The forex and CFD broker LiteFinance, earlier known as LiteForex, makes the claim that it provides ECN trading accounts with fast execution and competitive spreads. Many traders who have used this platform, however, have a different story to tell, one that raises serious questions about the broker’s legitimacy.
Website: https://www.litefinance.org/
Website Availability: Yes
Headquarters Country: Euro House, Richmond Hill Road, P.O. Box 2897, Kingstown, VC0100, Saint Vincent and the Grenadines
Blacklisted by: NA
Domain Age: NA
Profits Cancelled, Withdrawals Denied
Some users observe a concerning trend: LiteFinance begins reversing transactions with evasive explanations like “illegal trading” or “non-market price” behavior as soon as there are consistent profits. In one instance, a doubled account only kept the original deposit after abruptly losing all of its profit. The broker only provided general justifications that absolve no one of responsibility, without providing any written evidence.
Withdrawal Issues and Delayed Support
Traders who attempted to withdraw even modest amounts have had to wait for a long time-typically more than ten days-with no response at all from customer service. Even worse, the website offers minimal flexibility and requires users to withdraw using the same method used for the deposit. There is no escalation process in place when serious issues arise, and emails and chats are routinely ignored.
Trading Platform Issues
Negative trading conditions are also mentioned in complaints. Spreads exhibit high levels of volatility, frequent slippage, and non-triggering stop loss/take profit orders. The platform acts more like a “bucket shop” than an ECN broker, according to user complaints.
FAQs
Q1: Is LiteFinance a regulated broker?
It is offshore-registered, and this offers little or no protection to traders.
Q2: Can I withdraw my profits?
No, in many instances. Profits are often retracted- especially before large withdraws.
Q3: Do I trust LiteFinance?
No, given the current trend of complaints; be really cautious.
Need Assistance with Fund Recovery?
If you have encountered issues with a trading platform, professional guidance may be beneficial. Fraud Recovery Experts offer a free consultation to assist individuals in exploring fund recovery options.
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