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Liteforex review

LiteFinance Review

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. the broker offers its trading services to traders in Nigeria who want to trade the Nigerian Naira (NGN). LiteForex is currently not regulated by the CBN.

Updated : July 20, 2022

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005 regulations book

Regulation and Safety of Funds

005 feature selection

Account Types and Features

006 add user

Account Registration

003 responsive design

Trading Platforms

002 candlestick

Range of Markets

007 fees

Fees

001 cash withdrawal

Deposits and Withdrawals

003 research

Education and Research

002 affiliate marketing

Affiliate Program

008 auction

Final Verdict

004 review

Pros and Cons

001 question

FAQ

Overall Rating

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

🏛️ HeadquarteredFirst Floor, First St Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines
🏛️ Nigerian Based OfficeYes, Delta State, River State, Oyo State, Lagos
👍 Accepts Nigerian Traders?Yes
📅 Year Founded2005
📱 Nigerian Office Contact NumberDelta State – +234-08168577388
River State – 08029086163
Oyo State – +2348101692515
Lagos – 08189979350
⚖️ RegulationMarshall Islands
🔎License Number093/08
⚖️ CBN RegulationNone
✴️ Regional RestrictionsThe United States, Israel, Japan, Russia, and some other countries
☪️ Islamic AccountYes
📈 Demo AccountYes
📈 Retail Investor Accounts2
🚀 Offers a Nigerian Account?No
💻 Dedicated Nigerian Account Manager?No
📈 Maximum Leverage1:500
📈 Leverage Restrictions for Nigeria?No
💳 Minimum Deposit (₦)20,700 Nigerian Naira
💳 Nigerian Naira Deposits Allowed?Yes
💰 Active Nigerian Trader Stats1.3 million
Active Nigerian-based LiteFinance customersUnknown
💰 Nigeria Daily Forex Turnover$1.25 million+
💳 Deposit and Withdrawal OptionsCredit Card, Debit Card, Bank Transfer, Bank Wire Transfers, Cryptocurrency Wallets
💰 Segregated Accounts with Nigerian Banks?Yes
💻 Trading PlatformsMetaTrader 4, MetaTrader 5, LiteFinance Mobile Trading App
💰 Tradable AssetsForex, 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 SpreadN/A
📈 Offers Nigerian Stocks and CFDsNo
👨‍💼 Languages supported on WebsiteEnglish, Indonesian, Russian, Malay, Thai, Spanish, French, Portuguese, Chinese (Simplified), Arabic, Persian
👥 Customer Support LanguagesMultilingual
👥 Customer Service Hours24/5
👥 Nigerian-based customer support?Yes
💰 Bonuses and Promotions for NigeriansYes
✴️Education for Nigerian beginnersYes
📊 Proprietary trading softwareYes
💰 Most Successful Nigerian TraderUche Paragon ($20 million net worth)
✔️Is LiteFinance a safe broker for Nigerians?Yes
✔️Rating for LiteFinance Nigeria7/10
✔️Trust score for LiteFinance Nigeria76%

LiteFinance Nigeria Overview

litefinance 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.

 

Overall Rating

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 regulation

 

👉 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

Litefinance account types

 

👉 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

Litefinance 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

litefinance 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

LiteFinanceCM TradingTickmill
🔥 RegulationCySECFSA, FSCASeychelles FSA, FCA, CySEC, Labuan FSA, FSCA
📱 Trading PlatformMetaTrader 4
MetaTrader 5
LiteFinance Mobile App
MetaTrader 4
CM Trading Web
CopyKat
Expert Advisors
Trading Apps
MetaTrader 4
MetaTrader 5
💰 Withdrawal FeeNoYesNo
💳 Minimum Deposist20,700 NGN4,1700 NGN41,700 NGN
📊 Leverage1:500
1:2001:500
📈 Spread0.0 pipsFixed, from 0.9 pipsVariable, from 0.0 pips
💰 CommissionsFrom $0.25 per lot on OilNone$1 per side per 100,000 traded
📊 Margin Call/Stop-Out100%/20%From 20%100%/30%
📊 Order ExecutionMarketMarketMarket
💰 No-Deposit BonusNoNoYes
📊 Cent AccountsNoNoNo
📈 Account TypesECN Account
Classic Account
Bronze Account
Silver Account
Gold Account
Premium Account
Pro Account
Classic Account
VIP Account
🔥 CBN RegulationNoNoNo
💳 NGN DepositsYesYesNo
🖥️ Nigerian Naira AccountNoNoNo
👨‍💼 Customer Service Hours24/524/524/5
📈 Retail Investor Accounts243
☪️ Islamic AccountYesYesYes

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

litefinance fees

 

👉 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

LiteFinanceCM TradingTickmill
️​ForexYesYesYes
Precious MetalsYesYesYes
ETFsNoNoNo
CFDsYesYesYes
IndicesYesYesYes
StocksYesYesYes
CryptocurrencyYesYesYes
OptionsNoNoNo
EnergiesYesYesYes
BondsNoYesYes

Deposits and Withdrawals

litefinance deposit and withdrawal

 

👉 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.

 

Overall Rating

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

Education and Research

Litefinance education

 

👉 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 2022

➡️️​ Contest for Forex video bloggers

➡️️​ Demo Contest

➡️️​ Successful partner of the month

LiteFinance Affiliate Program

Litefinance affiliates

 

👉 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 & HornsThe commissions are not the cheapest
There is a market-leading market analysis app offered for mobile devicesThere 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.

9.6/10 - (16 votes)

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