To facilitate trading access for its clients, LiteFinance broker has released a lightweight mobile trading application. Explore its honest review in this article.
Since 2005, LiteFinance has carved a niche for itself as a multi-asset broker, empowering trades not just in forex, but also metals, oil, CFDs on stocks, and indices.
Operating under the name LiteForex (Europe) Limited and regulated by CySEC in Cyprus, they understand the modern trader's desire for agility. So, they've stepped onto the mobile scene with their best trading app.
But does it fulfill the promise of seamless, anytime-anywhere trading? Let's unbox its features and assess its potential.
Regulated by the Cyprus Securities and Exchange Commission (CySEC), LiteForex is also subjected to the European Securities and Markets Authority (ESMA). However, aside from basing its operation on Cyprus, LiteForex also branched to the Marshall Islands. Here, LiteForex hasn't been regulated by any financial regulator yet and conducts its operation under the name of LiteForex Investments Limited (different from LiteForex European Limited which is regulated under CySEC).
Based on some traders' experience registering in LiteForex, the company doesn't strictly limit EU-based traders to LiteForex European Limited. Such traders can openly register under LiteForex Investments Limited that is not subjected to higher leverage restrictions issued by ESMA.
Trading assets in LiteForex range from Currency, Metals, Oil, Stock in CFD, Global Indice, as well as Cryptocurrency. More importantly, the broker provides traders with the chance of trading more than 40 large American companies' Stocks in CFDs.
With the support of both MetaTrader 4 and 5 platforms, LiteForex traders are given the freedom of trading various instruments with the most well-known technologies in trading. It is also the gateway to access an extremely wide selection of custom indicators and Expert Advisors that everyone can discuss and download in MQL4 and MQL5 sites.
ECN and Classic are the only account types offered by LiteForex. Although relatively limited, the account choices have managed to accommodate the majority of traders' needs, particularly those with early to intermediate levels of trading experience.
Interestingly, LiteForex boasts its capability of giving an annual interest for ECN traders which amounts to 2.5% of the accumulated daily free margin. As a complimentary, LiteForex also built a Social Trading system that manages to completely resemble a social media platform with special features solely based on usual trading necessities. The said platform is also easily integrated with traders' Member Area.
On the payment methods' front, LiteForex provides a lot of choices ranging from standard Bank Transfer to electronic payments like Skrill and Neteller. This broker is also known for its ongoing Zero Fees program that relieves traders from the attached fees from each method payment.
More than its commitment to ease traders' experience in terms of payment and trading, Liteforex used to be recognized as one of the first brokers initiating the innovation of Cent Account for small traders, thus the name "Lite". However, the company's focus seems to change over the years so they now choose to limit their service only to ECN and Classic traders.
Furthermore, LiteForex has been serving global retail traders since 2005, an accomplishment not many forex companies can achieve. Therefore, it can be concluded that even though LiteForex is operating as an offshore forex broker, its durability for more than 10 years serves as a reminder of retail traders' trust.
Another thing to note from this broker may come from its expansion to Asian countries and their passionate effort to penetrate the markets profoundly. Not only the language support in the official website, but LiteForex also goes beyond to maximize its commitment by providing local payments and other means specifically tailored for each country's traders.
To keep their traders engaged in more trading activities, LiteForex also holds seasonal trading contests and various kinds of promotional bonuses. Their profile in numerous review sites also indicates a relatively safe broker for retail traders.
Yet, it is important to note that LiteForex offers its service globally as LiteForex Investments Limited which hasn't been registered to any financial regulations. This may subject traders to difficulties in filing complaints and compensation claims should there be unfortunate incidents in the future.
But if we take a look at its long-standing as a comparatively experienced broker since 2005, it is quite safe to say that trading in LiteForex can be considered quite reliable, especially considering its status as an offshore brokerage.
LiteFinance Mobile App in a Nutshell
Weighing in at a featherweight 18MB, LiteFinance app promises lightweight accessibility across both the Play Store and App Store.
On Play Store, you'll find it under the name "LiteFinance mobile trading by LiteForex (Europe) LTD", boasting over 100,000 downloads. However, the lack of user reviews on the Play Store leaves a question mark hanging—what do actual users think?
Thankfully, the App Store offers some insights with a 3.5 rating based on 15 reviews. Meanwhile, this application is only available in one language, which is English both in Android and iOS.
That's a brief initial impression of the LiteFinance app. Moving forward, let's analyze its features.
Key Features of LiteFinance Trading App
Many brokers, aside from LiteFinance, also have trading applications. Among the existing applications, every broker undoubtedly offers special features to attract traders to use their apps. In the LiteFinance mobile app, there are several outstanding trading features offered as follows.
Easy Trading Feature All Through One App
What's the use of a mobile app if not for trading effortlessly anywhere without being tied to cables? There are three trading options in LiteFinance, using either MetaTrader 4, MetaTrader 5, or cTrader.
Actually, you can trade directly in the LiteFinance cabinet without installing a separate MetaTrader. This is one of the advantages of the compared to other broker apps.
Many require you to install a trading platform separately, making it less efficient and consuming more memory. However, you can also install MetaTrader on your own for more comprehensive features.
In the LiteFinance mobile app, you can trade:
- 57 forex pairs
- 13 commodities
- 256 NYSE shares
- 152 NASDAQ shares
- 35 EU shares
- 15 stock indexes
This is a substantial and quite comprehensive number, especially if you want to diversify your trading portfolio.
The way to trade through the mobile app is by clicking on the "Trading" menu in the bottom-left corner. Choose the asset you want to trade, set the timeframe, order type, stop loss, and so on. Once done, click "Buy" or "Sell"—depending on what order types you choose.
You can always check your trading history in the "Trading History" menu. Click on "More," then select "My Profile." All details related to your trading activities, including dates, times, traded assets, lot sizes, and profits and losses, will be recorded there.
Next to "Trading History," there is a "Profitability Chart" containing statistics of your trading wins. This is useful for evaluating and planning your next trading strategies.
Integration Feature for All Trading Accounts
The first feature of the LiteFinance app allows you to combine all your LiteFinance accounts in one app. It has become common for traders to have multiple trading accounts.
LiteFinance broker itself has four types of accounts: a cent account, a classic account, an ECN account, and a swap-free account. The distinguishing factors between LiteFinance's cent, classic, and ECN accounts lie in the spread and commission.
Meanwhile, a swap-free account, commonly known as an Islamic account, is an account that does not pay or charge interest for carrying over positions and does not impose extra maintenance fees or increased spreads, adhering to Sharia principles.
For LiteFinance's demo account, you can open as many as you want, and it is completely free and no registration at all. This can be utilized for learning trading, or to test strategies before applying them to a real account.
To combine all your LiteFinance accounts, you need to log in to your account through the app. Once logged in, go to the "More" menu marked with three dots in the bottom right corner, then click on the "MetaTrader" menu.
There, you can see all the trading accounts you've ever logged into. Simply click on one account to view its details more clearly. If you need to open a new account, just press the "Open Account" button below.
Easy Verification Feature
Next, you can easily go through the LiteFinance account verification process using the application. To access it, click on the "More" button marked with three dots, then select the trading account, and slide to the "Verification" menu under "My Profile."
Here, you will find details of your verification history, including the registered email, phone number, password, identity verification, and proof of address. If you wish to apply for a Sharia account, there is a menu titled "Islamic Account Application."
Simply click on the "Fill In" button to complete the required verification documents. The process of uploading verification documents through LiteFinance mobile app is very straightforward.
After clicking "Fill In," you will find a submission column with two options: uploading from the gallery or taking a direct photo using your mobile camera.
Follow the provided instructions, then click "Continue" when you're ready. The process for submitting other documents is also more or less the same.
Additionally, you can edit them by clicking "Edit" if there are any mistakes or changes you'd like to make. In the "My Profile" menu, you also have the freedom to change your username and password.
Instant Deposit and Withdrawal Feature
Through the LiteFinance app, you can fund your account and withdraw your profits instantly. In the "More" menu, click on the "Finance" tab, and you will find a page for deposit, withdrawal, and transfer history.
The presence of this internal transfer feature is a distinct advantage, as some broker mobile apps do not provide this feature. Additionally, it supports the integration feature of all LiteFinance accounts mentioned before.
Anyway, there are many deposit methods available in the LiteFinance trading platform, including:
- Bank transfer
- Local deposit
- Credit/debit cards
- Tether
- WebMoney
- Perfect Money
- Neteller
- Skrill
- Litecoin
- AdvCash
- Bitcoin
- Ethereum
Click on the method you want to use. Once selected, enter your account information and the deposit amount. Follow the next instructions, and the deposit will be credited to your account instantly within minutes.
For withdrawal methods, the options are more or less the same as deposit methods. There might be a few additions, such as Qiwi and cryptocurrency choices.
Copy Trading Feature
The next standout feature offered by LiteFinance broker is the copy trading feature. Not many brokers provide copy trading services, especially in their mobile apps. In the app, you click on the "Copy" menu. After that, you will see a list of traders whose strategies can be copied.
For your information, copy trading is a service where you duplicate the strategies of professional traders to gain profits as they do. This service is highly popular and beneficial for traders of all levels, both beginners and professionals.
In the LiteFinance mobile app, you are free to choose a trader to copy based on their win rate, the risk level of the used strategy, popularity, managed assets, and how long they have been trading. You can access this filter tool in the "Popular" tab.
LiteFinance App's Pros and Cons
At first glance, trading through the LiteFinance app seems quite convincing. You can easily trade with just your phone and an internet connection.
You can even trade through the LiteFinance cabinet without the need to download additional apps, a rarity among broker mobile apps. All menus related to account and financial management are also available and easy to navigate.
However, before you install this app, you should know that the LiteFinance trading platform on the Play Store does not have organic ratings. In fact, there are no user reviews at all.
This is quite unusual. How can there be no reviews for a global broker app that has been downloaded over 100,000 times? This can raise suspicions about whether the app deliberately removes or disables ratings and reviews, and what might be the reason behind it.
In the App Store, the mobile app has a rating of 3.5 with only 15 reviews. Here is a summary of the LiteFinance app reviews on the App Store:
It can be said that the LiteFinance app reviews on the App Store are not very good. Based on the picture above, the majority of complaints are about trading chart manipulation and unsuccessful withdrawals.
These two issues are crucial and can create suspicions of forex broker scams. This is something you should reconsider.
Additionally, the is not available in all jurisdictions. For example, the app can be downloaded through the Play Store in Vietnam but is not found in Indonesia.
When I tried to contact customer support, they gave me a link to download the 23 MB APK file. However, when attempting to install it, the APK-formatted app was successfully downloaded but couldn't be installed.
My phone security system automatically uninstalled it right away. It's unclear what would happen if downloaded directly from the Play/App Store.
To facilitate comparison, here is a pros and cons table of LiteFinance app:
| Pros✔️ | Cons❌ |
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Conclusion
So, is the mobile app from LiteFinance broker worth installing? It can be said that downloading the app is somewhat scary. Firstly, due to the lack of ratings and reviews on the download platform, it seems unreasonable despite the app having a high number of downloads.
Secondly, the unavailability of this app in several countries. Thirdly, the APK-formatted app file provided by LiteFinance customer support cannot be installed and is automatically rejected by the Android phone's security system.
Lastly, even with the few reviews available, some of them mostly complain about trading chart manipulation and withdrawal difficulties—which we don't want to experience at all.
In the personal opinion of the writer, it is not recommended to download the LiteFinance trading app. The best trading app should be one that can provide services to customers, be transparent about reviews, and not contain viruses or bugs that could harm users.
Especially considering the current numerous cases of scams spreading through APK files, which can drain funds from mobile banking accounts. Therefore, it is advisable to be cautious when encountering such anomalies.
LiteFinance is a global multi-asset broker located in Cyprus. With a CySEC license, the broker which is also known as LiteForex (Europe) Limited, offers trading services covering forex, commodities, shares, and indexes.