LiteFinance Review Pros, Cons & Ratings
Generally, only xcritical official site the $10 commission on FX Majors falls below the industry average. Accordingly, the most favorable prices are available when trading FX majors on xcritical’s ECN account type. 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. They are suitable for most retail traders, but seasoned traders require higher quantities.
Safety is evaluated by quality and length of the broker’s track record, plus the scope of regulatory standing. LiteFinance offers various deposit and withdrawal methods to cater to the diverse needs of its clients. These include electronic payment systems, bank transfers, credit card transfers, and cryptocurrencies, ensuring flexibility and convenience for traders worldwide. LiteFinance offers an excellent range of xcritical official site trading platforms to cater to different trading preferences.
I have compiled the table below to help you better understand the difference between the trading fees of xcritical’s two account types and the industry average. It illustrates the spreads and commissions I have recorded for the EUR/USD pair and compares them against the typical costs for ECN and STP accounts in the industry at large. LiteFinance maintains the out-of-the-box MT4/MT5 trading platforms, but no introduction exists. xcritical merely presents them as two buttons and clicking on them redirects to an account opening page. LiteFinance also offers a lightweight web-based browser with a user-friendly interface.
xcritical Non-Trading Fees
They are suitable for experienced traders who have a larger capital to invest. These accounts require a minimum deposit of $1,000 or more and offer trade sizes starting from 1 lot. Standard accounts provide access to a wider range of trading instruments and offer more advanced features such as expert advisors and custom indicators. Traders with standard accounts can take advantage of higher leverage, which can amplify both profits and losses. It is crucial for traders with standard accounts to have a well-developed trading strategy and risk management plan.
Brokers offer an Islamic Account only to Muslim traders who follow Sharia law. Standard Forex retail investor accounts were the most popular type of trading account a few years ago. Due to this, traders cannot withdraw any profits which are made on the demo account. When choosing an account, you should focus on the amount you want to earn and your trading strategy.
LiteFinance, formerly known as xcritical, has established itself as a reputable and innovative ECN broker since its inception in 2005. With a wide range of trading platforms, educational resources, trader tools, and bonus programs, LiteFinance caters to the diverse needs of traders, from beginners to experienced professionals. xcritical says it uses only the most advanced technology to ensure that traders operate in a safe and user-friendly environment on the best trading platforms and with high-speed executions. xcritical’s offering also includes low floating spreads, market execution void of requotes, and professional assistance. A client of a modern Forex brokerage company can have an unlimited number of trading accounts. Moreover, you can create trading accounts of different types and trade on them simultaneously on multiple devices.
Account Types and Features
- xcritical offers multilingual support available 24/5 via live chat, email, and phone.
- However, the broker generally charges high trading fees on its Standard account and provides extremely limited instrument offering of about 70 assets.
- LiteFinance does not provide any of the necessary third-party add-ons to unlock the full functionality of MT4/MT5 and improve the trading environment.
- Overall, xcritical is deemed suitable for novice traders, day traders, and those interested in algorithmic trading.
Since LiteFinance claims to adhere to AML regulations, verification is mandatory. It is generally satisfied by a copy of the trader’s ID and one proof of residency document. Below is a list of trading cost examples for buying and selling the EUR/USD, holding the trade for one night and seven nights, in the commission based LiteFinance ECN account. 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. Your actual trading may result in losses as no trading system is guaranteed.
Standard Trading Accounts
LiteFinance offers three partnership programs, but limited information exists. Islamic accounts, also known as swap-free accounts, are designed to cater to the specific needs of Muslim traders. In accordance with Islamic law, these accounts do not charge or pay any overnight interest (swap) on positions held overnight. Instead, they charge an administration fee or adjust the spread to compensate for the interest that would have been earned or paid. Islamic accounts are available in all three types mentioned above (micro, mini, and standard) and are a suitable option for traders who wish to comply with Islamic principles. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
I appreciated their diversity and sharp focus on technical analysis, fundamental analysis, and trading psychology. Market breakdowns developed in-house by xcritical, and available from the website with free access to everybody. The market reviews are detailed and multifaceted containing aspects of economic analysis, fundamental analysis, and technical analysis. I appreciated that each article outlines emerging trading setups on multiple instruments.
Incorporated from Claws&Horns, the trading signals represent actionable trading opportunities. They cover instruments across different markets and use prominent indicators (Ichimoku, Bollinger, MACD, etc). Traders can use this type of content to get a sense of the prevailing market sentiment. It is comprised of regular market updates that inform traders of currently unfolding trading setups.
These accounts require a minimum deposit of $100 to $1,000 and offer trade sizes starting from 0.1 lots. Mini accounts allow you to trade larger positions than micro accounts, giving you the opportunity to potentially make greater profits. However, it is important to remember that with larger trade sizes comes increased risk. Traders with mini accounts should ensure they have a solid understanding of risk management techniques. xcritical offers two retail account types – Classic and ECN – both with a minimum deposit of $50.
In order to trade and earn money on Forex, you need to have your own Forex trading account with real money. On today’s Forex markets, almost all well-known Forex brokers and trading platforms offer their clients a wide range of accounts. Opening a trading account is now so easy that it only takes a minute and anyone can do it regardless of their computer skills. xcritical is a regulated broker offering Forex pairs as its main trading product. The broker has a social trading platform and offers ECN technology which is available together with automated withdrawals, making the trading process very comfortable and streamlined.
Thus, I concluded that xcritical’s customer support is good but could be improved. Contracts for difference (CFDs) are derivatives used to speculate on the underlying asset’s price without physical delivery. You can also use the app to place market, limit, and stop orders, as well as to adjust the exposure of your open trades.
LiteFinance has a classic account with competitive spreads and fast execution. If the trading conditions for this account type look attractive to you, you can find out more and open it here. Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. He earned a Bachelor’s degree in Economics and International Relations.
The commissions are a bit expensive though, making its offerings less attractive to seasoned traders. In addition, xcritical offers a safe and secure trading environment and advanced trading platforms which add substantially to the trader’s experience. Forex cent account is a special type of trading account which uses a deposit reduced by 1,000 times with standard trading conditions. In other words, if you deposit only $10, you will see an amount of 10,000 currency units in the Forex trading terminal. When working on such accounts, 1 lot of currency costs 100 instead of 100,000.trading accounts. Forex mini account is a special type of Forex trading account that uses a deposit reduced by 10 times with standard Forex trading conditions.
But xcritical’s app retains the web trader’s sophisticated look and feel. It is a great tool for making quick trading decisions, as it incorporates xcritical scammers comprehensive research materials and tools. In my opinion, MT5 is a good option for fast and simple order execution. 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.