
LiteFinance Review
Overall, LiteFinance is considered low-risk, with an overall Trust Score of 84% out of 100. LiteFinance is licensed by one Tier-2 Regulator (average trust), and one Tier-3 Regulator (low trust). LiteFinance offers two different retail trading accounts.

- Louis Schoeman
Jump to:

Regulation and Safety of Funds

Account Types and Features

Account Registration

Range of Markets

Fees

Deposits and Withdrawals

Education and Research

Affiliate Program

Final Verdict

Pros and Cons

FAQ
Min Deposit
USD 10 / 4145 NGN
Regulators
Marshall Islands
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
7
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
LiteFinance at a glance
🏛️ Headquartered | First Floor, First St Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines |
🏛️ Nigerian Based Office | Yes, Delta State, River State, Oyo State, Lagos |
👍 Accepts Nigerian Traders? | Yes |
📅 Year Founded | 2005 |
📱 Nigerian Office Contact Number | Delta State – +234-08168577388 River State – 08029086163 Oyo State – +2348101692515 Lagos – 08189979350 |
⚖️ Regulation | Marshall Islands |
🔎License Number | 093/08 |
⚖️ CBN Regulation | None |
✴️ Regional Restrictions | The United States, Israel, Japan, Russia, and some other countries |
☪️ Islamic Account | Yes |
📈 Demo Account | Yes |
📈 Retail Investor Accounts | 2 |
🚀 Offers a Nigerian Account? | No |
💻 Dedicated Nigerian Account Manager? | No |
📈 Maximum Leverage | 1:500 |
📈 Leverage Restrictions for Nigeria? | No |
💳 Minimum Deposit (₦) | 20,700 Nigerian Naira |
💳 Nigerian Naira Deposits Allowed? | Yes |
💰 Active Nigerian Trader Stats | 1.3 million |
Active Nigerian-based LiteFinance customers | Unknown |
💰 Nigeria Daily Forex Turnover | $1.25 million+ |
💳 Deposit and Withdrawal Options | Credit Card, Debit Card, Bank Transfer, Bank Wire Transfers, Cryptocurrency Wallets |
💰 Segregated Accounts with Nigerian Banks? | Yes |
💻 Trading Platforms | MetaTrader 4, MetaTrader 5, LiteFinance Mobile Trading App |
💰 Tradable Assets | Forex, Precious Metals, Oil, Global Stock Indexes, CFD NYSE, CFD NASDAQ, CFD EURONEXT, CFD LONDON LSE, CFD XETRA, Cryptocurrencies |
🌐 Offers USD/NGN currency pair? | No |
🌐 USD/NGN Average Spread | N/A |
📈 Offers Nigerian Stocks and CFDs | No |
👨💼 Languages supported on Website | English, Indonesian, Russian, Malay, Thai, Spanish, French, Portuguese, Chinese (Simplified), Arabic, Persian |
👥 Customer Support Languages | Multilingual |
👥 Customer Service Hours | 24/5 |
👥 Nigerian-based customer support? | Yes |
💰 Bonuses and Promotions for Nigerians | Yes |
✴️Education for Nigerian beginners | Yes |
📊 Proprietary trading software | Yes |
💰 Most Successful Nigerian Trader | Uche Paragon ($20 million net worth) |
✔️Is LiteFinance a safe broker for Nigerians? | Yes |
✔️Rating for LiteFinance Nigeria | 7/10 |
✔️Trust score for LiteFinance Nigeria | 76% |
LiteFinance Review – 16 key points quick overview:
LiteFinance Nigeria Overview
Regulation and Safety of Funds
Account Types and Features
- Account Registration
- LiteFinance Vs CM Trading Vs Tickmill – Broker Comparison
- Range of Markets
- Trading and Non-Trading Fees
- LiteFinance Broker Comparison for Range of Markets
- Deposits and Withdrawals
- Process to Withdraw Funds from a LiteFinance Account
- Education and Research
- Bonuses and Promotions
- LiteFinance Affiliate Program
- Verdict on LiteFinance
- LiteFinance Pros and Cons
- Frequently Asked Questions
LiteFinance Nigeria Overview
According to research in Nigeria, LiteFinance (previously known as LiteForex) was founded in 2005, offering tier-1 liquidity across several financial markets including currency pairs, precious metals, stocks, and several others.
LiteFinance offers its solutions in several regions and while the broker is not regulated by the Central Bank of Nigeria (CBN), the broker offers its trading services to traders in Nigeria who want to trade the Nigerian Naira (NGN).
Since its establishment, LiteFinance has grown to include offices in a slew of countries across the world including Kyrgyzstan, Nicaragua, Vietnam, Thailand, Philippines, Ghana, Myanmar, India, Nigeria, Indonesia, Tanzania, Kenya, Afghanistan, and Uganda, with Limassol, Cyprus, as the headquarters of LiteFinance (Europe) Limited.
This LiteFinance Nigeria review will provide beginner and experienced traders the details that they need to consider whether the broker is suited towards their unique trading objectives and needs.
Distribution of Traders
The distribution of traders for LiteFinance is as follows:
️ Russian Federation – 8.9%
️ Malaysia – 6.8%
️ Iran, Islamic Republic Of – 4.6%
️ Germany – 4.5%
️ United States – 4.40%
Popularity among traders who choose LiteFinance
While LiteFinance’s market share is very minimal in Nigeria, it does not mean that this broker does not accommodate Nigerian traders. LiteFinance is one of the Top 100 forex brokers for traders in Nigeria.
Min Deposit
USD 10 / 4145 NGN
Regulators
Marshall Islands
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
7
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Regulation and Safety of Funds
LiteFinance Global LLC was incorporated in Saint Vincent and the Grenadines under registration number 931 LLC 2021, based in Kingstown, Saint Vincent and the Grenadines.
LiteForex (Europe) Limited is registered with the Cyprus Investment Firm (CIF). It is also well regulated by the Cyprus Securities and Exchange Commission (CySEC) under 093/08.
In addition LiteForex (Europe) Limited is also compliant with the Markets in Financial Instruments Directive (MiFID) and is a member of the Investor Compensation Fund. What this means is that LiteFinance is required to keep all client funds in segregated accounts with top-tier banks, separate from the company’s funds and balance sheet.
LiteFinance offers client fund security and ensures that the identity of all registered clients can be proven through strict Anti-Money Laundering and “Know Your Customer (KYC) policies. All data on the website and platforms is encrypted to ensure the safety of client information and data.
LiteFinance has won several industry awards and even though it is an offshore entity, it is a trusted forex trading broker with clients from around the world, aiming to ensure that all operations are transparent and that traders receive a safe, fair, and transparent trading experience.
Account Types and Features
LiteForex offers Nigerian traders a choice between two main account types that can be used to trade across several financial markets. These accounts are designed to meet the trading preferences of all types of traders.
ECN Account
The ECN Account is a sophisticated retail investor account that suits advanced traders who need the best trading conditions and a wide range of additional advanced features, including the following:
️ A minimum deposit requirement of 20,700 NGN or equivalent to $50
️ Market execution on trades
️ Floating spreads from 0.0 pips EUR/USD
️ Commission charges from $5 side/$10 per lot on forex, $20 per lot on forex cross currencies, $440 per lot on forex minor currency pairs, $20 per lot on spot metals, $0.5 per lot on Oil, $0.25 on Share CFDs, and $0.5 per contract on Stock Indices.
️ A choice between MetaTrader 4 and MetaTrader 5
️ Access to leverage that ranges from 1:1 up to maximum leverage of 1:500
️ Account base currency of either USD, EUR, or MBT
️ The ability to convert the account to an Islamic Account
️ Social trading opportunities
️ Average position sizes of 100,000 lots in the base currency.
️ Minimum trading sizes of 0.01 lots.
️ Unlimited number of orders
️ A margin call level of 100% and a stop-out level of 20%
Classic Account
The classic account provided by LiteFinance is one of the best standard accounts that caters for both beginner traders as well as intermediate traders and investors. The Classic Account offers the following trading features:
️ Variable spreads from 1.8 pips EUR/USD
️ Commission-free trades because the broker fee is covered in the spread
️ Market execution on trades
️ A choice between either MetaTrader 4 or MetaTrader 5 across several devices
️ Leverage that ranges from 1:1 up to a maximum of 1:500 depending on the financial instrument.
️ Account base currency of either USD, EUR, or MBT
️ The ability to convert the account to an Islamic Account
️ Social trading opportunities
️ Average position sizes of 100,000 lots in the base currency.
️ Minimum trading sizes of 0.01 lots.
️ Unlimited number of orders
️ A margin call level of 100% and a stop-out level of 20%
Demo Account
The forex demo account offered by LiteFinance is a practice account that is suitable for both beginner and professional traders to practice trading, test strategies, and more. This account eliminates the risk of loss and provides traders access to live market conditions using virtual funds until traders are ready to risk real money.
The demo account can be used to boost the trading skills of traders, help them refine their trading strategies on expert advisors and other algorithmic trading and automated trading strategies, and more.
Demo accounts offer market execution with real quotes provided by trusted liquidity providers. In addition, traders can also use a variety of trading strategies including scalping and news trading, amongst others. The demo account is unlimited and there are no stop and limit levels, with the benefit that traders can trade any of the trading instruments offered by LiteFinance.
Islamic Account
LiteFinance offers Islamic Accounts to Muslim traders and these accounts do not consider swaps when the open position of a trader is carried over to the next day, which also offers traders additional account trading advantages.
The LiteFinance Islamic Accounts are a user-friendly tool that allows all traders from around the world, including Islamic countries, to manage their funds freely and easily.
Account Registration
To register for a live trading account all Nigerian traders must do is visit the official website of LiteFinance, select to register from the homepage, and complete the website registration form.
Once traders have provided their telephone number or email, and a user-selected password, they can read the Terms and Conditions, and if they agree, they can complete the registration.
Traders will automatically log into their social trading platform that also serves as the Client Area. From here traders must complete their profile, provide proof of their identity and residential address, make the minimum deposit, and start live trading.
LiteFinance Vs CM Trading Vs Tickmill – Broker Comparison
LiteFinance | CM Trading | Tickmill | |
🔥 Regulation | CySEC | FSA, FSCA | Seychelles FSA, FCA, CySEC, Labuan FSA, FSCA |
📱 Trading Platform | MetaTrader 4 MetaTrader 5 LiteFinance Mobile App | MetaTrader 4 CM Trading Web CopyKat Expert Advisors Trading Apps | MetaTrader 4 MetaTrader 5 |
💰 Withdrawal Fee | No | Yes | No |
💳 Minimum Deposist | 20,700 NGN | 4,1700 NGN | 41,700 NGN |
📊 Leverage | 1:500 | 1:200 | 1:500 |
📈 Spread | 0.0 pips | Fixed, from 0.9 pips | Variable, from 0.0 pips |
💰 Commissions | From $0.25 per lot on Oil | None | $1 per side per 100,000 traded |
📊 Margin Call/Stop-Out | 100%/20% | From 20% | 100%/30% |
📊 Order Execution | Market | Market | Market |
💰 No-Deposit Bonus | No | No | Yes |
📊 Cent Accounts | No | No | No |
📈 Account Types | ECN Account Classic Account | Bronze Account Silver Account Gold Account Premium Account | Pro Account Classic Account VIP Account |
🔥 CBN Regulation | No | No | No |
💳 NGN Deposits | Yes | Yes | No |
🖥️ Nigerian Naira Account | No | No | No |
👨💼 Customer Service Hours | 24/5 | 24/5 | 24/5 |
📈 Retail Investor Accounts | 2 | 4 | 3 |
☪️ Islamic Account | Yes | Yes | Yes |
Range of Markets
LiteFinance offers a range of markets that are spread across the following asset classes:
️ 56 Currency pairs spread across forex major pairs, minor currency pairs, and exotic pairs.
️ Precious metals
️ Oil Commodities
️ Indices
️ Cryptocurrencies
️ Stocks
Trading and Non-Trading Fees
Spreads
LiteFinance offers floating/variable spreads that will change according to the financial instrument, the retail investor account, and the market conditions on the day of trading. Traders have access to tight spreads on the ECN Account, but every trade comes with a commission charge according to the financial instrument they trade.
While the Classic Account features wider spreads, there are no commissions charged on trades, making it a better choice for inexperienced traders.
Commissions
LiteFinance charges commissions on the ECN Account, allowing the broker to provide traders with the tightest spreads, perfect for day traders and active traders. The commissions charged by LiteFinance are according to the financial instrument being traded as follows:
️ Forex major pairs – $10 per lot
️ Forex cross pairs – $20 per lot
️ Forex minor currency pairs – $30 per lot
️ Spot Metals – $20 per lot
️ Oil – $0.5 per lot
️ Share CFDs – $0.25 per share
️ Stock Indices – $0.5 per contract
Overnight Fees, Rollovers, or Swaps
When overnight fees are determined, the prevailing market conditions are considered. LiteFinance holds the right to change spreads as well as swaps according to the market conditions depending on volatility, interest rate sizes, or when the broker deems it necessary to make changes.
Overnight fees are calculated at the 00h00 terminal time of every trading day and triple swaps will apply every Wednesday and Thursday night.
The average swap fees that traders can expect on the EUR/USD, for example, is -5.616 on a long (buy) position and -0.156 on a short (sell) position.
Deposit and Withdrawal Fees
LiteFinance does not charge any deposit fees or withdrawal fees on the payment methods that are supported for this purpose. However, Nigerian traders may be liable for processing fees charged by their bank for transactions to and from the LiteFinance trading account.
LiteFinance Broker Comparison for Range of Markets
LiteFinance | CM Trading | Tickmill | |
️Forex | Yes | Yes | Yes |
Precious Metals | Yes | Yes | Yes |
ETFs | No | No | No |
CFDs | Yes | Yes | Yes |
Indices | Yes | Yes | Yes |
Stocks | Yes | Yes | Yes |
Cryptocurrency | Yes | Yes | Yes |
Options | No | No | No |
Energies | Yes | Yes | Yes |
Bonds | No | Yes | Yes |
Deposits and Withdrawals
When Nigerian traders want to deposit funds into their account or withdraw funds, they can use a range of payment options, namely:
️ Credit Card
️ Debit Card
️ Bank Transfer
️ Bank Wire
️ Cryptocurrency Wallets
Process to Withdraw Funds from a LiteFinance Account
To withdraw funds from an account, traders can log into their Client Profile in the “Finance” section of the official website. Traders can complete the withdrawal request provided and use the same payment method that they chose when they made a deposit.
Traders must note that LiteFinance complies with a strict AML policy in addition to a high level of verification that is needed for a range of withdrawals. When traders submit a withdrawal request it is processed by the LiteFinance Financial Department during working hours.
As per the Client Agreement, the transfer of funds is completed according to requests that are received first within a working day that the request is received. Traders who use bank wire must note that withdrawals can take up to 5 working days.
Min Deposit
USD 10 / 4145 NGN
Regulators
Marshall Islands
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
7
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
How To Minimize Risk While Trading?
1. Use Stop Losses
👉 A stop loss is a trading technique that takes you out of losing trades at a predetermined level in order to limit your losses. Utilize stop losses to ensure a 1:1 risk-reward ratio and above in all your trades in order to limit losses and maximize profits on each trade. For example, if you’re setting your stop loss at 50 pips below your entry point, set your take profit at least 50 pips above your entry point.
👉 A 1:2 risk-reward ratio and above will ensure that you remain profitable even if the majority of your trades are losing trades. Using a 1:2 risk-reward ratio means that you should place your stop loss at 100 pips if you have a profit target of 200 pips and so on.
👉 If you are a more aggressive trader, you can use a 1:3 risk-reward ratio, where you risk 100 pips for a profit target of 300 pips.
2. Use Proper Lot Sizes
👉 Trading using proper lot sizes is crucial to your success as a trader. That’s because the lot size determines the value of each point of the currency pair you are trading. A standard lot typically refers to 100,000 units of the base currency you are trading. Therefore, trading a standard lot of the EURUSD currency pair puts the value of each point at USD 100.
👉 The lot sizes you trade should be proportionate to the amount you are willing to risk on each trade, which is directly related to the size of your account and your risk appetite.
3. Control Your Losses
👉 You should only risk 2% or less of your trading account on each trade. This will ensure that you can survive any losing streak while minimizing the drawdown on your trading account.
👉 Remember: losses in forex trading are not linear. A 50% loss would require a 100% gain in order to recover your original trading account level.
4. Use Leverage Carefully
👉 Most forex brokers offer to trade with leverage, and with Exness traders can enjoy up to 1:Unlimited leverage. While trading with leverage is one of the great advantages of trading forex, it can also increase the risk of losses if used incorrectly. Leverage works as a ratio, meaning that if you trade with USD 10 at a leverage of 1:50 your market investment will be USD 500. This means that, if your investment moves in a favourable direction, your profits would be 50x bigger than they would have been without leverage. However, this also means that your losses if the currency moves in an unfavourable direction would be 50x greater as well. Traders are therefore reminded to apply leverage with care.
5. Choose The Time Of Day That You Trade
👉 Most traders tend to ignore the impact of the time of day that they trade. However, traders who are active during periods of less volatility tend to be more profitable than traders who trade during periods of high volatility.
👉 The high volatility periods for different currency pairs vary, but can generally be summarized as the opening hours of the Asian sessions, the London/European sessions, and the New York/American sessions.
👉 Experienced traders who are trading European currency pairs, such as EURUSD and GBPUSD, typically trade during off hours from 7PM to 11AM GMT. However, this data applies to range of traders who trade following the existing trends but might differ for traders using other trading strategies, such as scalping.
6. Buy The Rumor, Sell The News
👉 Many traders like to stay abreast of news that affects the forex market, but this is very hard to do given that it is near-impossible to accurately predict what will happen at any given time across the globe. However, experienced traders typically keep abreast of economic releases from different countries, which generally have an impact on many currency pairs.
👉 In most cases, markets typically discount the news based on investors’ expectations, which means that by the time the news is released, the big moves in the affected currency pairs would have already taken place. Therefore, it is important to make trades related to major news events way before the actual news is released.
All About LiteFinance’s Rebate System
How much rebate can I pay back?
👉 Rebate percentage can be set to be anything between 0% and 100%.
Payment schedule
👉 Rebates are paid daily to the selected referred clients who have closed any trades within the last 24 hours. Daily payments need to be approved by the partner.
👉 Once rebates are set up from your PA, rebates will be automatically calculated for the selected referred clients every time you receive rewards. Total daily rebates will then await your approval in the Approval section of the Rebates tab, or be automatically distributed if you have selected automated approval on rebates for specific referred clients; more information about this is available in the article about how to manage rebates.
Education and Research
LiteFinance offers a diverse range of educational resources that can be used including:
️ LiteFinance Webinars
️ Forex Glossary
️ Forex books
️ Trading Strategies from professional traders
️ LiteFinance Trader Reviews
️ Demo Account
️ FAQ section
The research tools and resources that are offered cover the following:
️ Economic Calendar
️ Technical analysis
️ Fundamental analysis
️ Analytical Material offered by Claws & Horns
️ Forex trading calculator
️ Currency rates and quote charts
️ Economic news
️ Trader’s rating
️ Terminology and regulations
Bonuses and Promotions
LiteFinance offers its clients and new clients a range of bonuses and promotions including:
️ The return of commissions with zero trading costs
️ LiteFinance Dream Draw contest
️ New Year Promo 2023
️ Contest for Forex video bloggers
️ Demo Contest
️ Successful partner of the month
LiteFinance Affiliate Program
LiteFinance offers a Revenue Share and a CPS affiliate program. While the CPS program is a multi-level initiative that offers the highest remuneration, the Revenue Share program offers participants stable income through commissions on trades of referred clients.
The CPS program offers the largest partner remuneration, up to $50 per client that is referred and 10% of income of sub-partners. The Revenue Share program offers the highest remuneration I the market of up to $15 per referral trade and 10$ of sub-partners’ profits.
Verdict on LiteFinance
LiteFinance is a trusted offshore broker that accepts traders from most jurisdictions around the world, with some exceptions. The trading conditions that LiteFinance offers are competitive and there are solutions offered to both beginner and experienced traders.
LiteFinance offers a wide range of trading opportunities including social trading options, and a wide range of markets across several assets. Nigerian traders have a selection of educational tools and resources when they start trading, advanced solutions for experienced traders, and more.
LiteFinance Pros and Cons
✔️ Pros | ❌ Cons |
LiteForex is well-regulated and compliant with MiFID | There is no free VPS |
There is expert analysis offered by Claws & Horns | The commissions are not the cheapest |
There is a market-leading market analysis app offered for mobile devices | There is a limited selection of tradable instruments |
Multilingual client support is offered |
Frequently Asked Questions
Is LiteFinance considered a reliable broker?
Litefinance is a legal broker who is regulated by Cyprus Securities and Exchange Commission (CySEC). They offer a good range of tradeable forex and CFDs, the popular MT4 & MT5 trading platforms, a user-friendly website, good, easily accessible support functions and multiple free analysis tools.
Is there a minimum withdrawal acount for LiteFinance?
Yes, LiteFinance allows two automatic withdrawals in a 24hour period for an amount not exceeding $100 /NGN 41532,00 at the current exchange rate at the time of writing. Withdrawals with this broker can be done through local Banks in Nigeria.
What account types does LiteFinance offer?
LiteFinance offers an ECN Account and a Classic Account.
Which trading platforms are supported by LiteFinance?
LiteFinance offers the following innovative trading platforms: MetaTrader MetaTrader 5 LiteFinance Mobile App
What is the overall rating for LiteFinance out of 10?
The overall rating for LiteFinance is 7/10.