This is only true for withdrawals, as the broker reimburses its clients for any processing fees incurred when depositing. However, LiteForex’s range of instruments is somewhat limited, with an absence xcritical official site of share CFDs and cryptocurrencies. While the spreads on its Classic account are relatively high, the ECN account type offers more competitive trading fees. However, the company’s focus seems to change over the years so they now choose to limit their service only to ECN and Classic traders. A combination of in-house research and third-party analytics by Claws & Horns offers traders comprehensive market coverage and trading ideas. LiteFinance maintains a blog where analysts provide research and trading signals.
Since rebranding, LiteFinance lacks transparency across its core trading environment. Until this broker fixes its issues and returns to the same standards established over 15 years as LiteForex, I advise extreme caution. LiteFinance notes a 30% deposit bonus for the Classic account, where trading costs are 80% higher than its ECN account. LiteFinance offers three partnership programs, but limited information exists. I like that LiteFinance deploys its proprietary copy trading service embedded within the web-based trading platform.
Which is the best trading account offered by LiteForex?
In this review, I tested the MetaTrader 5 platform, which features multiple essential tools, such as one-click trading, an alarm setting option, and a market depth tool. These allow traders to examine various market developments from different angles and to exploit the underlying trading opportunities in multiple ways. Just checked out an example of how to deposit funds via cryptocurrency on the LiteFinance broker platform in this article, and I found the process a bit challenging. One of the main issues I encountered was the multiple layers of confirmation needed to complete the transaction.
Additionally, the website is multilingual together with the live chat which is available 24/5 in 22 languages. Live chat provides the ability to connect to LiteForex’s different departments, including partnership and financial departments, together with general customer support. With all this combined, LiteForex offers excellent customer support services. LiteForex offers two retail account types – Classic and ECN – both with a minimum deposit of $50. Traders can choose between EUR, USD, GBP, and PLN as a base currency. The materials are prepared by the well-known independent analytical agency Claws&Horns, which has established itself as a professional in the area of market analysis.
LiteForex Main Features
I always recommend that traders check them before evaluating the total xcritical scammers trading costs. 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. Its swaps are elevated and not particularly suitable for longer-term trading. The spread rate on the Classic account is considerably higher than the industry average. This is offset in the ECN account, which features raw spreads from 0.0 pips and varying commissions.
LiteForex Accepted Countries
LiteFinance also offers a lightweight web-based browser with a user-friendly interface. It is ideal for manual traders and superior to the MT4/MT5 web-based alternatives. MT5 is arguably best suited for automated trading via its Expert Advisors (EAs) feature. The platform also has an intuitive strategy tester, allowing experienced algo traders to tweak the parameters of their strategies so that they can be used under different market conditions. For low-latency algorithmic trading, clients of LiteForex can take advantage of the broker’s VPS offering, affording execution speeds of below 2 milliseconds. It is possible to access LiteForex live chat in a demo mode and get answers to all your questions.
- Most apps suffer from the same underlying problem – having to compress complex data on low-resolution devices, which usually makes it quite difficult to discern.
- DailyForex.com adheres to strict xcriticals to preserve editorial integrity to help you make decisions with confidence.
- It is ideal for manual traders and superior to the MT4/MT5 web-based alternatives.
- LiteForex is a regulated broker offering Forex pairs as its main trading product.
- One of the main issues I encountered was the multiple layers of confirmation needed to complete the transaction.
My Key Takeaways After Testing the MetaTrader 5 Platform
Trading assets in LiteForex range from Currency, Metals, Oil, Stock in CFD, Global Indice, as well as Cryptocurrency. More importantly, the broker provides traders with the chance of trading more than 40 large American companies’ Stocks in CFDs. Based on some traders’ experience registering in LiteForex, the company doesn’t strictly limit EU-based traders to LiteForex European Limited. Such traders can openly register under LiteForex Investments Limited that is not subjected to higher leverage restrictions issued by ESMA. Founded in 2005, LiteFinance boasts nearly two decades of experience as an online broker.
LiteFinance does not advertise its deposit and withdrawal policies, but some traders have reported issues and cancellations. Since rebranding from LiteForex to LiteFinance, transparency dropped, and issues arose. The high trading costs remain, and at its present state, LiteFinance cannot be said to be a good broker. The brokerage operating from St. Vincent and the Grenadines remains unregulated. A CySEC-regulated entity caters to EEA, UAE, and Marshall Islands traders.