5 Best Litecoin Trading Brokers for 2024

List of Top Forex Brokers for Litecoin Trading

Best brokers for US traders

Best brokers for international traders

How did FXEmpire select the Best Litecoin Trading Brokers?

• We ensured each broker achieved a high overall score from our proprietary rating system.
• We verified the regulatory license for the jurisdictions each broker operates.
• We checked that the digital token Litecoin is available for trading.
• We confirmed a wider selection of cryptocurrencies is available to trade on.
• We checked that each broker provides the ability to trade cryptocurrencies using leverage.
• We assessed the trading fees for Litecoin and other cryptocurrencies to ensure they are as low as possible compared to the industry average.
• We opened a live trading account to witness first-hand the broker’s live spreads and check their competitiveness.
• We tested the trading platforms to ensure a live chart of Litecoin is available and that it is user-friendly and simple to trade from.
• We explored the different payment options to check if you can deposit and withdraw funds using crypto.
• We examined the available research and educational materials to determine how well they support trading cryptocurrencies.

Our team of experts has identified each broker’s strengths and weaknesses using FX Empire’s comprehensive methodology. Here’s how we test.

Now let’s dive into the selected brokers.

How to choose a Litecoin trading forex broker?

Here’s a quick guide on choosing the best forex broker for trading Litecoin.

1. Is the broker regulated?

The cryptocurrency industry is known to be full of scams. As governments catch up to this new type of asset class, regulatory frameworks are still being created. However, there are well-known financial centers that are now starting to regulate crypto firms. It is important to stick to these types of brokers that are regulated.

A regulated broker must legally adhere to a strict set of rules and policies. If you choose to trade with an unregulated broker, then there is nothing you can do if they decide to steal your capital. I would highly recommend avoiding unregulated brokers.

Here are a few tips to check a broker’s authorizations and licenses to operate:

• Where is the broker based? If the broker operates from a well-known financial region such as the UK, USA, Singapore, Japan, etc., then they are legally required to adhere to the strict laws and policies set out by the country’s financial regulator, providing a higher level of safety and security.
• Can you identify them on the regulator’s register? A country’s financial regulator will have an online register of firms that are licensed by them. Search for the broker on this register to verify their license and authorizations.

It’s also important to note that every financial regulator has a different level of guidelines and policies. For example, the UK FCA has a ban on leveraged crypto trading for retail traders and only allows it for professional traders. Other Tier-1 regulators such as CySEC and ASIC allow their brokers to provide crypto trading products such as Litecoin.

Brokers regulated by Tier-1 regulators generally provide the highest level of safety and security for retail traders. Both CySEC and ASIC legally require brokers to segregate client funds from company assets — ensuring the broker doesn’t use your money for operational expenses — and to offer negative balance protection, preventing your account from falling into negative territory.

Read more about best regulated forex brokers in our comprehensive guide.

2. Are the fees transparent?

There are a variety of fees to take into consideration when choosing a Litecoin trading forex broker:

• Spread. The difference between the buy price and sell price of a crypto pair. See our guides on the best zero spread and best lowest spread forex brokers.
• Commission. A charge for executing a trade.
• Overnight or swap fee. The cost of holding a leveraged or margined position overnight. Find the list of the lowest swap brokers in our detailed guide.
• Payments. Fees to deposit or withdraw funds.
• Inactivity. A charge when no activity has taken place for a certain number of months.

A broker will want to charge the highest fees possible, whereas the trader will want the lowest fees possible. As forex and crypto trading have become more popular over the years, brokers now compete with each other to attract traders. Therefore, some brokers will offer some very low fees.

To identify the transparency and competitiveness of a broker’s trading fees, you should check their website and legal terms and conditions document or speak to a customer support agent. If it is not clear or transparent, it’s probably best to avoid that broker.

3. Which account type is best?

Brokers will often offer a variety of different account types. They can be generally categorized into a commission-free trading account and a commission-based trading account.

• A commission-free trading account means there are zero fees to buy or sell as, usually, the broker will markup the spread they receive from the interbank market or exchange.
• A commission-based trading account means there is a fee to buy or sell as, usually, the broker is providing you with the interbank market or exchange spreads that have no markup.

Beginner traders may prefer to start with a commission-free trading account first, as most of the costs are incorporated into the spread, making risk management decisions a bit easier. Short-term traders may prefer to trade with a commission-based but low-spread trading account to get filled at the best possible price available in the market.

4. How much leverage is available?

With some crypto brokers, you are buying physical tokens that you will then need to store in a wallet. When trading real tokens, you need the full face value of the transaction size. For example, if you wanted to purchase $10,000 worth of Litecoin, then you need to have $10,000 to buy the coins.

For years, forex brokers have been offering the ability to trade on leverage. This has now been transferred over to the trading cryptos as well. For example, if a forex broker offers 1:50 leverage when trading Litecoin, this means with just $10,000, you can control a position size of $500,000 worth of Litecoin tokens.

When using leverage, you only need to put up a small amount of capital to control a larger position. However, your profit and loss are calculated on the total trade value, so it will amplify both winning and losing trades.

Tier-1 regulators have restricted the cryptocurrency leverage to 1:2 for retail traders. Many brokers may offer higher leverage with entities that are regulated in offshore jurisdictions. While this may sound enticing, this also means there are lower investor protections on your capital. Therefore, you should consider what is most important to you and choose your broker accordingly, knowing the risks.

For those comfortable with these dynamics, FX Empire offers a list of the best forex brokers with high leverage, carefully selected to suit specialized trading needs.

5. What trading platforms are available?

To trade cryptocurrency successfully, you need a top-notch trading platform to access the market, analyze the market and send your trading orders through. Some of the most common trading platforms provided by brokers include:

• MetaTrader 4: This platform has long been the ‘go-to’ forex – and now crypto – trading platform. It provides excellent technical analysis and charting tools and has algorithmic trading capabilities.
• MetaTrader 5: This is an updated version of MT4, offering more execution styles, order types, timeframes, and indicators. It can also support more tradable instruments than MT4.

Check out our dedicated guides on best MT4 brokers and best MT5 brokers.

• cTrader: This platform has been specifically designed for high-frequency, algorithmic traders and scalpers. Read more about best cTrader brokers.
• TradingView: A social trading web-based platform that has advanced research and charting capabilities across all of the world’s asset classes. See our detailed list on the best TradingView brokers.
• In-House Proprietary Software: Some brokers will invest heavily into building their proprietary platform, which may come with more features than the third-party platforms listed above.

Personally, I like to trade with a broker that offers multiple trading platforms and/or platforms available on multiple devices. This is because if one platform goes down, I can easily trade from another one. Or if my web connection cuts out, I can log in to the mobile app and continue to trade.

You may be able to test each trading platform using a demo account, which could be worthwhile in the early days of your trading career. You can also check out our dedicated guide on best forex trading platforms.

What to avoid when choosing a crypto trading broker?

When choosing a crypto trading broker, here are some things to avoid:

• A promise of high returns. There are many unregulated crypto trading brokers that will advertise high returns and easy gains. There are no get-rich-quick schemes, so it’s best to avoid brokers making such claims.
• No physical presence in a well-established region. If a broker does not have an office with employees in a well-known region, it’s a major red flag, and you should avoid them at all costs.
• No government regulation. While crypto trading is loosely regulated, there are many crypto trading brokers that will choose to be regulated and licensed by well-known authorities. It’s best to stick to brokers that adhere to regulatory oversight to ensure your capital is safe.
• Unclear fees. If a broker does not clearly advertise the fees for trading cryptocurrencies, then they may be trying to hide something. All fees should be clearly detailed in the legal terms and conditions document and on the broker’s website.

How to avoid forex scams?

Unfortunately, the cryptocurrency world is full of sophisticated scams. You can protect yourself by remembering the following:

• Only trade with regulated brokers that have strict oversight of their operations.
• Only trade with brokers that are based in well-known financial regions, as there will likely be more regulatory safety in how they handle your funds.
• Check the broker has a physical office with employees that you can contact by phone, email, and social media. A reputable broker will have lots of staff working for them.
• Conduct a reputation check by searching for the broker in a news search engine. Ensure there are no legal cases or issues tied to the broker.
• Always read the legal terms and conditions you are signing up to, as it is how you can hold the broker to account and check the protections you have available.
• Use only well-known and reputable payment methods.

Our Methodology

To evaluate brokers, we use a proprietary rating system that involves analyzing 250 data points across nine core categories, which include:

• Trustworthiness: We confirm the authorization and licenses of each broker with the regulator in the jurisdiction they operate.
• Fees: We open a trading account with each broker to test the broker’s trading fees and execution live.
• Trading platform and tools: We examine the features, usability, and speed of the trading platforms each broker provides.
• Tradable instruments: We assess the variety of tradable instruments each broker offers to ensure a wide and diverse range is available.
• Customer support: We interact with the customer support team to test the ease of access, knowledge, and helpfulness.
• Payment methods: We examine all of the different payment methods, their associated fees, and processing times.
• Account types: We investigate the different elements of each account type and check their execution methods, minimum deposits, and additional features.
• Research and education: We explore the quality and depth of each broker’s research and educational materials.

We abide by our strict guidelines for editorial integrity based on the objective standards we have set for our reviews. You can read more about our review process here.

For this guide, we also confirmed that each broker offers the ability to trade on the cryptocurrency Litecoin with low and competitive trading fees. We also ensured each broker provides a diverse range of cryptos to trade on from feature-rich and user-friendly trading platforms.

Meet our Writers

The team of forex and CFD writers and editors at FX Empire is composed of trading industry professionals and seasoned financial journalists. Our writers have been published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.

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