The web-based trading platform allows a $10,000 demo account without registration, a convenient method to get familiar with its functionality. I caution beginner traders about using a demo account as an educational tool. It can create unrealistic https://xcritical.pro/ trading expectations, and the absence of trading psychology negates the educational value. LiteForex Investments Limited recommends the real-trading ECN (Electronic Communications Network) account for professional traders and investors.
- The ECN Account has the highest minimum deposit requirement, making it a great choice for professional traders who are looking for the best trading conditions.
- LiteForex also offers social trading capabilities, and MT5 has inbuilt plugins for this purpose.
- Only the MT4 platform is available to holders of an ECN account.
- Further, LifeForex enables trading in CFD NYSE and CFD NASDAQ along with crypto-currencies.
- Keep in mind that LiteForex applies a different cost structure to its other account types.
Commodities– Traders can be assured of consistent liquidity, and they can trade gold and oil. Currency– Traders can trade on scammed by xcritical all pairs from major, minor to exotic. The primary currency spreads are somewhere around two pips, and it is mostly high.
The purpose of an Islamic Account is that it caters explicitly to Muslim traders who follow the strict rules of Sharia law. These rules prevent followers from paying any type of interest, such as overnight fees, which is seen as exploitive or wasteful. This broker provides a reliable and engaging copy trading facility that functions as a social media network. Users can view the trades carried out by top-ranked account holders and imitate their winning strategies as they aim to increase their performance daily. Classic Trading Account– the account is most likely to be suitable for traders who hold the market experience.
If the goal is to earn a lot, mini and micro accounts will not work. Swap-free Forex trading accounts are accounts that have no overnight fee. These accounts are often referred to as Islamic accounts and are suitable for clients who wish to follow the principles of their religion. You can start your Forex journey with profits even if you haven’t got any trading experience yet.
Safety & Security of LiteForex
A PAMM account Forex is one of the first ways to invest on the Forex market if you don’t have the knowledge and time to trade. ECN accounts use the NDD or STP trading model, which means that your broker has dedicated servers. And for a trader, working on ECN implies the knowledge and skills that you can get by reading this article. If your goal is to earn money, all the conditions of a fractional lot are also provided by standard ECN. Under this platform, the users are not entirely happy with the withdrawals at times.
Unique Features
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. 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. In the first list, you`ll find regulations and licenses, contacts and why to choose them.
Experienced professional traders and investors use the ECN trading account. LiteForex Investments Limited offers two primary live accounts, the ECN Account, and a Classic Account. Both ECN and Classic accounts have their merits, so traders should do proper research before making a choice.
I always recommend traders to check for regulation and verify it with the regulator by checking the provided license with their database. LiteFinance maintains one regulated subsidiary for EEA, UAE, and Marshall Islands-based traders. LiteForex, founded in 2005, is an established CFD and forex broker, where clients can trade on the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms.
LiteForex Benefits
The minimum deposit to open an account with LiteFinance is $50. 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. 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.
MAM trading accounts or Multi Account Manager is a special type of account money manager created for investing. The MAM managed accounts differs from the PAMM account in that it allows the investor to intervene in the trading process. In other words, the investor can see the trader’s process and close the positions if they believe it’s the right thing to do.
LiteForex Trading Account – Conclusion
Micro Forex account is a special type of trading account which uses a deposit reduced by 100 times with standard trading conditions. In other words, if you deposit only $10 to this Forex trading account, you will see an amount of 1,000 currency units in the trading terminal. When working on such accounts, 1 currency trading lot size is 1,000 instead of 100,000 and is called a micro lot.
Traders from Europe are regulated by the platform under a different broker offer trading platform. Traders will conduct all financial transactions from the secure back office of LiteFinance. I find the deposit and withdrawal methods sufficient for most traders and appreciate the inclusion of cryptocurrencies. One of the most ignored trading costs is swap rates on leveraged overnight positions. Depending on the trading strategy, it may become the most significant fee per trade. I always recommend that traders check them before evaluating the total trading costs.
LiteFinance offers a phone number but does not have a dedicated Contact Us or Support section. Further, LifeForex enables trading in CFD NYSE and CFD NASDAQ along with crypto-currencies. Global Stock Indexes are among the instruments traded at LiteForex.