LiteFinance (previously known as LiteForex), is a CFD broker that offers online trading on a range of financial instruments via the versatile MetaTrader platforms for your web, mobile and desktop devices. They also provide social trading for those of you who are looking to copy other traders or have your own strategy that you want to share. There are some good market analysis tools provided, specifically Claws & Horns. If you are a beginner, you will find some basic educational resources whilst free demo accounts are also available if you want to give them a try before making a commitment.
Pros & Cons
- Popular MetaTrader platforms for web, desktop and mobile devices
- Decent range of forex currency pairs to trade
- Social platform for copy trading and strategy providers
- Expert market analysis powered by Claws & Horns
- Competitive trading conditions
- Educational materials and demo accounts for beginners
- Nice selection of funding methods
- Multilingual client support team
- Limited trading instruments
- Not the cheapest commission fees
- Cannot serve clients from many countries
LiteFinance is an online broker that offers ECN trading to clients worldwide. The brokerage was established in 2005 and has since become a global brand with offices across Asia, Africa and Europe. The broker offers Forex, Metals, Commodities, Indices, Stock CFDs and Cryptocurrencies for trading on the intuitive MetaTrader platforms.
I found them to have reasonable trading conditions including tight spreads, social trading, and decent execution speeds over its ECN network which helps to ensure minimal requotes. However, the commission fees aren’t the lowest unless you want to pay zero commission and get a spread mark-up instead. LiteFinance asserts that client trades are routed directly to the liquidity provided without broker intervention. This should mean that your trades are executed at the best possible prices that the liquidity providers have at any time.
To ensure a wider reach, its websites are translated into a good range of languages. LiteFinance also supports its clients with multiple trader tools, learning resources and expert market analysis. I think they can be worth consideration if you are primarily trading forex but found the other asset classes to be quite limited when compared to other forex brokers such as RoboForex.
When it comes to choosing a trading broker, regulation is one of the first things that I look for. This is because a regulated brokerage firm can provide certain protection that an unregulated broker cannot. LiteFinance is regulated in Europe. They must follow the rules put in place by the regulator to protect investors. The broker must also abide by the Anti Money Laundering Money (AML) policy which requires that all clients are properly identified. That is why all clients are required to submit an ID card and a recently issued utility bill. If you are looking for a broker with more regulation, then AvaTrade are regulated in multiple jurisdictions.
- LiteFinance Global LLC is incorporated in St. Vincent & the Grenadines (SVGFSA)
LiteFinance does not provide its services to residents of some countries including the United States, Israel and Japan. if you find that your country is not accepted for any reason, please feel free to use our broker comparison tool to find an alternative option.
LiteFinance provides the MetaTrader platforms; MT4 and MT5 in their variations. The MetaTrader platforms are very popular with online trading because of the multiple features implemented, trading tools and extension capabilities. MetaQuotes Software Corporation; a trading software company, developed the MT4 in 2005 and the MT5 in 2010. Since then, the MetaTrader platforms have become one of the standard platforms for online forex trading.
Here are some of the key features of the MetaTrader Platforms:
- Both platforms are user friendly and fully customisable.
- Multiple order types: MT4 has 4 pending orders whilst MT5 has 6.
- Both platforms support the use of software extensions to improve its features. These include custom indicators, scripts and expert advisors (EAs) which are used to automate forex trading.
- MT4 has 9 timeframes whilst MT5 has 21 timeframes.
- Both platforms support multiple chart types including line, candlestick & bars.
- For technical analysis, MT4 has 28 drawing tools whilst MT5 has 44.
- MT4 comes preloaded with 30 technical indicators whilst MT5 comes with 38.
- MT5 has the ‘Depth of Market’ feature and embeds an economic calendar.
MetaTrader 4 is a free-of-charge forex trading platform. It offers wide technical analysis options, flexible trading system, algorithmic and mobile trading. I find it ideal for manual and automated trading with lots of features and functionalities for all types of trader. You can choose from the desktop, web and mobile versions of the platform. LiteFinance also provide the MT4 Multiterminal which is designed for account managers who want to conveniently manage all of their accounts from one place.
MetaTrader 5 is a free application for traders allowing to perform technical analysis and trading operations in the forex and exchange markets. I still use MT4 as I have never felt the need to switch over. The platforms are very similar in the way that they look and feel. I would say that MT5 is perhaps considered more of a stock trading platform. The LiteFinance MT5 is available as desktop software for Windows and also as mobile apps for iOS and Android devices. The apps can be downloaded from the respective app stores. There are thousands of MT4 software add-ons already in use although these add-ons will not run on MT5. Thus, many traders still continue to use MT4.
These are separate mobile apps built for Android and iOS devices. Both mobile apps look alike and integrate seamlessly with the desktop applications. That is, the MT4 accounts integrate on desktop and mobile and the MT5 accounts are accessible from MT5 app or MT5 desktop. The features are not much different from the desktop versions but there are some limitations. Importantly, the apps cannot run automated systems which is a big disadvantage. However, they are ideal for managing your account and checking the latest market news from the comfort of your mobile phone.
Here are some of the features of the MT4/MT5 apps:
- Perfect for monitoring the markets when on the move
- The apps show the real time ‘buy’ and ‘sell’ prices of all the trading instruments
- Can be customised for alerts, favourite instruments and interface colours
- Multiple orders can be placed, adjusted or closed using market or pending orders
- Just like the desktop application, MT4 has 4 pending orders while the MT5 app has 6
- Charting on the go with 9 timeframes, 30 inbuilt indicators and drawing tools
- Real time account balances, trade monitoring and history
- Get price alert notifications to react to market moves
LiteFinance Social Trading Platform
This social trading platform is integrated into ‘My LiteFinance’; which is the clients’ area of the LiteFinance website. It is the first platform available to all clients after registration. This platform is web based and enables users to profile traders according to their performance and choose if they want to automatically copy trading signals of these traders. Whenever there is a trade from a copied trading signal, the trades are replicated in the copier’s account. Whilst this can be useful for those of you who don’t have the time or skills to trade, there can be no guarantee on how good or bad the signals will perform. Therefore, make sure you are aware of all the significant risks before you start.
Here are the features of the social trading platform:
- Search for traders; check their performance, portfolio, history, profits
- Copy the trades of a trader and monitor his performance
- Manual trading by searching for instruments and placing trades
- Perform technical analysis using 7 chart styles on 9 timeframes, over 75 indicators and analytical tools
- Daily analytics which consists of news, signals, economic calendar and interest rates
- Account management: switch between real and demo account, deposits and withdrawals all from the platform
The MetaTrader platforms are already packed with plenty of tools that should be enough for most traders. You can get loads more from the MQL marketplace within the platform and use the MQL editor to develop your own. If you don’t have the coding skills, you can always hire a freelancer to bring your ideas to life. That being said, LiteFinance does provide a few additional tools to help with your day trading routine.
Claws & Horns
Claws and Horns is a reputable financial investment research firm that offers in-depth analyses, trading signals and expert opinions on a wide variety of markets and trading instruments. LiteFinance has partnered with Claws and Horns to bring this service to all registered clients at no extra costs. I think this is a great tool for getting inspiration for trades and it can save you from needing to stare at charts all day long whilst you wait for your signal to appear.
The LiteFinance analytics are updated on the website frequently. They examine the technical and fundamental analysis of selected instruments based on history, news or economic events. The analysis can provide trading tips to readers.
Mobile Apps from LiteFinance
There is a handy collection of mobile apps from LiteFinance that are available for iOS and Android devices.
The app presents full technical and fundamental analysis powered by Claws & Horns. The app also has video analysis, economic calendar and ‘market review’ which show the percentage of traders buying and selling an asset.
The app gives forex signals 24 hours a day.
This app gives a wide selection of trading strategies which are constantly updated.
This is a blog which contains several articles on the currency markets including analysts’ opinions.
This app gives the latest information of price actions of several instruments.
This app is the mobile trading app from LiteFinance. With this app, you can quickly and easily trade the markets while on the go.
This is available on the LiteFinance website, forex analysis app and also on the MT5 platform. It shows the time and date for important events that are known to affect the prices of particular assets. Traders analyse these events, compare them with history and can use them to assist with their fundemental analysis.
Virtual Private Server (VPS)
A VPS is useful to traders who need speed, steady internet connection to the servers and reliable power supply. Most traders who use complex trading systems and EAs always demand to use a VPS, especailly due to the convienience of being able to remotely run trading platforms 24/7. The VPS is provided by LiteFinance at a fee starting from $15 per month.
LiteFinance has a series of articles designed to introduce and teach forex trading to the new trader. The forex trading tutorials includes articles created for beginners. They commence from basic terms, next, they progress to technical and fundamental analysis and then to trading strategies and money management. A library of books recommended by LiteFinance is available on the website. There are also several articles on indicators, forex trading strategies. There is a forex blog which is updated weekly with expert analysis, opinion and insights into the price movements of selected currency pairs. This can help to inspire possible trade ideas. A glossary of trading terminologies and their definitions is also provided. If you are a beginner and looking for educational content, I think IronFX are worth consideration.
LiteFinance provides access to trade a good selection of currency pairs which represents the major, minor and exotic crosses. Other trading instruments are available but are very limited compared to other brokers such as RoboForex who have thousands for you to choose from.
The broker has a choice between two main account types. The account type that you opt for is probably going to depend on your trading style. You can choose to not pay a commission fee and instead get a mark-up. Otherwise, you can get spreads from as low as 0.0 but pay a quite hefty commission fee of at least $10 per lot. If you are looking to trade forex, I think you can get better conditions from IC Markets. They have raw spreads from 0.0 pips and a lower commission charge. For all accounts, the minimum opening deposit is relatively low at just $50 and the maximum leverage is quite high at 1:500. The MT4, MT5 and social trading platforms are available to all traders and market execution is used for all trades.
This account is designed for beginners. The spread starts quite high from 1.8pips but there are no commissions are charged.
This is the flagship account designed for experienced traders who require the speed and power of ECN trading. The spread starts from 0.0pips and commissions start from $5 per lot. Forex majors are charged at $10 per lot and forex minors are charged at $30 per lot.
Swap free Islamic accounts are available on the two account types which is great if you are a Muslim trader and can’t pay swap fees.
Demo accounts are freely available if you are a beginner and wish to to try out the various platforms and trading conditions available before opening a real trading account with LiteFinance.
The fastest way of reaching the support team is via instant web chat which is available 24/5. Other support team channels work from 9:00am to 6:00pm, Monday to Friday. Up to 6 phone lines are available for various countries. A ‘feedback’ form is available on the website for reaching the support team. Email addresses are available for specific countries or departments. The support desk is multilingual and efficient. On social media, they are on Facebook, LinkedIn, Instagram, Pinterest, twitter, Telegram and YouTube. It is good to see that the broker has taken time to respond to feedback online, both positive and negative. I think they could improve by extending support hours to 24/7 just like FP Markets.
You can choose from a good variety of account funding options for quick and easy payments. I find the online payment processors to be the most convenient way for me to move funds around between my trading accounts. Bank transfers can take a few days to clear which is pretty standard but not ideal if you want to try and take advantage of some market news. They are one of a few brokers that currently support cryptos, Hugo’s Way being another option. Just watch out for the blockchain fee as I have been stung in one instance where it was actually greater than the amount I was depositing. LiteFinance accepts the following payment methods:
- Credit/Debit Cards
- Bank Wire Transfers
- Local Transfer
- Digital Wallets
Compare Broker Features
|This Broker||AvaTrade||IG||IC Markets|
|Regulated||ADGM FRSA, ASIC, BVIFSC, CBI, FFAJ, FSCA, IIROC, JFSA||ASIC, BaFin, CFTC, DFSA, FCA, FINMA, FMA, FSA, FSCA, JFSA, MAFF, MAS, METI, NFA||ASIC, CySEC, FSA, SCB|
|Commission||From $0||From $0||From $0|
|Instruments||Forex, Commodities, Crypto, Stocks, Indices, Options, Bonds, ETFs||Forex, Commodities, Crypto, Stocks, Indices, Options, Bonds, ETFs||Forex, Commodities, Crypto, Stocks, Indices, Bonds|
|Platforms||MetaTrader 4, MetaTrader 5, AvaTradeGO, AvaOptions, AvaSocial, DupliTrade, ZuluTrade||MetaTrader 4, IG Platform, IG Progressive Web App, ProRealTime (PRT), L2 Dealer, FIX API||MetaTrader 4, MetaTrader 5, cTrader|
|Funding||Bank Transfer, Credit/Debit Card, E-Wallets||Bank Transfer, Credit/Debit Card, E-Wallets||Bank Transfer, Credit/Debit Card, E-Wallets|
LiteFinance is a regulated broker that gives its clients simple access to trade the markets online. You can buy and sell various CFD instruments on the powerful MetaTrader platforms that are well known for being simple, robust, sophisticated and suitable for traders of all experience levels. I find the platforms to have a fantastic selection of trading tools that are ideal for creating complex strategies and conducting chart analysis. There is also a social trading platform where you can copy trading signals of other traders. Multiple funding options are available for convenient account payments. I like how they integrate comprehensive market analysis by a third-party firm in Claws & Horns. Despite this, LiteFinance could improve its limited list of assets in order to remain competitive with the best brokers. The commission and fees are also not the lowest that I have come across.