Like most international brokers, LiteFinance does not accept traders from the US. Below is a list of trading cost examples for buying and selling the EUR/USD, holding the trade for one night and seven nights, in the commission based LiteFinance ECN account. I recommend traders evaluate LiteFinance as a new broker with limited experience and dismiss any goodwill and trust LiteForex created over 15 years. The most recent developments, starting with the launch of LiteFinance Global LLC, raise notable concerns.
Customer Support Channels
Now click on the DEPOSIT and follow one of the several ways of depositing funds. The Trade Panel reflects the money amount that has been deposited. Enjoy increased precision of quotes along with market execution of orders without requotes. ECN account follows a commission-based procedure while Classic account uses a spread-based system.
User Experience
Its license from CySEC is easily discoverable on the website, and traders can verify it fairly quickly. I also went over the broker’s legal documents and assessed that everything was in order. Its Client Agreement is exhaustive and written in easy-to-understand language.
- LiteFinance features a Beginner section on its blog, where it presents educational content featuring dozens of quality articles.
- The company offers an optimal range of trading accounts geared for forex markets.
- Opening an account and using the demo features does not require any payments.
- It facilitates technical analysis by providing an overview of price action behavior.
- Traders can also connect with the broker directly via phone call.
- Both are available as desktop clients, webtrader, and mobile apps.
LiteForex Online Trading – FAQs
While the 225 assets offer new traders acceptable entry-level exposure, advanced traders will find it inadequate for proper cross-asset diversification. Trading with a regulated broker will limit the potential for fraud and malpractice. I always recommend traders to check for regulation and verify it with the regulator by checking the provided license with their database. LiteFinance maintains one regulated subsidiary for EEA, UAE, and Marshall Islands-based traders. LiteForex Trading Account opening requires the registration of a profile to open a trading account.
LiteForex Non-Trading Fees
MT4 and MT5 were set up in 2005 and 2010 respectively and now occupy a leading position in global trading. At FXEmpire, we strive to provide xcritical unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions. Liteforex (Europe) Ltd provides services only to the residents of countries from the European Economic Area (EEA), the United Arab Emirates (UAE), and the Marshal Islands. The market is continually evolving, marked by periodic surges and declines in volatility. For this reason, staying on top of the latest market developments is crucial, a task made simpler through the mobile app version of LiteForex. Brokers operate multiple entities because it allows them to serve clients worldwide.
Where is Liteforex based?
Namely, beginners with little or no trading experience are interested in lxcriticalg more about trading and developing a robust trading system. For example, a long position on gold would generate profit as the price rises or incur a loss as it falls, all without the need to purchase actual gold bars. Contracts for difference (CFDs) are derivatives used to speculate on the underlying asset’s price without physical delivery. You can also use the app to place market, limit, and stop orders, as well as to adjust the exposure of your open trades.
In my experience, the really important aspect of a chart is how easy it is to scale price action up and down. The regulated Forex and CFD broker offers a range of instruments for trading like indices and shares, commodities, and crypto-currencies. However, the broker generally charges high trading fees on its Standard account and provides extremely limited instrument offering of about 70 assets. LiteForex’s research content gives traders a multifaceted overview of the xcritical state of the market and provides them with actionable trading signals. I concluded that the broker’s research content caters to the needs of day traders and swing traders. The broker also offers Islamic accounts for swap-free trading, as mandated under Shariah law.
The performance of all the available trading strategies is presented in the ‘Traders Ranking’ subsection. As shown above, the problem with MetaTrader is that the charts can be crowded quite easily, even when we add no more than 2 indicators. This obscures price action behavior and makes it more difficult to conduct probing technical analysis. I did not discover any major discrepancies, and all essential safety information xcritical scam is readily available. I also concluded that LiteForex is pretty upfront about its trading fees.
Along with web trading, mobile apps also facilitate trading via MT4 and MT5 platforms. Free downloads for mobile apps are available for both android and ioS devices. LiteForex offers 31 educational lessons available from the client area. They are divided into beginner, intermediate, and advanced categories. I appreciated that the materials are supported with tests to help the reader solidify what has been learned. When we test a broker’s customer support, we evaluate the agent’s knowledge of their own website, how long it takes them to respond to questions, and how detailed their answers are.
LiteForex incorporates a standard suite of the popular MetaTrader 4 and 5. It also has a proprietary platform with charts powered by TradingView. All the platforms can be used to carry out basic technical analysis and order execution. LiteForex also offers VPS hosting, which can be helpful for automated trading. I discovered that LiteForex’s Classic account features trading costs that are nearly twice as high as the fees on the ECN account.
LiteForex also does not charge a handling fee for withdrawals, but external fees may apply. LiteForex offers multilingual support available 24/5 via live chat, email, and phone. Agents respond fairly quickly to queries and have a basic understanding of LiteForex’s services. In my opinion, MT5 is a good option for fast and simple order execution.
When trading Contracts for Difference (CFDs), positions can be opened for a fraction of their value because of the leverage. Essentially, the broker lends the trader money so that the latter can open bigger positions. The leverage multiplies the profits a trader generates from winning positions but also the losses incurred from failed trades.