LiteFinance review

LiteFinance, previously known as LiteForex, is an international forex and CFD broker focused on offering tradable instruments of different asset classes ranging from Forex to spot stocks and stock CFDs. On many LiteFinance broker reviews, the broker ranks as one of the best forex brokers.

The trader supports the core MT4/MT5 trading platforms and offers traders mobile trading apps. Other features include quality third-party research in partnership with Claws & Horns and its proprietary copy-trading platform.

Beginners and pro traders benefit from the three account types: ECN, classic, and Cent. The ECN is perfect for experienced traders, the Classic for regular traders, and the Cent account for beginners who want to try forex trading with minimal risks. 

This LiteFinance broker review further explains all you need to know to decide if the broker offers a competitive and trustworthy trading environment suitable for your trading needs and experience level.

Supported Countries

The LiteFinance website is owned and operated by the LF Global group of companies, which include LiteFinance Global LLC and Liteforex (Europe) LTD. LiteFinance Global LLC is located in St. Vincent & the Grenadines and incorporated as a Limited Liability Company with registration number 931 LLC 2021. It does not provide service to residents of the USA, Israel, Russia, Japan, and the EEA countries.

Liteforex (Europe) LTD is a registered Cyprus Investment Firm (CIF) regulated by the Cyprus Securities and Exchange Commission (CySEC). Residents of European countries can use services offered by Liteforex (Europe) LTD.

Customer Service Rating

LiteFinance is rated “average” on Trustpilot with a 2.9 rating based on 18 reviews. The “average” rating shows that many clients consider their services satisfactory. 

One user was particularly interested in webinars designed for traders. The webinars offer trading lessons and teach traders how to analyze trades and set up trading strategies. Others complimented the broker on the excellent training conditions they offer traders, competitive commission, and user-friendly interface.

The negative reviews focused on withdrawal issues. Impressively, the LiteFinance customer team was on the ground to respond to these negative reviews. Judging from the reviews (negative and positive), LiteFinance is worth a trial. 

LiteFinance Trading Platforms

LiteFinance broker supports the web and mobile versions of the popular MetaTrader 4 and MetaTrader 5 platforms. They also offer mobile apps for iOS and Android. Here is a brief review of these trading platforms.

• MetaTrader 4: MT4 is a trader’s favorite Forex trading and analysis platform. It supports trading currency pairs, shares, precious metals, and CFD on stock indices. LiteFinance provides free support for the MetaTrader 4 platform for all its customers. Clients can download the platform on mobile and desktop devices such as iPhones, iPads, tablets, android smartphones, windows PCs, and Mac computers. It is suitable for all LiteFinance trading accounts.
• MetaTrader 5: The MT5 trading platoon is the upgraded version of the popular MetaTrader forex trading platform. It offers an enlarged set of tools and increased functionality. The platform is available for both desktop and mobile devices. Traders can download the platform for free on Android smartphones, iPhones, PCs, tablets, iPads, and Mac devices. The MetaTrader 5 (MT5) trading platform suits CENT and CLASSIC accounts.
• LiteFinance Forex Trading App: The forex trading apps are available for Android and iOS. LifeFinance offers these apps free of charge. Traders can use the app to analyze trades, get trading signals, and develop trading strategies on smartphones or tablets. The apps support more than 8 languages, and the broker constantly adds new language support. Other app features include filters for information and analytical support for currency pairs, oils, CFDs, metal, and stock CFDs

Trading Denominations on LiteFinance

The base currencies for all LiteFiance trading account types are USD and EUR. Deposits made with other currencies (fiat and cryptocurrencies) will be converted into any of these two currencies. Ghana, Nigeria, and Myanmar clients can have their accounts denominated in local currencies.

Company Structure

LiteFinance, formerly LiteForex, is owned and operated by the LF Global group of companies. The LF Global group of companies is an international conglomerate offering clients trading services. Its two subsidiaries are LiteFinance Global LLC and Liteforex (Europe) LTD.

The LiteFinance Global LLC subsidiary is located in St. Vincent & the Grenadines and is also incorporated as a Limited Liability Company. LiteFinance Global LLC does not offer trading services to European Economic Area (EEA) residents, such as EU countries and Iceland, Liechtenstein, and Norway. The company also restricts its services to traders and investors from the USA, Israel, Russia, Japan, and other countries.

Liteforex (Europe) LTD, a Europe-friendly company, is a registered Cyprus Investment Firm (CIF) under the Cyprus Securities and Exchange Commission (CySEC) regulation. Clients that trade with Liteforex (Europe) LTD have their funds insured by the Investor Compensation Fund. 

LiteFinance Licenses and Regulatory Compliance

Liteforex (Europe) LTD is located in Cyprus and licensed by CySEC with license number 093/08 in compliance with the Markets in Financial Instruments Directive (MiFID)

LiteFinance Customer Protection 

The Investor Compensation Fund ensures all clients’ funds are within the control of the Liteforex (Europe) LTD subsidiary.

Trading Information

LiteFinance broker provides its clients with a set of robust trading instruments and various deposit and withdrawal options under advantageous conditions of margin trading,

LiteFinance Leverage

LiteFinance offers as much as 1:1000 leverage. The exact leverage size that a client gets depends on their account type. 

Clients using the classic and ECN accounts can get leverage from 1:1 to 1:1000. Clients using the cent account are limited to a maximum of 1:200 leverage. Clients can adjust their leverage size from the corresponding option in the “Metatrader” section.

Deposits and Withdrawals on LiteFinance

The LiteFinance company offers multiple payment methods for depositing into Forex accounts and withdrawing profits. These methods include international e-payment systems, bank cards, wire transfers, and other methods.

Deposits

LiteFinance offers an impressive range of deposit methods for convenient Forex trading. The broker doesn’t charge commissions for deposits. However, you may have to pay a transfer fee to the payment systems you use to top up your trading account. In most cases, LiteFiancne will reimburse the client for any deposit fees charged by payment systems.

Withdrawals

In line with LiteFinance AML policy, clients can only withdraw funds to the same purse and currency used to top up the account. Afterward, they may withdraw the remaining funds using a different payment system. So, if a trader tops up using Perfect Money, they can only withdraw using another payment system after they have withdrawn the initial deposit money that they deposited using Perfect Money.

Withdrawal requests are processed manually within 1 working day from the date of request by the Financial Department. All withdrawal requests are processed during working hours on a first-come, first-serve basis. 

International money transfers to a bank card can take up to 14 business days from the date of transfer. But most clients typically receive their funds within 3-5 days.

Note that withdrawals below 1 USD are not accepted by LiteFinance operators.

LiteFinance Trading Education and Training

LiteFinance offers a variety of tools and resources to help novices and beginner traders learn and apply the terms and concepts of the Forex world. These include

• Trading blog for beginners: The blog contains professional articles and research to help beginners learn the basics of trading and start earning from financial markets. The resources are created by practicing, experienced LiteFinance traders. Regular topics include trading strategies, charts and indicators, valuable tips, and advice on money and risk management. Analysts’ opinions and market forecasts: This resource is devised to help traders access fundamental and technical analysis for financial markets such as forex, commodities, and stocks. Professional analysts do the market analysis daily and present it in text and video formats. 
• Forex glossary: This glossary contains helpful definitions and extra information on the most searched and used forex trading terms like ask-bid, and Forex Volatility. It is a perfect tool for anyone new to the concept of forex trading and also an excellent refresher for experienced traders.
• Library of Forex strategies: LiteFinance offers a free library of trading systems created by experienced traders with detailed descriptions. The collection includes intraday Forex strategies and medium-term trading systems so you can know which strategy meets your preferences and will help make your Forex trading as efficient as possible.
• Forex books: There is a selection of books written by Forex traders on the website for LiteFinance’s traders. The broker selects books to help clients understand trading psychology and money management and discover new technical and fundamental market analysis facets.
• Forex webinars: LiteFinance offers online seminars on the theory and practice of the Forex market. The hosts are veteran traders with over 5 years of trading experience. The webinars help traders make confident trading decisions, receive clear answers to the most challenging questions online, and understand essential trading notions. Clients who miss the live sessions can still learn by accessing the archive webinars.

Conclusion

LifeFinance is an excellent forex and CFD broker to trade with because they are officially registered and have a license to provide financial services. They also support the popular MetaTrader platforms and offer their mobile apps to traders.

The broker has been in business since 2005, when it first launched as LiteForex, and has grown its client base and reputation over the decades. With competitive commissions, free deposits/withdrawals, and up to 1:1000 leverage, the broker is worth giving a trial.