Article Title: Liteforex
Year Established: 2005
Company Website: litefinance.org
Legal Address: Euro House, Richmond Hill Road, Kingstown, St. Vincent and the Grenadines
Interface Languages: Russian, English, Indonesian, Tiếng Việt, فارسی, Malay, Thai, العربية, Español,
Français, Português, 中文, 한국어, မြန်မာ, Türkçe, Монгол хэл, ភាសាខ្មែរ, हिन्दी, বাংলা,
Swahili, پښتو, اردو, Oʻzbek tili, Кыргыз тили, Tajik.
Minimum Deposit: $50
Introduction:
The scammer Liteforex has many faces. On one side, it operates honestly and in accordance with the law, but on the other, the owner of litefinance.org only pretends to be honest. In this article, we will focus on the latter and find out how it manages to steal other people’s money. According to the criminal, it has been operating since 2005. Over the years, many inexplicable things have happened, such as the hype around changing the company name, registration in an offshore country with weak legal regulation, fake licenses for conducting activities, and other inconsistencies. All of this provides no reason to trust the scammer.
Main Conditions of Liteforex
Commissions and Fees
It is known that the ECN account charges from $0.25 per lot, with more details as follows:
- Forex Major – $5 per lot;
- Forex Crosses – $5 per lot;
- Forex Minor – $6 per lot;
- Metals – $5 per lot;
- Oil – $0.5 per lot;
- CFD on shares – $0.15 per share;
- Stock indices – $3.5 per contract.
On the CLASSIC tariff, it is claimed that no commission is charged. 
It is also reported that commission refunds charged by payment systems for deposit transactions are possible. However, in practice, it is not so simple, as you have to contact the finance department and provide payment confirmation copies. Below, the company clarifies that it does this selectively and has the right to refuse.
No refunds are provided for deposits made via cryptocurrency.
This suggests that the large-font advertising is just a trick, with the small print rejecting their own promises.
Account Restrictions:
Another controversial point is the leverage size set on all account types. It ranges from 1:1 to 1:1000. While the lower limit is acceptable, the upper limit, according to international standards for financial asset trading, should not exceed a ratio of 1:30, which is far from the scammer’s ceiling. This also indicates that the company operates solely on illegal grounds and can deceive its users at any time.
Features of Liteforex
Platform Issues
The group offers to work on popular web terminals MetaTrader 4 and 5, but highlights the lesser-known cTrader program and its mobile app. The latter options are more convenient for their scheme, but to distract from that, they also provide classic services. Most likely, the no-name platforms are merely an illusion of trading and only simulate the trading process.
Customer Support
It is awful what users say about the technical support team. The company’s support department tries to squeeze money out of people by any means, while behaving arrogantly and avoiding answering critical questions. Employees do everything to quietly drain the players’ deposits.
Disadvantages of Liteforex
Data Security
Effective trading cannot be discussed while the broker’s activities remain unregulated. Naturally, due to the lack of a license, the company does whatever it wants without any shame. Such a figure cannot be trusted under any circumstances.
Customer Reviews of Liteforex
“Do you think the company cares about clients? Regarding charts, yes, I looked and compared too. The conclusion is clear – they’re just robbing people. Scam.”
“LiteForex is no investment platform or forex broker, just a shady firm whose sole purpose is to take as much money from you as possible…”
“The user agreement template on the LiteForex website contains many suspicious clauses that always give the broker an advantage. Due to the aforementioned aspects, I recommend avoiding the risk of investing money with this company.”
Conclusion
Liteforex hides behind the reputation of other branches that operate in accordance with legal norms. However, despite this, the intentions of the scammer are clearly visible to the naked eye. It has come to the financial market solely for its own gain, so the only recommendation is to stay away from it.