LiteFinance Islamic Account

LiteFinance introduces an Islamic Account specifically tailored for clients who follow the Islamic faith and its teachings prohibiting the accrual of interest or Riba. This type of account adheres to the principles of Sharia law, which makes it a swap-free account, meaning no interest is charged or received on positions held overnight. With LiteFinance Islamic Account, Muslim traders can engage in online trading without violating their religious beliefs. The account offers all the features of regular trading accounts, including access to all trading instruments, yet ensures compliance with Islamic finance principles. In this LiteFinance Islamic Account review, let’s learn together the features, advantages, and more about the broker.

LiteFinance Islamic Forex Broker Review

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LiteFinance Account Types

ECN Account

  • You need to deposit at least $50 to start trading.
  • The quotes are more accurate and precise.
  • Execute trades at the market price without delays or rejections.
  • Set your own stop loss and take profit levels.
  • News trading and Scalping are allowed.
  • You can keep your trades open as long as you want.
  • Trades are routed directly to the liquidity providers without any interference.
  • There is no conflict of interest between you and the broker.
  • You can access the social trading platform and copy other traders.
  • Use a high leverage of 1:1000 to boost your profits.
  • Negative Balance Protection feature.

Demo ECN Account

With a LiteFinance DEMO ECN account, you can practice Forex trading in a risk-free environment. Whether you are a beginner or an expert, you can use this tool to explore different plans and strategies and see what works best for you. You can learn from your experiments and improve your skills before you switch to a real account and trade with real money.

Classic Account

  • You need to deposit at least $50 to start trading.
  • Get accurate quotes and execute your orders without any delays.
  • Use a leverage ratio of 1:1000 to increase your profits.
  • Follow and copy other traders with social trading features.
  • Enjoy variable spreads starting from 1.8 points.
  • No commission fees.
  • You can open an Islamic account that complies with Sharia law.

LiteFinance DEmo Account

A LiteFinance Free Demo Account is a tool designed for individuals who are new to forex trading or those who want to practice and enhance their trading strategies. This account allows users to simulate real trading situations without the risk of losing actual money. It provides a realistic trading environment with access to real-time market data and charts for analysis. The LiteFinance Demo Account is a great way to familiarize oneself with the platform’s features and functionalities, as well as to gain a better understanding of the forex market dynamics. With this account, traders can develop confidence and build their trading skills before transitioning to live trading.

How the LiteFinance Islamic Account Works

  • Interest-Free Trading: Sharia law prohibits usury, which is the act of lending money to earn interest. As a result, LiteFinance Islamic accounts do not earn any interest or swaps on overnight positions, which is a common practice in regular trading accounts. This feature is the most significant differentiator of Islamic accounts.
  • No Requotes: LiteFinance Islamic accounts offer no requotes on orders. This means that users can execute trades at the exact prices they want without having to worry about changes in the price during the execution of the order.
  • Instant Execution of Trades: The LiteFinance Islamic account offers instant execution of trades. This eliminates any delays in executing orders, which ensures that traders do not miss out on profitable opportunities.
  • No Hidden Charges: Transparency is a major principle in Islamic finance. As such, LiteFinance Islamic accounts do not have any hidden charges. All fees and charges are disclosed beforehand so traders know exactly what they are paying for.
  • Free Access to Trading Tools: Traders using the LiteFinance Islamic account get free access to a variety of trading tools. These tools can help them analyze the markets, develop trading strategies, and make informed trading decisions.
  • Compatibility with Trading Platforms: The LiteFinance Islamic account is compatible with popular trading platforms like MetaTrader 4 and MetaTrader 5. This allows traders to use the platform they are most comfortable with.
  • No Commission on Profit: LiteFinance does not charge any commission on the profits made from trades in the Islamic account. This aligns with the Islamic principle of profit and loss sharing.

In conclusion, the LiteFinance Islamic account is a unique trading account that caters to the needs of Muslim traders. It allows them to participate in financial markets while adhering to the principles of their faith.

LiteFinance Islamic Broker Review – Instruments

  • Currency: LiteFinance provides the opportunity to invest in various global currencies. This includes major, minor, and exotic currencies; each representing different economies around the world.
  • Global Stock Indexes: These are a collection of stocks from multiple international companies. They are an excellent way to diversify your portfolio and reduce investment risk. Global Stock Indexes can include the S&P 500, the Dow Jones Industrial Average, the Nikkei 225, the FTSE 100, and more.
  • Commodities: Commodities are raw materials or primary agricultural products that can be bought and sold, such as gold, oil, wheat, or sugar. These are often used as a hedge against inflation and currency fluctuations.
  • CFD: Contract for Difference (CFD) is a contract between two parties, typically described as “buyer” and “seller”, stipulating that the seller will pay to the buyer the difference between the current value of an asset and its value at contract time.
  • NYSE: The New York Stock Exchange is the largest stock exchange in the world, offering a wide variety of investment opportunities in numerous sectors and industries.
  • NASDAQ: The Nasdaq is a global electronic marketplace for buying and selling securities. It is known for its high concentration of technology stocks.
  • EURONEXT: Euronext is the largest stock exchange in Europe, listing over 1,300 issuers representing a total market capitalization of $3.8 trillion.
  • LONDON LSE: The London Stock Exchange is one of the world’s oldest stock exchanges and can trace its history back to 1698. It offers a wide range of investment opportunities, with around 3,000 companies from over 70 countries currently listed.
  • XETRA: Xetra is an all-electronic trading system, based in Frankfurt, Germany. It was launched in 1997 for use on the Frankfurt Stock Exchange but has since been expanded to be used by various stock exchanges throughout Europe.
LiteFinance Islamic Account - Instruments

LiteFinance Deposit Options

LiteFinance Islamic Account offers various deposit options to cater to the diverse needs of its customers. Here are the deposit options available:

  • Bank Wire Transfers: This is a conventional method where you can transfer funds directly from your bank account to your LiteFinance Islamic Account.
  • Credit/Debit Cards: LiteFinance accepts deposits from major credit and debit cards such as Visa, MasterCard, and American Express.
  • E-Wallets: LiteFinance Islamic Account also accepts deposits from various e-wallets such as PayPal, Skrill, Neteller, etc. This option provides convenience as it allows instant transfers.
  • Cryptocurrencies: In line with modern financial trends, LiteFinance Islamic Account also accepts deposits in the form of cryptocurrencies like Bitcoin, Ethereum, etc.
  • Local Bank Deposits: Depending on your location, LiteFinance may also offer the option to deposit through local banks. This can be a handy option if you prefer to deal with your local banking institution.

Remember that the availability of these options may vary depending on your location and the regulations of your country. It’s also important to consider the transaction fees, processing times, and minimum/maximum deposit amounts associated with each deposit method.

LiteFinance Withdrawal Options

  • Bank Transfer: LiteFinance Islamic Account holders can withdraw their funds through bank transfer. The processing time for this option can vary depending on the bank but typically takes 2-5 business days.
  • Credit/Debit Card: If an account was funded using a credit or debit card, the withdrawal can also be processed back to the same card. The processing time for this withdrawal option is usually around 1-3 business days.
  • E-Wallets: LiteFinance Islamic Forex Account holders also have the option to withdraw their funds to e-wallets like Skrill, Neteller, and others. These withdrawals are generally processed within 24 hours.
  • Wire Transfer: This is another withdrawal option available. However, it is important to note that wire transfers usually take the longest to process, typically around 3-7 business days.
  • Cryptocurrencies: LiteFinance Islamic broker account holders also have the option to withdraw funds in the form of cryptocurrencies like Bitcoin, Ethereum, Litecoin, etc. The processing time for this withdrawal option depends on the blockchain network speed but is generally faster than traditional methods.

It’s important to note that the processing time for each withdrawal option can vary and may be subject to factors beyond LiteFinance’s control, such as bank processing times or network congestion for cryptocurrencies.

Additionally, LiteFinance Islamic Account holders should be aware that there may be fees associated with each withdrawal option, and these should be taken into consideration when choosing a withdrawal method.

Different LiteFinance Broker Trading Platforms

  • LiteFinance MT4 (MetaTrader 4): This is one of the most popular trading platforms in the world. It offers a plethora of features like real-time access to market prices and liquidity, a user-friendly interface, advanced charting capabilities, and a suite of trading tools, which include Expert Advisors (EAs) for automated trading.
  • LiteFinance MT5 (MetaTrader 5): This is an upgraded version of the MetaTrader 4 platform. It provides additional features such as an economic calendar, depth of market, more timeframes, and additional technical indicators. This platform is ideal for traders looking for more advanced trading tools.
  • cTrader: This is another highly respected trading platform known for its speed, reliability, and transparency. It provides direct access to the forex market, allowing traders to place orders with just a few clicks. It also offers advanced order protection and customization options.
  • LiteFinance Mobile Apps: LiteFinance also provides mobile trading platforms for traders who want to trade on the go. These apps are compatible with both iOS and Android devices, allowing traders to access their accounts, monitor market conditions, and execute trades from anywhere at any time.

In conclusion, LiteFinance offers a range of trading platforms to cater to the diverse needs of its Islamic Account holders. Whether you are a beginner or an experienced trader, these platforms provide all the tools and features you need to navigate the forex market effectively.

Trading Tools

  • The Economic Calendar is an essential tool for Forex traders, providing real-time updates. It offers insights into key macroeconomic indicators and events that impact the performance of specific trading instruments. This calendar is particularly beneficial for traders who employ fundamental analysis in their trading strategy. LiteFinance clients can leverage the economic calendar to stay abreast of the latest news, enabling them to trade on the Forex market with greater efficacy and confidence.
  • Forex Analysis & Market Forecasts – Gain perspectives from seasoned analysts on the trends and dynamics of major currency pairs, commodities, and cryptocurrencies. Engage with daily analyses and viewpoints on global markets.
  • Analytical Material from Claws&Horns – At Claws&Horns, skilled experts master the craft of analysis. LiteFinance’s clientele now has access to a broad spectrum of analytical content, including up-to-date forecasts, distinctive reviews, expert opinions, and more. These analytical resources are indispensable for proficient trading.
  • Trader’s Calculator – Utilize the LiteFinance Trader’s Calculator to calculate potential profits or losses for current or prospective positions. Simply enter your account type, currency, trading instrument, lot size, and leverage size to receive an estimate.
  • Fibonacci Calculator – The Fibonacci Calculator provided by LiteFinance is a potent technical analysis tool that aids in trading and calculating price retracements, enhancing your Forex strategy. It empowers you to refine your trading tactics on the Forex market.
  • Currency Rates – Keep informed about the latest exchange rate movements for all pairs and make informed trading decisions. This section also allows you to observe online currency rates and their historical fluctuations on Forex over the past two years.
  • Economics News – Receive a concise overview of the global economy and finance, reflecting the latest trends in foreign exchange and stock markets.

Education and Research

LiteFinance Education and Research offers a suite of educational resources and research materials designed to enhance forex traders’ knowledge and skills. This segment delivers an in-depth understanding of the forex market, trading strategies, trend analysis, and more.

  • LiteFinance Webinars offer a series of online seminars led by seasoned traders and experts in the field. These webinars aim to provide guidance to both novice and seasoned traders on a variety of topics such as trading strategies, market trends, risk management, and other pertinent subjects.
  • The Forex Glossary presents an extensive collection of terms and definitions commonly employed in forex trading. It serves as a resource for traders to familiarize themselves with industry-specific jargon and to facilitate effective communication.
  • Forex Books comprise a selection of works that delve into the realm of forex trading. These publications span a broad spectrum of subjects, including but not limited to trading strategies, risk management, market analysis, and the psychology of trading.
  • Trading Strategies refer to methodical plans that traders implement to establish a profitable approach to trading. LiteFinance offers an array of trading strategies tailored to various trader profiles and market scenarios. These strategies have undergone testing and have demonstrated efficacy in enhancing trading outcomes.
  • LiteFinance Traders’ Reviews is a forum where traders exchange their experiences, strategies, advice, and feedback regarding the LiteFinance platform. It offers invaluable perspectives to fellow traders, aiding them in making well-informed decisions.

LiteFinance Customer Support

LiteFinance offers various channels for customer support:

  • Phone: +447520644437 – You can call LiteFinance customer support for immediate assistance. The number may vary depending on your location.
  • Email: – If you prefer to write down your issues or queries, you can email the customer support. They usually respond within 24 hours. The email address is generally provided on the LiteFinance website.
  • Skype: If you prefer face-to-face communication, you can use Skype. Contact the LiteFinance Skype account for live support. LiteFinance SkypeID:
  • Telegram: LiteFinance also offers customer support through Telegram. You can send a message to their Telegram account for assistance. Telegram ID: LiteFinanceSupport

Is LiteFinance Halal in Islam?

LiteFinance is halal, or permissible, in Islam as it complies with the principles of Islamic finance. The financial practices of this platform do not involve any elements of Riba (interest), Gharar (uncertainty), or Maysir (gambling), which are strictly prohibited in Islam. The transactions are transparent, risk-sharing is mutual, and there is a clear distinction between ethical and unethical investments. Therefore, Muslims can use LiteFinance without violating their religious beliefs.

LiteFinance ISlamic Account review – Conclusion

In conclusion, the LiteFinance Islamic Account is a good option for those adhering to the principles of Islamic finance. The account offers a range of trading options, with the added benefit of no swap or rollover charges, which makes it compliant with Sharia law. The customer support is responsive and helpful, and the platform is user-friendly and easy to navigate. However, it’s advisable to thoroughly understand all the terms and conditions before opening an account. Overall, the LiteFinance Islamic Account is a reliable and ethical choice for Muslim traders.

Check out our Islamic Forex Trading Review here.

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