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. LiteFinance features a Beginner section on its blog, where it presents educational content featuring dozens of quality articles. I recommend traders use it as xcritical official site part of their education before opening an account. However, the broker generally charges high trading fees on its Standard account and provides extremely limited instrument offering of about 70 assets.
The account was opened with the broker’s Liteforex (Europe) Ltd entity. Some features and services may vary depending on where you reside and which entity you open an account with. Additionally, the broker also offers advanced trading tools to assist their traders. The website is multilingual, and customer support is available 24/5 via live chat, which is also multilingual. Where LiteForex excels is in the trading tools offered for free by the broker.
Customer Support Channels
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. The robust MetaTrader 4, MetaTrader 5, cTrader, and a proprietary mobile trading app.
The most recent developments, starting with the launch of LiteFinance Global LLC, raise notable concerns. LiteForex offers 31 educational lessons available from the client area. They are divided into beginner, intermediate, and advanced categories. I appreciated that the materials are supported with tests to help the reader solidify what has been learned.
- Over the past twelve months, it made the most notable expansion in cryptocurrencies, where it offers 53 assets, including crypto-to-crypto crosses.
- He earned a Bachelor’s degree in Economics and International Relations.
- All the platforms can be used to carry out basic technical analysis and order execution.
- LiteFinance notes a 30% deposit bonus for the Classic account, where trading costs are 80% higher than its ECN account.
I discovered that the European entity of the broker adheres to all essential safety requirements, such as ensuring negative balance protection and a compensation scheme. Overall, LiteForex is deemed suitable for novice traders, day traders, and those interested in algorithmic trading. You can open a Classic or ECN account with a minimum deposit of $50. When providing a complete LiteFinance review, it’s crucial to consider user reviews and trust scores from various platforms. The company has established itself as a stable and innovative broker in the Forex trading industry. As we have seen above the LiteForex fees seem a bit high, to further clarify the picture let’s compare it with other popular brokers on the market.
The ECN account is a much better variant for trading as all the other terms are the same xcritical reviews 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. Additionally, the broker offers a range of educational guides, which are freely available on the website. I appreciated their diversity and sharp focus on technical analysis, fundamental analysis, and trading psychology. In this review, I tested the MetaTrader 5 platform, which features multiple essential tools, such as one-click trading, an alarm setting option, and a market depth tool.
Educational Content
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. 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).
Maximum Leverage By Asset Class
Traders can use this type of content to get a sense of the prevailing market sentiment. 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. When trading Contracts for Difference (CFDs), positions can be opened for a fraction of their value because of the leverage.
Depending on the trading strategy, it may become the most significant fee per trade. I always recommend that traders check them before evaluating the total trading costs. The broker offers its proprietary platform with versatile charts from Trading View and also incorporates MetaTrader 4&5.