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. 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. However, LiteForex’s range of instruments is somewhat limited, with an absence of share CFDs and cryptocurrencies.
What platforms does LiteForex offer?
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. LiteForex’s platform is much more fluid in comparison to MetaTrader, especially its charts, which are powered by TradingView. The table demonstrates how much you would have to pay to trade 1 full lot (100,000 units) in EUR/USD with a pip value of $10 for each account.
My Key Takeaways After Testing LiteForex’s Mobile App
LiteForex 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. LiteForex also does not charge a handling fee for withdrawals, but external fees may apply.
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. LiteFinance is committed to educating its clients, especially beginners, with a range of educational resources. Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. 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.
As a chart artist, I have always valued platforms with detailed and versatile charts, and LiteForex’s platform is one such station. In this review, I tested the MetaTrader 5 platform, which features multiple essential tools, such as one-click trading, xcritical scammers an alarm setting option, and a market depth tool. These allow traders to examine various market developments from different angles and to exploit the underlying trading opportunities in multiple ways. It is comprised of regular market updates that inform traders of xcritically unfolding trading setups. Each article consists of an economic breakdown and a technical setup supported by a chart. LiteForex offers robust research content catering to the needs of novices and experienced traders alike.
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. LiteForex users can choose between MetaTrader 4 and MetaTrader 5 as platforms for scammed by xcritical their trading activities. This ensures data privacy and software stability while granting users access to mobile and desktop trading 24 hours a day. The broker’s excellent customer service (which is available day and night most days of the week) adds an extra element of reliability to an already impressive service offering.
- Trading View offers advanced charting capabilities and multiple analytical tools for carrying out advanced technical analyses.
- I did not discover any major discrepancies, and all essential safety information is readily available.
- As a chart artist, I have always valued platforms with detailed and versatile charts, and LiteForex’s platform is one such station.
- I also concluded that LiteForex is pretty upfront about its trading fees.
- On the one hand, the broker should be praised for offering plenty of minor forex pairs, such as USDTRY, USDMXN, and GBPSEK.
- 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.
Try a training account without registration
Brokerage services in your country are provided by the company LiteFinance Global LLC (registered in St. Vincent & the Grenadines as a Limited Liability Company with registration number 931 LLC 2021).
While the spreads on its Classic account are relatively high, the ECN account type offers more competitive trading fees. LiteFinance offers a range of Forex deposit bonuses and promotions, allowing clients to increase their trading capital. These bonuses are withdrawable, and some promotions offer substantial bonuses, such as the 100% Forex deposit bonus. LiteFinance frequently updates its bonus campaigns to provide ongoing opportunities for traders. 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).
Overall, LiteForex is deemed suitable for novice traders, day traders, and those interested in algorithmic trading. This broker provides a reliable and engaging copy trading facility that functions as a social media network. Users can view the trades carried out by top-ranked account holders and imitate their winning strategies as they aim to increase their performance daily. CTrader is a platform with a user-friendly interface, advanced chart analysis tools, and unique algorithmic trading options.
The customer onboarding process employed by this brokerage is simple, with users offered the option of signing up for a demo account that is compatible with MT4 and MT5. Depositing and withdrawing funds is also straightforward and should pose no difficulties to traders regardless of their experience level. However, the broker generally charges high trading fees on its Standard account and provides extremely limited instrument offering of about 70 assets. Additionally, the broker offers a range of educational guides, which are freely available on the website.
Deposits and withdrawals are cost-free with LiteForex, though third-party banking fees may apply. This is only true for withdrawals, as the broker reimburses its clients for any processing fees incurred when depositing. Broken down by asset class and compared to the industry average, LiteForex charges high spreads on instruments across all asset classes for the Classic account.
In my experience, the really important aspect of a chart is how easy it is to scale price action up and down. MT5 is arguably best suited for automated trading via its Expert Advisors (EAs) feature. The platform also has an intuitive strategy tester, allowing experienced algo traders to tweak the parameters of their strategies so that they can be used under different market conditions. For low-latency algorithmic trading, clients of LiteForex can take advantage of the broker’s VPS offering, affording execution speeds of below 2 milliseconds. 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.
How long does it take to withdraw money form an account at LiteForex?
As a trader who prioritizes flexible chart scaling, I find MT5’s charting capability too rigid and less effective. 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.
The raw spreads from 0.0 pips on the ECN account are much lower and generally fall below the industry average. 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.
Contracts for difference (CFDs) are derivatives used to speculate on the underlying asset’s price without physical delivery. LiteFinance Global LLC does not provide services to residents of the EEA countries, USA, Israel, Russia, and some other countries. Promote the LiteFinance brand as our partner and earn up to 70% of spreads per attracted client. Analytical materials are developed in cooperation with our partner, Claws&Horns, exclusively for information purposes. Published materials should not be regarded as a recommendation for investment or advice in accordance with Directive EC.