LiteForex features a live demo account for tradersto practice on and awards new traders with a bonus up to 50% for depositingfunds. Its variable spreads average at 2.0 pips, which scammed by xcritical is significantly wider than other brokers. Classic Accounts only allow base currencies to be denominated in USD, EUR, and MBT. The minimum deposit on this account is 50 USD, and transactions start at 0.01 lots. Support is offered for both the MT4 and MT5 trading platforms, Stop Out levels are at 20%, and no interest is charged on surplus funds. LiteForexis a large and established online trading brokerage who serves theinternational markets by accepting traders from around the world and offeringtheir services in over 10 languages.
User Experience
For this reason, staying on top of the latest market developments is crucial, a task made simpler through the mobile app version of LiteForex. Brokers operate multiple entities because it allows them to serve clients worldwide. However, licenses obtained by regulators in different jurisdictions do not always entail the same degree of protection. LiteFinance is an unregulated Forex and CFD broker operational since 2021 out xcritical scam of St. Vincent and the Grenadines, with a subsidiary regulated in Cyprus. It operated out of the Marshall Islands as LiteForex before its relocation.
I appreciated their diversity and sharp focus on technical analysis, fundamental analysis, and trading psychology. Compared to the industry average, LiteForex offers an average amount of forex pairs and commodities, and a high amount of indices. It facilitates technical analysis by providing an overview of price action behavior. Chart artists use many analytical tools and chart configuration possibilities to examine it from multiple angles. In my experience, the really important aspect of a chart is how easy it is to scale price action up and down. I did not discover any major discrepancies, and all essential safety information is readily available.
Operating as an online business, this site may be compensated through third party advertisers. Our receipt of such compensation shall not be construed as an endorsement or recommendation by FxScouts Group, nor shall it bias influence our reviews, analysis, and opinions. LiteForex’s educational materials are average compared to other similar brokers. Liteforex’s market analysis materials are in-depth, comprehensive, and frequently updated. LiteForex offers a limited number of payment methods, and while LiteForex charges no commissions on deposits, it charges fees for most withdrawal methods.
- Overall, Liteforex offers a range of useful trading tools to help traders make better trading decisions.
- The ECN Account has tight spreads (starting at 0 pips on the EUR/USD) but this is in exchange for a commission of between 10 to 30 USD per lot traded.
- LiteForex offers an automatic withdrawal feature that enables traders to withdraw funds up to 100 USD per day within 24 hours, which is available on Skrill, Perfect Money, and Neteller.
- Generally, only the $10 commission on FX Majors falls below the industry average.
Meet the Experts Behind Our Unbiased Reviews
A swap fee is a trader’s cost for holding an open position overnight because of changing interest rates. Swap long refers to the charge deductible or credit receivable for holding a buy position open overnight. In turn, swap short relates to the charges/credits deductible or receivable for holding a selling position open overnight. In our reviews, we examine the licenses and regulations of each entity operated by a broker, allowing us to compare their different levels of protection.
Account Types
Liteforex provides a list of the most profitable traders, with their performance profiles from which followers can choose. Liteforex offers access to a VPS service at an extra cost, analytical materials from Claws&Horns, a social trading platform, and various trading calculators. LiteForex‘s mobile trading platforms are average compared to other similar brokers. It offers mobile versions of MT4 and MT5, but no proprietary mobile trading solutions. LiteForex offers two account types, which is average when compared to other brokers, and the accounts are more suitable for beginners than experienced traders.
LiteForex is a part of the investor compensation fund and all client funds are kept in segregated bank accounts, preventing the broker from using client money for their own purposes. Furthermore, to prevent a trader from losing more than their account balance, the broker offers negative balance protection. I like the trading environment at LiteFinance for cryptocurrency traders who seek a copy trading service. LiteFinance, previously known as LiteForex, faces technical issues and experiences a rise in fraud claims.