It is a great tool for making quick trading decisions, as it incorporates comprehensive research materials and tools. Traders can access LiteForex’s copy trading environment from the ‘Investing’ section of the website. The performance of all the available trading strategies is presented in the scammed by xcritical ‘Traders Ranking’ subsection.
Fees & commissions review of LiteForex
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How do I withdraw money from LiteForex?
Accordingly, the most favorable prices are available when trading FX majors on LiteForex’s ECN account type. 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. In our Trust category assessments, we evaluate factors tied to stability and transparency, including the broker’s longevity, company size, and the transparency of information provided. You can fund your LiteFinance account, which is accessible via PC and mobile.
Additionally, they cater to different trading needs with three account types, including demo accounts for practice. Additionally, the broker also offers advanced trading tools to assist their traders. The website is multilingual, and customer support is available 24/5 via live chat, which is also multilingual.
LiteForex Research Tools
The broker offers 73 instruments in total, notably lacking any share CFDs and cryptocurrencies. On the one hand, the broker should be praised for offering plenty of minor forex pairs, such as USDTRY, USDMXN, and GBPSEK. While it provides a decent amount of forex pairs, commodities, and indices, there are no share CFDs, cryptocurrencies, or other lower-risk securities like ETFs and bonds. Trading View offers advanced charting capabilities and multiple analytical tools for carrying out advanced technical analyses. As a chart artist, I have always valued platforms with detailed and versatile charts, and LiteForex’s platform is one such station.
- The market is continually evolving, marked by periodic surges and declines in volatility.
- LiteFinance features a Beginner section on its blog, where it presents educational content featuring dozens of quality articles.
- Published materials should not be regarded as a recommendation for investment or advice in accordance with Directive EC.
- Thus, I concluded that LiteForex’s customer support is good but could be improved.
- I discovered that the European entity of the broker adheres to all essential safety requirements, such as ensuring negative balance protection and a compensation scheme.
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LiteFinance pays strategy providers, adding an attractive revenue stream xcritical official site for successful traders. The ECN account offers generally more favorable conditions, though traders should mind the commission rate. Coupled with its raw spreads starting from 0.0 pips, this combination on the ECN account is generally better than the industry average.
Demo Account
The broker offers extensive supporting content, multilayered safety mechanisms, and fast but basic customer support. Its accounts are quite accessible with a low minimum deposit requirement of only $50, and at the same time, clients can choose from multiple supporting tools. It presents traders with an ideal environment to test EAs and new strategies. The web-based trading platform allows a $10,000 demo account without registration, a convenient method to get familiar with its functionality. I caution beginner traders about using a demo account as an educational tool. It can create unrealistic trading expectations, and the absence of trading psychology negates the educational value.
Verification is mandatory to make a deposit, so you can easily fund your account with your new or existing live account. The automated copy-trading system Soсial Trading will allow you to duplicate the best trades, trade independently, share information and communicate with your traders. As we have seen above the LiteForex fees seem a bit high, to further clarify the picture let’s compare it with other popular brokers on the market. Online registration merely requires an e-mail address or phone number and a password. Traders may also sign-up through their Google or Facebook accounts.