LiteGap

Note: LiteGap's official website - https://litegap.com/ is currently inaccessible normally.

LiteGap is an unregulated broker registered in China, specializing in forex trading with leverage up to 1:400 via the MT4, MT5 and Web trading platforms. The minimum deposit requirement to open a live account is as high as 250 USD.

Pros and Cons

Is LiteGap Legit?

No, LiteGap is currently an unregulated broker, which means that the safety of clients' funds and trading activities on the LiteGap platform are not protected in any way compared to those brokers that are strictly regulated.

What Can I Trade on LiteGap?

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.

Spread

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

Deposit and 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 monthly account balance will be charged.