Traders who want to open an Islamic account need to contact LiteForex’s customer support and request the service. Founded in 2008, LiteForex is a forex and CFD broker based in Cyprus, authorized by CySEC. It supports the MetaTrader 4 and 5 platforms and offers VPS hosting for low-latency trading. LiteFinance offers a range of Forex deposit bonuses and promotions, allowing clients to increase their trading capital. These bonuses are withdrawable, and some promotions offer substantial bonuses, such as the 100% Forex deposit bonus. LiteFinance frequently updates its bonus campaigns to provide ongoing opportunities for traders.
Customer Support
Prizes in such contests are usually substantial and impressive, often including brand new cars, motorbikes, expensive laptops, and more. The presentation of these prizes often takes place at gala dinners for traders, adding an element of excitement and prestige to participating in these contests. Most traders will deal with the primary unregulated brokerage from St. Vincent and the Grenadines. A CySEC licensed subsidiary exists for the EEA, the UAE, and the Marshall Islands traders. The brokerage operating from St. Vincent and the Grenadines remains unregulated. A CySEC-regulated entity caters to EEA, UAE, and Marshall Islands traders.
Is LiteForex suitable for automated trading?
The LiteForex site features extensive information about the account types and assets available to buy and sell using its platform. Customer service contact information is prominently displayed for smooth communication with the support team. However, the broker generally charges high trading fees on its Standard account and provides extremely limited instrument offering of about 70 assets. The broker offers 73 instruments in total, notably lacking xcritical scam any share CFDs and cryptocurrencies. On the one hand, the broker should be praised for offering plenty of minor forex pairs, such as USDTRY, USDMXN, and GBPSEK. In this review, I tested the MetaTrader 5 platform, which features multiple essential tools, such as one-click trading, an alarm setting option, and a market depth tool.
They are suitable for most retail traders, but seasoned traders require higher quantities. While the 225 assets offer new traders acceptable entry-level exposure, advanced traders will find it inadequate for proper cross-asset diversification. Read Forex opinions, chat with professionals and colleagues, learn, and take your trade to the next level! LiteForex Traders’ Blog is an independent source of useful information about the financial world. The authors of the articles are practicing traders, economic reviewers, investors and LiteForex partners.
Islamic Account
This company is a registered broker operating from Cyprus, an EU member state located in Southern Europe. As such, all trading and client activity is regulated by the Cyprus Securities and Exchange Commission. As noted above, this jurisdiction offers investor compensation up to EUR 20,000 on non-professional trading accounts in the event of brokerage liquidation. LiteFinance features a Beginner section on its blog, where it presents educational content featuring dozens of quality articles. I recommend traders use it as part of their education before opening an account.
- LiteForex offers demo accounts that introduce traders to the broker’s services and allow them to tweak their strategies in a risk-free environment.
- This may impact how, where and which companies / services we review and write about.
- As noted above, this jurisdiction offers investor compensation up to EUR 20,000 on non-professional trading accounts in the event of brokerage liquidation.
- While it provides a decent amount of forex pairs, commodities, and indices, there are no share CFDs, cryptocurrencies, or other lower-risk securities like ETFs and bonds.
Agents respond fairly quickly to queries and have a basic understanding of LiteForex’s services. On the other hand, its dated and rugged design falls short compared to newer, sleeker platforms. As a trader who prioritizes flexible chart scaling, I find MT5’s charting capability too rigid and less effective. Overall, LiteForex is deemed suitable for novice traders, day traders, and those interested in algorithmic trading. All information on The Forex Geek website is for educational purposes only and is not intended to provide financial advice. Any statements about profits or income, expressed or implied, do not represent a guarantee.
However, LiteForex’s range of instruments is somewhat limited, with an absence of share CFDs and cryptocurrencies. While the spreads on its Classic account are relatively high, the ECN account type offers more competitive trading fees. This broker has invested substantially in the functionality and navigability, which makes an excellent first impression on would-be traders.
When trading Contracts for Difference (CFDs), positions can be opened for a fraction of their value because of the leverage. Essentially, the broker lends the trader money so that the latter can open bigger positions. The leverage multiplies the profits a trader generates from winning positions but also the losses incurred from failed trades. Compared to the industry average, LiteForex offers an average amount of forex pairs and commodities, and a high amount of indices. Additionally, MetaTrader 5 has an intuitive mobile app, which helps traders stay connected to the global capital markets even on the go. My findings indicate that the broker charges average-to-high swaps compared to the industry average.
In addition, the trading blog focuses on the upcoming economic highlights, according to which, traders xcritical website who are based in their trading on fundamental data, plan their trading decisions. Novice traders will find all the necessary Forex materials for beginners. Another strong point is the broad range of forex trading educational resources available on the broker’s website. Another benefit related to the European Union’s financial markets regulations is the negative balance protection feature that applies to both account types.
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