About the broker
LiteForex is a popular forex broker that is well known among the traders and the trading community. The company Liteforex was established in 2005 and is based on the Marshall Islands. Despite being an offshore forex broker, Liteforex has earned the reputation of being consistent and transparent in their dealings.
It is therefore not surprising that Liteforex is one of the most common names when it comes to forex trading. The company has also won many awards over the years.
Ideal Account Type: Liteforex ECN
Liteforex offers many different types of trading accounts. In our review of the Liteforex broker, we found that the Liteforex ECN account offers the best trading conditions for traders for numerous reasons. The table below gives a summary of the Liteforex ECN trading conditions and why we feel this account type is the most ideal to trade with Renko charts.
|Min. Deposit||Spread||Platforms||Leverage||Min. Trade Size|
|$500||Variable (From 0.9 Pips)||MT4||Up to 1:400||0.01|
Spreads: Liteforex ECN Accounts offers fairly reasonable spreads for the instruments. During European and US trading sessions, the spreads reduce to as low as 0.4 pips for majors while for crosses, the spreads are as low as 0.9 – 1.2 pips.
Execution: All orders with the Liteforex ECN accounts are executed at market price. There are also no limits to the Stop and limit levels, meaning that pending orders can be placed without any restrictions.
Trade Size: The minimum starting trade size is 0.01 lots and traders can choose account leverage from 1:1 up to 1:400 for the Liteforex ECN accounts. The Liteforex ECN accounts can be opened in USD, EUR, CHF, RUB base currencies.
Instruments: Liteforex ECN accounts offer a fairly good collection of trading instruments. Besides the Forex majors, there is a wide choice of cross currency pairs as well as exotic currency pairs such as GBPCZK, EURMXN and so on. Besides forex, traders also have Brent and WTI Crude oil instruments, Gold and Silver with USD or EUR and a good collection of NYSE Stock CFD’s besides major Global indices.
Hedging: Yes, Liteforex allows hedging on the same currency pair
Commissions: There are no commissions for trading with the Liteforex ECN accounts, meaning that traders have to pay some spread when executing the trades. However, despite a spread mark up traders will hardly find any notice in this aspect.
Liteforex ECN – Demo Trading
Traders who want to test drive the Liteforex ECN trading conditions can sign up for a demo trading account which is non-expiring as long as there is some activity for at least 30 days in the trading account. The Liteforex ECN demo trading accounts are an ideal way to get acquainted with the trading conditions for the Liteforex ECN real accounts.
Renko Trading with Liteforex
When it comes to Renko trading, Liteforex ECN accounts offers very good conditions. For starters, traders can download the instrument history, which dates back to before 1994 allowing for a good renko chart history to be built up. The only disadvantage we noticed is with the global indices such as the ASX where the history starts from only 2014. With the exception of the indices, most other instruments including Forex, Oil, Commodities and stocks come with a good history to download.
In conclusion, the Liteforex ECN account offers very good trading conditions for traders who want to trade using Renko charts. The tight spreads means that traders can easily trade with as low as 5 pip Renko charts on forex majors. The choice of various instruments and backed up by good data history means that traders also have a good choice of instruments to choose from to trade with Renko charts.
Being an established forex broker, Liteforex offers an overall good trading experience both in terms of the trading conditions as well as trading services.