LiteForex Trading Account Review, Types, Process, Benefits, & Charges
This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker’s track record, plus the scope of regulatory standing. LiteFinance maintains the out-of-the-box MT4/MT5 trading platforms, but no introduction exists.
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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. I performed my tests on a Classic trading account using the desktop versions of MetaTrader 5 and the broker’s proprietary platform. The account was opened with the broker’s Liteforex (Europe) Ltd entity.
What is the minimum deposit for LiteForex?
The Classic account features 0% commissions with the spreads, including a markup, as outlined above. However, the ECN account, which is aimed at professional and institutional users, charges a flat commission of $5 per round trip per lot. This company is a registered broker operating from Cyprus, an EU member state located in Southern Europe. As such, all trading and client activity is regulated by the Cyprus Securities and Exchange Commission. As noted above, this jurisdiction offers investor compensation up to EUR 20,000 on non-professional trading accounts in the event of brokerage liquidation.
My Key Takeaways After Testing the MetaTrader 5 Platform
- With all this combined, LiteForex offers excellent customer support services.
- LiteForex users can choose between MetaTrader 4 and MetaTrader 5 as platforms for their trading activities.
- A demo account serves as an introduction and lxcriticalg tool for beginners without any financial risk.
- In turn, swap short relates to the charges/credits deductible or receivable for holding a selling position open overnight.
- The broker’s excellent customer service (which is available day and night most days of the week) adds an extra element of reliability to an already impressive service offering.
Its swaps are elevated and not particularly suitable for longer-term trading. The spread rate on the Classic account is considerably higher than the industry average. This is offset in the ECN account, which features raw spreads from 0.0 pips and varying commissions. Dormant accounts are charged an inactivity fee of $3, which is quite low. 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.
Managed account, scalping, swing trading, and daily and weekly trading are all possible with LiteForex. The question requires technical research to understand the market conditions. xcritical official site CFD trading refers to major global indices that include US30 (Dow Jones). LiteForex Trading Account is quite user-friendly and the web platform allows customization.
Traders use several chart types, line, candlestick, and bars among them. You have the option to trade directly on a browser online via the WebTrader interface. Well-established simple procedures enable quick and easy trading. In my estimation, LiteForex is a good choice for those interested in casual trading.
I recommend traders use it as part of their education before opening an account. LiteFinance does not provide any of the necessary third-party add-ons to unlock the full functionality of MT4/MT5 and improve the trading environment. The present choices will leave traders with an incomplete and sub-standard experience unless they are willing to invest in upgrades. 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.
Recommended Brokers:
LiteForex Trading Account offers ECN, Classic, and Islamic accounts. LiteForex Online Trading ECN account requires an initial opening deposit of $50. Crypto-currency trading includes pairs and includes Bitcoin as a change from the conventional assets. LiteForex Online Trading offers the foremost MetaTrader 4 and MetaTrader 5 platforms.
LiteForex has a track record of more than 15 years in the online brokerage industry with offices in jurisdictions worldwide. The company offers an optimal range of trading accounts geared for forex markets. Any type of trader will find an account that matches their specific needs. The ECN account offers generally more favorable conditions, though traders should mind the commission rate. Coupled with its raw spreads starting from 0.0 pips, this combination on the ECN account is generally better xcritical scammers than the industry average. However, the broker charges higher commission rates on instruments from other asset classes.
What is CFD Leverage?
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. LiteFinance does not advertise its deposit and withdrawal policies, but some traders have reported issues and cancellations. The minimum deposit to open an account with LiteFinance is $50. Online registration merely requires an e-mail address or phone number and a password. Traders may also sign-up through their Google or Facebook accounts.
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. Traders constantly need researched analytical tools for better chances at successful trading since the danger of financial loss is always present. With 50,000 clients globally who have trusted them so long, the systematic well-organized trading infrastructure deserves praise. LiteForex Trading Account Commission charges apply to the ECN account while the Classic account takes fees from the spreads. Independent or Investment trading benefits various categories of traders.
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. The broker offers 73 instruments in total, notably lacking any share CFDs and cryptocurrencies. On the one hand, the broker should be praised for offering plenty of minor forex pairs, such as USDTRY, USDMXN, and GBPSEK. Trading View offers advanced charting capabilities and multiple analytical tools for carrying out advanced technical analyses.
Plamen’s broad experience has equipped him with the expertise to recommend the best forex brokers. However, LiteForex’s range of instruments is somewhat limited, with an absence of share CFDs and cryptocurrencies. While the spreads on its Classic account are relatively high, the ECN account type offers more competitive trading fees.
The greater the investment, the greater are the potential profits and risks too. By a lot, we mean the trade volume and one lot represents 100,000 units of the base currency. The demo account is free of charge but does not offer virtual currency. A demo account serves as an introduction and lxcriticalg tool for beginners without any financial risk.