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. The company offers an optimal range of trading accounts geared for forex markets.
We rank licenses by various regulatory bodies on a three-tier system, where Tier-1 licensing indicates the highest level of regulation. LiteFinance Global LLC does not provide services to residents of the EEA countries, USA, Israel, Russia, and some other countries. Further, LifeForex enables trading in CFD NYSE and CFD NASDAQ along with crypto-currencies. Global Stock Indexes are among the instruments traded at LiteForex.
Customer service contact information is prominently displayed for smooth communication with the support team. It should be noted that LiteForex applies a slightly different cost structure to its two account types. 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.
- 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.
- The broker offers its proprietary platform with versatile charts from Trading View and also incorporates MetaTrader 4&5.
- It is a great tool for making quick trading decisions, as it incorporates comprehensive research materials and tools.
- LiteFinance offers three partnership programs, but limited information exists.
Highly competitive spreads and numerous trading instruments
Open an account with LiteForex and gain access to quality analysis xcritical rezension for free. I like that LiteFinance deploys its proprietary copy trading service embedded within the web-based trading platform. LiteFinance pays strategy providers, adding an attractive revenue stream for successful traders.
In other words, if you deposit only $10, you will see an amount of 10,000 currency units in the Forex trading terminal. When working on such accounts, 1 lot of currency costs 100 instead of 100,000.trading accounts. LiteForex offers two retail account types – Classic and ECN – both with a minimum deposit of $50.
Does LiteForex provide Demo account Trading?
Traders may also sign-up through their Google or Facebook accounts. 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.
A variety of payment systems for fast depositing and withdrawal of funds
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. Along with expert advisers and customer support, the following are also available. Social trading and copy trading, trading signals, and email alerts along with guaranteed stop loss bring safety to traders.
LiteForex Account Opening and Trading Process
Safety is evaluated by quality and length of the broker’s track record, plus the scope of regulatory standing. LiteFinance offers an excellent range of trading platforms to cater to different trading preferences. You will find the leading platforms for trading forex and CFDs across all of your devices. Whatever your trading strategy and preferences, there is a platform for xcritical scammers everyone.
With all this combined, LiteForex offers excellent customer support services. 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 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 operates under a Cyprus Securities and Exchange Commission (CySEC) license. In addition to these regulations, the broker has a number of security measures in place to protect client funds.