LiteFinance is a well-known name among traders across various financial markets. It was established at the same time as MetaTrader 4, back in 2005. Similar to many other financial brokerage firms and trading platforms, LiteFinance is registered in Cyprus, which may have to do with certain more flexible regulatory frameworks that might be lacking in other legal jurisdictions.
LiteFinance is both a forex broker and also a forex trading platform. It means it is a company that specializes in facilitating the access of traders to the forex market, and it also offers its own trading platform or software for trading. But it is also compatible with other trading platforms. So let’s discuss LiteFinance – both the broker and the trading platform.
A Closer Look at LiteFinance
LiteFinance is one of the most reputable brokerage firms in the world, and it is certainly among the top brokers for the foreign exchange market. We mentioned that this broker is registered in Cyprus and therefore it is regulated by the Cyprus Securities and Exchange Commission.
It offers various account types to its users and each account type has its own specific features with regard to minimum deposit, leverage, lot size, and other important factors.
But as a whole, the minimum deposit amount is an average of $50, which is quite suitable for traders who want to start with a lower amount of equity.
Another factor that can make trading easier for beginners is the minimum lot size offered by this broker. LiteFinance accepts a minimum lot size of 0.01 standard lot size. Since the standard lot size is 100,000 units of the base currency, the minimum size for LiteFinance is 1,000 units only. In this way, traders will not have to risk more than they can.
Furthermore, LiteFinance has a maximum leverage rate of 1:500 which is a really high and quite acceptable rate for those traders who are looking to use leverage in their trading.
What Instruments Can Be Traded with LiteFinance?
An important feature of any financial broker or trading platform is the instruments that can be traded with them. So what can you trade with LiteFinance? Naturally, it includes the forex market, or rather foreign currencies. For this purpose, this trading platform supports 56 currency pairs.
In addition to forex, LiteFinance supports crypto trading, commodities trading, indices, and CFDs. The commodities that are traded include previous metals, and oil.
Furthermore, the leverage that is possible for some of these instruments include 1:50 on oil and 1:100 on indices.
The Trading Platform of LiteFinance
As mentioned, LiteFinance is first and foremost a financial brokerage firm. Similar to some brokers, LiteFinance also offers its own proprietary trading platform.
The trading platform of this broker is web-based and can be accessed online. Its features are of course fully compatible with the features of the broker itself.
Other than this trading platform, LiteFinance also supports MetaTrader 4 and MetaTrader 5, both of which are offered across various devices and support various operating systems.
Different LiteFinance Account Types
There are four main account types available at LiteFinance and each account type offers its own unique features and capabilities to users. So make sure you choose the right account that fits your needs and conditions.
- The first account type is known as classic. With the help of this account you will have a minimum deposit of $50, which is actually the same for all the other account types. The minimum lot size is 0.01 which is again the same for all other account types. This account enables users to use scalp trading in addition to automated trading such as expert advisors.
- The second account type is called ECN, which has the same values of minimum deposit and minimum lot size and offers advanced capabilities for automated trading, placing stop loss orders, especially trading stop loss.
- The third account is ECN (EU) which is the same as second only for users in the European Union zone.
- The last account is Classic (EU) which is the same as the first only for users in the European Union zone.
Fees and Commissions of LiteFinance
There are various fees and commissions that are related to the trading of different instruments across different markets. But since as always our main focus is the forex market, we will discuss fees with that perspective as well.
The fee or commission per trade can vary depending on the forex pair. For instance, for the major pair EUR/USD the commission is 10 dollars per lot. This amount can increase as much as 30 dollars per lot for other foreign currency pairs.
Legality and Safety of LiteFinance
When you want to choose any forex broker or forex trading platform, there are two user side factors that are very important and that you should absolutely consider carefully.
The first one is the legality of the platform and the second one is the customer support. We’ll discuss the latter in the next section. So, what about the legality of LiteFinance?
As it was mentioned at the beginning, LiteFinance is a fully regulated platform, having been registered in the legal jurisdiction of Cyprus and being under the surveillance and monitoring of the securities and exchange commission of this country.
In addition to that, LiteFinance is also under the legal purview of the European Securities and Markets Authority. The ESMA is an independent and private organization that operates out of Paris, France. So, although it is not an official government organization, it does provide an added degree of certainty for traders.
LiteFinance Customer Service and Support
As we saw, another important factor that you should take into account when you are choosing a broker or trading platform are the customer service and also customer support of that platform. So how does LiteFinance fare out?
Well, the customer support services of LiteFinance are available as long as the forex market is active in a week! This means they are ready to answer any of your questions 24 hours 5 days a week.
Other factors that are directly related to the user and customers of this broker are the educational contents and materials that are also available for users. Such material can be used by novice traders to find out more how this broker operates and trades are carried out.
In addition, this broker and trading platform supports more than a dozen languages to cover the needs of users from different countries in the world.
LiteFinance is a reputable brokerage firm that also offers a trading platform. It covers trading across various financial instruments in different markets, including foreign exchange currencies, commodities like oil and metals, indices, and CFDs. LiteFinance offers a low minimum deposit amount and also a rather low minimum lot size, making it ideal for traders who do not have a lot of initial equity.