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This fee is charged when an active trading account stays inactive for 12 months consecutively. Overall, the non-trading fees are decent as most of the forex and CFD brokers in Nigeria do charge an inactivity fee. The spreads on the classic account are higher than many other regulated brokers that do not charge commission.
The ECN commission on commodities is lower than the peers but the ECN commission on forex majors, minors, and exotics is slightly high. Liteforex Account Types Liteforex offers two types of live trading accounts and a demo trading account to assist beginners in gaining experience. It does not offer Naira NGN based trading account. Negative balance protection does not apply to the classic account type.
Scalping is also not allowed with the classic account type. The floating spreads are as low as 0 pips per lot. This account type offers negative balance protection which means if the account balance turns negative, it is automatically set to zero. Apart from this, traders will also receive an annual interest rate of 2.
Traders can choose between MT4 and MT5 trading platforms with a maximum leverage of for both account types. Overall, the option to choose between spread-only and commission-based account types can suit multiple types of traders. Although, the annual interest of 2. These trading platforms are user-friendly and customizable. Liteforex also offers a mobile forex app for Android and iOS devices that can allow traders to track their favorite trading instruments and keep them up to date with the signals and news concerning the same.
Trade orders cannot be executed through the Liteforex mobile forex app. The MT4 and MT5 trading platforms are convenient and efficient as the majority of the forex traders in the world use the same for forex and CFD trading. These trading platforms are provided by almost every other forex broker in Nigeria.
Liteforex Trading Instruments The number of trading instruments and capital markets at Liteforex is decent. Following are the details of trading instruments at Litforex: Forex: Liteforex offers a total of 55 forex tools including 7 majors, 20 minors, and 28 exotic currency pairs. These instruments can be traded with a standard lot containing 1,00, units. The minimum trading volume is 0. The spread, lot size, as well as commission are different for each of the metal crosses.
The maximum available leverage ratio is for CFDs on precious metals. Cryptocurrency CFD: A total of 16 cryptocurrency crosses are available to trade with different floating spreads. Overall, the number of capital markets and trading instruments is fairly decent when compared with other regulated brokers in Nigeria.
The number of CFDs is however slightly higher than many of the peers in Nigeria. Transaction through most of the methods is free of the additional cost. The time taken to process the payment can be different for each method chosen by the trader. Following methods can be used for deposits and withdrawals at Liteforex in Nigeria.
Bank Transfer: Traders in Nigeria can deposit and withdraw through local banks in Nigeria or can also transact through bank wire transfers. The local bank transfer is the most convenient method of transaction in Nigeria as all the commissions involved are compensated by Liteforex. E-Wallet: Liteforex accepts deposits and withdrawals through a wide variety of electronic wallets like Skrill, Neteller, m-pesa, etc.
Cryptocurrency: Liteforex allows transactions through cryptocurrencies instantly without any additional fees. Compared to other regulated forex and CFD brokers in Nigeria, we found Liteforex to be very convenient and attractive in terms of deposits and withdrawals method. Liteforex Bonus Liteforex has a variety of bonus offerings to promote its business and reward its clients. At the time of the review, we found 5 different bonus contests.
We found Liteforex to be very attractive in terms of bonus offerings as they regularly promote contests with attractive rewards. The broker also reimburses the transaction commission if any. Upon comparison with forex brokers in Nigeria, the bonus offerings are far better than many of them. Liteforex Customer Support The customer support services at Liteforex are impressive as the support executives can be reached out through multiple methods in Nigeria. To review the support services at Litecoin, we tried to connect with the support executives through multiple methods.
They have a different live chat window for general queries, financial department, and partnership department. LiteForex has two simple account types that are both more to beginners than experienced traders. Beginner traders are inexperienced traders who have never traded before, or who have been trading for less than a year.
Beginner traders often do not want to risk trading large sums of money and generally will not be able to trade full-time during the workweek. Accounts with lower minimum deposits and which allow trading in micro-lots are generally more suited to beginner traders. Spreads on these accounts are often wider than those with higher minimum deposits. In general, experienced traders tend to prefer accounts with higher minimum deposits and tighter spreads. At Liteforex this trade-off does not occur as both accounts have low minimum deposits and higher than average trading costs, making them unappealing to experienced traders.
LiteForex allows hedging and scalping and offers an excellent copy trading service. Nigerian traders can access maximum leverage of , and both accounts are available as Islamic swap-free options. See below for details on the accounts: Classic Account The Classic Account was designed for experienced traders.
Its variable spreads average at 2. The minimum deposit on this account is 50 USD, and transactions start at 0. Commissions only apply to cryptocurrency trading, at 12 USD per lot. The account offers an interest rate of 2.
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