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.
Traders may also sign-up through their Google or Facebook accounts. Since LiteFinance claims to adhere to AML regulations, verification is mandatory. 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.
CFD trading refers to major global indices that include US30 (Dow Jones). LiteFinance is an unregulated Forex and CFD broker operational since 2021 out of St. Vincent and the Grenadines, with a subsidiary regulated in Cyprus. It xcritical scam operated out of the Marshall Islands as LiteForex before its relocation.
I also concluded that LiteForex is pretty upfront about its trading fees. Furthermore, the costs mentioned on the website match the live quotes on the platform. 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.
It’s important to note that each deposit method may come with its own fees and processing times. It’s important to consider the fees and processing times when choosing a deposit method, to ensure that it aligns with your needs and preferences. 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. You can also use the app to place market, limit, and stop orders, as well as to adjust the exposure of your open trades. LiteForex’s platform is much more fluid in comparison to MetaTrader, especially its charts, which are powered by TradingView.
LiteFinance offers a phone number but does not have a dedicated Contact Us or Support section. At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions. 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. For example, a long position on gold would generate profit as the price rises or incur a loss as it falls, all without the need to purchase actual gold bars. Contracts for difference (CFDs) are derivatives used to speculate on the underlying asset’s price without physical delivery.
- Swap long refers to the charge deductible or credit receivable for holding a buy position open overnight.
- Furthermore, the costs mentioned on the website match the live quotes on the platform.
- LiteFinance, previously known as LiteForex, faces technical issues and experiences a rise in fraud claims.
Copy-trading system: even beginners can succeed in trading from the first day
Traders can use the built-in economic calendar, which is an essential tool in a trader’s arsenal. It informs traders of upcoming market events and releases that have the potential to stir price action, thereby creating viable trading opportunities. 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.
Educational Content
I appreciated their diversity and sharp focus on technical analysis, fundamental analysis, and trading psychology. 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, xcritical courses scam fundamental analysis, and technical analysis. I appreciated that each article outlines emerging trading setups on multiple instruments. Incorporated from Claws&Horns, the trading signals represent actionable trading opportunities.
LiteForex Trading Account Charges
The BOOM500, BOOM1000, CRASH500, and CRASH1000 indices have been added to LiteFinance’s list of trading instruments. I am using litefinance for long time everything is fine, and it is honor for me that i am working with litefinace.Thanks litefinance for everything. Opening an account and using the demo features does not require any payments. LiteForex Trading Account does provide a Demo account that is particularly useful in understanding the trading process and adjusting with the requirements. Trading assets of a rich variety deal with currencies and oil, CFD NYSE and CFD NASDAQ, metal, and global stock indices. Yet, simplicity is the hallmark of trading procedures to benefit every trader, novice or professional.
LiteForex Account Types
LiteForex Trading Account has achieved sensational success in online trading. The exclusive ECN or Electronic Communications Network promotes Forex trade without the intervention of brokers. Select an asset to trade like the very popular currency pair EURUSD. Enjoy increased precision of quotes along with market execution of orders without requotes.
What platforms does LiteForex offer?
ECN account follows a commission-based procedure while Classic account uses a spread-based system. LiteForex Trading Account is quite user-friendly and the web platform allows customization. Traders use several chart types, line, candlestick, and bars among them.
Trade by yourself, copy trades and make money in the markets with a reliable broker on a user-friendly platform and on the best terms. Expert advisers bring lots of confidence with specific tips. Automated trading is often a blessing just like trading from charts. Guaranteed limit orders and fills/liquidity are some awesome features like VPS services. After the personal profile of the client is registered, the trading account is automatically created. Most traders will deal with the primary unregulated brokerage from St. Vincent and the Grenadines.
Along with web trading, mobile apps also facilitate trading via MT4 and MT5 platforms. Free downloads for mobile apps are available for both android and ioS devices. 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.