Our LiteFinance Review
LiteFinance is a global CFD and forex broker regulated by St. Vincent and the Grenadines that provides multiple assets for trading on the MetaTrader platforms. Founded in 2008, the broker has gone global with multiple offices from all over the world. LiteFinance clients are offered ECN trading on sophisticated platforms starting from 0.0 pips. The Broker is rebranded from LiteForex to LiteFinance.
The LiteFinance brokerage brand is owned by the LiteFinance group of companies. ‘LiteFinance investments Ltd’ is the global arm of the brokerage that operates www.litefinance.com. It operates from the Marshall Islands and serves a global clientele except for traders from EEA, USA, Israel, and Japan.
The broker boasts of several awards, including the ‘2020 Best ECN broker in the African region’.
Pros
- Regulated by the St. Vincent and the Grenadines
- Social trading is available to all clients.
- Multiple mobile apps for trading, analysis, news, signals, etc
- Updated and comprehensive analysis and signals powered by Claws & Horns.
- Multiple payment methods, plus local transfers and about 6 cryptocurrencies.
- Multiple contests, including monthly demo contests with monthly winners.
- Low minimum trading capital; $10.
Cons
- Tradable assets are limited; no agricultural commodities and no European stocks CFDs.
- No service to clients from the USA, Israel, and Japan.
- No free VPS, no matter your account type or deposit.
LiteFinance Security and Regulation
LiteFinance is authorized and regulated by St. Vincent and the Grenadines
In line with the regulatory stipulations, all clients’ funds are safely kept in segregated bank accounts. The funds cannot be used to offset the broker’s financial obligations or debts. Even if the LiteFinance goes bankrupt, the deposits will only be returned to the depositors.
The clients of St. Vincent and the Grenadines regulated brokers are further protected through the Investor Compensation Fund (ICF). A maximum of €20,000 could be paid as compensation to investors if, in the future, LiteFinance becomes insolvent.
Trading instruments
LiteFinance offers the following instruments for trading on its platforms:
- 58 currency pairs
- 4 Metals
- 4 oils
- 26 stocks from NYSE
- 15 stocks from NASDAQ
- 11 stock indices
- 17 cryptocurrencies
Account opening
It is easy to create a new account with LiteFinance . On the website, click on ‘Registration’ and fill out the form that displays. If you already have a Facebook or Google account, you can create a new LiteFinance account by clicking the appropriate button to receive your profile info from the already existing account.
Once the form is submitted, you are logged onto the ‘LiteFinance trading platform’. From there, you can activate a real or demo account, make deposits and commence trading.
LiteFinance Deposits and Withdrawals
Generally, LiteFinance charges 0% commission on deposits but charges on withdrawals. LiteFinance accepts payments via multiple channels, they are:
Credit/Debit card: Card payments are processed by ‘CardPay’, which accepts various types of cards and processes deposits immediately. The minimum deposit is $10.
Wire transfers: This method is best for moving large amounts. The minimum deposit is $100.
Local deposits: This is available in countries where the broker has representatives or offices. Funds can be deposited or withdrawn in the local currency, and there are no charges. The minimum deposit is $1.
ePayments: The electronic payments accepted are Skrill, Neteller, Perfect Money, Boleto Bancario, Yandex.Dengi, Africa Mobile Money, WebMoney, AdvCash, and AliPay. The minimum deposit is $10.
M-Pesa Kenya: is available to Kenyans for deposits and withdrawals. The minimum deposit is $1, while the withdrawal commission is 0% + 100KES.
M-PesaTanzania: is also available to Tanzanians. The withdrawal commission is 0% + 2000TZS.
Africa Mobile Money: This is available for clients from Ghana. The withdrawal commission is 4.5% GHS.
Cryptocurrencies: The popular crypto coins that can be used for deposits and withdrawals are Bitcoin, Ethereum, Bitcoin Cash, Bitcoin Gold, Litecoin, and Monero. The minimum deposit is $10 worth of cryptocurrencies.
Fees and account types
The following account types are available to LiteFinance clients.
Cent account
The minimum deposit is $10, and the maximum leverage is 1:200. The floating spread starts from 3 pips, and no commissions are charged. Cent accounts are denominated in EUR cents and USD cents.
The maximum contract size is 1,000 units, social trading is not available to account holders, but they can trade on the MT4 and MT5 platforms.
Classic account
The minimum deposit is $50, and one lot is 100,000 units. For international clients, the spread starts from 1.8 pips. The maximum leverage is 1:500, and account currencies are EUR, USD, and MBT.
ECN account
Designed for professionals, the LiteFinance ECN accounts give traders access to deep liquidity directly from liquidity providers without LiteForex intervention. Spreads start from 0.0 pips while commission starts from $5 per lot, forex majors are charged at $10 per lot, minors at $20/lot, and minors $30/lot.
The maximum leverage is 1:500 for international clients.
Islamic account
On request, Islamic accounts are available on all 3 account types. Swap fees are not charged or paid to this account type.
Demo account
Demo accounts can easily be activated from the personal area or created by filling in a simple form. During activation, you can choose the number of virtual funds to credit to the virtual account. Demo accounts are perfect for practice as they simulate the actual trading at no risk to the trader.
Dormant account maintenance fees are charged from inactive accounts. The fee is €3 per month.
LiteFinance Trading platforms
LiteFinance provides 3 trading platforms as follows:
MT4
This platform is the most used by forex traders from all over the world. The platform is rugged and loaded with multiple trading tools as well as technical analysis tools. On the MT4, traders can create, install and activate trading robots known as ‘Expert Advisors’ (EAs).
It comes preloaded with 30 technical indicators, but the number can be extended to thousands of indicators through plugin apps.
LiteFinance provides the MT4 as follows:
- Windows desktop application
- MT4 for Mac PC
- MT4 mobile: installable for android and iOS devices.
- MT4 Multiterminal: This is designed for account managers who trade multiple accounts simultaneously through a few clicks.
MT5
This trading platform was designed by the same company that developed the MT4. It was designed to be more powerful and possibly replace the MT4, but unfortunately, both platforms are not compatible. You cannot upgrade an MT4 installation to MT5; apps and EAs designed for the MT4 will not run on the MT5. Hence, brokers like LiteFinance provide both platforms for their clients.
The MT5 has all the features of the MT4 and even more. For instance, MT5 comes preloaded with 38 technical indicators, 6 pending orders, an economic calendar, etc.
Just like the MT4, LiteFinance also provides the MT5 for Windows PC, Mac PC, and mobile versions.
LiteFinance Social trading platform
This platform doubles as its personal area, which is available to all clients upon registration. It has a simple, intuitive interface and features clients’ profiles, trading tools, account management, and technical analysis tools. It is preloaded with 50 technical indicators and 8 chart styles displayable on 9 timeframes.
It also has the social trading feature, which allows an expert trader to broadcast his trades so that investors or newbies can replicate his strategies at a fee or commission. Before choosing a provider, the investor can access the ‘Trader’s rating’ page, which profiles all the expert traders and ranks them by performance.
An investor can then make a choice based on performance history or other parameters. The investor is at liberty to choose how to copy the trades, percentage of total trades, and volume or to copy all trades in full.
LiteFinance mobile apps
The following android and iOS mobile apps are available for free from LiteFinance :
- Mobile trading: This app is designed for mobile trading, charting, and technical analysis.
- Forex analysis: This analytics app provides daily market reviews, podcasts, and analytics.
- Forex signals: This app includes recommendations from experts in the form of trading signals.
- Trading Strategies: Traders are taught over 100 strategies using detailed descriptions and illustrations using a simple interface.
- Forex Digest: This app gives the latest financial news from Bloomberg and other sources.
- Currency rates: This app gives traders information about the latest currency price changes and the current rates.
- Economic Calendar: This app is only available for iOS. It presents the calendar of events known always to move the financial markets.
Research and Tools
The following tools are provided for LiteFinance clients:
Economic calendar
This customizable calendar gives the dates, times, and important priority of scheduled events to drive the financial markets. Clicking on each event displays the event’s details, history, and forecasted values as collated by analysts.
Virtual Private Server (VPS)
VPS is normally demanded by traders who run complex trading systems, EAs, etc, that require a reliable connection to the trading servers. The LiteFinance VPS service runs on windows server 2008 with a RAM of 1024MB, 25GB HDD, and costs $15 per month.
Claws & Horns
LiteFinance has partnered with Claws & Horns, a Cypriot-based financial services Research Company that provides in-depth analysis, technical indicators, and signals on a wide variety of trading instruments.
Analysis
Morning market review, as well as technical and fundamental analysis of selected instruments, comes up every day on the LiteFinance website. The analytics are prepared by professional analysts and designed to assist traders in making their trading decisions.
Economic news
LiteFinance presents the world market news, which focuses on the various financial markets.
Calculators
Fibonacci’s calculator: Used for calculating price retracements.
Forex trade calculator: Calculates the swap, margin, and estimated profits when the trade parameters are inputted.
Education
Webinars: LiteFinance schedules seminars for its clients on its website, though the last seminar was 2019.
Glossary: This contains over 220 trading terms and their definitions. It is beneficial to beginner traders.
Forex books: There is a list of selected books for LiteFinance traders to buy and read to understand forex trading principles further. There are over 100 books, each with a detailed synopsis.
Trading strategies: This section features a library of forex trading strategies prepared by professionals. The trader selects a strategy and clicks on it to open its full article that explains in detail how that strategy is applied in trading.
LiteFinance Blog:
The blog posts are written by professional analysts, traders, and consultants. The blog covers a wide range of topics ranging from foundational to complex analysis and strategies. It is organized into articles for beginners, pros, investors, partners, etc.
Customer Support
The multilingual customer support team is always ready to assist 24/5. They can be reached through several phone lines and emails from their offices in over 12 countries, including the Philippines, India, Iran, Nigeria, Ghana, Vietnam, etc. A 24/live chat feature is also available on the website.
There are also toll-free lines for clients in Poland, Germany, UK, Switzerland, and the Czech Republic. You can also fill out the ‘feedback’ form available on the website.
On social media, LiteFinance is on Facebook, Twitter, Telegram, YouTube, LinkedIn, and Instagram.
Promos and trading Contests.
LiteFinance Dream Draw
The total price is estimated at $350,000, and it is for active traders. The current promotion will end in May 2021. LiteFinance will give away a dream house, a brand new SUV, and 18 gadgets in 4 stages. Clients are automatically entered into the raffle draw when they open an account, fund it with at least $5,00, and trade at least 10 lots.
Video Bloggers contest
Interested clients can fill out a form, make a short video review, forecast, or a lesson using LiteFinance platforms or website and publish it on YouTube. A prize of $1,000 is shared between 3 winners every month; 1st place wins $500, 2nd place wins $3,00, and third place wins $200.
Demo contest
This demo competition runs every month, and it is for demo account holders that made the best profits within the current month. 5 contestants with the most profitable trades and good money management strategies will be selected as winners. The prize amount of $10,000 is shared between the winners; the winner gets $4,000, 2nd place $2,500; 3rd place $1,500; 4th and 5th place wins $1,000. Terms and conditions apply.
Summary
LiteFinance is multiple award-winning forex broker that offers excellent services across multiple trading platforms. It is regulated by St. Vincent and the Grenadines and complies with all regulatory directives including clients’ fund segregation. Clients are provided with the powerful MetaTrader platforms; MT4 and MT5. A social trading platform is also available and it benefits both investors and expert traders.
Expert analysis and signals are provided courtesy of Claws & Horns. Education articles, glossary, and other training resources are also available. Up to 6 proprietary mobile apps for trading, news and analysis are available to traders at no extra cost. Multiple payment options are supported and you can commence trading with a paltry sum of $10.
However, when compared to other brokers, LiteFinance list of tradable assets is limited and its VPS services are not free. Summarily, LiteFinance is a global brand that has continued to expand and grow over the years. There is no doubt that the broker will continue to soar.
Its been more than 8 hours, the litfinance website/application and even MT4 platform connection is down. Have seen this before as well and is occurring repeatedly. Not recommending this broker to anyone.
their system is gone and said it is under maintenance.almost 2 days now.my trading position is bad and I cannot close it.I hope they sort it out very soon.Has anyone the same problem?
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