LiteFinance Review 2022

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LiteFinance is a regulated forex and CFD broker offering the MT4 & MT5 trading platforms.

LiteFinance Facts & Figures
BonusRebate on payment fees
InstrumentsForex, CFDs, indices, shares, commodities, cryptocurrencies
Demo AccountYes
Min. Deposit$50
Payment MethodsAlipay, Bitcoin Payments, M-Pesa, Mastercard, Perfect Money, QIWI, Swift, Visa, Webmoney, Western Union
Min. Trade0.01 lots
Regulated ByCySEC
MetaTrader 4Yes
MetaTrader 5Yes
cTraderNo
OmniTraderNo
AlgoTraderNo
TradingViewNo
Trading CentralNo
AutochartistNo
eSignal
STP AccountNo
ECN AccountYes
DMA AccountYes
MAM AccountNo
PAMM AccountNo
LAMM AccountNo
Demat AccountNo
Mobile AppsiOS & Android
Margin TradingYes
Volatility IndexNo
Spot TradingYes
Perpetual SwapsNo
ELWsNo
REITsNo
AI / Machine LearningNo
Robo AdvisorNo
P2P TradingNo
Negative Balance ProtectionYes
VPS HostingYes
TournamentsNo
Demo CompetitionsYes
Managed AccountsNo
Market MakerNo
Auto TradingYes - EAs compatible
Social TradingYes
Copy TradingYes
Trade SignalsYes
Islamic AccountYes
Account
Currencies
USD, EUR
Stock ExchangesAustralian Securities Exchange, CAC 40 Index France, DAX GER 40 Index, Euronext, FTSE UK Index, Hong Kong Stock Exchange, Japan Exchange Group, Nasdaq, New York Stock Exchange
CFD
CFDs available on major indexes, stocks, FX, commodities, and cryptocurrencies
FTSE Spread0.8
GBPUSD Spread0.8
Oil Spread5.5
Stocks SpreadVariable
Leverage1:500
Forex

Trade on popular FX pairs and cross-rates

GBPUSD Spread0.8
EURUSD Spread0.2
EURGBP Spread0.5
Assets55
Cryptocurrency

Trade dozens of cryptos against the US Dollar.

SpreadFrom 0.1
LendingNo
StakingNo
MiningNo
Auto Market MakerNo
CoinsAAV, ADA, ALG, ALI, ATO, AVX, AXS, BCH, BNB, BTC, BTG, COM, DGE, DOT, DSH, ENJ, EOS, ETH, FIL, ICP, ILV, ITA, KAV, LNK, LTC, LUN, MKR, MNA, MTC, NEA, NEO, OMG, QTM, SIA, SND, SOL, STX, THT, TRX, UNI, VET, XLM, XMR, XRP, XTZ, YFI, YGG, ZEC, ZIL
Risk Warning – Your capital is at risk

LiteFinance, formerly known as LiteForex, is an established ECN broker. Clients can trade currencies, commodities and stocks on the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. In this broker review, we explore the complete LiteFinance trading experience, from the sign-up process to deposit and withdrawal options, contacting customer support, bonuses and leverage; helping you to make an informed choice.

LiteFinance Headlines

LiteFinance (ex LiteForex) was founded in 2005 by Aleksey Smirnov. Today, its brokerage services are used by 500,000 clients worldwide. It offers a range of assets, two of the most popular trading platforms and flexible account options with the aim of making the world of forex and CFD trading accessible to a global audience.

LiteFinance is owned by LiteFinance Global LLC. The group has offices in the Philippines, Kenya, Myanmar, Tanzania, Ghana, Nicaragua, India, Indonesia, Vietnam, Iran, and a recently opened office in Lagos, Nigeria. Services are available in English and 14 other languages.

Note, LiteForex (Europe) Ltd operates as a separate broker offering trading services to clients from Europe only.

Trading Platforms

LiteFinance offers the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms. Developed in 2005 and 2010 respectively, these systems have become the foremost platforms for online forex and CFD trading.

The terminals can be downloaded to Mac or PC devices. Alternatively, the WebTrader interface lets you trade directly from an online browser. The setup and verification process is quick and intuitive so users can start trading within minutes.

Is LiteFinance Investment Limited regulated?
MT4

Both downloadable platforms are user-friendly while the web terminal offers a range of options for customization. They provide multiple chart types including, line, candlestick, and bar charts. MT5 offers more indicators and advanced analysis tools than MT4 including a built-in economic calendar, 21 timeframes, plus a Depth of Market feature. Still, MetaTrader 4 remains the most popular platform and has everything needed to implement successful trading strategies.

Assets & Markets

LiteFinance offers multiple asset classes which are available to all account holders:

Spreads & Commissions

The brokerage takes its fee from the spread. Spreads are specific to the account and asset being traded. The Classic account uses a spread-based system and the ECN account, a commission-based system.

With the latter, commission is charged at $0.5 per lot alongside spreads from 0.0 pips. Spreads on the Classic account are relatively high, starting at 1.8 pips but with no commission.

Leverage

Leverage up to 1:500 is available. When signing up, users can select the leverage they want. Details of the margin call process can be found in the FAQ section of the broker’s website. Make sure you have a sensible money management plan when trading with high leverage.

Mobile App

Mobile trading is available through the MT4 and MT5 platforms. The apps are available to download free of charge on both Android (APK) and Apple (iOS) devices. Users get signals, news alerts, and a range of price analysis features for different trading strategies. The mobile applications are also easy to navigate and available in eight different languages.

Mobile trading offers greater flexibility than desktop trading but for data-intensive tasks, the desktop solution is easier to navigate.

LiteFinance best of the best traders
Mobile app

Deposits & Withdrawals

Traders can deposit directly into their LiteFinance account via:

The minimum deposit for all accounts is $50 and payments are usually processed on the same day. Clients can also fund their accounts with cryptocurrencies, such as Bitcoin.

LiteFinance offers an automatic withdrawal feature that enables traders to withdraw funds up to $100 per day within 24 hours and is available on Perfect Money and M-Pesa. Withdrawal charges are specific to the provider.

Note, PayPal is not available.

Demo Account

LiteFinance offers a free demo account which is a great way to get to grips with the broker, and its platforms, risk-free. The sign-up process is straightforward and an account can be opened in under a minute. Demo accounts are useful for traders of all experience levels.

Bonuses & Promotions

At the time of writing, LiteFinance does not offer a welcome bonus or any promo codes. However, there is a promotional offer to get a rebate on deposit fees, so payments are essentially free. Also, the brand runs a ‘Dream Draw’ with a prize fund of $350,000 and a Video Blogger contest with a prize pool of $1,000. The broker also runs trading contests with cash prizes up to $4,000.

Visit the broker’s website for the latest no deposit bonuses and promo codes in 2022.

Regulations

LiteFinance is owned by LiteFinance Global LLC. LiteFinance Global LLC is incorporated in St. Vincent & the Grenadines under registration number 931 LLC 2021.

LiteForex (Europe) Limited is registered by the Cyprus Securities and Exchange Commission (CySEC) under license number 093/08 in accordance with Markets in Financial Instruments Directive (MiFID). All retail clients are insured by the Investor Compensation Fund.

Additional Features

LiteFinance has a cabinet of tools to facilitate successful trading including; an economic calendar, a world market news blog, and both a margin and Fibonacci calculator all accessible via the homepage. Additional support is supplied in the form of Claws&Horns’ expertise; an analytical agency providing comprehensive analytical tools.

LiteFinance quarterly report
Claw & Horns analysis

Account Types

LiteFinance offers two primary live accounts; the ECN account and a Classic account.

ECN Account

For professional traders and investors, LiteFinance recommends the real-trading ECN (Electronic Communications Network) account. The account offers an interest rate of 2.5% on surplus funds, an unlimited number of transactions and trades are delivered directly to liquidity providers.

Note, only the MT4 platform is available to ECN account holders.

Classic Account

The Classic account is available to experienced traders. No interest is paid on surplus funds and no commissions are charged. Both the MT4 and MT5 trading platforms are available. To sign up for an account, select ‘Registration’ which you will find in the top right-hand corner of each page.

ECN vs Classic accounts? Both have their merits, so ensure you do your research. As accounts correspond to different servers, it is not possible to change the account type once opened, to do so you will need to delete the account.

A Forex Islamic account is a halal trading account and is available to investors prohibited from conducting trades involving interest rates, owing to religious beliefs.

Benefits

LiteFinance picks up particularly good ratings in the following areas:

Drawbacks

The primary drawback is that some users have reported an inability to withdraw funds. Fortunately, the customer support team seem prompt to respond to reported withdrawal problems. Other downsides include the lack of PAMM accounts.

Trading Hours

Trading platforms are open and usable 24/7, however certain markets only permit trading between specified hours. This is something to consider when trading stocks at the weekend, as it is likely margins will be lower and profitability reduced.

Any changes to standard trade hours are reliably communicated by the LiteFinance news blog. Also check for the respective server time where you’re based.

Customer Support

Access to advice can be found via the live chat feature available from the logo on the LiteFinance website. Once users are passed the login page, the live chat icon will appear in the bottom right-hand corner of the screen. Alternatively, traders can contact customer service representatives via:

Customer support can help with most queries, including internal transfers and admin issues.

Community forums can also be found on:

The broker’s headquarters office address: First Floor, First St Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines.

Safety & Security

LiteFinance offers a safe and secure platform and the site is protected with firewalls and isolated servers. LiteFinance recommends a VPS to manage trades whilst users’ gadgets are switched off. It is not reliant on an internet connection or power supply and offers a degree of security to web traders.

In 2021, the broker also introduced two-factor authentication to enhance the security of operations.

LiteFinance Verdict

LiteFinance is a legitimate broker with a lot to offer. There is a good range of tradeable forex and CFD assets, plus the MT4 and MT5 platforms. The website is easy to navigate, support is easily accessible and there are multiple free analysis tools. The LiteFinance brand is largely inclusive and despite its international presence, remains tailored to individual markets.

Accepted Countries

LiteFinance accepts traders from Australia, Thailand, Canada, South Africa, Singapore, Hong Kong, India, Norway, United Arab Emirates, Saudi Arabia, Kuwait, Qatar and most other countries.

Traders can not use LiteFinance from United States, Japan, Israel, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, United Kingdom, Russian Federation.

Alternatives to LiteFinance

If you are looking for alternatives to LiteFinance we have compiled a list of the top 5 brokers that are similar to LiteFinance below. This list of brokers like LiteFinance is in order of similarity and only includes companies that accept traders from your location.

  1. LQDFX – LQDFX offers online trading with multiple STP accounts and MT4 analysis tools.
  2. eToro – eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs. eToro USA LLC does not offer CFDs, only real crypto assets available.
  3. Exinity – Exinity provides flexible low-cost trading in FX, commodities, indices and equities alongside unique education and support provided by teams located across the world. Now operating in the Middle East, through regulation from the Financial Services Regulatory Authority in Abu Dhabi and the Financial Services Commission of Mauritius, Exinity provides a range of services to traders and investors looking for new opportunities in the financial markets.
  4. EagleFX – EagleFX is a popular trading broker offering forex, stocks, cryptos & commodities.
  5. Forex.com – Forex.com boast a global reputation. Regulated in the UK, EU, US and Canada they offer a huge range of markets, not just forex, and offer very tight spreads and a cutting edge platform.

FAQ

Is LiteFinance A Trusted & Good Broker?

LiteFinance is a legitimate, established broker. All activity is monitored and clients should feel reassured that their funds are held safely.

What Is The Minimum Deposit For A LiteFinance Account?

LiteFinance has a minimum deposit of $50. This is in line with industry requirements. Payments are usually processed the same day. As an alternative, clients can also fund their accounts using cryptocurrencies.

Who Is The Owner Of LiteFinance?

Aleksey Smirnov is the CEO and owner of LiteFinance. Smirnov founded LiteForex in 2005 and has been at the helm ever since.

Is LiteFinance Available In The USA?

No, LiteFinance is not available to residents of EEA, Russia, USA, Japan or Israel.

Is LiteForex The Same As LiteFinance?

LiteFinance was formerly LiteForex. The company rebranded in 2021 ahead of its global expansion.

How Does LiteFinance Compare Vs FXTM, XM, OctaFX, HotForex And FBS?

Traders should research thoroughly but this brand has a strong history and is a credible option for beginner investors. On the downside, spreads and fees are slightly higher with the commission-trading account versus competitors.

LiteFinance is a regulated forex and CFD broker offering the MT4 & MT5 trading platforms.

LiteFinance vs Other Brokers

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