LitsFXTrades21 Review: Should You Trade With This Scam?
Litsfxtrades21 Review, First thing to do when you are dealing with a broker, is to check the database of the jurisdictional regulator. Litsfxtrades21.com claims to be owned by the company with the same name and that its head office is located in Australia. However, another address is given at the bottom of the page in the ‘’contact’’ section and that address is Mississippi, US.
This broker claims to be regulated by the Australian Securities and Investments Commission (ASIC), but after checking their database, we can easily see that this is far from the truth. Pairing this with the fact that this shady broker was even blacklisted by the Financial Conduct Authority (FCA), we can conclude that what we have here is yet another scammer.
The best advice to give about this phony broker is not to trade or invest here.
Regulation of LitsFXTrades21 and Financial Stability
Since we have acquired solid proof about LitsFXtrades21 not being in jurisdictional regulators’ databases, it is obvious they are not regulated. Unlicensed and unregulated, these scamming schemes operate illegally for the purpose of stealing investors’ money.
For a broker company to be regulated, they would have to really commit to building their business based on strict rules that top regulators impose on them. First off, they have to have some minimum amount of capital to ensure they can carry on with their business.
They also have to provide a client funds segregation and plan a compensation scheme. Brokers are also leverage-restricted and prohibited from promising bonuses.
Depending on location, some of these conditions may vary or not apply, but the process of becoming regulated is long and hard for many brokers, so that’s why it’s easier to operate offshore and unregulated.
The Trading Platform that LitsFXTrades21 Uses
The trading platform is the most important part of the broker’s business. This is where clients are referred for trading and actually making money. So when a broker is offering just a promise of a professional trading platform without making it possible to actually access it, it’s another bad sign.
Top brokerage firms rely on the industry standard that is MT4 and MT5. These trading platforms have the most downloads, the best ratings, and the best reviews from users. In case of doubt, just rely on these trading platforms, whether you are a beginner trader or an experienced one.
You will be offered the best features, common and advanced alike, and your trading experience will be remarkable.
Deposit and Withdrawal Process at LitsFXTrades21
Now, like every other unscrupulous fake broker, LitsFXtrades21 lists that the preferred way of making a deposit is via cryptocurrencies. This is their favorite way of depositing funds for one main reason: the process is irreversible.
This means that you can hardly take your money back in case of a scam, while the initiator of the scamming scheme keeps their anonymity.
Another thing very characteristic of unauthorized online trading businesses is that they do not intend to give you your money back, to make the withdrawal impossible.
Their professional-looking website will promise users a fast withdrawal process, but that will never be the case with a scammer.
It is usually dragged on, sometimes for months, and there are always additional fees and conditions imposed on the investor/victim.
How is the Scam Carried Out?
After attracting their potential client’s attention, an experienced scammer posing as a successful broker will unwind their poisonous web. By assuring you of big and fast profit and daily income of thousands of dollars, they will make it seem like they are the best choice of broker you could have made.
The supposed services they provide, along with account managers and other helping professionals, will all help you earn piles of money faster than ever.
Please do not fall for their lying act. Their eloquence and manipulative nature are what they rely on when looking for a victim.
These posers have no intention of helping you earn, just deluding you into dreaming of becoming rich. Using everything in their power, they just want to force you into investing. Be aware of this at all times and avoid getting scammed.
As we have already proved, LitsFXtrades21 is one of the many newly registered scam brokers that operate without being licensed and properly regulated. This means that nothing you see on the website of this broker should be trusted.
By coming up with a professional-looking website and big promises of earning cash, scammers try to approach their victims and make them invest. Sadly, they will usually not stop at just that, but will persistently try to make their victim invest time and time again.
Without any money withdrawal guarantees, it is safest to just not invest at all. It is always better to turn to legitimate brokers who have been regulated and acquired licenses for their business.
Do not forget that online trading is always carrying some level of risk. But in case you decide to invest, look for a reliable and acclaimed broker to trust your funds with.
FAQs About Litsfxtrades21 Broker
Is my Money Safe with LitsFXTrades21?
Safety of funds cannot be provided by LitsFXtrades21, considering they are unregulated and blacklisted by FCA.
Is LitsFXTrades21 Legitimate Broker?
No, LitsFXtrades21 is not a legitimate broker but a scamming scheme.
What is LitsFXTrades21 Leverage?
LitsFXtrades21.com doesn’t state the exact leverage, but scammers of this type offer the unreasonably high leverage.