This combination is not particularly suitable for longer-term trading strategies (swing trading and position trading). Broken down by asset class and compared to the industry average, LiteForex charges high spreads on instruments across all asset classes for the Classic account. The raw spreads from 0.0 pips on the ECN account are much lower and generally fall below the industry average. 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.
My Key Takeaways After Testing LiteForex’s Mobile App
Published materials should not be regarded as a recommendation for investment or advice in accordance with Directive EC. LiteFinance has attracted many allegations of cancelled withdrawals. 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.
What is the LiteFinance minimum deposit?
At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions. You can also use the app to place market, limit, and stop orders, as well as to adjust the exposure of your open trades. LiteForex’s platform is much more fluid in comparison to MetaTrader, especially its charts, which are powered by TradingView. Brokers operate multiple entities because it allows them to serve clients worldwide. However, licenses obtained by regulators in different jurisdictions do not always entail the same degree of protection. Once the request is complete, it usually takes a few minutes to several hours for the funds to reach your USDT wallet, depending on network traffic.
Most traders will deal with the primary unregulated brokerage from St. Vincent and the Grenadines. A CySEC licensed subsidiary exists for the EEA, the UAE, and the Marshall Islands traders. LiteFinance maintains a wide range of trading instruments, advertising 145+ on its website, offering 225. Over the past twelve months, it made the most notable expansion in cryptocurrencies, where it offers 53 assets, scammed by xcritical including crypto-to-crypto crosses.
LiteForex Non-Trading Fees
- I like the trading environment at LiteFinance for cryptocurrency traders who seek a copy trading service.
- This may subject traders to difficulties in filing complaints and compensation claims should there be unfortunate incidents in the future.
- Equity traders get access to large-cap names trending on social media.
I discovered that the European entity of the broker adheres to all essential safety requirements, such as ensuring negative balance protection and a compensation scheme. Overall, LiteForex is deemed suitable for novice traders, day traders, and those interested in algorithmic trading. In the wallet column, select the Wallet Address that you successfully added scammed by xcritical in the previous step. LiteFinance Global LLC does not provide services to residents of the EEA countries, USA, Israel, Russia, and some other countries.
However, the broker charges higher commission rates on instruments from other asset classes. LiteForex incorporates a standard suite of the popular MetaTrader 4 and 5. It also has a proprietary platform with charts powered by TradingView. All the platforms can be used to carry out basic technical analysis and order execution.
Swap long refers to the charge deductible or credit receivable for holding a buy position open overnight. In turn, swap short relates to the charges/credits deductible or receivable for holding a selling position open overnight. Liteforex (Europe) Ltd is regulated in Cyprus by CySEC, and LiteFinance Global LLC is unregulated.
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