Lite ForexBroker Type : ECN
Foundation Year : 2005
Min Deposit $ 5
Founded back in 2005, LiteForex is a broker trading in a wide range of currency pairs, and various CFDs (including on cryptocurrencies) on MetaTrader 4 and MetaTrader 5. There are two companies behind the brand – LiteForex Investments Limited, which is registered offshore, and Liteforex (Europe) Ltd., which is based in Cyprus and licensed by CySEC. LiteForex in fact bought the Cyprot company that used to operate the Mayzus brand.
Having more than 10 years of experience on the forex market and present in Britain’s leading financial magazine World Finance «100 World Finance» worldwide list, the only thing that LiteForex missed until recently, was a decent forex broker license. Now that it has it, it is on its way to achieve its goal – ensuring the highest quality of service.
CySEC requires licensed companies to hold a minimum of €730 000 in order to prove their financial stability, to keep client funds separately from the company’s operational assets, to regularly report to the Commission.
In addition, all customers of authorized financial services firms may receive a compensation, amounting to a maximum of 20,000 EUR, if the broker becomes insolvent or ceases trading.