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Offshore forex broker LiteForex, which is mostly active in Russia, informed its clients it is discontinuing the percentage allocation money management (PAMM) accounts. Instead, the broker is offering them accounts on its social trading platform.
According to the Russian-language site Forex Magnates, the registration of new PAMM accounts will be closed on September 20. Ten days later, on September 30 the system will be shut down and all funds will be available for withdrawal or an internal transfer to a social trading account.
LiteForex broker offers Cent, Classic and ECN trading accounts with minimum initial deposits ranging from $10 to $500 and leverage of up to 1,000:1.It uses MT4 and MetaTrader 5 (MT5), the two most widely-used forex trading platforms, and offers data from Claws&Horns’ analytics portal, in addition to other trading tools.
It has license from the the Marshall Islands and services clients outside the EU. LiteForex EU has a license from the Cyprus Securities and Exchange Commission and d is registered with the relevant authorities in 18 other European countries, including Belgium, Germany, Spain, the UK, and France.
LiteForex is yet another forex broker to discontinue the PAMM accounts recently. In March another forez broker, mostly active in Russia – Forex Club also discontinued them.
Alpari – another “Russian” broker – however, is continuing with the development of its PAMM program, which in 2015 generated a trading volume of $157 billion. Only recently the broker raised the max leverage for PAMM accounts to 1:500 and hiked the minimum required sums in Euros and gold.