LiteForex Trading Account Review, Types, Process, Benefits, & Charges
Founded in 2008, LiteForex is a forex and CFD broker based in Cyprus, authorized by CySEC. It supports the MetaTrader 4 and 5 platforms and offers VPS hosting for low-latency trading. A combination of in-house research and third-party analytics by Claws & Horns offers traders comprehensive market coverage and trading ideas.
Does LiteForex provide Demo account Trading?
The broker offers its proprietary platform with versatile charts from Trading View and also incorporates MetaTrader 4&5. Clients of LiteForex can also use its VPS offering for low-latency trading and engage in copy trading. Another advantage of LiteForex is its robust and extensive supporting content. I consider the charts screen a platform’s most important feature. It facilitates technical analysis by providing an overview of price action behavior. Chart artists use many analytical tools and chart configuration possibilities to examine it from multiple angles.
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. It is possible to access LiteForex live chat in a demo mode and get answers to all your questions. 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. Traders can also connect with the broker directly via phone call.
The Classic account features 0% commissions with the spreads, including a markup, as outlined above. However, the ECN account, which is aimed at professional and institutional users, charges a flat commission of $5 per round trip per lot. This company is a registered broker operating from Cyprus, an EU member state located in Southern Europe. As such, all trading and client activity is regulated by the Cyprus Securities and Exchange Commission. As noted above, this jurisdiction offers investor compensation up to EUR 20,000 on non-professional trading accounts in the event of brokerage liquidation.
On the other hand, its dated and rugged design falls short compared to newer, sleeker platforms. As a trader who prioritizes flexible chart scaling, I find MT5’s charting capability too rigid and less effective. A swap fee is a trader’s cost for holding an open position overnight because of changing interest rates. Swap long refers to the charge deductible or credit receivable for holding a buy position open overnight. In turn, swap short relates to the charges/credits deductible or receivable for holding a selling position open overnight.
LiteForex merely presents them as two buttons and clicking on them redirects to an account opening page. Both are available as desktop clients, webtrader, and mobile apps. 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. LiteForex offers demo accounts that introduce traders to the broker’s services and allow them to tweak their strategies in a risk-free environment. The market is continually evolving and never static, so it is important to hone your skills in a safe environment.
Is LiteForex a market maker?
Swap-free trading is available via the broker’s Islamic accounts. DailyForex.com adheres to strict xcriticals to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money.
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Plamen’s broad experience has equipped him with the expertise to recommend the best forex brokers. However, LiteForex’s range of instruments is somewhat limited, with an absence of share CFDs xcritical and cryptocurrencies. While the spreads on its Classic account are relatively high, the ECN account type offers more competitive trading fees.
This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker’s track record, plus the scope of regulatory standing. LiteFinance maintains the out-of-the-box MT4/MT5 trading platforms, but no introduction exists.
LiteForex’s Mobile App
Working with MT4 and MT5, the mobile apps cater to both android and iOS systems. Experienced professional traders and investors use the ECN trading account. The most popular professional trading account ECN requires a minimum deposit of $50. ECN or Electronic Communications Network accounts charge commissions.
- Essentially, the broker lends the trader money so that the latter can open bigger positions.
- Its swaps are elevated and not particularly suitable for longer-term trading.
- The broker offers 73 instruments in total, notably lacking any share CFDs and cryptocurrencies.
- The commissions are a bit expensive though, making its offerings less attractive to seasoned traders.
- The broker offers its proprietary platform with versatile charts from Trading View and also incorporates MetaTrader 4&5.
- I like the trading environment at LiteFinance for cryptocurrency traders who seek a copy trading service.
Some regulators mandate compliance with the strictest financial frameworks, whereas others are less rigid. That is why traders must familiarize themselves with the safety mechanisms ensured by the entity they want to open an account. LiteFinance does not advertise its deposit and withdrawal policies, but some traders have reported issues and cancellations. The minimum deposit to open an account with LiteFinance is $50. 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.
Liteforex (Europe) Ltd is regulated in Cyprus by CySEC, and LiteFinance Global LLC is unregulated. 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. The broker also has very tight margin call and stop-out policies.
I recommend traders use it as part of their education before opening an account. LiteFinance does not provide any of the necessary third-party add-ons to unlock the full functionality xcritical website of MT4/MT5 and improve the trading environment. The present choices will leave traders with an incomplete and sub-standard experience unless they are willing to invest in upgrades. Equity traders get access to large-cap names trending on social media. They are suitable for most retail traders, but seasoned traders require higher quantities.