It is generally satisfied by a copy of the trader’s ID and one proof of residency document. Here is a screenshot of quotes at LiteFinance during the London-New York overlap session, the most liquid one, where traders usually get the lowest spreads. Despite 16 years as a brokerage, LiteFinance, previously known as LiteForex, appears to undergo unfavorable changes. It could explain its corporate headquarters move and expansion into less-regulated cryptocurrency activities. It is also becoming less transparent with its relaunched website. Regrettably, none had a positive impact, making LiteFinance a less transparent, secure, and trustworthy brokerage.
How long does it take to withdraw money from LiteFinance?
Trading features are pretty similar on the website and the MT4 and MT5 platforms. Mobile apps also work through the web but downloads of the app will be necessary to trade. Additionally, mobile apps may be downloaded for use on both android and iOS systems. LiteForex Trading Platform account holders gain access to numerous assets and markets in LiteForex. You can access many kinds of charts like bars, lines, and candlesticks. Trading assets include all the most xcritical scam famous currency pairs along with the cross-rates.
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.
Traders cannot hurry but carefully heed the suggestions and market research tools. Internal share markets are an essential part of the LiteForex Trading Terminal. Traders are never left in the dark because of the powerful customer support in many languages. The LiteForex Online Trading Platform delivers robust and secure functionality with a variety of trading tools. The very efficient MetaTrader 4 contains all the necessary facilities a trader may need.
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. LiteForex offers 31 educational lessons available from the client area.
The account was opened with the broker’s Liteforex (Europe) Ltd entity. Some features and services may vary depending on where you reside and which entity you open an account with. No interest is paid on surplus funds and no commissions are charged.
LiteForex Non-Trading Fees
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. Forex can be traded 24 hours a day, but particular geographical trading sessions depend on the market’s timezone.
However, there is a promotional offer to get a rebate on deposit fees, so payments are essentially free. With the latter, commission is charged at $0.5 per lot alongside spreads from 0.0 pips. Spreads on the Classic account are relatively high, starting at 1.8 pips but with no commission.
- There are no bonus deals or promo codes offered by LiteForex Europe in 2024.
- Overall, LiteForex is deemed suitable for novice traders, day traders, and those interested in algorithmic trading.
- Dormant accounts are charged an inactivity fee of $3, which is quite low.
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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. 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.
The platform boasts dozens more technical indicators than its predecessor, 21 timeframes, and a full set of order types. In addition, traders can take advantage of the economic calendar and depth of liquidity tool. LiteFinance maintains a wide range of trading instruments, advertising 145+ on its website, offering 225. Over the past twelve months, it made the most notable expansion in cryptocurrencies, where it offers 53 assets, including crypto-to-crypto crosses. Additionally, the broker offers a range of educational guides, which are freely available on the website. I appreciated their diversity and sharp focus on technical analysis, fundamental analysis, and trading psychology.
I discovered that LiteForex’s Classic account features trading costs that are nearly twice as high as the fees on the ECN account. The latter offers slightly more competitive prices than the typical STP account, but it falls behind the typical ECN account type. I have compiled the table below to help you better understand the difference between the trading fees of LiteForex’s two account types and the industry average. Dormant accounts are charged an inactivity fee of $3, which is quite low.
In my estimation, LiteForex is a good choice for those interested in casual trading. Namely, beginners with little or no trading experience are interested in lxcriticalg more about trading and developing a robust trading system. 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 agent quickly answered the first and simplest question but appeared to struggle with more complex inquiries. Thus, I concluded that LiteForex’s customer support is good but could be improved.
Copy successful traders
In FTSE 100 and other major indices, the spread commences at 1 point. Spreads bring incomes to LiteForex and differ according to the nature of the account and type of traded asset. ECN account uses a commission-based system and charges $5 per lot. Choices are the MT4 and MT5 platforms and the mobile apps for both android and iOS systems.
LiteForex Europe is a reputable forex broker with a good selection of MetaTrader platforms and mobile apps. Clients benefit from xcritical cheating advanced analysis, copytrade features and straightforward fees. Here we’ll review LiteForex Europe’s 2024 trading services in detail, including regulation, minimum deposits, account types, and spreads.