Trade, ie the short-term buying and selling of stock market products, is also becoming increasingly important among private players. In addition to classic financial investments, in which the long-term perspective is more important, financial leverage is used in trading in order to use even small price changes for considerable returns. In order to be able to participate in this type of trading, several requirements must be met. In principle, it is initially unavoidable to choose an online broker through which the transactions are processed. In addition, traders should also make it clear that this is a very risky form of investment, so that sufficient previous knowledge and technical skills are important for success. One online broker that comes into question for this form of trading is LiteForex. This is a provider from Cyprus who offers trading in CFD and Forex and makes a large selection of underlying assets available.
|🥇 Best Provider||LiteForex|| |50|
|⭐Rating||5.0 / 5.0|
|🐂 Trading||Forex & CFD, Copy trading|
|📈 Underlyings||65 currency pairs, 9 commodities, 14 indices, more than 900 individual stocks|
|💻 Software||MetaTrader 4|
In addition to beginners, who can open an account with a minimum deposit of 100 euros, there is also an account version for experienced traders as well as an account for exclusive customers. In addition, customers will also find a free demo account, which you can use to try trading CFDs and Forex products without any financial risk. The first look at the offer shows that the basic requirements for trading are met. But experience teaches that ultimately the overall view is responsible for whether cooperation with a particular broker is satisfactory in the long term. For this reason, we tested the provider LiteForex and also checked to what extent it is a reputable representative.
Our experience at a glance
We tested the provider LiteForex, and took a close look at a number of different facets and categories of the offer. In the following sections we would like to go into these categories in detail. First of all, however, the most important experiences and insights about LiteForex should be presented in a compact form in this section. In the introduction we have already pointed out that in addition to the technical requirements for processing the trade, the ability of the trader is also important. In this regard, based on our experience, we have found that comprehensive support can only be expected to a limited extent.
While other providers with quite extensive content offer young traders detailed help for getting started and also strategy options shake hands, LiteForex refrains from such offers. In this context, we also noticed that although a category of market information is offered, the corresponding reports are more than a year old. So if you expect extensive and substantial support in this regard, LiteForex is the wrong place to be. But that does not mean that this online broker would be completely unsuitable as a partner for trading. The strengths are much more in the area of a cheap and technically clean trade.
|Company||Liteforex (Europe) Ltd|
|Address||22 Griva Digeni Avenue, Sergides Court, 3106 Limassol, Cyprus|
About the possibilities for LiteForex customers exist, interested parties can obtain information within the framework of a very successful website. This is entirely in Canadian and the support offered to traders is also available in Canadian. However, before entering into actual trading, traders should find out about the appropriate account model. There are three variants to choose from, whereby the basic variant can be opened with a minimum deposit of just 100 euros.
In trading itself, a leverage of up to 1:1,000 is provided and there is a very wide range of underlying assets available for trading. Traders also have a large selection in other areas. For example, when it comes to which currency should be paid in or which method is used. All in all, we got to know the provider as an online broker who focuses on the essentials, i.e. on a convincing trading offer. Social trading is also available as an additional variant for trading. LiteForex traders can choose from quite a wide selection of top traders and follow their trades 1 to 1. A convincing trade also includes the requirement that no disruptions due to dubious business practices need be feared. In this regard, too, we took a look at the online broker LiteForex and would like to present our experiences in this regard in the following section.
LiteForex under review: fraud or serious?
The market for the short-term Stock exchange trading has developed dynamically in recent years. Many new customer groups could be won for this area, not least because sufficient Internet access is available cheaply and because the financial hurdles for entry have once again become significantly lower. The downside of this development, however, can be seen in the fact that a large range of online forex brokersAngebot an Online Forex Brokern that is difficult to survey has developed. Especially for traders with little experience in this segment, it is not always easy to determine at first glance whether it is a representative who has the necessary standards in this area. In addition to a transparent cost and fee policy, on the basis of which traders can adjust to reliable conditions, this complex also includes an objective explanation of the risks of trading.
Traders should always have a clear picture of this be assumed that the massive opportunities for returns are offset by considerable risks in trading. In principle, however, we encountered conditions during our test that speak for the seriousness of this provider. An explanation of the risk takes place at least within the framework of the legal requirements and when it comes to the conditions, customers can rely on a transparent structure with no hidden costs and serious processing of the transactions. The fact that it is a regulated online broker also means that there is no need to expect fraud or rip-offs.
Wide selection of underlying assets and three trading accounts to choose from
When it comes to the offer that LiteForex makes available to its customers, three different aspects are crucial. First of all, there are three different account types to choose from, between which traders can choose. Of course, the selection of available underlying assets and the applicable conditions are decisive for the actual trading. And as a third aspect, we would like to deal with the possibilities of social trading, which is also possible at LiteForex.
The three account versions
We have already pointed out that little can be expected from LiteForex in terms of market information and educational offerings. This type of content is therefore irrelevant when it comes to selecting the appropriate account model. Nevertheless, traders should think about which account model is the most favorable for them, since the conditions and how they are calculated differ depending on the account type. The starting point for the considerations is, of course, the question of how much capital should be entered into the trade. This is possible with LiteForex from an amount of 100 euros, which is mentioned as a prerequisite for opening the STP MINI. With this model, the customer receives a fully-fledged account with which he can access the entire range of LiteForex and can also use the maximum possible leverage of 1:1,000. The costs incurred for trading are made up of spreads and commissions, which are specified for the individual trading instruments.
This is how currency pairs and commodities can be traded on Forex without commissions. For share CFDs, the commissions are 10 CADs and for indices and futures, 5 euros. In principle, these commissions also apply to the other two accounts, which bear the names STP Classic and Platinum. The difference, however, is that trading can be done on the basis of lower spreads. While the Mini starts at 1.2 points, the favorable spreads for the STP Classic are already 1.0 points. The STP Platinum can be traded from as little as 0.4 points. For this, however, 0.001 percent for metals and 2 dollars for forex must be calculated for this account per transaction. The stop out level is 10 percent (mini) and 20 percent for the other account versions. In addition, hedging is permitted for all three account versions and transactions are executed at market conditions. In order to enjoy the higher account versions and the more favorable trading conditions, however, more money must be deposited into the trading account. The STP Classic is available with a minimum deposit of EUR 2,000 and the Platinum version is available from EUR 20,000. After the account models and the conditions, we would now like to go into the available base values.
Base values offer a number of possibilities for trading
Even if in CFD trading de facto not with the actual base products, i.e shares or commodities are traded, but with derivatives, the success or failure in trading is ultimately always based on the price development of the respective underlying asset. In order to be successful in trading, it is a prerequisite to be familiar with the respective underlying asset, which is why the range of assets is an important category. In the case of LiteForex, a fairly wide range of underlying assets can be accessed. These include stocks, stock indices, currency pairs and commodities. The conditions that are due for trading depending on the account can be read in a clear table. In addition to the minimum possible spreads, the average spread values achieved in the market are also listed. The offer in the Forex area is very extensive, where more than 60 currency pairs can be traded. Of course, the majors are available, where very favorable conditions apply. The combination of euros and dollars can already be traded with the mini account from an average spread of 1.5 pips. With the Platinum account, trading is already possible with a spread of 0.3 pip. Among the majors, which include the Japanese yen and the British pound in addition to the dollar and the euro, there are many other combinations of other currencies available for trading.
The Swiss franc, among others, can be traded the Russian ruble, the Turkish lira, several currencies from Scandinavia and the other dollar currencies from New Zealand, Singapore and Canada. The Mexican peso, the South African rand and various Eastern European currencies are also on offer. It continues in the area of metals and energy resources, where, in addition to gold and silver, oil and gas are also made available. With the indices, traders have the opportunity to bet on the price development of the world's most important stock market barometers. For example on the Nasdaq, the Dax, the EuroStoxx or the Nikkei. In the future area, other raw materials are then available, including cocoa, coffee or sugar. The selection is also extremely wide in the area of equities, where, according to LiteForex, more than 900 individual stocks can be traded. The number alone makes it clear that numerous shares of the second and third tier can be traded in addition to the globally important titles. In stock trading, the leverage is 1:10, while in the other categories you can trade with significantly stronger leverage ratios, for example with currencies with up to 1:1,000.
Social trading is also available
Social trading is also possible at LiteForex. You can choose from a wide range of top traders. A table provides information about the most important data on the individual representatives. Of course, the focus is on the return that has been achieved in the past. In addition, the investor also learns how long a particular top trader has been active and how high his maximum loss has been. A calculator can also be used to determine how high the profit would be if the return level was maintained in the future. Under no circumstances should traders rely on these return expectations, since of course even experienced top traders are subject to enormous market risk. In principle, in our experience, this trading instrument should be used very carefully.
In principle, LiteForex offers a wide range of options for trading, whereby very favorable conditions can also be used depending on the account type.
No special bonus for new customers
The bonus that various online brokers offer to make customers aware of their offer has developed into an important tool. However, in our experience, this is a double-edged sword, since the receipt of the bonus and the subsequent payment of winnings are associated with different conditions. This may lead customers to deposit more and trade more intensively than originally planned. The online broker LiteForex has obviously decided not to influence customer behavior in this way, which we at least don't want to rate as a classic disadvantage.
Deposits and withdrawals possible with many methods
Eine breite Auswahl an Möglichkeiten steht den Tradern im Bereich Einzahlungen und Auszahlungen zur Verfügung. Alle gängigen Methoden, also Kreditkartenzahlung, E-Wallet sowie Banküberweisung können dabei eingesetzt werden. Bei den Methoden Kreditkarte und E-Wallet kann nach unseren Erfahrungen davon ausgegangen werden, dass das angewiesene Guthaben unmittelbar nach Abschluss der Transaktion auf dem Handelskonto zur Verfügung steht. Etwas länger dauert es dagegen bei der klassischen Banküberweisung, wo mit etwa zwei bis drei Arbeitstagen gerechnet werden muss. Konkret stehen bei jeder Methode mehrere Anbieter zu Verfügung, bei der Zahlung per Kreditkarte werden unter anderem die Dienste von VISA, MasterCard sowie Diners Club akzeptiert. Bei den internetbasierten Anbietern umfasst die Liste der Partnerunternehmen u.a. Skrill, OK Pay, Neteller oder WebMoney.
|Overview of deposit and withdrawal methods|
|Payment options:||MasterCard , Visa, JCB, DinersClub, Delta, MoneyPolo, Western Union, Qiwi, Skrill, WebMoney, Neteller, Ok Pay, Contact, Bank Transfer|
|Minimum Deposit:||100 Euro|
|Account management possible in:||EUR, USD, GBP, RUB, JPY, CHF, CAD, AUD and NZD|| |221|
|Auszahlungsoptionen:||MasterCard, Visa, JCB, DinersClub, Delta, MoneyPolo, Western Union, Qiwi, Skrill, WebMoney, Neteller, Ok Pay, Contact, Bank Transfer|
Security and regulation at a good level
The subject of security and regulation was also important to us in our test. The provider is headquartered in Cyprus, a member state of the EU. In addition, LiteForex also has branches in various other countries and is therefore also controlled by other national authorities. At the head office, CySec is initially responsible, but customers can also rely on the control by the Canadian BaFin. In essence, regulators are responsible for overseeing compliance with customer protection. It is checked again and again whether the instruments are designed so transparently and fairly that they can also be seen through by private investors. Another aspect is the handling of customer deposits. These must be kept separate from the actual company funds so that the account holders can continue to access their funds even in the event of insolvency. All these requirements are met at LiteForex and customers do not need to worry about fraud or rip-offs.
Customers can rely on support
We are also in the area of support and customer service reached a satisfactory level. Customer service is offered in several languages, including Canadian. Contact can be made via live chat, by telephone or by requesting a callback. A separate online form is available for the last possibility. The service times are between 9 a.m. and 6 p.m. In our experience, you can count on both competent and friendly support.
The website makes a very user-friendly impression
The structure of the website also made a convincing impression on us. The presence is designed in such a way that interested parties can find out very quickly and directly about the offer, the conditions and contact options. However, the range of information for retailers is limited. A corresponding category is offered, but does not contain any current content. The trade itself can be processed via the proven MetaTrader platform.
Actually, the option for mobile trading can now be counted among the standard offerings of an online broker. With a corresponding app, it is also possible to trade via smartphone or tablet. LiteForex makes the respective versions available for download free of charge. Since the mobile versions also work on the basis of the MetaTrader, in our experience there are no difficulties to be expected when entering mobile trading. Overall, the full range of trading and numerous instruments for analysis can be used. Social trading is also possible on mobile devices at any time.
Conclusion – LiteForex concentrates on the essentials
With LiteForex we have tested an online broker whose offer is fully focused on trading . Here he offers customers the opportunity to trade on the basis of three account versions. Depending on the amount of the deposit, more favorable conditions can be used when trading on the basis of higher account versions. There is a sufficient selection of underlying assets available for trading. Social trading is also part of the scope of services. On the other hand, the range of support services is less extensive. In addition, we got to know LiteForex as absolutely serious and trustworthy.