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Lite Forex Pro Review – Don’t Let LiteForexPros.Com Scam You
Table of Content
Lite Forex Pro claims to be a world-leading broker. Its claims are based on bogus licensing and regulatory status. Despite the website stating it cooperates with a UK, an EU, and a Canadian company, it has not been regulated by any authority. In order to legally cooperate with such institutions, the broker has to have a relevant license and regulatory status, which is not the case here. Keep reading our Lite Forex Pro Review and see what exactly we’re dealing with here.
|Leverage||From 1:50 to 1:400|
|Minimum Deposit||10,000 EUR|
Is Lite Forex Pro Broker a Scam or Legit?
This broker claims it’s certified by the Crypto Conduct Authority, which means that traders would be compensated up to 100,000 EUR. However, the problem is that Crypto Conduct Authority is a fake regulator and is used for issuing fake licenses to shady brokers. We checked the alleged cooperations with the Agenta Investment Management AB (Sweden), Cryptopay Ltd. (UK) and 1832 Asset Management L.P., and we found no proof of collaboration.
The FCA issued an official warning against this fraudster and the Finansinspektionen, a Swedish regulator, followed. This contradicts the broker’s claim of being regulated by both the FCA and Finansinspektionen as well as the CSA, the Canadian regulator. It’s clear from all the above mentioned that we’re dealing with a scam brokerage here.
What Options Do Traders Have for Online Platforms?
Lite Forex Pro claims it offers the best web-based trading platform suitable for traders of all levels and trading styles. The problem is that opening an account with this scamming brokerage is not possible without a referral code. Hence, we were not able to see if what this broker claims is true.
Keep in mind that investing with unregulated brokers is a high investment risk regardless of the platform. Moreover, most regulated brokers offer MetaTrader4 and MetaTrader5 platforms, which are considered the best in the industry.
Does Lite Forex Pro Offer Different Types of Accounts?
Lite Forex Pro offers 7 account types:
- Bronze – 10,000 EUR
- Silver – 25,000 EUR
- Gold – 50,000 EUR
- Platinum – 100,000 EUR
- Diamond – 250,000 EUR
- Premium – 500,000 EUR
- VIP – 1,000,000 EUR
As you can see, deposit amounts are insanely high, especially for an unregulated broker. An Islamic account is available, as well as a Demo account.
Many regulated brokers let you trade with an initial deposit of less than $100, so there are absolutely no reasons for choosing to invest with this broker instead.
Market Instruments Traded by Lite Forex Pro
According to their website, traders who invest with Lite Forex Pro have over 500 assets to choose from. CFD trading on indices, commodities and shares is possible, as well as trading forex and cryptocurrencies.
Leverage goes from 1:50 to 1:400 depending on the asset and the account type, while there’s no information about spreads.
Lack of transparency when it comes to trading conditions is concerning, and we strongly advise against investing with this fraudster.
Deposit and Withdrawal Options
Accepted payment methods at Lite Forex Pro are:
- Wire transfer
- Credit/Debit cards
- Crypto wallets
Withdrawal options are the same as deposit options, and this bogus broker claims they don’t charge any commission. According to their Terms and Conditions, they charge trading, swap, withdrawal, and training fees, but the amounts were not disclosed.
There were numerous complaints online where people said they were asked to either pay high commissions or some fees. And according to some other online reviews we found, traders’ accounts were deactivated after they requested a withdrawal.
How Can I Get My Money Back If Lite Forex Pro Scams Me?
If you got scammed by this or another fraudulent broker, keep in mind that there are steps you can take in order to get your money back.
If you made the deposit using your Visa or MasterCard credit card, you can request a chargeback. Chargeback is possible up to 540 days since the transaction was made.
If the deposit was made via a wire transfer, you can recall it, but in this case, you need to act fast.
Crypto transactions are quite tricky as cryptocurrencies are virtually untraceable, but if the wallet belongs to a regulated exchange, requesting a refund could be possible.
Lite Forex Pro Summary
- Lite Forex Pro is blacklisted by the FCA and Finansinspektionen.
- Lite Forex Pro is a clone company and uses information from a legitimate company LFP Limited.
- Demo account and an Islamic account are available.
- Minimum deposit for opening an account with this broker is 10,000 EUR.
- This broker has remained anonymous.
FAQs About Lite Forex Pro Broker
What Is The Minimum Deposit For Lite Forex Pro?
The minimum deposit amount needed in order to open an account at Lite Forex Pro is 10,000 EUR.
How Long Do Lite Forex Pro Withdrawals Take?
Although it claims it takes 3 to 5 business days to process a withdrawal, reviews online stated that withdrawal requests are mostly denied.
Is Lite Forex Pro a Trustworthy Broker?
Lite Forex Pro is definitely not a trustworthy broker as it’s blacklisted by the FCA and many people online said they were scammed by this unregulated broker.