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Do you want to know which is the better broker between LiteForex and MultibankFX ?
In the table below, you can compare the features of LiteForex , MultibankFX side by side to determine the best fit for your needs.
EURUSD:0.5
EURUSD:2.3
EURUSD:9.93
XAUUSD:19.23
EURUSD: -6.48 ~ 2.87
XAUUSD: -41.02 ~ 8.74
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You can determine the reliability and credibility of a broker by checking four factors:
1.Forex broker introduction。
2.Are the transaction costs and expenses of liteforex, multibankfx lower?
3.Which broker is safer?
4.Which broker provides better trading platform?
Based on these four factors, we can compare which is reliable. We have broken down the reasons as follows:
LiteForex Review Summary | |
Founded | 2004 |
Registered Country | Cyprus |
Regulated | CYSEC |
Trading Instruments | Currency, commodities, global stock indices |
Demo Account | ✅ |
Leverage | Up to 1:30 |
EUR/USD Spread | Floating around 0.6 pips |
Trading Platform | MT4, MT5 |
Copy Trading | ✅ |
Min Account Deposit | $50 |
Customer Support | Working hours: 9 a.m. - 9 p.m.(GMT +2) (Monday to Friday) |
Live chat | |
Phone: +357-25-750-555 | |
Email: support@liteforex.eu | |
Address: Liteforex (Europe) Ltd, 30 Spyrou Kyprianou, 1st Floor, Germasogeia, 4040, Limassol, Cyprus |
LiteForex is a Cyprus-registered company that provides online trading services for forex, commodities, and global stock indices markets. It is regulated by the Cyprus Securities and Exchange Commission (CYSEC) and offers two types of live accounts: ECN and Classic. LiteForex also provides demo accounts and rich educational resources for beginners. The company allows clients to deposit and withdraw funds via popular electronic transfers, bank cards, and bank wire transfers with a minimum amount of 1 USD and no extra fees.
Pros | Cons |
Many years' experience in the industry | Limited leverage ratios |
Regulated by CySEC | No 24/7 customer support |
Member of the Investor Compensation Fund | |
Various trading instruments | |
Demo accounts available | |
Tight EUR/USD spread | |
MT4 and MT5 supported | |
Copy trading offered | |
Low minimum deposit | |
Popular payment options | |
No deposit/withdrawal fees | |
Rich educational resources for beginners | |
Multiple contact channels |
Yes. LiteForex is regulated by Cyprus Securities and Exchange Commission (CySEC).
Regulatory Agency | Cyprus Securities and Exchange Commission (CySEC) |
Current Status | Regulated |
Regulated by | Cyprus |
Licensed Institution | Liteforex (Europe) Ltd |
Licensed Type | Straight Through Processing (STP) |
Licensed Number | 093/08 |
Besides, the broker says that it is a member of the Investor Compensation Fund, which enables them to guarantee that all of their client funds are insured (up to 20,000 EUR).
Tradable Instruments | Supported |
Forex | ✔ |
Commodities | ✔ |
Stock Indices | ✔ |
Cryptocurrency | ❌ |
Bonds | ❌ |
Options | ❌ |
ETFs | ❌ |
LiteForex offers a demo account for beginners to practice trading without risking real money.
For live accounts, the company provides two options: ECN and Classic.
Account Type | Minimum Deposit | Account Base Currency |
ECN | $50 | USD, EUR, GBP, PLN |
Classic | $50 | USD, EUR, GBP, PLN |
LiteForex offers a maximum leverage of 1:30, which is a commonly seen level in the forex industry. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.
Account Type | Spread | Commission |
ECN | Floating from 0.0 points | ✔ |
Classic | Floating from 2.0 points | ❌ |
Currency Pair | Spread (Floating) |
EUR/USD | 0.6 pips |
GBP/USD | 1.0 pips |
AUD/USD | 1.0 pips |
USD/JPY | 1.0 pips |
EUR/JPY | 0.2 pips |
LiteForex offers both MT4 and MT5 trading platforms, which are widely recognized and trusted by traders in the industry. You can download Apps for Android and iOS.
Trading Platform | Supported | Available Devices | Suitable for |
MT4 | ✔ | Windows PC, MacOS, iPhone/iPad, Androi | Beginners |
MT5 | ✔ | Windows PC, MacOS | Experienced traders |
Payment Options | Min Deposit | Commission/Fee | Deposit Time | Withdrawal Time |
Visa/MasterCard | $10 | ❌ | Instant | 3-5 days |
Bank wire transfers | $10 | ❌ | 2-5 days | 2-5 days |
Neteller/Skrill | $1 | ❌ | Instant | Instant |
Note: For some unknown reason, we cannot open MultibankFXs official site (https://www.multibankfx.com) while writing this introduction, therefore, we could only gather relevant information from the Internet to present a rough picture of this broker. Traders should be careful about this issue.
General Information & Regulation
MultibankFX, a trading name of MEX Group Worldwide Limited, is allegedly a forex and CFD broker registered in the United Kingdom that claims to provide its clients with over 1,000+ tradable financial instruments with leverage capped at 1:500 and variable spreads from 0.0 pips on the leading MetaTrader4 and MetaTrader5 trading platforms, as well as a choice of three different live account types.
As for regulation, it has been verified that MultibankFX has four different licenses, but they are all suspicious clone, that is why its regulatory status on WikiFX is listed as “Suspected Fake Clone” and it receives a relatively low score of 1.42/10. Please be aware of the risk.
Field Survey
The investigators went to London, UK, to visit the foreign exchange dealer MultibankFX as planned. However, they did not find the dealers office at the publicly displayed address. The dealer may just borrow the address to register the company without a real business place. Investors are advised to choose the dealer carefully.
Market Instruments
MultibankFX advertises that it offers access to more than 1,000 trading instruments in financial markets, including forex pairs and CFDs on indices, commodities, precious metals and shares.
Account Types
MultibankFX claims to offer three types of trading accounts, namely Maximus, MultiBank Pro and ECN Pro. The minimum initial deposit amount is $50 for the Maximus account, while the other two account types have much higher minimum initial capital requirements of $1,000 and $5,000 respectively.
Leverage
The leverage offered by MultibankFX is capped at 1:500, which is much higher than that provided by most brokers. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.
Spreads
MultibankFX claims that different account types can enjoy quite different spreads. Specifically, the spread on the Maximus account starts from 1.4 pips, the MultiBank Pro account has spread from 0.8 pips, while only the ECN Pro account holders can enjoy raw spreads from 0.0 pips. These spreads are all below the industry average of 1.5 pips.
Trading Platform Available
Platforms available for trading at MultibankFX are said to be the industry-standard MetaTrader4 and MetaTrader5. In any case, we recommend using MT4 or MT5 for your trading platform. Forex traders praise MetaTrader's stability and trustworthiness as the most popular forex trading platform. Expert Advisors, Algo trading, Complex indicators, and Strategy testers are some of the sophisticated trading tools available on this platform. There are currently 10,000+ trading apps available on the Metatrader marketplace that traders can use to improve their performance. By using the right mobile terminals, including iOS and Android devices, you can trade from anywhere and at any time through MT4 and MT5.
Deposit & Withdrawal
MultibankFX says to accept payments with credit cards like Visa and MasterCard, bank wire, Neteller and Skrill. The minimum initial deposit requirement is said to be only $50.
Bonuses & Fees
MultibankFX claims to offer all kinds of bonuses, covering the 100% bonus, the 20% bonus, Imperial bonus and Refer a Friend bonus. Just take the 20% bonus as an example: the minimum deposit required for it is $1,000. Clients who wish to withdraw $200 of their bonus must trade 80 lots for every $200 they wish to withdraw. Additionally, clients must complete the trading requirements within 90 days of receiving the bonus. Clients who fail to meet the deadline will only receive a percentage of the bonus.
In any case, you should be very cautious if you receive a bonus. First of all, bonuses aren't client funds, they're company funds, and fulfilling the heavy requirements that are usually attached to them can prove a very daunting and difficult task. Remember that brokers who are regulated and legitimate do not offer bonuses to their clients.
Also, the broker also charges an inactivity fee. If a trading account stays inactive for 3 months, a monthly fee of $60 will be charged. However, other licensed brokers give a grace period of 6 months or even 1 year.
Customer Support
MultibankFX‘s customer support can be reached by telephone: +44 203 953 8381 (English), +62 02129264151 (Indonesian), +351 304 500 657 (Portuguese), +400 120 8619 (Chinese), +49 69 257377474 (German), +1 833 291 1788 (French), +7 499 609 46 73 (Russian), +34 931 220 671 (Spanish), +84 28 44581652 (Vietnamese), email: cs@multibankfx.com, cncs@multibankfx.com, cs.mys@multibankfx.com. You can also follow this broker on social media platforms such as Twitter, Facebook, Instagram, YouTube and LinkedIn. However, this broker doesn’t disclose other more direct contact information like the company address that most brokers offer.
Risk Warning
Online trading involves a significant level of risk and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
To compare transaction costs across different brokers, our experts analyze the transaction-specific fees (such as spreads) and non-trading fees (such as inactivity fees and payment costs).
To get a comprehensive understanding of how cheap or expensive liteforex and multibankfx are, we first considered common fees for standard accounts. On liteforex, the average spread for the EUR/USD currency pair is from 2.0 points pips, while on multibankfx the spread is --.
To determine the safety of our top brokers, our experts will consider many factors. This includes which licenses the broker holds and the credibility of these licenses. We also consider the history of brokers, because long-term brokers are usually more reliable and trustworthy than new brokers.
liteforex is regulated by CYSEC. multibankfx is regulated by ASIC,DFSA,FCA,FSC,CIMA.
When our experts review brokers, they will open their own accounts and trade through the broker's trading platform. This enables them to comprehensively evaluate the quality, ease of use, and function of the platform.
liteforex provides trading platform including CLASSIC,ECN and trading variety including --. multibankfx provides trading platform including -- and trading variety including --.