Welcome to the topic “Complete Review of LiteFinance Broker”
In this article, we will enlighten you about “LiteFinance Broker” and unchain all the information regarding the topic.
So, let’s get started!
LiteFinance was introduced in the market of “Forex Broker” back in 2005, and they are known for their “Cent Account” in which you can start the trading right from “$1.” Because of the “Cent Account”, a lot of people ended up opening the trading account and invested in the field of “Forex.”
But, there are hundreds of thousands of questions that must be hitting your mind like “Is LiteFinance Real or Scam, Is it worth Investing, what kind of accounts do they offer, What are the withdrawal methods and a lot more.”
To encounter all your questions, you need to scroll down and read everything.
Let’s get started with a brief “History” of LiteFinance Brokers.
LITEFINANCE REVIEW - HISTORY
LiteFinance Broker inaugurated their “Company” in 2005, and they are known for their “Cent Account” because this account brought revolutionary changes in the field of “Forex.” And that’s because;
“You’re able to invest as low as $1 in the trading field”
When talking about the condition of the company today, they are helping thousands of clients all around the globe in the field of Forex. Also, they offer their clients numerous trading advantages and tools such as CFDs, Currency Pair, Cross-Rates, Oil, Stock Exchanges, and a lot more.
Nowadays, they are known as the most prestigious Forex Trading network and all because of good reasons. Let’s not waste our time discussing history anymore and move towards the “Account Type” of LiteFinance Broker.
Here we go!
REGULATION OF LITEFINANCE BROKER
You don’t have to doubt the “LiteFinance” because they are regulated by the CySEC. Those who don’t know about CySEC, it is to tell you that “It is the most reliable watchdog Company of Cyprus.”
But a lot of people still hesitate to invest in “LiteFinance” because they are registered with the Marshall Islands and have no regulations. But, you still don’t have to worry because looking at the reviews from the “Customers,” you’ll get to know that it is heaven for “Investors.”
Let’s now talk about the “Account Types of LiteFinance.”
ACCOUNT TYPES OF LITEFINACE
Just like other “Forex Brokers,” they do have a few account types, and let’s break down the names and brief detail about them.
ECN stands for “Electronic Communications Network”, and it provides you with direct access to the “Stock Exchange Market.”
The minimum deposit for this account is $50, and they will charge you a 2.5% fee as well. If you’re thinking about the “Leverage”, then you can apply it up-to “1:500.”
We know that you can’t ignore the “Spread and Commission Fee,” the spread is “0.1 pips”, and the commission fee is $5. But you’ve to keep one thing in your mind, and that is “only MT4 type is available for ECN Account.”
If you’re one of those who don’t mind “High Spread” then “Classic Account” is for you. The minimum deposit for the classic account of “LiteFinance Broker” is $50 the same as “ECN Account” and there’s no difference ofLeverage as well.
The best thing about “Classic Account” is that there’s no commission fee involved, but the spread of the account starts from 1.8 pips (relatively high).
Let us show you the table of “Classic Account”, but you have to keep in your mind that “Figure changes constantly.”
Now, it’s time to move to another account.
Demo Account is what “You should try” to learn a lot about Forex trading before investing in LiteFinance Broker. You can test a lot of things, and there are zero risks involved.
Let’s talk about the “Trading Platform” now.
TRADING PLATFORM OF LITEFINANCE BROKER
Like other trading platforms, LiteFinance Broker does offer you MT5, MT4, Web, and Mobile Version. All the standard trading platforms have been adopted by LiteFinance, and people are comfortable using them.
They are also providing you VPS services because in case of any internet or electricity problem, your data will automatically be executed through their servers and you will not lose any data.
As we are done with the trading platforms, it’s time to discuss the following things:
- Execution Time
- Customer Services
Let’s talk about it!
Spread is known as the difference between the bidding price and the demanding price and as discussed earlier in the account types of LiteFinance, the spread of “ECN Account and Classic Account” is different.
If you want to enjoy a lower spread with a high commission fee, then you can go for an ECN account, but if you want to have a high spread with no commission fee, then you can have a classic account in your pocket.
The realistic approach for running a Forex account is “Dealing with Low Spread and Low Commission Fee.” You can’t outsmart the market unless and until you’ve got a little knowledge about it.
LITEFINANCE EXECUTION TIME
There are two types of Execution that LiteFinance is offering:
- Instant Execution
- Market Execution
Instant Execution means that you’ll execute your next move right after the market reaches the new height. But, there’s a high risk involved in it because sometimes you execute your trade at the “Level” you want but “because of the delays” you may end up not getting your desired results.
In short* You place the order instantly when you receive a great offer. But, if the price changes at the moment of instant Execution, you might end up on the losing side. So, it’s always better to have a great piece of knowledge of “Instant Execution” first before you try it.
Market Execution, on the other hand, is completely safe and runs according to the market. In this case, you specify the volume and leave the rest on the market. What makes Market Execution different from Instant Execution is that the client doesn’t reject your offer in case of any price change.
That’s how Execution works and now let’s move to the Commission/Fee section of the content.
COMMISSION AND FEE OF LITEFINANCE BROKER
We have discussed the Commission and Fee of LiteFinance Broker already in the “Account Types” section but let us go a little in-depth. So, the commission of any Forex Platform works around the structure given below:
- Variable Spread
- Fixed Spread
- Spread Percentage
We recommend you to go for a fixed spread because you can predict the commission without any problem. But, there are a number of factors that you look for when choosing the spread for you.
LEVERAGE OF LITEFINANCE BROKER
Different Trading Brokers have different Leverage, and LiteFinance is offering you 1:500 leverage. But, when talking about what should be the best Leverage for an investor, then it should be within “1:100 to 1:200.”
PROS AND CONS - LEVERAGE
TheirLeverage allows you to trade with “Low Capital.”
TheirLeverage is a constant liability
They have an interest free leverage
Margin Call Risks are involved
You can enjoy bigger profits
CUSTOMER SERVICE OF LITEFINANCE BROKER
The Customer Service of LiteFinance is pretty friendly and solves all your problems real quick. Additionally, the service is available 24/7, and you don’t have to wait for a certain time to get a reply. Today, you’ll get customer service in 27 languages, and that’s an outstanding addition.