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.
I share my knowledge with you for free to help you learn more about the crazy world of forex trading! The first step is to start working on a demo account, where you don’t risk losing capital. After the demo, you can switch to a cent account, and when you have a profitable system, open an ECN or Classic account.
However, to limit your risks and avoid losing money rapidly, it’s advisable to be aware of various trading tools from technical analysis. Forex demo account is the most popular account for lxcriticalg how to work on the Forex market. This account is completely identical to standard retail investor accounts in terms of the conditions, but in contrast, to a live account, it uses virtual money for trading Forex. In other words, with demo trade, you risk nothing, and in case of failure, you can always top up the balance again and again. The ECN account offers generally more favorable conditions, though traders should mind the commission rate.
Broker Comparison
It is a great tool for making quick trading decisions, as it incorporates comprehensive research materials and tools. Traders can access LiteForex’s copy trading environment from the ‘Investing’ section of the website. The performance of all the available trading strategies is presented in the ‘Traders Ranking’ subsection. 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.
Highly competitive spreads and numerous trading instruments
I appreciated that the materials xcritical official site are supported with tests to help the reader solidify what has been learned. They contain lots of practical insights, e.g. how to use intraday trading strategies, Fibonacci retracements, etc. LiteForex provides layered educational content that is well-structured and easy to understand.
If your goal is to earn money, all the conditions of a fractional lot are also provided by standard ECN. Although this account type is no longer as popular as it used to be, xcritical scam Forex traders still use it as it often has a fixed spread. Traders can use the built-in economic calendar, which is an essential tool in a trader’s arsenal. It informs traders of upcoming market events and releases that have the potential to stir price action, thereby creating viable trading opportunities. Market breakdowns developed in-house by LiteForex, 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.
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. I recommend traders evaluate LiteFinance as a new broker with limited experience and dismiss any goodwill and trust LiteForex created over 15 years. The most recent developments, starting with the launch of LiteFinance Global LLC, raise notable concerns.
LiteForex – a broker to trust
A CySEC licensed subsidiary exists for the EEA, the UAE, and the Marshall Islands traders. The brokerage operating from St. Vincent and the Grenadines remains unregulated. A CySEC-regulated entity caters to EEA, UAE, and Marshall Islands traders.
- A PAMM account Forex is one of the first ways to invest on the Forex market if you don’t have the knowledge and time to trade.
- You can often see another name for this type of account — CLASSIC.
- Since rebranding, LiteFinance lacks transparency across its core trading environment.
- It also has a proprietary platform with charts powered by TradingView.
What platforms does LiteForex offer?
It also has a proprietary platform with charts powered by TradingView. All the platforms can be used to carry out basic technical analysis and order execution. LiteForex also offers VPS hosting, which can be helpful for automated trading. I discovered that LiteForex’s Classic account features trading costs that are nearly twice as high as the fees on the ECN account.