Note: Since LiteGaps official site (https://litegap.com/) is not accessible while writing this introduction, only a cursory understanding can be obtained from the Internet.
General Information & Regulation
LiteGap is allegedly an unregulated and blacklisted forex broker registered in China that claims to provide its clients with forex trading with leverage up to 1:400 and pretty high spreads on the web-based trading platform.
Market Instruments
LiteGap is a forex broker that mainly offers forex trading. However, we have no way to find other available trading assets due to its broken links.
Leverage
A leverage ratio of up to 1:400 is offered by LiteGap, which is much higher than that provided by most brokers. Inexperienced traders are advised not to use too much leverage since leverage magnifies gains and losses.
Spreads
As tested on the demo web account of LiteGap, the spread on the benchmark EUR/USD pair was as high as 3 pips, which is much higher than most brokers offer.
Trading Platform Available
The platform available for trading at LiteGap is the web-based trading platform. In any case, we recommend using MT4 or MT5. Forex traders praise MetaTrader's stability and trustworthiness as the most popular forex trading platform. Expert Advisors, Algo trading, Complex indicators, and Strategy testers are some of the sophisticated trading tools available on this platform. There are currently 10,000+ trading apps available on the Metatrader marketplace that traders can use to improve their performance. By using the right mobile terminals, including iOS and Android devices, you can trade from anywhere and at any time through MT4 and MT5.
Deposit & Withdrawal
LiteGap accepts credit cards only. The minimum initial deposit requirement is $250. The broker also charges the withdrawal fee. In particular, the withdrawal fee is subject to a service fee of 3.5%. If 3.5% equals or below an amount of 30, the client will be charged a 30 withdrawal fee and the maximum service fee is said to be capped at 3,500.
Fees
Apart from the withdrawal fee that we have just discussed, LiteGap also charges some other fees. For example, the clearance fee is 0.5% from every trade, both winning and losing, up to $1,000. If the trading account is inactive for two months or more, the account becomes dormant and will be charged a dormant fee of $/€/£500. Also, the maintenance fee of 0.5% from the account balance monthly will be charged.
Customer Support
LiteGap‘s customer support can be reached by telephone: +48722761113, email: support@litegap.com. However, this broker doesn’t disclose other more direct contact information like the company address that most brokers offer.
2023-03-27 10:34
