LiteFinance also offers a lightweight web-based browser with a user-friendly interface. It is ideal for manual traders and superior to the MT4/MT5 web-based alternatives. It presents traders with an ideal environment to test EAs and new strategies. The web-based trading platform allows a $10,000 demo account without registration, a convenient method to get familiar with its functionality. I caution beginner traders about using a demo account as an educational tool. It can create unrealistic trading expectations, and the absence of trading psychology negates the educational value.
Account Types and Terms
- At top30forexbrokers.com, our mission is to provide traders with a thorough list of the best forex brokers to help them find the best service and trading platform.
- LiteForex operates under a Cyprus Securities and Exchange Commission (CySEC) license.
- LiteForex Investments Limited does provide a demo account, which is an excellent opportunity to evaluate the broker and fine-tune your trading strategy risk-free.
- This is because the online Forex broker is reliable and has a spotless reputation.
- Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering.
- The spread rate on the Classic account is considerably higher than the industry average.
All these tools are useful when trading and provide some assistance to traders, increasing their potential accuracy when making trading decisions. LiteForex also offers a Fibonacci calculator, which can further assist traders in defining better entry and exit points. LiteFinance notes a 30% deposit bonus for the Classic account, where trading costs are 80% higher than its ECN account. LiteFinance offers three partnership programs, but limited information exists.
This combination is not particularly suitable for longer-term trading strategies (swing trading and position trading). Generally, only the $10 commission on FX Majors falls below the industry average. Accordingly, the most favorable prices are available when trading FX majors on LiteForex’s ECN account type. 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. The raw spreads from 0.0 pips on the ECN account are much lower and generally fall below the industry average.
Making Deposits and Withdrawals
Customers can withdraw up to $100 per day using any popular payment system such as Neteller, Perfect Money, and Skrill. To compare LiteForex Investments Limited to FXTM, XM, OctaFX, HotForex, or FBS, traders should conduct extensive study; however, this brand has a strong history and is a reputable option. LiteForex Investments Limited provides a safe and secure platform, with firewalls and isolated servers protecting the site. LiteForex Investments Limited suggests using a VPN to manage trades while users’ devices are turned off. It is not dependent on an internet connection or a power supply and provides some security for online merchants. Yet, for comprehensive analysis and day trading, you would prefer a desktop platform, where LiteForex MT suits any device either PC or MAC.
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. Account holders can choose between MetaTrader 4 and MetaTrader 5 as a trading platform. This industry-standard software comes with a raft of features and benefits and is recognized for its data security features, analytics tools, and quick execution times. This company is a registered broker operating from Cyprus, an EU member state located in Southern Europe.
Account types available for traders on LiteForex
LiteForex also offers social trading capabilities, and xcritical cheating MT5 has inbuilt plugins for this purpose. Additionally, mobile trading is also offered through the MT5 Android app. This broker has invested substantially in the functionality and navigability, which makes an excellent first impression on would-be traders.
Assets to Trade
Another advantage of LiteForex is its robust and extensive supporting content. It is comprised of regular market updates that inform traders of xcritically unfolding trading setups. Each article xcritical rezension consists of an economic breakdown and a technical setup supported by a chart. When trading Contracts for Difference (CFDs), positions can be opened for a fraction of their value because of the leverage.
I find the deposit and withdrawal methods sufficient for most traders and appreciate the inclusion of cryptocurrencies. 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. 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. 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).
Trading at LiteForex stands for low floating spreads, no requotes, professional customer support, high-performance trading platform, access to trading signals and exclusive market analysis. Spreads offered by LiteForex are tight and good for the forex industry. We also marked that the broker provides low-cost fees also extensive trader education and financial information resources. The ECN account is a much better variant for trading as all the other terms are the same 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. LiteForex provides MetaTrader 4 (MT4) and MetaTrader 5 (MT5) as the main trading platforms.