Based on our research, through its regulatory compliance, the broker offers negative balance protection as well as a compensation scheme of up to €20,000 in case of traders’ insolvency. We also noticed the broker’s efforts to offer the best possible conditions and ensure trading safety with good regulations. 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. The crypto charging of Lite Forex accounts can be done by using Bitcoin, Bitcoin Cash, Ethereum, Bitcoin Gold, Monero, and Litecoin. Additional payment systems to deposit or withdraw money include QIWI, M-Pesa, Boleto Bancario, Africa Mobile Money, and AdvCash. The company also offers promotional benefits to high-performing clients by reimbursing their deposit fees.
How to Trade with LiteForex?
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 had a positive impact, making LiteFinance a less transparent, secure, and trustworthy brokerage.
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Note that although the registration process is complete, you will still need to complete the verification process. This is all the information you will find if you head to the dedicated page regarding the mobile app. Take note that LiteForex (LiteFinance) don’t specifically state that they are registered with authority in the SVG. Typically the FSA is a regulator that gives business licenses to companies in this region, but they have said that they are not brokerage licenses. Before we jump into the broker regulations of LiteForex, it should be noted that depending on your region, you will be redirected to the entity website of this broker, as you can see in the image below. There have been reports from global traders who have faced issues during their time on the website- we recommend taking caution before signing into any deals here by doing your own research first.
Trading Platform Screenshots
As a company, LiteForex was founded in 2005 under the title LiteForex Investments Limited. This company has more than a decade of experience maintaining the trade order quality of multi-domain financial services to its customers from around the world. As of 2020, LiteForex has over 500,000 clients who trade with the broker actively daily.
Trading Conditions
In terms of when customer support is available, clients can expect support for all channels to be 24/5. It should also be noted that live chat has different departments that will work different hours so these times will need to be considered if you are looking for a specific answer from a particular department. Alternatively, for those keen on trading but don’t have that extra money to burn for testing the waters, opening a demo account is an option worth considering. A demo account affords a trader most of the privileges of a paid trade account without the dollars and limitations. Then in terms of the customer review score for LiteForex and LiteFinance, there are not enough reviews to decide whether clients find this broker reputable when looking at their Trustpilot score. LiteFinance is not a scam because it is registered per all legal requirements and regulations.
Depositing and Withdrawing in LiteFinance
Overall, LiteForex has a quite long history of operation and balanced trading conditions suitable for various trading styles, account sizes, and levels of experience. We should admit good analysis tools and technology solutions LiteForex provides, also costs are rather good compared to other industry competitors. We also marked a good choice of trading platforms and good technology. Overall, our experience with LiteForex remained rather positive throughout the test and we didn’t face any problems. Another strong point is the broad range of forex trading educational resources available on the broker’s website.
The brokerage operating from St. Vincent and the Grenadines remains unregulated. A CySEC-regulated entity caters to EEA, UAE, and Marshall Islands traders. LiteFinance caters to most international traders, including the UK, the Philippines, Malaysia, and Nigeria.
They also offer two account types to suit different trading styles and experience levels, including demo accounts for new traders. LiteForex is regulated by the Marshall Islands Business Corporation https://xcritical.solutions/ Act and CySEC and is known as a transparent and reliable broker. They offer their clients a range of trading instruments, including currencies, commodities, stocks, crypto, and indices.
This feature is rarely seen with most brokers, and such offers usually change over time. It’s possible that when you read this article, the bonus has been xcritical scam replaced by a 30% bonus or another, even larger bonus. For reassurance, make sure to coordinate with the broker’s support before making any deposits.
- They help me to become a good trader because i had a lot of stupid questions for their support and i got answers for all questions.
- The brokerage operating from St. Vincent and the Grenadines remains unregulated.
- We should admit good analysis tools and technology solutions LiteForex provides, also costs are rather good compared to other industry competitors.
- The competition only states that clients only need to deposit 1,000 USD into their accounts to enter.
International trade happens through an offshore entity in the Marshall Islands; there are also reports of poor customer service experiences from traders. LiteForex is an online brokerage industry that makes it simple to gain financial freedom. The site contains financial analysis, tutorials, and how-to guides that help new traders and seasoned investors become more competitive in trading. In line with LiteFinance AML policy, clients can only withdraw funds to the same purse and currency used to top up the account. Afterward, they may withdraw the remaining fund using a different payment system. So, if a trader tops up using Perfect Money, they can only withdraw using another payment system after they have withdrawn the initial deposit money that they deposited using Perfect Money.
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. Overall, LiteForex is an excellent proposition for both beginner traders and professionals thanks to its range of account types and the wealth of financial information available to account holders.
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 is an online broker offering its services to customers from different parts of the world.
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. I recommend traders use it as part of their education before opening an account. LiteFinance does not provide any of the necessary third-party add-ons to unlock the full functionality of MT4/MT5 and improve the trading environment. The present choices will leave traders with an incomplete and sub-standard experience unless they are willing to invest in upgrades.