LiteFinance review- LiteFinance is a forex broker that offers a variety of trading instruments, including currencies, metals, stocks, oil, and stock indices. They offer two trading platforms, MetaTrader4 and MetaTrader5, and a mobile trading app.
LiteFinance is a regulated broker with approvals from CySEC and FCA. They are also members of the Investor Compensation Fund, which compensates clients’ funds up to 20,000 euros in case of a broker’s bankruptcy.
LiteFinance User Reviews ⭐4.0
Referance: Trustpilot Review
Pros:
✅Competitive trading conditions
✅Variety of trading instruments
✅3 popular trading platforms
✅Mobile trading app
✅Demo and Islami account
✅Educational resources
✅Customer support
✅Regulated broker
✅Member of the Investor Compensation Fund
Cons:
❌Spreads can be wider on some instruments
❌Leverage is high, which can be risky
Year Founded : 2009
Cryptocurrencies:
Yes (30+)Deposit Methods: Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, Alipay, Bitcoin, Local Bank Deposits, M-Pesa, Mobile Money, Monero, PerfectMoney, Ripple, WebMoney
Latest 3 LiteFinance Customers review of 2023
Summary
- Headquarters: Marshall Islands
- Regulated: CySEC
- Execution Type: ECN/STP, Market Maker
- Minimum Deposit: $50
- deposit and withdrawal: Debit/Credit card, Electronic transfer, Crypto (Bitcoin, Ethereum, Litecoin)
- Trading Platforms: MetaTrader 4, MetaTrader 5, Mobile app
- Signals: yes
- BDPersons Accepted: Yes
- Islamic Account: Yes
- Segregated Account: Yes
- Managed Accounts: Yes
- Support Hours: 24/5
- LiteFinance Demo Account: Yes
The first look – LiteFinance:
- A user-friendly web-based trading platform designed for optimal efficiency and ease of use.
- Extensive range of cryptocurrencies available, catering to the diverse needs of Forex traders, with ongoing expansion of offerings.
- Claws & Horns, a reputable third-party provider, provided thorough research.
- The inclusion of Bitcoin as an accepted payment method facilitates seamless transactions.
- Non-EEA traders benefit from a reasonable minimum deposit requirement and access to high-leverage options.
- CySEC subsidiary was established to ensure compliance and superior services for EEA-based clients.
- Integration of an innovative proprietary copy-trading service within the web-based platform.
- Enhanced transparency in describing products and services, including comprehensive details on ECN trading costs, following the rebranding from LiteForex to LiteFinance.
- Responsive and accessible customer service is available to address inquiries and provide assistance.
- Inclusion of a comprehensive FAQ section to provide valuable information and support to users.
- Diligent focus on resolving technical issues to ensure a smooth trading experience.
- Reports of cancelled withdrawals and fraud claims against LiteFinance, previously known as LiteForex, have been actively addressed and mitigated.
- The relocation of headquarters from the Marshall Islands to St. Vincent and the Grenadines has been accompanied by transparent explanations, reinforcing trust and maintaining regulatory compliance.
Regulation and Security
Choosing a regulated broker is crucial to minimize the risks associated with fraud and unethical practices in trading. It is always advisable for traders to verify the broker’s regulation by cross-checking the provided license with the regulator’s database. LiteFinance, as a brokerage, operates with regulation in mind and maintains a regulated subsidiary for traders based in the EEA, UAE, and Marshall Islands.
However, it is important to note that LiteFinance’s operations for non-EEA and non-UAE traders are conducted from St. Vincent and the Grenadines, where the brokerage operates as an unregulated entity alongside its duly registered business (registered under the number 931 LLC 2021). When considering the brokerage operating from St. Vincent and the Grenadines, several factors come into play:
Higher leverage options are available for traders.
Client deposits are segregated from corporate funds, ensuring a level of financial security.
Trading conditions are flexible, providing adaptability to traders.
Nevertheless, it is essential to consider the following aspects that are missing:
- Third-party insurance or membership in a recognized regulatory body such as the Financial Commission.
- Detailed profiles of the core management team, which could provide valuable insight.
Noteworthy points to consider are as follows:
Transparency has been a concern since the rebranding of LiteFinance from LiteForex.
Negative balance protection was not available at LiteForex unless traders opted for the CySEC subsidiary, and it is likely that a similar situation exists at LiteFinance, where transparency is lacking and previous explanations have been removed.
Reports of potential scams have surged in the past year, with an increasing number of traders encountering issues with withdrawals, such as cancelled withdrawals or limited withdrawal options.
The CySEC subsidiary exclusively caters to traders in the EEA, UAE, and the Marshall Islands, where LiteFinance has minimal operations, which raises potential concerns similar to those observed with LiteForex.
LiteFinance Global LLC, established in 2021, has become the primary brokerage of the group, relocating its headquarters from the Marshall Islands to St. Vincent and the Grenadines.
Considering these recent developments, including the launch of LiteFinance Global LLC, it is prudent for traders to exercise caution when evaluating LiteFinance as a new broker. It is advisable to approach LiteFinance with limited prior experience and to reassess any goodwill or trust previously associated with LiteForex, as the recent changes and lack of transparency have raised significant concerns.
In summary, LiteFinance’s transformation, including the establishment of LiteFinance Global LLC and its expansion into less-regulated cryptocurrency activities, has given rise to doubts regarding its transparency, security, and trustworthiness. Traders should evaluate the broker with scepticism and be aware of the potential risks involved.
Company Information
🌐 Website: www.litefinance.com
⌛ Year Established: 2005
🌎 Country: Marshall Islands
💼 Regulation: CySEC
Features
💰 Bonuses ✅
🏆 Trading contests ✅
🗺 Vps ✅
Accounts specification
LiteFinance review for 2023
ECN | CLASSIC |
| CENT1 | ||
Spread | floating, from 0.0 points |
| floating, from 1.8 points |
| floating, from 3 points |
Commission | From 0,25$ per lot2 |
| no |
| no |
Execution type | MARKET EXECUTION |
| MARKET EXECUTION |
| MARKET EXECUTION |
Platform | MT4/MT5 |
| MT4/MT5 |
| MT4/MT5 |
Leverage | 1:1000 – 1:1 |
| 1:1000 – 1:1 |
| 1:200 – 1:1 |
Account base currency | USD, EUR |
| USD, EUR |
| USD cents, EUR cents |
Minimum deposit | $50 |
| $50 |
| $10 |
Rate, % per annum3 | 2.5% |
| 0% |
| 0% |
Islamic accounts | Yes |
| Yes |
| Yes |
Social trading | Available |
| Available |
| Available |
Lot Size, $ | 100000 |
| 100000 |
| 1000 |
Minimum step | 0.01 |
| 0.01 |
| 0.01 |
Minimum volume | 0.01 |
| 0.01 |
| 0.01 |
Maximum volume | 100 |
| 100 |
| 100 |
Maximum number of orders | 500 |
| 300 |
| 300 |
Margin Call Level | 100 |
| 100 |
| 100 |
Stop Out Level | 20 |
| 20 |
| 50 |
LiteFinance Demo accounts – training under real market conditions
What is a LiteFinance Forex Demo Account?
A Forex demo account serves as a distinct trading account designed to replicate a real money account, whether it’s a micro account or a standard account. However, instead of using actual funds, a demo account operates with virtual money while adhering to all the regulations and practices of live trading. Essentially, it provides a risk-free environment where individuals can engage in real-time exchange trading without the potential for significant financial losses.
Demo Account Key points:
Enhance your trading skills effectively with market execution and minimal spreads.
- Experience genuine quotes sourced directly from liquidity providers.
- Embrace scalping and news trading without any restrictions.
- Enjoy swift market execution of orders, free from any requotes.
- Engage in unlimited transaction durations, allowing ample time for decision-making.
- Benefit from the absence of Stop and Limit levels, granting you greater flexibility.
- Access a wide range of trading instruments for comprehensive market coverage.
LiteFinance Fees
LiteForex offers ECN spreads starting as low as 0.0 pips on EURUSD, with a commission of $10.00 per lot. However, please note that the commission may vary and can go up to $30.00 per lot, depending on the currency pair you trade. For Commodity CFDs, the cost ranges between $0.50 and $20.00, while cryptocurrencies have a fixed fee of $0.50, and equity CFDs incur a charge of $0.25 per share.
If you opt for the commission-free Classic account, you will experience slightly higher floating spreads starting from 1.8 pips.
It’s important to know additional fees, such as swap rates applied to overnight positions and corporate actions like dividends, splits, and mergers that can impact equity and index CFDs. LiteForex does not charge inactivity fees, which many other brokers commonly impose. Additionally, LiteForex does not impose deposit or withdrawal fees, providing added convenience for traders. Traders also have access to a library showcasing the broker’s historical spreads.
LiteFinance demo contest
LiteFinance is hosting a monthly demo trading contest with a prize fund of $10,000. The contest is open to all traders, regardless of experience level. To participate, simply open a demo account and start trading. The top five traders with the highest profitability will share the prize fund.
The contest is held every month from 00:00:01 UTC+2 on the first day of the month until 23:59:59 UTC+2 on the last day of the month.
Can I join litefinance demo contest from Bangladesh?
Yes, You can join litefinance demo contest from Bangladesh.
To win:
- Best 5 traders with Profitability/risk ratio at the end of the competition.
Withdrawal:
- Prize Money – NO
- Profits – Yes, All earned profits traded through prize money can be withdrawn.
Competition’s Prize Money:
- 1st Prize – $4000 | 2nd Prize – $2500 | 3rd Prize – $1500 | 4th Prize – $1000 | 5th prize – $1000
FAQ
Is it safe to do Forex trading?
Forex trading is a risky activity. However, by using protective stop-loss orders and complying with risk management rules, such as risking no more than 1% of your deposit per trade, you can minimize your risk and make your trading as safe as possible.
Name
Details
Rating
Year Founded : 2009
Cryptocurrencies:
Yes (30+)Deposit Methods: Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, Alipay, Bitcoin, Local Bank Deposits, M-Pesa, Mobile Money, Monero, PerfectMoney, Ripple, WebMoney
Regulation: CySEC, FCA, DFSA, FSCA, FSA, CMA
Founded: 2008
Founders: Petr Valov, Igor Lychagov
Year Founded : 2008
Deposit Methods: VISA, MasterCard, Neteller, Skrill, WM, PM, Crypto (MORE)
Leverage: 1:30 | 1:500
Regulation: CySEC, FCA, DFSA, FSCA, FSA.
Min. Deposit: 5 US$
Min. Withdraw : 5 US$
HQ: Sydney, Australia
Platforms: MT4, MT5, ctrader, web trading
Found in: January 30, 2007
Deposit Methods: Bank Wire (BankTransfer), VISA, MasterCard, Neteller, Skrill, WM, PM, Crypto
Year Founded : 2010
Cryptocurrencies:
YesDeposit Methods: Local Deposit, Bank Wire (BankTransfer), VISA, MasterCard, Neteller, Skrill, WM, PM, Crypto, USDT
Year Founded : 2010
Cryptocurrencies: (5+) Bitcoin, Litecoin, Ethereum
Deposit Methods: Local Deposit, Bank Wire (BankTransfer), VISA, MasterCard, Neteller, Skrill, WM, PM, Crypto, USDT (MORE)
Year Founded : 2009
Cryptocurrencies:
Yes (50+)Deposit Methods: Local Deposit, Bank Wire (BankTransfer), VISA, MasterCard, Neteller, Skrill, WM, PM, Crypto, USDT
Year Founded : 2009
Cryptocurrencies:
Yes (30+)Deposit Methods: Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, Alipay, Bitcoin, Bitcoin Cash, Boleto, Ether/Ethereum, Litecoin, Local Bank Deposits, Mobile Money, PerfectMoney, WebMoney, USDT
Year Founded : 2011
Cryptocurrencies: (25+) Bitcoin, Litecoin, Ethereum
Deposit Methods: Bank Deposit, VISA, awepay, Bitcoin, FasaPay, Local Bank Deposits, Local Bank Transfers, Neteller, paytm, Skrill, UnionPay, USDT
Leverage: 1:20 | 1:500
Regulation: CySEC, FCA, DFSA, FSCA, FSA.
Min. Deposit: 50 US$
Min. Withdraw : 50 US$
HQ: Australia, Cyprus, and the UK.
Platforms: MT4, cTrader, web trading
EAs/Robots: ✅ Yes | News Trading: ✅ Yes | Scalping: ✅ Yes
Cryptocurrencies: 20+) Bitcoin, Litecoin, Ethereum
Deposit Methods: Local Deposit, Bank Wire (BankTransfer), VISA, MasterCard, Neteller, Skrill, Crypto. USDT
Leverage: 1:20 | 1:500
Regulation: CySEC, FCA, DFSA, FSCA, FSA.
Min. Deposit: 100 US$
Min. Withdraw : 100 US$
HQ: Cyprus, the UK, Australia, and the United States.
Platforms: MT4, cTrader, web trading
EAs/Robots: ✅ Yes | News Trading: ✅ Yes | Scalping: ✅ Yes
Cryptocurrencies: 20+) Bitcoin, Litecoin, Ethereum
Deposit Methods: Local Deposit, Bank Wire (BankTransfer), VISA, MasterCard, Neteller, Skrill, Crypto. USDT
Leverage: 1:20 | 1:500
Regulation: CySEC, FCA, DFSA, FSCA, FSA.
Min. Deposit: 50 US$
Min. Withdraw : 50 US$
HQ: Australia, Cyprus, and the UK.
Platforms: MT4, cTrader, web trading
EAs/Robots: ✅ Yes | News Trading: ✅ Yes | Scalping: ✅ Yes
Cryptocurrencies: 20+) Bitcoin, Litecoin, Ethereum
Deposit Methods: Local Deposit, Bank Wire (BankTransfer), VISA, MasterCard, Neteller, Skrill, Crypto. USDT
Year Founded : 2010
Cryptocurrencies:
YesDeposit Methods: Local Deposit, Bank Wire (BankTransfer), VISA, MasterCard, Neteller, Skrill, WM, PM, Crypto, USDT
A Forex broker is a financial services company that provides traders with access to the foreign exchange market. The primary function of a Forex broker is to facilitate the buying and selling of currencies by acting as an intermediary between the trader and the market ( Forex BD / BD Forex / ForexBD / ForexBDLTD / Forex bd LTD / @forexbd )..
Forex brokers offer traders a variety of services, including trading platforms, market analysis, and educational resources. They also provide access to leverage, which allows traders to control larger positions with a smaller amount of capital.
Forex brokers can operate in different ways, such as market makers, which set their own bid and ask prices and take the opposite side of their clients’ trades, or as agency brokers, which pass their clients’ orders directly to the market without any intervention.
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Forex brokers play an important role in the foreign exchange market by providing liquidity and enabling traders to participate in the market with ease. Forex brokers offer a wide range of services and tools to traders, including:
Trading Platforms: Forex brokers provide traders with access to trading platforms that allow them to place trades, analyze the market, and manage their trading accounts.
Market Analysis: Forex brokers offer traders access to market analysis, including news, research, and economic data. This can help traders make informed decisions about when to enter or exit the market.
Educational Resources: Forex brokers often provide educational resources, such as webinars, videos, and tutorials, to help traders improve their trading skills and knowledge.
Leverage: Forex brokers offer traders access to leverage, which allows traders to control larger positions with a smaller amount of capital. However, it’s important to note that leverage can increase both potential profits and losses.
Customer Support: Forex brokers provide customer support to help traders with any questions or issues they may have ( Forex BD / BD Forex / ForexBD / ForexBDLTD / Forex bd LTD / @forexbd )..
When choosing a Forex broker, traders should consider factors such as the broker’s reputation, regulation, trading conditions, fees and commissions, and customer support. It’s important to choose a broker that is reliable, transparent, and offers competitive pricing and trading conditions.
Forex brokers provide traders with access to various types of trading platforms, each with its own unique features and advantages. Here are some of the most common types of Forex broker platforms:
MetaTrader 4 (MT4): MT4 is one of the most popular Forex trading platforms, used by millions of traders worldwide. It is known for its user-friendly interface, extensive charting tools, and support for automated trading through Expert Advisors (EAs) ( Forex BD / BD Forex / ForexBD / ForexBDLTD / Forex bd LTD / @forexbd )..
MetaTrader 5 (MT5): MT5 is the newer version of MT4 and offers additional features and improvements, such as more advanced charting tools, additional order types, and support for more financial instruments.
cTrader: cTrader is a trading platform that offers advanced charting tools, support for automated trading, and fast order execution. It is known for its user-friendly interface and customization options.
WebTrader: WebTrader is a browser-based trading platform that allows traders to access the market from any device with an internet connection. It is a popular choice for traders who prefer a simple and easy-to-use platform ( Forex BD / BD Forex / ForexBD / ForexBDLTD / Forex bd LTD / @forexbd )..
Mobile Trading Platforms: Forex brokers also offer mobile trading platforms that allow traders to access the market and manage their positions from their smartphones or tablets. These platforms typically offer a range of features, including real-time quotes, charts, and news updates.
When choosing a Forex broker platform, it’s important to consider factors such as ease of use, charting tools, order types, automated trading options, customization options, and compatibility with your trading style and strategy. Ultimately, the best platform for you will depend on your individual needs and preferences as a trader.
Forex brokers can be categorized into different types based on their business model and the services they offer to their clients. Here are some of the most common types of Forex brokers ( Forex BD / BD Forex / ForexBD / ForexBDLTD / Forex bd LTD / @forexbd ). :
Dealing Desk (DD) Brokers: Dealing Desk brokers, also known as market makers, act as counterparties to their clients’ trades. They provide liquidity to the market by taking the opposite side of their clients’ trades, and may also offer fixed spreads, guaranteed stop-loss orders, and other risk management tools.
No Dealing Desk (NDD) Brokers: No Dealing Desk brokers do not act as counterparties to their clients’ trades, but instead route their orders directly to liquidity providers, such as banks, financial institutions, and other brokers. NDD brokers typically offer variable spreads and faster order execution speeds than DD brokers.
Electronic Communication Network (ECN) Brokers: ECN brokers are similar to NDD brokers, but instead of routing orders to a single liquidity provider, they connect their clients to a network of liquidity providers, which compete to offer the best bid and ask prices. ECN brokers typically charge a commission for their services, but offer some of the tightest spreads and fastest order execution speeds in the market.
Straight Through Processing (STP) Brokers: STP brokers are similar to NDD brokers, but instead of routing orders directly to liquidity providers, they use automated systems to execute orders based on pre-defined trading rules. STP brokers may offer variable or fixed spreads, and may charge a commission or markup on their services.
Hybrid Brokers: Hybrid brokers combine elements of different business models, such as acting as both a market maker and an ECN broker, or offering both fixed and variable spreads. Hybrid brokers may offer a range of services and account types to meet the needs of different types of traders.
When choosing a Forex broker, it’s important to consider the broker’s business model and the services they offer, as well as their reputation, regulation, and customer support. The best broker for you will depend on your individual needs and trading style, as well as the trading conditions and fees offered by the broker.
Forex trading is a popular financial activity that involves buying and selling currencies to profit from the fluctuations in exchange rates. As with any financial activity, it is essential to choose a reputable and regulated broker to ensure the safety of your funds and a fair trading environment. In this article, we will discuss some of the top regulated forex broker houses.
Online forex trading payment methods refer to the various payment options available for forex traders to deposit or withdraw funds from their trading accounts. In the world of forex trading, payment methods play a vital role in facilitating smooth transactions, and it is important to choose a secure and reliable payment method that suits your needs.
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Risk Warning: Trading on financial markets carries risks. Contracts for Difference (‘CFDs’) are complex financial products that are traded on margin. Trading CFDs carries a high level of risk since leverage can work both to your advantage and disadvantage. As a result, CFDs may not be suitable for all investors because you may lose all your invested capital. You should not risk more than you are prepared to lose. Before deciding to trade, you need to ensure that you understand the risks involved and take into account your investment objectives and level of experience.
Disclaimer : Forexbd.ltd is not encouraging anyone to do forex/stock trading, as there are investments and financial risks involved. ForexBD channel or videos are educational and informative. Before deciding to invest in the forex market, you should carefully consider your investment objectives, level of experience, and risk appetite.
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