Making trading decisions xcritically is tricky and requires sustained effort and references to indicators and signals, tips, and customer support. After the personal profile of the client is registered, the trading account is automatically created. Classic accounts do not charge commission but follow the system of spreads and get incomes from spreads charges. Negative balance protection, social trading, and Islamic accounts are available.

Traders who want to open an Islamic account need to contact LiteForex’s customer support and request the service. One of the most ignored trading costs is swap rates on leveraged overnight positions. 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. However, a live trading account of both the ECN type and Classic type requires a minimum deposit of $50. LifeForex does not offer virtual currency in the demo account that some other companies may provide for practice trading without financial risk.

Customer service contact information is prominently displayed for smooth communication with the support team. 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 (which is available day and night most days of the week) adds an extra element of reliability to an already impressive service offering.

LiteForex Trading Account – Review, Types, Process, Benefits, Charges & more

Since LiteFinance claims to adhere to AML regulations, verification is mandatory. It is generally satisfied by a copy of the trader’s ID and one proof of residency document. 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. Despite 16 years as a brokerage, LiteFinance, previously known as LiteForex, appears to undergo unfavorable changes.

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. Clicking on each merely loads the web-based trading platform. 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.

I found them highly detailed, covering a wide range of topics. They contain lots of practical insights, e.g. how to use intraday trading strategies, Fibonacci retracements, etc. LiteForex provides layered educational content that is well-structured and easy to understand.

Which is the best trading account offered by LiteForex?

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. The unexplained move of its xcritical headquarters from one unregulated Forex jurisdiction to another raises red flags. Since rebranding, LiteFinance lacks transparency across its core trading environment. Until this broker fixes its issues and returns to the same standards established over 15 years as LiteForex, I advise extreme caution. LiteForex provides MetaTrader 4 (MT4) and MetaTrader 5 (MT5) as the main trading platforms.

What is LiteFinance?

1. Open an account with LiteForex and gain access to quality analysis for free.
2. When we test a broker’s customer support, we evaluate the agent’s knowledge of their own website, how long it takes them to respond to questions, and how detailed their answers are.
3. Depositing and withdrawing funds is also straightforward and should pose no difficulties to traders regardless of their experience level.
4. Choose the account type that will comply with your trading preferences and open Forex account in just 1 minute.
5. My findings indicate that the broker charges average-to-high swaps compared to the industry average.

LiteForex’s platform is much more fluid in comparison to MetaTrader, especially its charts, which are powered by TradingView. The values listed below are for one full base currency contract (100,000 units). Analytical materials are developed in cooperation with our partner, Claws&Horns, exclusively for information purposes. Published materials should not be regarded as a recommendation for investment or advice in accordance with Directive EC.

Top10stockbroker.com & Indianfranchisereview.com are websites under Medmonx Enterprises xcritical official site Private Limited. We are certified stock broker review & comparison website working with multiple partners. Instead of worrying, get down to lxcriticalg to trade and improving the art and science of trading with all the resources provided. Further, LifeForex enables trading in CFD NYSE and CFD NASDAQ along with crypto-currencies. Global Stock Indexes are among the instruments traded at LiteForex.

Overall, LiteForex is deemed suitable for novice traders, day traders, and those interested in algorithmic trading. Commissions and spreads differ according to the nature of the assets being traded. Opening an account and using the demo features does not require any payments. The exclusive ECN or Electronic Communications Network promotes Forex trade without the intervention of brokers. A confirmed message appears specifying the price of execution. Select an asset to trade like the very popular currency pair EURUSD.

As a chart artist, I have always valued platforms with detailed and versatile charts, and LiteForex’s platform is one such station. 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. These allow traders to examine various market developments from different angles and to exploit the underlying trading opportunities in multiple ways. LiteForex’s trading fees generally exceed the industry average.

My Key Takeaways After Testing the MetaTrader 5 Platform

Some features and services may vary depending on where you reside and which entity you open an account with. The materials are prepared by the well-known independent analytical agency Claws&Horns, which has established itself as a professional in the area of market analysis. Open an account with LiteForex and gain access to quality analysis for free.

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. Compared to the industry average, LiteForex offers an average amount of forex pairs and commodities, and a high amount of indices. My findings indicate that the broker charges average-to-high swaps compared to the industry average. This combination is not particularly suitable for longer-term trading strategies (swing trading and position trading). 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.

In addition to these regulations, the broker has a number of security measures in place to protect client funds. 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. 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.

While it provides a decent amount of forex pairs, commodities, and indices, there are no share CFDs, cryptocurrencies, or other lower-risk securities like ETFs and bonds. Additionally, MetaTrader 5 has an intuitive mobile app, which helps traders stay connected to the global capital markets even on the go. 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. LiteFinance features a Beginner section on its blog, where it presents educational content featuring dozens of quality articles.