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LiteForex Review 2023: Scam Or Safe? Detailed Overview

[ December 27, 2021   //   ]

It has won multiple awards and been included on World Finance magazine’s ‘World Finance 100’ international list. Online registration merely requires an e-mail address or phone number and a password. Traders may also sign-up through their Google or Facebook accounts. 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.

The trading site offers limited research material for analysis, disregarding what kind of analysis the trader wants. That can be the major setback as the research content is useful for analysing the market and making better trading decisions. The tools enhance clients’ skill-based knowledge, and due to its absence, the free demo account for testing site service is also of no use. And although it was only a demo, I am still assisted by a representative and guided me in trading. Thanks to that, I was able to learn by practicing and I also found my trading style.

  • I was surprised that several of my withdrawal requests were processed in 2 days.
  • The delay in payments can be irritating for traders, and the process is not very clear and is highly challenging.
  • Our in-depth and unbiased reviews help investors in choosing the best broker according to their investing needs.
  • Once you open an account with InstaForex you will gain access to the online account management area where all money transaction and management is done.

Customer service contact information is prominently displayed for smooth communication with the support team. If one thing stands out about Liteforex when compared to other brokers, it’s that its website, educational materials and trading tools are very well organised. This makes it much easier for you to find what you’re looking for at speed. Its compatibility with MetaTrader 4 (MT4) and MetaTrader 5 (MT5) adds to this appeal, making it quick and easy to get up to speed with Liteforex if you’re already used to trading with other popular brokers. I like the trading environment at LiteFinance for cryptocurrency traders who seek a copy trading service.

How do I know I can trust these reviews about LiteForex?

After 6 months, I decided to open a live account and deposited $1000. I had no regrets and I’m still with them until now because I am fully satisfied. Through the many years I have been with them, I have seen how they kept improving their services according to clients’ satisfaction.

Alongside currency trading, it offers forex on metals, oils, cryptocurrencies and global stock indices, as well as CFDs on the NYSE and NASDAQ. Within these categories, the overall range is smaller than that offered by most of the better-known brokers, but many traders will still be satisfied with what’s available. It doesn’t offer futures or bonds, so you may not want to make it your sole broker over the long term if you’re trying to diversify and balance your trading. On the minus side, the absence of protection from any major regulatory body for clients outside the EU and UAE is likely to be off-putting for a lot of traders.

It has to be noted that the processing time is long, with deposits taking more than four day and withdrawals taking up to several days. This company is a registered broker operating from Cyprus, an EU member state located in Southern Europe. 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.

  • If it was another broker, they probably won’t bother to talk to the intermediary and will just tell me to ask the bank myself.
  • We do not present any investment advice or guarantees for the accuracy and reliability of the information.
  • Yes, so that Muslim traders can use this broker without paying or receiving interest, in compliance with Sharia law.
  • This makes it much easier for you to find what you’re looking for at speed.
  • A helpful glossary of terms commonly used in forex trading is a great first point of reference for beginners who get confused by what they read elsewhere on the site.

Throughout the history of their operation, the firm shows a rapid growth along with technology development, trading tools and overall offering to the client. InstaForex is a quite good broker with wiide range of instrument and great technology for Forex trading. The ECN account is a much better variant for trading as all the other terms are the same for both Classic and ECN account types, except that spreads are much lower on ECN accounts. It should be noted that their commissions are a lot more expensive than other brokers. This broker has invested substantially in the functionality and navigability, which makes an excellent first impression on would-be traders. The LiteForex site features extensive information about the account types and assets available to buy and sell using its platform.

Liteforex (Europe) LTD provides services only to the residents of countries from the European Economic Area (EEA), the United Arab Emirates, and the Marshall Islands.Full list of countries is available here. I’m personally more used to the 4th version and I hate switching. I think I’ll have to do it at the end of the day, but for now I’ll stick with 4. At the beginning of this year, I ran into difficulties accessing my account, but access was restored within 24 hours. If you want to withdraw funds from your Liteforex account, you will need to do so using the same system that you used to fund the account in the first place. If you have added money using multiple systems, you can use any one of them to withdraw it.

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. The broker’s excellent customer service (which is available day and night most days of the week) adds an extra element of reliability to an already impressive service offering.

Overall InstaForex Ranking

The broker has very limited research sections, and the educational content is of lower quality than degradation. The demo account is limited to less than 30 days, and the customer service is falsely pretended as 24/7 everywhere but fails to do so. Out of the many brokers existing now, I am fortunate enough to become a trader at Instaforex. There was one time when I withdrew an amount of $380 but only $280 was credited to my debit account. I contacted Instaforex about it and they said that they transferred the right amount and it could have been a mistake in the bank.

Liteforex Account Types

This is impressively well organised compared to what other brokers offer. In addition to advice on using the broker itself, it provides an extensive amount of technical support to help clients resolve problems with their own computers that may be affecting their ability to trade. Liteforex has a client loyalty programme under which it will pay back fees charged by most major payment systems for depositing money in your account. The educational resources available through Liteforex are first rate.

It’s essential to recognize that, albeit rarely, minor fluctuations may arise. Please be assured that our dedication to delivering unbiased assessments, exhaustive scrutiny, and well-informed perspectives remains resolute. InstaForex leverage is determined by various measures and firstly set according to the regulatory requirements in the region or another.

Broker Comparison

LiteForex merely presents them as two buttons and clicking on them redirects to an account opening page. Both are available as desktop clients, webtrader, and mobile apps. LiteFinance also offers a lightweight web-based browser with a user-friendly interface. It is ideal for manual traders and superior to the MT4/MT5 scammed by xcritical web-based alternatives. As for our find on Fees, Standard account costs are fixed spreads of 3 pips on majors offered, while Eurica accounts has zero spreads and inbuilt its costs into fixed commissions which are paid after a deal is closed. This means, this way, the Bid price equals the Ask price on Eurica accounts.

The live chat is partnered by a trading bot that gives impertinent responses on every question. I’ve experienced a profitable trading platform with InstaForex for a year, Till now they provided high-quality service xcritical official site to me on MT4 Platform. Really the fixed spread and fast execution awesome, as I prefer to trade instantly on live prices with enough liquidity on eur/usd, usd/cad, gold, silver, crude oil and different shears.

LiteForex – a broker to trust

Private investors focusing primarily on forex pairs while appreciating transparency and competitive pricing will benefit, especially from this broker’s offering. 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.