LiteForex Forex Broker Review and Rating 2023 Detailed LiteForex information with traders reviews for 10 May 2023
LiteForex offers customer support 24/5 via email, telephone, and live chat. However, one has to register an account to access the live chat service. For the purposes of this review, we found customer support to be slow and sometimes broker liteforex unresponsive. LiteForex has three simple account types that are both more to beginners than experienced traders. Beginner traders are inexperienced traders who have never traded before, or who have been trading for less than a year.
Overall, because of its history of responsible behaviour, the fact that LiteForex segregates all client funds, and provides negative balance protection, we deem Liteforex a safe broker for Malaysians to trade with. Although not the best in the industry, LiteForex’s education and market analysis materials are comprehensive and regularly updated, and appeal to both beginners and more experienced traders. I like the trading environment at LiteFinance for cryptocurrency traders who seek a copy trading service.
Also be sure it is normal to upload your ID and residence registration, which happened during the stage of your identity verification necessary due to regulations. LiteFinance Global LLC does not provide service to residents of the EEA countries, USA, Israel, Russia, Japan, and some other countries. Analytical materials are developed in cooperation with our partner, Claws&Horns, exclusively for information purposes.
There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. Verify your identity and address using your passport and a bank statement or utility bill. The average volume of transactions with leveraged products you made during the past year. We tested support with various questions, for example whether LiteForex charges an inactivity fee and how client orders are executed. Support responses were fast via chat and email at LiteForex, with chat operators being available within a minute and email inquiries usually responded to the same day. A stock is a security that represents partial ownership of a corporation.
Over the past 16 years , this broker has expanded trading services & the list of tradable assets, as well as by offering attractive prizes for traders increased its market share. If you are looking to open account in the best forex brokers, probably you have heard about the liteforex broker. We value transparency and openness in the way we review the partners.
However, in a show of good faith, LiteForex segregates all funds from the company’s operating capital at top-tier banks, and it offers negative balance protection to all its clients. All trading accounts with LiteForex can be funded via all the usual funding methods such as major credit & debit cards, bank wire transfers, as well as e-wallet services Skrill and Neteller. In addition, LiteForex has added a whole range of other payment systems that they accept as funding methods, including the popular cryptocurrencies Bitcoin, Bitcoin Cash, Litecoin, and Ethereum. This broker has invested substantially in the functionality and navigability, which makes an excellent first impression on would-be traders. The LiteForex site features extensive information about the account types and assets available to buy and sell using its platform. Customer service contact information is prominently displayed for smooth communication with the support team.
Traders have access to a Forex glossary, eBooks, tutorials, trading strategies, trading indicators, and a blog with loads of helpful information. In addition to the educational resources, traders also have access to an economic calendar, analytics, various financial calculators, economic news, and currency rates. All in all, traders at LiteForex are given everything they need to succeed. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 85% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
The commissions are a bit expensive though, making its offerings less attractive to seasoned traders. Technical and fundamental reports from third-party research firm Claws&Horns are available for LiteForex clients. There is also an analytics feed within the web trading platform and a useful range of tools. LiteForex research materials can cater to both beginners and advanced traders. 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.
You should consider whether you understand how CFDs, FX or any of our other products work and whether you can afford to take the high risk of losing your money. This is the most popular trading platform which is used by traders and provides a variety of tools not only for trading but for analysis as well. It also hosts an array of other features that include compatibility with several plugins and apps. Brokers usually offer this kind of bonus to new traders to draw more customers and encourage trading activities. Offering a deposit or welcome bonus gives traders some money back depending on the initial deposit made.
The brokerage has been awarded various awards by multiple online financial publications for their level of trading services and customer care and support. LiteForex features a live demo account for traders to practice on and awards new traders with a bonus up to 50% for depositing funds. LiteForex is a large and established online trading brokerage who serves the international markets by accepting traders from around the world and offering their services in over 10 languages.
As you can see from the table above, trading costs on the ECN Account are significantly lower than those on the Classic and Cent Accounts. However, these costs are still above those of other good brokers, which have a trading costs of 9 USD per lot traded. Additionally, spreads are variable, which means they get tighter or wider depending on trade volume and market volatility. The underlying trading assets offered by LiteForex includes what is actually a pretty good selection of more than 50 FX pairs, as well as more than 20 different cryptocurrency pairs. In addition, the broker gives its clients the chance to trade the stocks of more than 40 large American companies, as well as major stock indices and various commodity CFDs. 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. LiteForex users can choose between MetaTrader 4 and MetaTrader 5 as platforms for their trading activities. This ensures data privacy and software stability while granting users access to mobile and desktop trading 24 hours a day. The broker’s excellent customer service adds an extra element of reliability to an already impressive service offering. In addition, LiteForex offers a safe and secure trading environment and advanced trading platforms which add substantially to the trader’s experience.
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. Forex traders focused primarily on major and exotic currency pairs will benefit from competitive spreads and a transparent fee structure while using the industry-standard MetaTrader platform. Due to this, traders cannot withdraw any profits which are made on the demo account.
LiteForex Sign-up Bonus
Despite 16 years as a brokerage, LiteFinance, previously known as LiteForex, appears to undergo unfavorable changes. It could explain its corporate headquarters move and expansion into less-regulated cryptocurrency activities. Regrettably, none had a positive impact, making LiteFinance a less transparent, secure, and trustworthy brokerage.
- As noted above, this jurisdiction offers investor compensation up to EUR 20,000 on non-professional trading accounts in the event of brokerage liquidation.
- Some of the most overlooked trading costs are the non-trading fees that are charged by brokers.
- Alerts can be delivered via audio, email, or push notification to a mobile device.
- LiteFinance features a Beginner section on its blog, where it presents educational content featuring dozens of quality articles.
All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website. Our experts found LiteForex’s range of products includes https://forex-review.net/ trading popular Forex and CFD Metals, Oil, as well as a range of Global Stock Indices. The account opening process is digital and easy to follow where you will be guided by the steps.
Everything you need to know about Liteforex broker
For this, I would strongly advise for people not to trade with LiteForex any longer. If they can find a reason not to grant someone the prize bonus , what more in a real account? I would also remind you, with that experience where they also showed a lot of slippage could happen, i would rather go for a different broker instead. LiteForex is a zero commission trading brokerage and only charges trading fees through floating spreads on all types of trading accounts. The spreads are very competitive with the industry standards but are nothing extraordinarily low. On ECN trading accounts, traders will see floating spreads as low as 0.9 pips and average spreads of around 1.1 pips.
Compared to other brokers, LiteForex offers a limited range of base currencies. LiteForex’s non-trading fees are average compared to other similar brokers. Overall, trading costs at LiteForex are higher than average on all three account options.
Listings that appear on this page and/or on this website are of products / companies / services from which this website may receive compensation. This may impact how, where and which products / companies / services we review and write about. This page may not include all available products, all companies or all services. LightForex supportsLiteForex allows traders from Australia, Thailand, Canada, South Africa, Singapore, Hong Kong, India, Norway, United Arab Emirates, Saudi Arabia, Kuwait, Qatar and most other countries to trade. As you can see, in addition to the profit of your Forex trading, you can take part in the competitions of this broker and earn dollars along with your trades. LiteForex maintains a transparent pricing environment and maintains an archive of average spreads that are updated weekly.
While the 225 assets offer new traders acceptable entry-level exposure, advanced traders will find it inadequate for proper cross-asset diversification. LiteFinance maintains a wide range of trading instruments, advertising 145+ on its website, offering 225. Over the past twelve months, it made the most notable expansion in cryptocurrencies, where it offers 53 assets, including crypto-to-crypto crosses. To sum it all up, we consider LiteForex to be a decent choice as a broker for anyone who prefers to stay on either the MetaTrader 4 or 5. Given the fact that EU-based traders may be able to sign up with the offshore-based branch of LiteForex, trading leverage can also potentially be quite high with this broker.