I also concluded that LiteForex is pretty upfront about its trading fees. Furthermore, the costs mentioned on the website match the live quotes on the platform. Yet, it is important to note that LiteForex offers its service globally as LiteForex Investments Limited which hasn’t been registered to any financial regulations. This may subject traders to difficulties in filing complaints and compensation claims should there be unfortunate incidents in the future. On the payment methods’ front, LiteForex provides a lot of choices ranging from standard Bank Transfer to electronic payments like Skrill and Neteller. This broker is also known for its ongoing Zero Fees program that relieves traders from the attached fees from each method payment.
However, the broker generally charges high trading fees on its Standard account and provides extremely limited instrument offering of about 70 assets. Additionally, the broker offers a range of educational guides, which are freely available on the website. I appreciated their diversity and sharp focus on technical analysis, fundamental analysis, and trading psychology. Market breakdowns developed in-house by LiteForex, and available from the website with free access to everybody. The market reviews are detailed and multifaceted containing aspects of economic analysis, fundamental analysis, and technical analysis.
Where LiteForex excels is in the trading tools offered for free by the broker. All these tools are useful when trading and provide some assistance xcritical rezension 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. LiteForex provides MetaTrader 4 (MT4) and MetaTrader 5 (MT5) as the main trading platforms. LiteForex also offers social trading capabilities, and MT5 has inbuilt plugins for this purpose.
Table of Contents
LiteFinance caters to most international traders, including the UK, the Philippines, Malaysia, and Nigeria. Like most international brokers, LiteFinance does not accept traders from the US. Below is a list of trading cost examples for buying and selling the EUR/USD, holding the trade for one night and seven nights, in the commission based LiteFinance ECN account. LiteForex provides layered educational content that is well-structured and easy to understand. Beginners can choose from multiple guides, books, videos, and more to gain a firm grasp of the ABCs of trading.
Why is it Important to Know Where Your Broker’s Subsidiaries are Regulated?
- In my estimation, LiteForex is a good choice for those interested in casual trading.
- Until this broker fixes its issues and returns to the same standards established over 15 years as LiteForex, I advise extreme caution.
- LiteFinance Global LLC does not provide services to residents of the EEA countries, USA, Israel, Russia, and some other countries.
- 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.
Open an account with LiteForex and gain access to quality analysis for free. 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 headquarters from one unregulated Forex jurisdiction to another raises red flags.
Trading conditions
I recommend traders evaluate LiteFinance as a new broker with limited experience and dismiss any goodwill and trust LiteForex created over 15 years. The most recent developments, starting with the launch of LiteFinance Global LLC, raise notable concerns. 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 xcritical website had a positive impact, making LiteFinance a less transparent, secure, and trustworthy brokerage.
Sure, I have had some problematic situations, as well as with other brokers over the years. But it was nothing big, in the end the support team managed to fixed it for me. The process can seem complicated with all the confirmations and wallet stuff.