Updated Client Profiles from LiteForex: Review of functions
Not long ago, the LiteForex broker introduced its clients to a new version of Client Profile, which is absolutely different from the previous one. The developers’ main task was to create a convenient and functional environment combined with a web version of a trading platform, keeping main trading options and excluding unnecessary stuff. And they did it perfectly.
The previous version of Client Profiles allowed trading via MT4. Though very popular, this platform was inconvenient to beginners and those for whom forex trading is a part-time job. The new version excludes the main drawback of MT4: its complexity and overload with multiple functions that aren’t necessary for usual traders at the end of the day.
I would mention the following advantages of my.liteforex.com:
- User-friendly interface that even a novice will understand after a few hours of demo testing;
- Connection with TradingView. In essence, the new client space is a web platform with embedded charts and analytical tools from TradingView, considered to be the best independent analytical instrument;
- Embedded functions for social trading and trade copying. The platform allows trading independently and getting linked to other traders;
- Great usability. A trader can access the most important information at any time: quotes and data on opened trades with an opportunity to correct orders. All this is designed as a drop-down menu and available in a few clicks. Half an hour will be enough to get used to the platform’s perfect interface;
- The platform is adapted to any versions of mobile devices;
- A demo version doesn’t require registration;
- One-click trading can be done from the main page, where you can also set your favourite instruments for more convenience.
Now let’s move to a more detailed review.
my.liteforex.com - updated Client profiles at LiteForex
1. Main page
The main page provides a user with several information menus and online quotes. To see all available trading tools, click on the “All trading tools” menu (by the way, the platform operates in 12 languages).
Here you can find all current quotes for currencies, shares, oil, stock indexes, and cryptocurrencies. To start trading, you need to click on a trading instrument you’re interested in. A chart of quotes with technical tools and a menu for opening a trade will appear on the screen. Those who have been working with TradingView are familiar with this way of displaying charts and menus. I’ll return to this subject below when we start examining the trading process itself. Now let’s go back to the main page.
The tool set of Client Profiles allows displaying quote cards both as a table and as a list. To do so, you need to click on the button in the red rectangle as shown in the picture below. Pay attention to the button at which the arrow points. It’s for contacting instantly the support team and asking questions concerning operation, trading, and set of functions to LiteForex’s experts.
Also, pay attention to the stars placed near every trading tool. Since the broker provides over 1 hundred trading instruments, but not all of them need to be displayed, the developers did the right thing: a trader can choose him/herself the instruments he/she needs, and their quotes will be displayed on the main page. To do so, you only need to activate a star (make it yellow).
All instruments on the list may be sorted out by volatility, popularity, or name. Price fluctuations can be displayed over various periods of time.
One of the most convenient innovations implemented in the new platform is the opportunity to sell and buy financial tools directly from the main page of the site, without applying technical tools (one-click trading). It’s really convenient, when you need to open or close positions in several tools fast at the same time. You only need to customize the card view using the button as shown in the picture below.
Below the window of quotes on the main page, there’s a list of traders an investor can get linked to for copying their trades automatically. A trader’s card can be customized just like a tool card. An investor may display on the main page information on the number of clients who joined the trader, the volume of assets managed and the “Copy” button.
Also, a card displays information on profitability over a certain period and general profitability. Sorting can by done by any of those parameters. The following information is available in a trader’s card:
- profitability chart;
- current trades with indication of direction, volume, and profit/loss;
- history of trades;
- trader’s info: general profitability, country, annual figures per month, general number of trades with sorting by instrument and % of profitable trades.
Social trading became even more convenient as the whole of information is graphic and available in a few clicks only. However, this system has its inconveniences too. Firstly, I had to ask the support team which criteria were used for assessing risk and ranking. Risks are estimated by maximum drawdown, leverage, account lifespan and deposit utilization rate (money management). Secondly, there is no option for a chat between an investor and a trader, but the developers promised it would be introduced in the next months.
Also, there’s a control option for current trades on the main age. You need to click on the “Portfolio” button at the bottom of the page, and a customizable menu will open below.
The information trading menu provides basic information on trades and allows modifying them. It may be used for not only closing a trade, but for modifying it too: place stop loss and take profit orders or increase a volume of a position.
Here you can top up an account with virtual money too. In the picture above you can see the “Deposit” button in the lower right corner. Having clicked on it, you will be invited to register and make a real deposit, or to increase your virtual deposit.
And a few words about the left menu which consists of three buttons:
- “Main page” - redirection to the main page of Client Profile which displays trades and allows managing open positions (including social trading). You will be moved to the main page as well if you click on the LiteForex logo in the upper left corner.
- “Trading” - redirects a trader to the same page as the button “All trading tools” does;
- Traders - redirects a trader to the same page as the button “All traders” does.
It’s not necessary to register for testing the platform in a demo mode, but registration is preferable if you wish to have the information on trades saved. However, your trading history will still be saved in your browser until the moment you clear the cache. The Social Trading system can be tested in a demo mode without registration too.
Click on the “Registration” button in the upper right corner on the main page and fill in the fields.
- Attention: All information you provide must be true or you may face verification problems. The goals of verification with a broker are clearly set out here.
You need to enter your full name, phone number, email address, trading account currency, and password. You can fill in information in any language. Note that a password is typed in only once without confirmation. If you entered a wrong password at the very beginning, you’ll learn about that only after you’ve tried to log in to the profile again. Once your profile has been created, you need to provide as much information as possible: it will come in useful when you decide to become a manager trader, at least.
To have yourself verified, you need to:
- Attach a colour copy of your ID (passport, driver license) with the following information: Photo, full name, birth date and ID number. A photo must not be cropped. These are the regulator’s requirements.
- Confirm your address. To do so, you need to upload a colour copy of a document which provides the following information: Full name and residential address. It can be a bank statement, a service bill, notary’s certificate or any other bill from a globally recognized organization. Bills must not be older than 3 months.
- Enter a code that will be sent to the phone number specified in your profile (Trader’s Questionnaire).
- Enter your personal information (trading experience, information for potential investors about basic copy trading terms).
- Apply for an Islamic account (if necessary).
You don’t have to have your documents translated into English.
Attention: You can postpone your verification and the functions of the platform will be still available. But personally, I prefer order in everything.
3. Review of Client Profile after registration
Three additional sections appear in the left menu after registration: Finance, MetaTrader and Old Client Profile. MetaTrader is a section for downloading a desktop version of the platform if you still want to use it.
The style of the New Client Profile can be called “minimalistic”. Many things from the old version haven’t been kept. For example, the section for affiliates or the club. However, all those things are still available in the old version, and the menu of the same name allows you to go back to the opportunities of the previous client space. It’s end-to-end redirection which automatically saves all data and doesn’t require registration. The support team says both the club and the affiliate section will be transferred later and until then, the old version will be available with no limits. Also, I think this decision will make the transfer smoother for current clients.
In the picture below, the three new sections I’ve mentioned above are in the red frame, and the main menu I’m now going to talk about in detail is in the yellow frame.
“Personal profile” - a section where a trader fills in his/her personal information and which contains all necessary verification functions. The section also contains 2 important subsections: Trader’s questionnaire and Trader’s profile. Trader’s questionnaire serves for providing general trading information: Average order size, number of tools used, frequency of opening trades. It will allow a potential investor to have a general picture of a manager. A manager can activate/deactivate the option of copy trading and set a desired % of profit as remuneration in the Trader’s profile section.
“Trading profile” accumulates the whole of information on your trades:
- Profitability chart built on the basis of your trading results (closed trades);
- List of open trades with an opportunity to correct orders (duplication of the hidden menu “Portfolio” I’ve written about earlier).
- History of trades (all’s clear);
- Personal information. Includes your country, general profitability and monthly profitability.
“Deposit” - a huge section with a few subsections. Contains information on how to top up an account (bank cards, payment systems, cryptocurrencies). Deposit and withdrawal history can be seen in the respective section.
4. Social Trading.
The options of copy trading can be tested in a demo mode, which is very convenient. So, we top up the account and select the “Activate real trading” option in the trader’s main menu. Then we go to the “Traders” section (left menu). It’s more convenient to me when information on manager-traders is displayed as a list, not as a table. You can control the display mode using the button outlined in red in the picture below.
Also, I’d like to remind you that the whole list of open trades (your own or copied ones) can be seen either in the hidden menu “Portfolio” (the icon in the lower left corner in the picture above) or in the “Trading profile” section that drops down in the upper right corner when you aim a mouse at a trader’s name and surname. In the window that opens, you see all manager traders whose trades can be copied (blue button). Copying will be automatic, within the limits of a deposit allocated to each of the traders. Now it’s 100 usd., but you can increase or reduce this sum (with a minimum step of $10).
Available copy types:
- “In proportion to my funds”;
- “Full size 1 to 1”;
- “Fixed size”;
- “% of each trade’s volume”.
You can choose your copy type clicking on the trader’s card or in the “Profitability chart” menu using the button outlined in the picture below. Also, you can choose automatic Copy stop terms for each copy type: once the maximum loss or profit has been reached.
How do we choose a manager trader?
- We compare profitability and risk. For example, with 9 out of 10 risk and 545% profitability, I would invest only a small sum. The risk “3” with 1640% profitability means a manager has been lucky, but no one knows for how long it will last. It’s better to choose a moderate risk with average profits. Also, you can check a manager’s profile to learn more information (profitability, monthly risks, statistics on subscribers, current open trades, history of trades, and so on).
- Use a filter as shown in the picture below.
At the bottom of the screen, you can see a current volume of assets, assets used and assets available for trading. I distribute 50% of my deposit ($500) among 3 traders and click on “Copy”.
Also, I activate the "Portfolio" menu where I can see the managers chosen. The managers don't open any trades, though, so profitability figures equal zero. Also, pay attention to a type of copying. The “Portfolio” section will also display the trades that you’ve opened by yourself, but the trade type column will show “Sell” or “Buy”.
Social Trading will be interesting for professional traders too as they can earn not only from trading, but also from copy traders' commission. And a manager trader can work, for example, on the MT4 platform while investors can get linked to him/her in the updated Client Profile. Everyone wins: investors copy trades on a user-friendly platform, a manager trades how and where he/she wants, earning a commission at the same time.
Now I’m going straight to the process of trading via New Client Profile. Let’s start with a review of functions. To analyse charts and the options of TradingView, let's go directly to an asset card: "Main page - Trading tools", and select a tool. For example, ВТС/USD.
Three menus are outlined in the picture above:
- Red rectangle: for setting a period of the lower scale. Take note of the “Go” point which allows selecting any date in the chart. A chart can be scaled using mouse wheel.
- Green rectangle: auxiliary scale. % - mode of displaying the right scale, in points or percent. Log - activation of logarithmic scale. Auto - activation/deactivation of automatic scaling. The last icon in the form of a gear - properties of the scales - order of placement, display of tools, previous closing prices, and so on.
- Yellow rectangle - another auxiliary scale. The first icon saves a current chart as a file. The cloud down arrow icon is for a fast upload of a chart. The cloud up arrow icon saves the work environment with all changes with various tools over different periods.
The "Info on the instrument" menu provides general information: spread, change in points and percent, volatility, type of swap and its size, buy and sell price.
Now let's examine the main tool bar.
From left to right:
- Time frame. The platform provides 9 periods, starting from 1 minute to 1 month.
- Types of chart: bars, Japanese candlesticks, lines, zones, Heiken Ashi. As the platform is simplified and oriented mostly towards beginners, there are no Renko charts or tick-tack-toe charts like in TradingView here.
- Settings of the graphic field. Here you can choose a style of bars (candlesticks), their color, outlining, shadow. Set the view of the scale, choose a convenient filling.
- Basic indicators of technical analysis So far there haven’t been many of them, only the basic ones. As the developers say, there will be an opportunity to add other combined indicators to the platform soon, but automated trading is impossible. There’s no option for adding a pattern of an advisor into a web platform either.
- Comparison/Adding of a tool onto a chart.
- Arrows to go 1 step backward or forward.
Compared with the original version of TradingView, the updated investor’s profile looks simplified, but its main functions have been kept. And that’s enough.
On the right side of the chart, you see a trade opening window. Here you can enter your lot size and place stop loss and take profit orders. You can place a deferred order, specifying a desired price in the “At the price” menu.
In the picture below, I’ve placed Bollinger bands which have just shown that the price broke the channel borders in the 15-minute time frame, but there’s no strong trend. The price returned to the channel and is moving to it lower border just like a few periods ago. There’s moderate flat. I increase a lot size to 0.06 (monetary equivalent is immediately shown under the lot size) and open a position to sell, hoping to close it when the price has reached the lower border of the channel.
Let me remind you that the state of your trades is displayed in the lower hidden menu “Portfolio”. Right after a trade is opened, a loss equal to margin will be shown in the history.
Let’s sum up. The new Client Profile is a symbiosis between a trading platform with embedded options of graphic analysis from TradingView and the old version of Client Profile, with the most necessary functions kept. It’s hard too say to which extent it’s better than the old version and MT4, but I’m pretty sure it’s much more convenient to beginner traders. It doesn’t contain trading experts, but are there many beginner traders who know how to use them? The fans of MetaTrader and those who wish to use its trading advisors can always download its desktop or mobile version. All account trades will be synchronized with the online platform of the new Client Profile. The clumsiness of MetaTrader that only confuses beginners is somewhat smoothed away in the new version.
What I liked the most:
- There’s all necessary for any type of trading;
- Trading is combined with social trading;
- Graphic analysis from Trading View with a full set of options;
- Big menu icons and comfortable colour combination which allow finding a required section fast.
Finally, I recommend that you register and test everything by yourself to appreciate the options of the updated Client Profile.
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.