I always recommend that traders check them before evaluating the total trading costs. 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.
- However, there are no reviews in the review section, and opening a demo account does not really count as trading education or resources, and this account is automatically made when you signup with this broker.
- There are two different accounts when trading with LiteForex and each one has a different requirement and also different features, let’s take a little look at what is on offer.
- Trade Indices, Commodities and Currencies with a Classic, Swap free or ECN account.
- LiteForex offers a limited number of payment methods, and while LiteForex charges no commissions on deposits, it charges fees for most withdrawal methods.
The LiteForex site features extensive information about the account types and assets available to buy and sell using its platform. Customer service contact information is prominently displayed for smooth communication with the support team. Forex traders focused primarily on major and exotic currency pairs will benefit from competitive spreads and a transparent fee structure while using the industry-standard MetaTrader platform. She has a degree in Digital Marketing and a background in content writing and SEO.
Forex trading with LiteFinance is one of the best ways to become a professional on Forex market
Beginner traders will also benefit from LiteForex’s proprietary copy trading system and unlimited demo account, in addition to the frequent webinars, and regularly updated educational and market analysis materials. When comparing the account types offered by Liteforex, it’s important to consider the Liteforex minimum deposit requirements for each. The Micro Account has the lowest minimum deposit requirement, making it a great choice for beginner traders who are xcritical cheating just starting out. The Premium Account has a higher minimum deposit requirement, making it a better choice for more experienced traders who are looking to trade more actively. The ECN Account has the highest minimum deposit requirement, making it a great choice for professional traders who are looking for the best trading conditions. LiteForex offers two live account options, both with a low minimum deposit of 50 USD, making them accessible to beginner traders.
Therefore, thebrokerage is trusted to provide safe, secure, and transparent online tradingservices and has been doing so for over 13 years. It should be noted that LiteForex applies a slightly different cost structure to its two account types. 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. For the purposes of this review, we found customer support to be slow and sometimes unresponsive.
Classic Account
LiteFinance pays strategy providers, adding an attractive revenue stream for successful traders. The one important aspect not noted is how long the accounts last, this could be vital as some brokers allow them to be open indefinitely while others limit them to something like 30 days. The classic account uses a spread based system that we will look at later in this review. The ECN account sues a commission-based system and adds a commission to each trade, depending on the asset that you are trading a different amount will be charged, we have broken down the individual charges down below. AsLiteForex is based in the Marshall Islands, they are licensed and regulated inaccordance with the Marshall Islands Business Corporation Act.
Mobile forex apps make forex trading easier by enabling traders to create filters and get the latest information only for selected trading instruments. These apps feature analytical support for precious metals, oil, and a wide range of currency pairs. Remember that MetaTrader has been considered the industry standard when it comes to trading platforms for both retail traders and professional investors. The platform has been around since 2005; this broker might not be providing info on it because they think it is common knowledge.
LiteForex Review
Here on PipPenguin, we have also covered MetaTrader 4 and 5 in many of our articles, so we will not be covering specific details on it. Overall, LiteForex is regarded as a reputable and trustworthy broker that offers a range of trading services and educational resources to help traders succeed in the forex and CFD markets. In addition to their trading services, LiteForex also provides educational resources and market analysis to help traders improve their skills. They also offer a range of bonuses and promotions to reward their clients, including an affiliate program and competitions. 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.
Additionally, copy trades have always been found to be a more engaging way of upskilling one’s trading skills. Traders needing some hands-on experience with LiteForex would benefit much from opening a demo account with the broker. You will need to head to the “profile” section and then click on the “verification” https://xcritical.pro/ tab in it to show what you still need to do to complete your identity verification. Remember that you will need to do this if you wish to deposit and withdraw funds from your account. Also, note that no account type is given in terms of being able to select one at registration, but the account is a live account.
He ensures that our content across all sites meets the standards of quality and transparency that our readers expect. LiteForex’s educational materials are average compared to other similar brokers. The LiteForex VPS service has dedicated 24/5 customer support teams that can help new users get set up and install EAs and indicators directly to the virtual machines. VPS services have the advantage of never suffering connectivity issues and have extremely low latency due to their proximity to major international exchanges. Unlike other brokers that require extensive KYC (Know Your Customer) documents due to strict regulatory oversight, LiteForex simply asks for an email address and password.
