Single crystals of LiErF4 and LiHoF4 have been grown and their magnetic properties measured from 1.3 K to 300 K. LiHoF4 turned out to be a nearly ideal Ising ferromagnet with TC=1.30±0.05 K and a saturation magnetization along the crystalline c axis of (6.98±0.02)μB. In LiErF4 no ordering was observed, but extrapolation indicates that below 0.5 K it will be ferromagnetic with the magnetic moments in the crytalline ab plane. From the susceptibilities the crystal-field parameters Bnm with (n, m)=(2, 0), (4, 0), (4, 4), (6, 0), (6, 4) have been extracted giving for Er3+ in LiErF4: 430., -985., 1185., -5., 740.+i135. (cm-1) and for Ho3+ in LiHoF4: 470., -825., 1050., -10., 760.+i150 (cm-1). The exchange constants were found to be small compared to the dipole interactions. Furthermore the 7Li NMR spectra have been obtained in these materials as well as in LiTbF4 thereby determining the second-order crystal-field parameters at the Li site: q=0.0363, 0.0354, and 0.0343 Å-3 for the Er, Ho, and Tb compound, respectively. The crystal-field parameters are compared to values calculated from point charges, showing agreement at the Li sites but not at the rare earth sites.