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LiteFinance review

LiteFinance Review

Overall, LiteFinance is considered low-risk, with an overall Trust Score of 84% out of 100. The broker is licensed by one Tier-2 Regulator (average trust), and one Tier-3 Regulator (low trust). LiteFinance offers two different retail trading accounts as well as Demo and Islamic accounts. LiteForex is currently not regulated by the Central Bank of Botswana.

Updated : May 7, 2024

Jump to:

005 regulations book

Overview

005 feature selection

Regulation and Safety of Funds

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Awards and Recognition

007 fees

Account Types and Features

profile

Account Registration

comparison

Broker Comparison

003 responsive design

Trading Platforms

003 stock market

Range of Markets

charge

Fees

001 cash withdrawal

Deposit and Withdrawels

003 research

Education and Research

bonus

Bonuses and Promotions

001 cash withdrawal

Affiliate Programs

customer service

Customer Support

002 affiliate marketing

Social Responsibility

008 auction

Final Verdict

004 review

Pros and Cons

001 question

FAQ

Overall Rating

Min Deposit

USD 50 / 669 BWP

Regulators

CySEC

Trading Desk

MetaTrader 4, MetaTrader 5, Web-based

Crypto

Yes

Total Pairs

40

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Overview

Overview

 

Overall, LiteFinance is considered average risk, with an overall Trust Score of 76 out of 100. The broker is licensed by zero Tier-1 Regulators (high trust), one Tier-2 Regulator (average trust), and zero Tier-3 Regulators (low trust). The broker offers two different retail trading accounts: an ECN Account and a Classic Account.

 

The broker (previously LiteForex before renaming in 2024) is an online broker that provides customers all around the globe with access to ECN trading.

Since its establishment in 2005, the brokerage has expanded into a worldwide brand that now has locations throughout the continents of Asia, Africa, and Europe.

 

The broker accepts Botswanan clients and has an average spread from 0.0 pips with a $0.25 commission. They have a maximum leverage ratio of up to 1:500, and a demo and Islamic account are available.

MT4, MT5,  Social, and Mobile platforms are supported. The broker is headquartered in Cyprus and regulated by the Cyprus Securities and Exchange Commission (CySEC).

 

Distribution of Traders

Distribution of Traders

 

The broker currently has the largest market share in these countries:

➡️ Malaysia – 11.15%

➡️ Nigeria – 7.8%

➡️ Russian Federation – 7%

➡️ Netherlands – 5.9%

➡️ Canada – 5.7%

 

Popularity among traders

does not have a large market share in Botswana. However, based on the broker’s unique offering and advantages, LiteFinance is one of the top 35 brokers for the region.

LiteFinance At a Glance

🏛 HeadquarteredLimassol, Cyprus
🌎 Global OfficesCyprus
🏛 Local Market Regulators in Botswana• Ministry of Finance and Economic Development (MFED)
• Bank of Botswana (BoB)
• Non-Bank Financial Institutions Regulatory Authority (NBFIRA)
💳 Foreign Direct Investment in Botswana115.89 BWP Million in 2021
💰 Foreign Exchange Reserves in Botswana5270 USD Million in 2021
✔️ Local office in Gaborone?No
👨‍⚖️ Governor of SEC in BotswanaNone, Moses Dinekere Pelaelo is the Governor of the Bank of Botswana
✔️ Accepts Botswana Traders?Yes
📊 Year Founded2005
📞 Botswana Office Contact NumberNone
📱 Social Media Platforms• Facebook
• Twitter
• Instagram
• LinkedIn
• YouTube
• Telegram
• RSS Feed
⚖️ RegulationCySEC
1️⃣ Tier-1 LicensesNone
2️⃣ Tier-2 LicensesCyprus Securities and Exchange Commission (CySEC)
3️⃣ Tier-3 LicensesNone
🪪 License NumberCyprus – 093/08
⚖️ MFED, BoB, or NBFIRA RegulationNo
✔️ Regional RestrictionsThe United States, Israel, Japan, Russia, and some other countries
☪️ Islamic AccountYes
💻 Demo AccountYes
🛍 Retail Investor Accounts2
✔️ PAMM AccountsYes
💻 Liquidity ProvidersMarket
✔️ Affiliate ProgramYes
📱 Order ExecutionMarket Execution
📊 Starting spread0.0 pips, Variable
📉 Minimum Commission per Trade$0.25 per share
💰 Decimal PricingUp to 5 digits after the comma
📞 Margin Call100%
🛑 Stop-Out20%
📉 Minimum Trade Size0.01 lots
📈 Maximum Trade Size100 lots
✅ Crypto trading offered?No
✔️ Offers a BWP Account?No
📉 Dedicated Botswana Account Manager?No
📈 Maximum Leverage1:500
📊 Leverage Restrictions for Botswana?No
💳 Minimum Deposit (BWP)660 BWP or an equivalent to $50
✔️ Botswana Pula Deposits Allowed?No, only USD, GBP, EUR
📊 Active Botswana Trader Stats250,000+
👥 Active Botswana-based LiteFinance customersUnknown
🔁 Botswana Daily Forex TurnoverUnknown, Forex overall is $6.6 Trillion
💰 Deposit and Withdrawal Options• Credit Card
• Debit Card
• Local Deposits
• Bank Wire Transfers
• Electronic Payment Gateways
• Crypto Wallets
💻 Minimum Withdrawal TimeInstant
⏰ Maximum Estimated Withdrawal TimeUp to 5 working days
💳 Instant Deposits and Instant Withdrawals?Yes
🏛 Segregated Accounts with Botswana Banks?No
📱 Trading Platforms• MetaTrader 4
• MetaTrader 5
• LiteFinance Social Trading Platform
• LiteFinance Mobile App
💻 Tradable Assets• Forex
• Precious Metals
• Energies
• Global Stock Indexes
• CFD NYSE
• CFD NASDAQ
• CFD EURONEXT
• CFD LONDON LSE
• CFD XETRA
• Cryptocurrencies
✔️ Offers USD/BWP currency pair?No
📊 USD/BWP Average SpreadNo
✅ Offers Botswana Stocks and CFDsNo
💻 Languages supported on the WebsiteEnglish, Indonesian, Russian, Malay, Thai, Spanish, French, Portuguese, Chinese (Simplified), Arabic, Persian
☎️ Customer Support LanguagesMultilingual
👥 Copy Trading SupportYes
⏰ Customer Service Hours24/5
📞 Botswana-based customer support?Yes
💸 Bonuses and Promotions for Botswanans?Yes
📚 Education for Botswana beginner tradersYes
📱 Proprietary trading softwareNo
🤝 Most Successful Trader in BotswanaCurrently unknown
✔️ Is LiteFinance a safe broker for Botswana Traders?Yes
🎖 Rating for LiteFinance Botswana7/10
🥇 Trust score for LiteFinance Botswana76%
👉 Open Account👉 Open Account

Regulation and Safety of Funds

Regulation and Safety of Funds

 

Regulation in Botswana

The local market regulators in Botswana are as follows:

➡️ Ministry of Finance and Economic Development (MFED)

➡️ Bank of Botswana (BoB)

➡️ Non-Bank Financial Institutions Regulatory Authority (NBFIRA)

While the broker is regulated globally, the broker does not yet have local regulations or licenses in Botswana. However, they are a popular and trustworthy broker that accommodates Botswanan traders.

 

Global Regulations

The broker is well-regulated by:

➡️ Cyprus Securities and Exchange Commission (CySEC), under license number 093/08, ensures that the broker remains compliant with the Markets in Financial Instruments Directive II (MiFID II).

 

Client Fund Security and Safety Features

Customers from countries regulated by CySEC, including the European Economic Area, the United Arab Emirates, and the Marshall Islands, are covered by the Investment Compensation Fund (ICF) (ICF).

This may help protect the client’s money if the broker has financial problems. In addition, eligible customers will get reimbursement from the ICF for up to €20,000.

Because the money belonging to customers is kept in separate bank accounts, the broker is prohibited from using it to pay its own expenses or fulfil any other financial obligations.

 

Is LiteFinance a regulated broker?

The broker operates as a regulated broker, adhering to regulatory standards to ensure transparency and client protection. The company is licensed and regulated by reputable financial authorities, which may include the International Financial Services Commission (IFSC) of Belize.

 

How does LiteFinance ensure the safety of clients’ funds?

The broker prioritizes the safety of clients’ funds through various measures aimed at mitigating risks and safeguarding assets. One key practice is the segregation of client funds, where clients’ funds are kept separate from the company’s operational funds.

Awards and Recognition

Awards and Recognition

 

From 2005 until recently, the broker  has secured several industry awards that spread across numerous services, including:

➡️ LiteFinance won the Global Brands magazine award for best Forex trading tools and software in Africa in 2021.

➡️ LiteFinance won the Global Brands magazine award for best Forex trading tools and software in Africa in 2021.

➡️ A noteworthy achievement for LiteFinance in 2021 was receiving the “Best Mobile Trading Platform” award at the Smart Vision Investment Expo 2021 in Cairo.

➡️ One of the most significant accomplishments of 2020 was winning the Forex Awards for Best ECN Broker in Africa.

 

Has LiteFinance received any awards or recognition for its services?

The broker has been recognized with various awards and accolades for its contributions to the financial services industry. These awards may encompass categories such as brokerage services, trading platforms, customer satisfaction, and innovation.

 

How can clients verify LiteFinance’s awards and recognition?

Clients interested in verifying awards and recognition can typically find a list of accolades on the company’s official website. The broker may also publish press releases or announcements regarding recent awards received.

LiteFinance Account Types and Features

The broker offers two primary account types: Classic and ECN. The Classic account is aimed at novices, while the ECN account is designed for seasoned traders and investors.

The primary distinction is that the ECN account offers narrower spreads and fees. As a result, traders from Botswana may pick between these two basic account types, which can be used to trade on a range of marketplaces.

 

💻 Live Account💳 Minimum Dep.📊 Average Spread💸 Commissions💰 Average Trading Cost
ECN660 BWP / 50 USD0.0 pipsFrom 5 USD / lot5 USD
Classic660 BWP / 50 USD1.9 pipsSpread only19 USD

 

Live Trading Account Details

ECN Account

 

ECN Account

 

The ECN Account, a sophisticated retail investor account, will appeal to traders who want the most advantageous trading conditions and a vast array of advanced features.

 

Account FeatureValue
📊 Starting SpreadFloating spread from 0.0 pips
💵 Commission charges• $0.25 per share
• $0.5 per Contract on Stock Indices
• $0.5 per lot on Energies
• $10 on Forex Major Pairs
• $20 on Forex Crosses
• $20 on Precious Metals
• $30 on Forex Minor Pairs
• 0.12% on Cryptocurrencies
📈 Trade execution typeMarket Execution
📉 Platform availability• MetaTrader 4
• MetaTrader 5
• LiteFinance Social Trading Platform
• LiteFinance Trading App
✔️ Leverage Ratio OfferedFrom 1:1 to 1:500
💸 Account Base CurrencyUSD, EUR, or MBT
💰 Minimum Deposit660 BWP or an equivalent to $50
☪️ Islamic Account Option Offered?Yes
❌ Negative Balance ProtectionYes
📉 Minimum Trade Size0.01 lots
📈 Maximum Trade Size100 lots
💸 Maximum Number of Open OrdersUnlimited
📊 Margin Level100%
🛑 Stop-Out 20%
📱 Social Trading Offered?Yes

 

Classic Account

 

Classic Account

 

The Classic Account is one of the finest traditional trading accounts for novice and experienced traders and investors. With the Classic Account, the following trading possibilities are available:

 

Account FeatureValue
📊 Starting SpreadFloating spread from 1.8 pips
💵 Commission charges• $0.25 per share
• $0.5 per Contract on Stock Indices
• $0.5 per lot on Energies
• $10 on Forex Major Pairs
• $20 on Forex Crosses
• $20 on Precious Metals
• $30 on Forex Minor Pairs
• 0.12% on Cryptocurrencies
📈 Trade execution typeMarket Execution
📉 Platform availability• MetaTrader 4
• MetaTrader 5
• LiteFinance Social Trading Platform
• LiteFinance Trading App
✔️ Leverage Ratio OfferedFrom 1:1 to 1:500
💸 Account Base CurrencyUSD, EUR, or MBT
💰 Minimum Deposit660 BWP or an equivalent to $50
☪️ Islamic Account Option Offered?Yes
❌ Negative Balance ProtectionYes
📉 Minimum Trade Size0.01 lots
📈 Maximum Trade Size100 lots
💸 Maximum Number of Open OrdersUnlimited
📊 Margin Level100%
🛑 Stop-Out 20%
📱 Social Trading Offered?Yes

 

Base Account Currencies

 

Botswanan traders can register an ECN or Classic Account and choose between USD, EUR, or MBT as the base currency for the account.

 

Because LiteFinance does not offer a BWP-denominated account, Botswanan traders will face currency conversion fees on deposits/withdrawals.

 

Demo Account

 

Demo Account

 

Demo accounts are available online platform, mobile app, and the MetaTrader desktop platform. Demo accounts are advantageous for novices because they enable them to practice their methods and get used to the trading platform without risking real funds.

 

Botswanans can expect these unique features from the Demo Account:

➡️ Unlimited virtual financing.

➡️ Quotes acquired directly from liquidity providers.

➡️ Capacity to use scalping and news trading tactics.

➡️ Market execution without requotes on all orders.

➡️ Unrestricted transaction period.

➡️ No Limit or Stop levels.

➡️ Access to several tradable instruments.

 

Islamic Account

 

Islamic Account

 

Metatrader 4 and Metatrader 5 platforms are offered for both accounts, which provide market execution with no requotes. In addition, the brokers permit hedging and scalping and provide an outstanding copy trading service.

In addition, the highest leverage allowed to Botswanan traders is 500:1, and both accounts are offered as swap-free Islamic options.

 

What types of trading accounts does LiteFinance offer?

The broker offers a variety of trading accounts to cater to the diverse needs of traders. These may include Standard accounts, ECN accounts, and Islamic accounts.

 

What features are offered with LiteFinance trading accounts?

The broker’s trading accounts come with a variety of features designed to enhance the trading experience. These features may include access to popular trading platforms such as MetaTrader 4 (MT4) or MetaTrader 5 (MT5), educational resources such as webinars and tutorials, and customer support services.

How to open a LiteFinance Account – Step-by-Step Guide

Step 1:  Start the Account Registration.

To start the registration process the applicant can click on the blue “Registration” button at the top right of the webpage.

 

How to open a Account step 1

 

Step 2:  Complete the Registration Form.

The applicant will be given the option to register by completing the online registration form or via Google/Facebook.

 

How to open a Account step 2

 

Step 3: Complete the Registration Process.

The applicant will be required to provide a verification code (sent to the applicant’s email address) 

 

How to open a Account step 3

LiteFinance Vs AvaTrade Vs JustMarkets – Broker Comparison

🥇 LiteFinance🥈 AvaTrade🥉 JustMarkets
⚖️ RegulationCySECCentral Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISA, KNF, IIROCFSA
📱 Trading Platform• MetaTrader 4
• MetaTrader 5
• LiteFinance Social Trading Platform
• LiteFinance Trading App
• AvaTradeGO
• AvaOptions
• AvaSocial
• MetaTrader 4
• MetaTrader 5
• DupliTrade
• ZuluTrade
• MetaTrader 5
• MetaTrader 4
• JustMarkets App
💰 Withdrawal FeeNoNoNo
📊 Demo AccountYesYesYes
📈 Minimum Deposit660 BWP1,300 BWP13 BWP
📊 Leverage1:500• 1:30 (Retail)
• 1:400 (Pro)
Up to 1:3000
📊 Spread0.0 pipsFixed, from 0.9 pips0.0 pips
💰 Commissions$0.25 per share on Stock IndicesNone$3 units per lot/side
✴️ Margin Call/Stop-Out100%/20%• 25% – 50% (M)
• 10% (S/O)
40%/20%
💻 Order ExecutionMarketInstantMarket
💳 No-Deposit BonusNoNoYes
📊 Cent AccountsNoNoNo
📈 Account Types• ECN Account
• Classic Account
• Standard Live Account
• Professional Account Option
• MT4 Standard Cent Account
• MT4 Standard Account
• MT4 Pro Account
• MetaTrader 4 Raw Spread Account
• MT5 Standard Account
• MT5 Pro Account
• MT5 Raw Spread Account
⚖️ CBN RegulationNoNoNo
💳 BWP DepositsYesNoYes
📊 Botswana Pula AccountNoNoNo
👥 Customer Service Hours24/524/524/5
📊 Retail Investor Accounts217
☪️ Islamic AccountYesYesYes
📉 Minimum Trade Size0.01 lots0.01 lots0.01 lots
📈 Maximum Trade Size100 lotsUnlimited100 lots
💰 Minimum Withdrawal TimeInstant24 to 48 HoursInstant
📊 Maximum Estimated Withdrawal TimeUp to 5 working daysUp to 10 days10 bank days
💸 Instant Deposits and Instant Withdrawals?YesNoYes

LiteFinance Trading Platforms

Trading Platforms

 

The broker offers Botswanan traders a choice between these trading platforms:

➡️ MetaTrader 4

➡️ MetaTrader 5

➡️ Trading App

➡️ Social Trading Platform

 

WebTrader Platforms

 

WebTrader Platforms

 

➡️ MetaTrader 4

➡️ MetaTrader 5

➡️ Social Trading Platform

 

MetaTrader 4

The ‘My LiteFinance’ section of the website includes this social trading platform. This is the basic platform all traders can access when establishing an account.

This online trading platform allows users to copy the trades of highly rated traders. Therefore, when a copy trading signal creates a trade, Botswanans’ transactions are instantly replicated in their trading account.

 

MetaTrader 5

MetaTrader 5, one of the industry’s leading multi-asset trading software systems, may be used alone or in conjunction with an online broker.

The platform’s marketplace is teeming with third-party add-ons that can be used to do anything from simple qualitative tasks to complex quantitative analyses.

The MT5 basic platform has 21 1-minute period histories, 44 analytical items, and 38 technical indicators. The platform may also add new features and uses via the marketplace.

 

Social Trading Platform

The broker’s social trading platform may be found under the website’s ‘My LiteFinance’ section. Following account registration, this is the primary service available to Botswanans.

You can select to copy the trades of highly rated traders on the web-based platform. To that end, whenever a copy trading signal creates a trade, Botswanans’ trading accounts will mirror those deals immediately.

 

MetaTrader 4

 

MetaTrader 4

 

Developed by MetaQuotes Software Inc., MetaTrader 4 is widely used by foreign exchange (FX) and contracts for difference (CFD) traders. Most Forex and CFD brokers provide MetaTrader 4 as one of at least two trading platforms and often as the sole one.

MetaTrader 4 is the most popular online trading platform for trading Forex and CFDs.

 

MetaTrader 5

 

MetaTrader 5

 

MetaTrader 5 is among the most sophisticated trading platforms available. Whereas MetaTrader 4 is primarily designed for the foreign exchange (FX) market, MetaTrader 5 also allows for trading in equities and commodities, despite its lower popularity.

If you are an experienced trader, you could choose this multi-asset, multi-functional platform because of its flexibility in managing many trading accounts simultaneously.

 

Trading App

 

Trading App

 

Botswanan traders can download a free Forex trading app for their mobile devices. In addition, Botswana traders have access to the broker’s trading applications that provide daily market research, trade signals, and trading strategies.

The trading software makes it simple for Botswanans to enter, modify, and exit trades across several markets while tracking price movements, industry developments, and other relevant market news.

 

MetaTrader 4 and 5

Forex traders in Botswana could download the free mobile apps for MetaTrader 4 and 5 for Android and iOS. The desktop and mobile versions are identical in both looks and functionality.

 

Botswanan traders may switch between using MT4 and MT5 on any of their devices without missing a beat because of the platforms’ universal compatibility. In addition, many features are available in the MT4 and MT5 trading platforms.

 

➡️ It is ideal for tracking the markets even while you are on the go.

➡️ In real-time, the programs display the current “buy” and “sell” prices for all trading instruments.

➡️ You can easily choose your preferences for alerts, favorite instruments, and interface colors.

➡️ The trading app for mobile devices is a terrific investment resource for people who are often on the go.

➡️ Multiple orders may be made, modified, and canceled using market and pending orders.

➡️ There are four pending orders on the MT4 app and six in the MT5 app.

➡️ The trading applications provide real-time access to account balances, transaction monitoring, and trade history.

 

What trading platforms does LiteFinance offer?

The broker provides its clients with access to a variety of trading platforms to suit different preferences and trading styles. These platforms may include the popular MetaTrader 4 (MT4) platform, known for its user-friendly interface, advanced charting tools, and customizable trading indicators.

 

What features are available on LiteFinance’s trading platforms?

The broker’s trading platforms come equipped with a range of features designed to facilitate seamless trading experiences. These features may include real-time market quotes, one-click trading functionality, multiple order types, and comprehensive analytical tools for technical and fundamental analysis.

Range of Markets

Range of Markets

 

Botswanan traders can expect the following range of markets:

➡️ Forex

➡️ Precious Metals

➡️ Energies

➡️ Global Stock Indexes

➡️ CFD NYSE

➡️ CFD NASDAQ

➡️ CFD EURONEXT

➡️ CFD LONDON LSE

➡️ CFD XETRA

➡️ Cryptocurrencies

 

Financial Instruments and Leverage offered

🔨 Instrument💰 Number of Assets Offered📈 Max Leverage Offered
➡️ Forex561:500
➡️ Precious Metals51:100
➡️ Energies21:100
➡️ Global Stock Indexes111:100
➡️ Cryptocurrencies651:2
➡️ Stock CFDs100+1:20

 

What financial markets does LiteFinance offer for trading?

The broker offers a diverse range of markets for traders to participate in, catering to various investment preferences and strategies. These markets may include foreign exchange (forex), where clients can trade major, minor, and exotic currency pairs. Additionally, they provide access to contracts for difference (CFDs) on commodities such as gold, silver, oil, and agricultural products.

 

How accessible are LiteFinance’s markets for traders?

The broker strives to make its markets accessible to traders of all levels of experience and expertise. The company offers user-friendly trading platforms that provide seamless access to a wide range of financial instruments. Whether traders prefer desktop, web-based, or mobile trading solutions, the broker ensures that they can easily navigate the platforms and execute trades efficiently.

Broker Comparison for Range of Markets

🥇 LiteFinance🥈 AvaTrade🥇 JustMarkets
➡️️​ ForexYesYesYes
➡️️​ Precious MetalsYesYesYes
➡️️​ ETFsNoYesNo
➡️️​ CFDsYesYesYes
➡️️​ IndicesYesYesYes
➡️️​ StocksYesYesYes
➡️️​ CryptocurrencyYesYesYes
➡️️​ OptionsNoYesNo
➡️️​ EnergiesYesYesYes
➡️️​ BondsNoYesNo

Trading and Non-Trading Fees

Spreads

Spreads

 

Spreads offered are variable and could change depending on the financial instrument being traded, the type of account held by the retail investor, and the market state.

 

Some examples of the typical spreads that customers in Botswana could anticipate seeing are as follows:

💸 Financial Instrument💵 Classic Account Typical Spread💰 ENC Account Typical Spread
Forex Major Pairs1.8 pips0.0 pips
Forex Minor Pairs10 pips3 pips
Forex Major Crosses14 pips6 pips
Energies3 pips1 pip
Precious Metals9.5 pips4.3 pips
Indices0.0 pips0.0 pips
NYSE4.1 pips0.1 pips
NASDAQ4.1 pips0.1 pips
EURONEXT4.1 pips0.1 pips
LONDON LSE4.1 pips0.1 pips
XETRA4.2 pips0.2 pips
Cryptocurrencies0.3 pips0.1 pips

 

Commissions

 

Commissions

 

Because of the low commissions associated with the ECN Account, the broker can provide its traders with the tightest spreads possible, making it an excellent choice for day traders and other active investors who engage in scalping and other strategies based on rapidly changing market conditions and brief timeframes.

 

The broker’s transaction fees vary depending on the financial asset being exchanged. Botswanans can expect these commission charges on the ECN Account:

➡️ $0.25 per share

➡️ $0.5 per Contract on Stock Indices

➡️ $0.5 per lot on Energies

➡️ $10 on Forex Major Pairs

➡️ $20 on Forex Crosses

➡️ $20 on Precious Metals

➡️ $30 on Forex Minor Pairs

➡️ 12% on Cryptocurrencies

 

Overnight Fees, Rollovers, or Swaps

Overnight fees are calculated considering the current market conditions. The broker reserves the right to change its spreads and swaps at any moment in response to changes in market conditions such as volatility and the number of interest rates.

Daily overnight expenses are calculated at the close of trade, with triple swaps applied on Wednesday and Thursday evenings.

 

Botswana traders should anticipate paying some of the following overnight fees:

➡️ EUR/USD – long swaps of -5.616 pips and short swaps of -0.156 pips.

➡️ USCRUDE – long swaps of 55.76 pips and short swaps of -89.28 pips.

➡️ XAU/USD – long swaps of -8.105 pips and short swaps of -1.049 pips.

➡️ XAG/USD – long swaps of -1.134 pips and short swaps of -0.137 pips.

➡️ SPX – long swaps of -3.786 pips and short swaps of -3.425 pips.

➡️ NYSE – long swaps of -0.1 pips and short swaps of -0.2 pips.

➡️ NASDAQ – long swaps of -0.1 pips and short swaps of -0.2 pips.

➡️ EURONEXT – long swaps between -0.1 pips to -2.85 pips and short swaps between -0.2 pips and -3.59 pips.

➡️ LONDON LSE – long swaps of -0.1 pips and short swaps of -0.2 pips.

➡️ XETRA – long swaps of -0.1 pips and short swaps of -0.2 pips.

 

Deposit and Withdrawal Fees

When making a deposit or withdrawal, they do not charge fees for using any available payment methods.

However, Botswanan traders’ trading accounts could incur a processing fee from their respective banks whenever funds are transferred into or out of the account.

 

Inactivity Fees

The account will be closed if a trading account is inactive for two months and has a balance of less than USD 100. In addition, the levies a monthly dormancy fee of USD 10 (or the foreign currency equivalent).

 

Currency Conversion Fees

Because the broker does not offer a BWP-denominated account, Botswanan traders could be subject to currency conversion fees on both deposits and withdrawals.

 

What are the trading fees charged by LiteFinance?

The broker charges trading fees in the form of spreads, which are the differences between the buying (ask) and selling (bid) prices of financial instruments. The size of the spread can vary depending on factors such as market liquidity, volatility, and the type of account held by the trader.

 

What non-trading fees does LiteFinance charge?

In addition to trading fees, the broker may charge non-trading fees, which are fees not directly related to executing trades. These fees may include deposit and withdrawal fees, inactivity fees, and currency conversion fees. Deposit and withdrawal fees can vary depending on the payment method used and the currency involved.

LiteFinance Deposits and Withdrawals

Deposits and Withdrawals

 

The broker offers the following deposit and withdrawal methods:

➡️ Debit Card

➡️ Credit Card

➡️ Local Deposits

➡️ Bank Wire Deposits

➡️ Perfect Money

➡️ Boleto Bancario

➡️ M-Pesa Kenya

➡️ M-Pesa Tanzania

➡️ Africa Mobile Money

➡️ WebMoney

➡️ AliPay

➡️ Bitcoin Cash (BCH)

➡️ Bitcoin (BTC)

➡️ Ethereum (ETH)

➡️ Litecoin (LTC)

➡️ Monero (XMR)

➡️ Ripple (XRP)

 

Broker Comparison: Deposit and Withdrawals

🥇 LiteFinance🥈 AvaTrade🥉 JustMarkets
Minimum Withdrawal TimeInstant24 to 48 HoursInstant
Maximum Estimated Withdrawal TimeUp to 5 working daysUp to 10 days10 bank days
Instant Deposits and Instant Withdrawals?YesNoYes

 

Payment Method, Commission Charge, Minimum Deposit Amount

💳 Payment Method💵 Deposit Currencies💳 Min Deposit Amount
Debit Card0%130 BWP ($10)
Credit Card0%130 BWP ($10)
Local Deposits0%13 BWP ($1)
Bank Wire Deposits0%1,300 BWP ($100)
Perfect Money0%130 BWP ($10)
Boleto Bancario0%130 BWP ($10)
M-Pesa Botswana0%13 BWP ($1)
M-Pesa Tanzania0%13 BWP ($1)
Africa Mobile Money0%130 BWP ($10)
WebMoney0%130 BWP ($10)
AliPay0%130 BWP ($10)
Bitcoin Cash (BCH)0%130 BWP ($10)
Bitcoin (BTC)0%130 BWP ($10)
Ethereum (ETH)0%130 BWP ($10)
Litecoin (LTC)0%130 BWP ($10)
Monero (XMR)0%130 BWP ($10)
Ripple (XRP)0%130 BWP ($10)

 

How can I deposit funds into my LiteFinance trading account?

Depositing funds into your trading account is a straightforward process. LiteFinance offers various deposit methods, including bank wire transfers, credit/debit cards, and electronic payment systems such as Skrill and Neteller.

 

How can I withdraw funds from my LiteFinance trading account?

Withdrawing funds from your trading account is simple and convenient. Traders can request withdrawals through the client portal by navigating to the “Withdrawal” section. From there, choose your preferred withdrawal method, enter the withdrawal amount, and follow the prompts to complete the transaction.

How to Deposit Funds with LiteFinance

Step 1 – Log into your LiteForex account

Traders then log into their area, select the option for deposits, and follow the instructions to deposit into their trading account. Traders must make sure that they select the correct deposit currency if there is a choice available.

 

How to Deposit Funds with  step 1

 

Step 2 – Select the LiteForex deposit option

Traders can click on the LiteForex Finance tab to deposit the minimum amount.

 

How to Deposit Funds with LiteFinance step 2

 

Step 3  –  Select the payment method

Traders must select their payment method and fill out the required payment information. Funds must be transferred in the same currency as the bank account to which traders are sending it, to prevent currency conversion fees from being charged.

 

How to Deposit Funds with LiteFinance step 3

LiteFinance Fund Withdrawal Process

To withdraw funds from an account with LiteFinance, Botswanan traders can follow these steps:

 

Step 1: Sign into the Client Area

Sign into the Client Area, go to the Finances sub-menu, and then click the Withdrawals tab.

 

Fund Withdrawal Process step 1

 

Step 2: Make a Withdrawal

To make a withdrawal, you must first choose the financing method used to create the account, enter the desired withdrawal amount, and then submit the request.

 

Fund Withdrawal Process step 2

 

Withdrawal requests are managed manually by the Finance Department during business hours. According to the Client Agreement, transfers are processed on a first-come, first-served basis and are completed no later than one business day from the date of request.

Depending on the processing times of the sending and receiving banks, a bank wire transfer could take up to five business days to complete, which Botswanan traders should be aware of.

Education and Research

Education and Research

 

 

Education

Offers the following Educational Materials:

➡️ LiteFinance Webinars

➡️ Forex Glossary

➡️ Forex books

➡️ Trading Strategies from professional traders

➡️ LiteFinance Trader Reviews

➡️ Demo Account

➡️ FAQ section

 

Research and Trading Tool Comparison

🥇 LiteFinance🥈 AvaTrade🥉 JustMarkets
➡️ Economic CalendarYesYesYes
➡️ VPSNoYesYes
➡️ AutoChartistNoNoNo
➡️ Trading ViewNoNoNo
➡️ Trading CentralNoNoYes
➡️ Market AnalysisYesYesNo
➡️ News FeedYesYesYes
➡️ BlogYesYesYes

 

The broker also offers Botswanan traders the following additional Research and Trading Tools:

➡️ Economic Calendar

➡️ Technical analysis

➡️ Fundamental analysis

➡️ Analytical materials offered by Claws & Horns

➡️ Forex trading calculator

➡️ Currency rates and quote charts

➡️ Economic news

➡️ Trader’s rating

➡️ Terminology and regulations

 

What educational resources does LiteFinance offer to traders?

The broker is committed to providing comprehensive educational resources to empower traders with knowledge and skills. These resources may include educational articles, video tutorials, webinars, and seminars covering various topics such as trading strategies, technical analysis, risk management, and market insights.

 

Does LiteFinance provide research and analysis tools for traders?

Yes, the broker offers research and analysis tools to assist traders in making informed trading decisions. These tools may include daily market analysis, technical and fundamental research reports, economic calendars, and market commentary from experienced analysts.

10 Best Forex Brokers in Botswana for 2024

Rank

Broker

Review

Regulators

Min Deposit

Official Site

#1

4.4/5

User Score

#2

4.7/5

User Score

#3

4.5/5

User Score

#4

tickmill

4.4/5

User Score

#5

4.7/5

User Score

#6

4.6/5

User Score

#7

4.7/5

User Score

#8

avatrade

4.8/5

User Score

#9

4.8/5

User Score

#10

4.7/5

User Score

Bonuses and Promotions

Bonuses and Promotions

 

The broker offers Botswanan traders the following bonuses and promotions:

➡️ The return of commissions with zero trading costs

➡️ LiteFinance Dream Draw contest

➡️ New Year Promo 2024

➡️ Contest for Forex video bloggers

➡️ Demo Contest

➡️ Successful partner of the month

 

Does LiteFinance offer bonuses to its clients?

The broker may offer bonuses and promotions to incentivize clients and reward their trading activity. These bonuses could include welcome bonuses for new clients, deposit bonuses, or trading rebates based on trading volume or frequency.

 

What promotions does LiteFinance run for its clients?

The broker may run various promotions and special offers to provide additional value to its clients. These promotions could include cashback incentives, trading competitions with cash prizes, or referral programs where clients can earn rewards for introducing new traders to LiteFinance.

How to open an Affiliate Account 

To register an Affiliate Account, Botswanan traders can follow these steps:

 

Step 1: Become a partner

After clicking on For Partners, scroll down to where you will find the blue  Become a partner and click on it.

 

How to open an Affiliate Account  step 1

 

Step2: Registration Form

Fill out the brief registration form. Select a single program or many programs. Access the affiliate link from the affiliate menu and begin promoting it.

Commence receiving compensation for each customer introduced to the LiteFinance website.

 

How to open an Affiliate Account  step 2

Affiliate Program Features

 

Affiliate Program Features

 

The affiliate programs offered by LiteFinance are income sharing and cost per sale. In contrast, the CPS program is a multi-tiered initiative with the highest compensation.

In addition, the Cash Share program offers participants a constant revenue stream via commissions on transactions completed by referred consumers.

 

The CPS program provides the greatest partner remuneration, up to $50 per customer recommendation and 10% of sub-partner income. The Revenue Share program offers the industry’s highest commissions, up to $15 per referral transaction and 10% of sub-partner profits.

 

What is the LiteFinance Affiliate Program?

The  Affiliate Program offers individuals the opportunity to earn commissions by referring new clients to LiteFinance. Affiliates can promote LiteFinance’s services through various channels, such as websites, blogs, social media, or email marketing.

 

How do affiliates earn commissions with the LiteFinance Affiliate Program?

Affiliates earn commissions through the Affiliate Program based on the trading activity of their referrals. The broker typically offers a commission structure that rewards affiliates with a percentage of the spreads or trading fees generated by their referred clients.

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Customer Support

 

Customer Support

 

LiteFinance provides round-the-clock customer service by email, telephone, and live chat. However, registration is required to utilize the live chat feature. Therefore, there was no need to connect via a chatbot to contact a helpful support representative.

 

In addition, the LiteFinance VPS service provides specialized customer support teams available 24 hours a day, seven days a week, to assist new customers with installing EAs and indicators straight to their virtual machines.

Customer SupportLiteFinance’s Customer Support
⏰ Operating Hours24/5
🗣 Support LanguagesEnglish, Chinese, Arabic, Polish, Swedish, Malay, Vietnamese, Finnish
🗯 Live ChatYes
📧 Email AddressYes
☎️ Telephonic SupportYes
📞 Local Support in Botswana?No
🥇 Overall quality of LiteFinance Support3.5/5

Corporate Social Responsibility

There is currently no information on LiteFinance’s Corporate Social Responsibility.

Our Verdict 

Online trading has never been easier than with LiteFinance, a licensed and user-friendly broker.

MetaTrader platforms, noted for being user-friendly despite their capability, are popular among traders of all skill levels for their ability to purchase and sell various CFD products easily.

LiteFinance’s user-friendly interface and extensive trading tools make it an excellent choice for novice traders. While the costs are not the lowest in the industry, it may not be a deal breaker for casual traders.

 

This broker has a lot going for it, including a dedicated account manager and helpful chat and email support staff. In addition, traders who work with the European subsidiary are covered by the safeguards established by CySEC.

Those dealing with the offshore business could take advantage of more trading options and higher leverage. However, they should know that regulatory monitoring is limited to a single Tier-3 regulatory entity.

Despite this, LiteFinance has invested significant money into making its site practical and easy to use, giving potential traders a great first impression.

 

There is a lot of detail on the LiteFinance website about the various account options and the assets that may be traded using the service. However, information about how to contact the service staff is shown conspicuously.

With this broker, onboarding new clients is a breeze since they provide a sample account that works with MetaTrader 4 and MetaTrader 5. In addition, withdrawing and depositing cash is extremely simple, so even novice traders will not have any trouble.

Pros and Cons

✔️ Pros❌ Cons
LiteFinance offers competitive trading conditions across both account typesLiteFinance is only regulated by one Tier-2 regulator
There is a decent and flexible selection of deposit and withdrawal optionsThe commission fees are expensive
Multilingual customer support is offeredThere is a limited choice between trading accounts
There are educational materials offered to beginner tradersCurrency conversion fees and inactivity fees apply
There is a demo account and an option for Islamic Accounts
LiteFinance provides expert market analysis through Claws & Horns
LiteFinance provides a social trading platform along with several strategy providers
There is a broad selection of financial instruments that can be traded

Conclusion

Now it is your turn to participate:

➡️ Do you have any prior experience with LiteFinance?

➡️ What was the determining factor in your decision to engage with LiteFinance?

➡️ Was it because of the minimum deposit, regulation, retail trading accounts, or other factors?

➡️ Have you experienced any issues with LiteFinance, such as difficulty withdrawing funds, inability to verify regulations, irresponsive customer support, etc.?

Regardless, please share your thoughts in the comments below.

Frequently Asked Questions

How long does it take to withdraw funds from LiteFinance?

Withdrawals can take from 24 hours up to 5 working days, depending on the withdrawal method.

 

Does LiteFinance have Volatility 75?

LiteFinance does not currently offer Volatility 75 as part of its extensive portfolio of Index CFDs.

 

Does LiteFinance have Nasdaq?

LiteFinance offers NASDAQ as an index CFD and shares listed on the Nasdaq 100.

 

Is LiteFinance regulated?

LiteFinance is regulated by the Cyprus Securities and Exchange Commission (CySEC) under 093/08.

 

Is LiteFinance safe or a scam?

Anyone from Botswana may feel secure trading with LiteFinance. Traders on LiteFinance are safeguarded from negative balances, and all customer money is kept in a separate account. Established in 2005, LiteFinance calls Cyprus home for its headquarters.

 

Who is the CEO of LiteFinance?

Aleksey Smirnov is the CEO of LiteFinance.

 

Is LiteFinance an ECN broker?

LiteFinance is an NDD broker that uses STP and ECN execution models to fill traders’ orders. These orders are sent to liquidity providers that aggregate the best possible pricing.

Addendum/Disclosure:

No matter how diligently we strive to maintain accuracy, the forex market is a volatile environment that may change at any time, even if the information supplied is correct at the time of going live.

9.5/10 - (2 votes)

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