Forex traders always look for trading with brokers that suit their trading needs and preferences. LiteFinance and LMFX are online forex brokers that offer their trading services to traders and investors. LiteFinance is a highly regulated and trusted forex broker. It is regulated in two tier-1 jurisdictions, and one tier-5 jurisdictions. On the other hand, LMFX is an offshore forex broker which is not regulated by any regulatory bodies.
In this article, we will review and compare the brokerage services offered by LiteFinance and LMFX. We will explore options such as regulations, reputations, fees, features, leverage, and more. Additionally, we will analyze and rate the brokers based on macro and micro categories and options. By reviewing these aspects, you will get a clear idea of which broker suits you best for your trading journey.
LiteFinance vs LMFX: In a Nutshell
LiteFinance
LiteFinance (formerly known as LiteForex) is an online forex and CFD broker founded in 2005. It provides online trading services for individuals interested in participating in the foreign exchange market and other financial markets. LiteForex offers various trading accounts, platforms, and educational resources for traders. You can trade using MT4, MT5, and mobile trading apps on LIteFiance. This broker offers 250+ trading instruments for retail traders.
LiteFinance Overview
- Founded In: 2005
- Minimum Deposit: $10
- Maximum Leverage: 1:1000
- Regulations: FCA, CySEC, FSA, FSA (Labuan), and FSCA.
- Trading platform: MT4/5, LF, cTrader
- Account Types: ECN, Classic
- Payment Options: Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, Alipay, Bitcoin, Bitcoin Cash, Boleto, Ether/Ethereum, Litecoin, Local Bank Deposits, M-Pesa, Mobile Money, Monero, PerfectMoney, Ripple (XRP), WebMoney
- US Traders: Not Accept
LMFX
Traders who desire high leverage, multiple payment options, or even fixed spreads should consider trading with LMFX. Founded in 2015, the broker has successfully operated without hitches while growing its client base through the delivery of excellent services. Trading fees are low and there is an account type for every broker.
LiteFinance vs LMFX : Side By Side Comparison
LiteFinance vs: LMFX Features
LiteFinance
- Trading Instruments: 250+ Trading instruments including Forex currency pairs, CFD stocks, Stocks indexes, Metals, Oil, Cryptocurrencies, etc.
- Maximum leverage: The maximum leverage of LiteFinance is as high as 1000:1. However, leverage may vary based on jurisdiction, and tradable assets.
- Minimum Deposit: The minimum deposit of LiteFinance is $10 for cent account, $50 for ECN and Classic Accounts
- Account Types: Three (ECN, Classic, Cent)
- Trading Fees: Floating spread starting from 0.0 pip for ECN Account, 1.8 Points for Classic Account, and 3 points for Cent Account. ECN account charges a commission of 0.25 per lot per side (Zero Spreads)
- PAMM/ MAM: Not Available
- Scalping: Allowed
- News Trading: Allowed
- EA/ Robot Trading: Allowed
LMFX
- Trading Instruments: Forex, CFDs (Indices, Commodities, Metals, Shares) Â
- Maximum leverage: 1000:1
- Minimum Deposit: $5
- Account Types: Four ( Premium, Micro, Fixed, Zero Account)Â
- Trading Fees: Spread starting from 1 pips or commission $4Â
- PAMM/ MAM:Â Not Available
- Scalping: AllowedÂ
- News Trading: Allowed
- EA/ Robot Trading: Allowed
LiteFinance vs LMFX: Pros and Cons
LiteFinance Pros & Cons
- LiteFinance ( formerly LiteForex) is regulated by CySEC
- The Maximum leverage is as high as 1:1000
- Correspondence to the A-Book model, STP (straight-through processing) and ECN technologies for processing client orders
- Variety of account types, including Classic and Islamic accounts.
- Scalping, News trading, and EA/Robot Trading are allowed
- Offers web trading, mobile trading and ECN trading
- Multiple payment methods, plus local transfers
- Not regulated by tire regulators like FCA, ASIC
- No passive investment program ( MAM, PAMM Accounts)
- US, UK, or Japan Traders are not accepted
- A small selection of trading instruments;
- Sometimes it takes time to receive a response from technical support;
- 3% withdrawal fees if you do not have any trading activities
LMFX Pros & Cons
- The maximum leverage is as high as 1:1000.
- Tight Spread Starting from 0 pips
- Free VPS for high-volume traders.
- Allow Scalping, News Trading, EA Trading
- Does not have any FIFO Restrictions
- Deposit bonus and other bonuses.
- Due to the absence of regulatory restrictions, the broker is open to clients worldwide
- Multiple payment options including crypto and e-wallets.
- 4 Types of accounts available ( Premium, Micro, Fixed Zero)
- Traders are supported with trading tools like calculators, economic calendars, etc.
- Not Regulated by Any Authority
- Crypto CFDs are not available to Trade
- No Investor Protection Scheme
- No access to MetaTrader 5. Only MT4 and Webtrader are available.
- The minimum deposit for bank wire transfers is $250
- Managed Accounts and Social Trading (MAM, PAMM Accounts) are not Available
LiteFinance Vs LMFX: Our Scores and Ratings
We rated both brokers, LiteFinance and LMFX, on a scale of 1 to 10, with 0.1 increments. To achieve a comprehensive rating, we broadly grouped all services offered by brokers into 6 macro categories and assigned percentage weights to them. Each macro category is subdivided into several data points which contributes to the total score of 1.0-10.0 assigned to each macro category. Since all categories are not equally important, our weight percentage plays a significant role in assessing the broker accurately. For example, Regulation and Security contributes a total weight of 40% to the whole ratings because this is the most important rating category. To learn more, read our methodology.
LiteFinance:
LMFX
Final Verdict :
Both LiteFinance and LMFX offer similar trading services worldwide. However, there are differences in their regulations, reputation, and operation. LiteFinance is a highly regulated and trusted forex broker. It is regulated by top-tier regulatory authorities, including CySEC, MIFID, FSA. On the other hand, LMFX is an unregulated offshore forex broker. LiteFinance provides Multiple trading platforms including MT4, MT5, MobileTrader (MobileApp).On the other hand, LMFX offers MT4, Webtrader, Mobile Trader.
As LiteFinance is not licensed in the USA, it cannot accept US clients. Being an unregulated offshore forex broker, LMFX can onboard clients from anywhere in the world, including the USA. Therefore, non-US traders may opt for LiteFinance , while US traders looking for offshore forex brokers may consider LMFX. Trading with offshore forex brokers is risky and not recommended.
