberty Reserve deposits are automatic, withdrawals are not automatic, unlike at other brokers.
  • #18
  • Jun 4, 2010 5:07am Jun 4, 2010 5:07am
Quoting Hyper
Also, even though Liberty Reserve deposits are automatic, withdrawals are not automatic, unlike at other brokers.
I'm sorry to break your dreams, but there is no such thing as automated withdrawals. The only possible option is some kind of internal regulation, which allows to automatically withdraw sums, say under 500 USD, or less. Apart from that, a broker will always withdraw manually.

Besides, how do you perform an automated bank withdrawal? No way.
  • #19
  • Jun 4, 2010 6:13am Jun 4, 2010 6:13am
Acrita, I thought the same as you until I tried EXNESS. I've just withdrawn funds (> 500 USD) today from EXNESS and the money was in my Liberty Reserve account instantly.
  • #20
  • Jun 4, 2010 6:16am Jun 4, 2010 6:16am
Quoting Hyper
Acrita, I thought the same as you until I tried EXNESS. I've just withdrawn today from EXNESS and the money was in my Liberty Reserve account instantly.
Would you mind giving us a rough idea of the withdrawal sum? If not - up to you
0 traders viewing now