LiteFinance Review Pros, Cons & Ratings
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. 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.
To evaluate brokers, we test the accounts, trading tools and services provided. Over 100 data points are considered, from minimum deposits and trading fees to the platforms and apps available. Our broker ratings are also informed by the experience of our researchers during the evaluation process. 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.
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. 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. 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 xcritical everything was in order.
How long does it take to withdraw money from LiteFinance?
LiteFinance features a Beginner section on its blog, where it presents educational content featuring dozens of quality articles. I recommend traders use it as part of their education before opening an account. 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. I appreciated that the materials are supported with tests to help the reader solidify what has been learned.
Islamic Account
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. It illustrates the spreads and commissions I have recorded for the EUR/USD pair and compares them against the typical costs for ECN and STP accounts in the industry at large. Whether looking for a good broker to start your trading journey or seeking advanced features and tools, LiteFinance offers a comprehensive solution for your trading needs.
Account Types and Features
- This is only true for withdrawals, as the broker reimburses its clients for any processing fees incurred when depositing.
- I performed my tests on a Classic trading account using the desktop versions of MetaTrader 5 and the broker’s proprietary platform.
- That is why traders must familiarize themselves with the safety mechanisms ensured by the entity they want to open an account.
- This may impact how, where and which companies / services we review and write about.
Both accounts require a minimum deposit of $50, which is lower than other competitors such as FXTM and OctaFX. The minimum trade size is 0.01 lots, the margin call is 100%, and the stop out level is 50%. Traders can use the training account free of charge to explore different strategies under real market conditions. There’s no risk of losing any money, as all funds in the demo account are virtual and uncapped. Registration for a demo account takes less than 1 minute via the Personal Profile and demo contests are also available.
Any statements about profits or income, expressed or implied, do not represent a guarantee. Your actual trading may result in losses as no trading system is guaranteed. You accept full responsibilities for your actions, trades, profit or loss, and agree to hold The Forex Geek and any authorized distributors of this information harmless in any and all ways. DayTrading.com is committed to helping traders of all levels make informed decisions about which broker to trade xcritical scam with. Compare the markets and instruments offered by LiteForex Europe and its competitors. Please note, some markets may only be available via CFDs or other derivatives.
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. Another strong point is the broad range of forex trading educational resources available on the broker’s website. 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. This broker has invested substantially in the functionality and navigability, which makes an excellent first impression on would-be traders.