Lite Forex Pro Review: Factors That This Broker Is a Scam
Lite Forex Pro is another scam broker that cheats on its customers by pretending to be a reliable company. It is a fraudulent scheme in which scam brokers illegally use corporate and license details of a real business.
Although the site seems perfect and promising at first glance, it is just another scam that Lite Forex Pro carries out in a perfidious way.
Read our Lite Forex Pro Review to the end and find out in which ways this company cheats on its customers and what are the significant comparisons that it is a scam broker. In any case, we do not recommend that you do business through this website.
|Company||Lite Forex Pro|
|Address||1 Angel Ct, London EC2R 7HJ, United Kingdom|
Lite Forex Pro Regulation and Financial Security
Although Lite Forex Pro claims to do business with thousands of users worldwide who it claims are its satisfied traders, it is a scam. When we checked the regulation of Lite Forex Pro, we came across a series of illogicalities.
Although the website states that the broker company has submitted a license application, and is in the process of obtaining regulations, this has never happened.
First and foremost, the company cannot offer any financial services to clients on the market until it is legally regulated. This is why Lite Forex Pro was put on a blacklist by the Financial Conduct Authority (FCA) in Great Britain, where this fraudulent company is based.
In its publication, the FCA regulator informs the public that Lite Forex Pro is a clone firm posing as an authentic company, namely LFP Limited. The warning states that the broker uses authorized company details to trick investors into believing they are working for a real, authorized firm.
In this case, the broker uses the identity of LFP Limited, a company authorized by the FCA. Due to the lies made by this broker and its unregulated nature, we classify it as a fraudulent broker with whom you should not have any business.
Overview of Lite Forex Pro Trading Platform
Lite Forex Pro says it has a web trading platform integrated into the site, and though they spend a lot of time praising it, we could not ascertain if this platform really any good since we were required to register and leave our personal data with the company. Leaving your personal data with a suspicious broker is something you should never do!
Certainly, if it was a regulated and verified broker, the trading platform would at least be close to the industry standards such as MetaTrader4 or MetaTrader5.
Bearing in mind that it is an unregulated fraudulent company, even if it offered such a standard, it would still make no sense to trade through them because you can only lose your capital to their lies.
When choosing a broker with whom to invest money, the trading platform plays a big role, but since Lite Forex Pro does not meet the basic requirements for business, this segment seems almost unimportant.
Payment and Funding Method
When it comes to payment, Lite Forex Pro offers several options such as
- Debit and Credit Cards (VISA and Mastercard)
- Bank Transfers
- Online Payments (Skrill and Neteller)
- Crypto Wallets
Withdrawal methods are the same as deposit methods. This Broker points out that the deposit and withdrawal methods must be the same. Processing time for withdrawals may take approximately 3 to 5 business days.
The minimum deposit is not stated, anywhere on the website which is another red flag for this company.
If you have already made payments with this broker and made them via VISA or Mastercard cards, the good thing is that you can withdraw your money up to 540 days after the first payment. This procedure can save you money!
How Does Fraud Implement?
Lite Forex Pro implements its scam through specific steps. First, this company uses other people’s data, i.e. stolen data from other, regulated companies.
Broker pretends to be part of regulated companies and by this process manipulates their users into creating a sense of trust.
When they manage to attract new investors, they first take a deposit from them. Though information regarding fees is not available, scam companies usually impose high fees and withdrawal conditions in order to make it hard for clients to get their money back.
With these conditions, this broker easily manages to keep its clients’ money, and thus succeeds in its fraud. It is important not to do business with such unregulated companies because it is not uncommon for them to delete user accounts, and sometimes even the entire site.
All that can happen to you when doing business with the Life Forex Pro company is that you run out of money or you manage to get your money back with great difficulty, which would not include the earnings you made through trading.
Recommended Forex Brokers
In order to avoid confusion in the search for a licensed or regulated broker, who does not copy your data, we have prepared safe and verified brokers for you.
Apart from the basic requirement, which is that the broker is legally regulated, these brokers offer both good trading platforms and good conditions according to which traders will be able to do business.
The rest is a matter of traders’ personal preference. Take a look at the table below the text and choose a broker with whom you will certainly do business.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFx.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||Xm.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||Hfm.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||Fbs.com|
Lite Forex Pro Summary
Fraudulent brokers are becoming more and more imaginative in executing their scams. Thus, broker carries out fraud by impersonating and taking other people’s regulation data. In addition, the trading platform offered by this broker will not provide users with any pleasure in trading.
As for the terms of depositing and withdrawing funds, this broker has not defined them clearly enough, which is not surprising when we consider the type of broker in question.
It is important to protect yourself from all the scams you may encounter when looking for a broker to invest in. That is why we heartily do not recommend you to cooperate with Lite Forex Pro. We hope this information reached you in time.
FAQs About Lite Forex Pro Broker
Is Lite Forex Pro a Good Broker for Beginners?
No, Lite Forex Pro is an unregulated company that cheats on its customers.
What Funding Methods Does Lite Forex Pro Accept?
Deposit and withdrawal methods offered by Lite Forex Pro are debit and credit cards, bank transfers, crypto wallet payments, and online payments.
What Is the Minimum Deposit at Lite Forex Pro?
Lite Forex Pro requires a minimum deposit of 10 000$.