LiteFinance caters to most international traders, including the UK, the Philippines, Malaysia, and Nigeria. Like most international brokers, LiteFinance does not accept traders from the US. Online registration merely requires an e-mail address or phone number and a password. Since LiteFinance claims to adhere to AML regulations, verification is mandatory.
LiteForex Research Tools
He earned a Bachelor’s degree in Economics and International Relations. Plamen’s broad experience has equipped him with the expertise to recommend the best forex brokers. Over the long years of successful work on the Forex trade market, we have managed to figure out how to simplify our system of trading accounts and services to meet better our clients’ needs.
- LiteForexoffers traders the selection between two of the most popular and loved tradingplatforms in the world, the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) tradingplatforms.
- 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.
- LiteFinance is an unregulated Forex and CFD broker operational since 2021 out of St. Vincent and the Grenadines, with a subsidiary regulated in Cyprus.
- LiteForex is a regulated broker offering Forex pairs as its main trading product.
- The developer, Liteforex (Europe) Limited, indicated that the app’s privacy practices may include handling of data as described below.
What Are CFDs?
I appreciated their diversity and sharp focus on technical analysis, fundamental analysis, and trading psychology. Incorporated from Claws&Horns, the trading signals represent actionable trading opportunities. They cover instruments across different markets and use prominent indicators (Ichimoku, Bollinger, MACD, etc). Traders can use this type of content to get a sense of the prevailing market sentiment. https://investmentsanalysis.info/ processes most payment requests between several minutes to several business days, depending on the chosen payment method. The broker does not charge deposits and even compensates the client for any third-party banking fees.
Gold Price Forecast & Predictions: 2024 and Beyond
LiteFinance maintains the out-of-the-box MT4/MT5 trading platforms, but no introduction exists. LiteForex merely presents them as two buttons and clicking on them redirects to an account opening page. 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. With ECN account types and automatic withdrawals, there are some good aspects to it.
Amazing broker i have…
Market breakdowns developed in-house by LiteForex, and available from the website with free access to everybody. The market reviews are detailed and multifaceted containing aspects of economic analysis, fundamental analysis, and technical analysis. I appreciated that each article outlines emerging trading setups on multiple instruments. LiteForex offers robust research content catering to the needs of novices and experienced traders alike. The broker offers market breakdowns developed in-house and also incorporates content from Claws&Horns. The broker offers 73 instruments in total, notably lacking any share CFDs and cryptocurrencies.
Forex trading instruments and accounts from the LiteFinance broker
Also, support representatives can easily becontacted 24 hours a day, 7 days a week via live chat, email, support forums,and telephone support that supports call back functionality. The ECN account is a much better variant for LiteForex trading as all the other terms are the same for both Classic and ECN account types, except that spreads are much lower on ECN accounts. It should be noted that their commissions are a lot more expensive than other brokers.
You can download MetaTrader 5 in the “Trading Platforms” section of your broker’s website. To install the platform, double-click on the downloaded file “litefinance5setup.exe”. Choose a directory for installing the program and follow the installation program tips. Discover potential scenarios of cryptocurrency industry development. Register, verify your profile for your data protection, and open a trading account. Liteforex (Europe) LTD provides services only to the residents of countries from the European Economic Area (EEA), the United Arab Emirates, and the Marshall Islands.Full list of countries is available here.
Essentially, the broker lends the trader money so that the latter can open bigger positions. The leverage multiplies the profits a trader generates from winning positions but also the losses incurred from failed trades. One of the biggest advantages of trading CFDs is that traders can get in and out of the market almost instantaneously, thereby catching even minute changes in the price of the derivative. 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. 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. But LiteForex’s app retains the web trader’s sophisticated look and feel.
The unexplained move of its headquarters from one unregulated Forex jurisdiction to another raises red flags. 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. I like that LiteFinance deploys its proprietary copy trading service embedded within the web-based trading platform. LiteFinance pays strategy providers, adding an attractive revenue stream for successful traders.
They are suitable for most retail traders, but seasoned traders require higher quantities. While the 225 assets offer new traders acceptable entry-level exposure, advanced traders will find it inadequate for proper cross-asset diversification. LiteFinance maintains a wide range of trading instruments, advertising 145+ on its website, offering 225.
Litefinance is a great and safe broker and gives good forex trading services. It’s fast and reliable and it is one of the rare brokers that is transparent enough to have a live chat room in their website so the customers can interact with each other and share trading ideas together. XTrend Speed is a trading platform that offers real-time market quotes for over 280+ products, covering global markets of foreign exchange, stocks, commodities, indexes. 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. The LiteFinance company has developed a large range of trading accounts for any category of traders.
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. Regrettably, none had a positive impact, making LiteFinance a less transparent, secure, and trustworthy brokerage. When we test a broker’s customer support, we evaluate the agent’s knowledge of their own website, how long it takes them to respond to questions, and how detailed their answers are. LiteForex offers multilingual support available 24/5 via live chat, email, and phone. Agents respond fairly quickly to queries and have a basic understanding of LiteForex’s services.