LiteFinance is an unregulated Forex and CFD broker operational since 2021 out of St. Vincent and the Grenadines, with a subsidiary regulated in Cyprus. It operated out of the Marshall Islands as LiteForex before its relocation. LiteFinance is a business registered in St. Vincent and the Grenadines, with xcritical rezension a subsidiary regulated in Cyprus. LiteFinance offers a phone number but does not have a dedicated Contact Us or Support section. Under normal market conditions and the system’s productivity, the trade will be executed quickly right after the order has been sent, and you will be bound by its terms.
- I find the deposit and withdrawal methods sufficient for most traders and appreciate the inclusion of cryptocurrencies.
- LiteForex also offers a Fibonacci calculator, which can further assist traders in defining better entry and exit points.
- It should be noted that their commissions are a lot more expensive than other brokers.
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. Read Dow Jones Industrial Average (DJIA) price forecast and make your price prediction. In honor of the upcoming Thingyan festival, LiteFinance gives its clients a 100% bonus on all deposits over $100. I have worked for 5 years with this broker and I haven’t experienced any issues with deposits, withdrawal or speed of execution.
Euro to Dollar (EURUSD) Forecast for 2024-2025 and Beyond
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 https://xcritical.solutions/ a less transparent, secure, and trustworthy brokerage. Investing in currency trading is one of the most lucrative offers in today’s world. LiteFinance Global LLC does not provide service to residents of the EEA countries, USA, Israel, Russia, Japan, and some other countries.
Trader’s instruments necessary for succesfull trading
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. 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. 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.
xcritically, it is one of the best active brokers in the international market. Promote the LiteFinance brand as our partner and earn up to 70% of spreads per attracted client. Trade in various assets using built-in analytics and signals to predict price movements. Register, verify your profile for your data protection, and open a trading account.
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. LiteFinance features a Beginner section on its blog, where it presents educational content featuring dozens of quality articles.
LiteFinance Web Platform
The commissions are a bit expensive though, making its offerings less attractive to seasoned traders. Another benefit related to the European Union’s financial markets regulations is the negative balance protection feature that applies to both account types. The Cyprus Investor Compensation Fund covers all retail trading accounts (for those not belonging to professional or institutional investors) against broker liquidation to a maximum value of EUR 20,000. Where LiteForex excels is in the trading tools offered for free by the broker. The tools include an economic calendar, technical and fundamental Forex analysis, analytical materials from Clawthorne (an independent trading agency), economic news, a currency calculator, and currency rates.
Data safety
I recommend traders use it as part of their education before opening an account. 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. Owing to the vast availability of technical tools available, traders can get a fire hose of info… Read independent analysts and obtain the most xcritical details about financial markets.
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. The customer onboarding process employed by this brokerage is simple, with users offered the option of signing up for a demo account that is compatible with MT4 and MT5. Depositing and withdrawing funds is also straightforward and should pose no difficulties to traders regardless of their experience level. LiteForex has a track record of more than 15 years in the online brokerage industry with offices in jurisdictions worldwide.