LiteForex Accounts Explained: Types, Demo Trading and Withdrawal Process

Liteforex is a CySEC-regulated online trading platform headquartered in Cyprus, founded in 2005. LiteForex is also Forex broker that offers a Forex and CFD trading. It also provides two trading platforms: MT4 and MT5. The trading volume starts from 0.01 lots, adopts STP direct mode, supports multiple deposit methods such as bank cards, wire transfers, and electronic transfers, and no handling fees are required for withdrawals.

LiteForex trading apps are provided to customers free of charge. Download and install applications with daily analysis, trading signals, or strategies on clients' tablets or smartphones. All applications and their contents are supported in more than 8 languages.

Importantly, by providing live trading accounts and demo accounts, LiteForex takes into account the trading needs of different clients. This article will focus on different account types, account opening conditions, and withdrawal information. Through comprehensive explanations, LiteForex will teach clients step-by-step how to open an account and withdraw money here without taking detours.

LiteForex Account Types

LiteForex offers two primary live trading accounts, the ECN Account and a Classic Account. Both ECN and Classic accounts have their merits, so traders should do proper research before making a choice. As accounts use different servers, it is not possible to change the account type once opened. To do so, a trader will need to delete his account.

The classic account is an account for those who prefer intraday, medium, and long-term strategies with small trade volumes. The Classic Account is for experienced traders. No commissions are charged, and no interest is paid on the remaining funds. Traders can use the MT4 and MT5 trading platforms. The minimum deposit required to open an account is only $50.

LiteForex Investments Limited recommends the real-trading ECN (Electronic Communications Network) account for professional traders and investors. With market spreads from 0 pips and instant order execution, it is perfect for high-frequency trading.

LiteForex Demo ECN Account

Trading on a DEMO ECN account will help both Forex beginners and Forex professionals work out their trading plans and choose the most convenient strategy. Master the MetaTrader platforms and acquire trading experience on a demo account from LiteForex with no risk of losing any of your money. DEMO ECN account provides unlimited Virtual deposit.

How to Open a LiteForex Account

Live Trading Account Login

Choose the account type that will comply with your trading preferences and open a Forex account in just 1 minute. Visit the website and click on “Registration” in the upper right corner of every page on the site. The form below displays:

Select your country, fill in your phone number or email, and choose a password. Next, read, accept the agreement if you agree, and click “Register.” You will automatically be logged into the social trading platform, which doubles as the client area. Here you can complete your profile, make a deposit, and start live trading. Alternatively, registration can be completed by importing your profile information from Google or Facebook. Do this by clicking on any of the icons displayed on the registration screen above.

Demo ECN Account Login

Demo account login can be achieved through different online login locations on the web page. Click on your name in the Client Profile in the upper line and make sure the demo trading mode is enabled. Then, access the “Metatrader” section. Click the “Open account” button and select account parameters from the drop-down lists.

The counter is updated each time you log in to your demo account using the online trading platform. The counter isn't updated if you log in to your demo account via the web terminal in the Client Profile. Balance and trading operations in demo accounts do not extend their lifespan either.

XM vs LiteForex: Trading Conditions

XM Group is a globally renowned broker with operations in nearly 190 countries and serving over 5 million traders. The broker offers over 1,000 trading instruments, including forex pairs, stocks, commodities, cryptocurrencies, and precious metals. XM has licenses from regulators such as ASIC and CySEC.

LiteForex and XM both offer popular MT4 and MT5 trading platforms. Although LiteForex offers fewer account types than XM, it covers the needs of most clients.

LiteForex Withdrawal

Withdrawal Basic Information

LiteForex (LiteFinance) broker provides instant crediting and withdrawal of funds without limits on the amount and limits on the number of requests. The minimum withdrawal amount is $10 or equivalent. There are several options for money replenishment or withdrawal, including bank cards (Credit/Debit Card, Visa), bank wire transfers, and electronic transfers(Neteller, Skrill).

All deposits are processed in our Secure Client Cabinet, ensuring full financial data security. They are available in a wide range of currencies, including EUR, USD, GBP, RUB, JPY, CHF, CAD, AUD, NZD, and others. If the currency of the deposit and withdrawal do not match, LiteForex will automatically convert the transfer.

How long does LiteForex withdrawal take? The processing time for withdrawing funds at LiteForex depends on the transfer method selected by the client. Generally speaking, electronic payments are preferred for instant payment. Bank cards and Bank Wire Transfers are processed within 5 days.

Withdrawal Process

1. Enter the website and click “Finance”
2. Select deposit or withdrawal
3. Select payment method
4. Fill in the transfer information form and confirm

Clients can view withdrawal processing details through historical transfer records, and step-by-step instructional videos are also provided here.

Is LiteForex Legit?

Liteforex (Europe) LTD is registered as a Cyprus Investment Firm (CIF) with the registration number HE230122 and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 093/08. Liteforex is a member of the Investor Compensation Fund, which guarantees that all of its clients funds are secured and insured (up to 20,000 EUR).

Negative Scam Reviews

WikiFX Review is a dedicated space that reviews based on research and analysis of investors' brokers. This means investors no longer have to spend hours searching for information about their broker. WikiFX has worked tirelessly to analyze each broker. Let's go through some examples of reviews WikiFX has for investors, showing them how they can weigh up your decision when choosing your broker. WikiFX's mission is to help you protect your money and make the right choice.

Currently, 96 real LiteForex clients negative feedback mainly expresses that brokers had been scammed due to deduction issues. Traders should consider this factor when choosing a brokerage company.

Conclusion

LiteForex is a broker that caters not only to expert traders but also to beginner traders through its provision of a variety of educational tools and materials. Although there are only two account options, both cater to all levels of trader experience. In addition, regulated by CySEC, LiteForex is safe, and you are protected by compensation when opening an account to trade or withdraw. Would be more trusted, if it handled 96 issues related to client losses.