Liteforex – Reliable or Not?
Update 2016:
Liteforex is – just like Instaforex – starting to submit fake comments from company representatives to improve their reputation. We at ForexScams want real trader reviews and experiences and we will not accept any of these fake comments. Stop trying. With this method you make it less likely to get a positive and real user comment approved.
Liteforex is a relatively unknown Forex broker and not as popular as eToro, AvaFX, Oanda or others. But there are enough opinions on the Internet that you can judge whether this broker is a scam or not.
Overall there are a lot of good experiences and only a few negative experiences. This is pretty strange because if there’s so much positive response why don’t you hear more about this broker? The major reason should be that Liteforex is very passive with their marketing unlike eToro, AvaFX, ForexPro or others.
Something that may look strange for traders is the fact that Liteforex is using a .org domain. org domains are pretty much the same as .com or .net but not that popular. Sure, brokerreviews is also working under a .org domain but we’re no FX broker and you can’t deposit money here. We think that Liteforex could invest a couple of thousand dollars to buy the .com domain and look a bit more reliable.
Overall the experiences are positive with a few critics. We suggest that you take a look at the trader experiences yourself.
Liteforex experiences
Very quick and easy to trade. I’m happy with this broker.
I hate the fact that there’s no demo account.
The problem is that Liteforex rarely replies to emails and I don’t like the charts there.
You can recommend this broker. There were no problems with my withdrawals. I can only recommend this broker.
I’m not that happy with this broker. If you need help the support replies very slowly. I’m afraid staying in a position without getting quick support if there are problems.
I just left Liteforex because of the lame support and the fact that withdrawals take too long.
Good broker, the withdrawals arrive at the same day.
The trading conditions were excellent, I think you can trust this broker.
Very good and reliable broker. Never had issues with deposits or withdrawals.
I’m confident that all the negative responses come from competitors. Because Liteforex is very reliable and the withdrawals work fine. I’m trading with them for two years now. I also like the ICQ support there.
A deposit takes 10 minutes and a withdraw 24 hours. Great Metatrader platform.
I experienced a stop loss that was not executed.
Withdraws are taking a bit long with 2 days but overall ok.
I don’t have any issues with Liteforex. The Metatrader platform is great and it only takes a few hours until the money is in my account.
ForexScams.org Recommends:
#1: www.plus500.com - listed on the London Stock Exchange, Welcome bonus of $/€25 (no deposit required). Your capital is at risk.
#2: www.avatrade.com - Reliable FX Broker with EU-offices and very high safety of funds.
#1: www.plus500.com - listed on the London Stock Exchange, Welcome bonus of $/€25 (no deposit required). Your capital is at risk.
#2: www.avatrade.com - Reliable FX Broker with EU-offices and very high safety of funds.
The Alternative - Social Trading:
#1: www.etoro.com - the world's leading social investment network. Just copy successful traders with a click of a button and profit.
#1: www.etoro.com - the world's leading social investment network. Just copy successful traders with a click of a button and profit.
Liteforex - Reliable or Not?,
LiteForex represenative
LiteForex representative
ecn acc 245885
Their motto is “LiteForex, the financial freedom”. You should read “LiteForex, the financial debacle”. It is a malicious and shameful scam. I have tested them carefully and I’m going to explain here exactly what I discovered about the way the scam is built. I hope this will be of some help to some of you honest people with hardly gained clean money.
1. First, I invested 100$ in a PAMM account with some manager of theirs (named axxxxx) that appeared to have enough expertise and a profit curve with positive and permanently increasing slope. Then another 100$ with a manager called (Lxxxxx) with an increasing-only profit curve in the form of successive up and up steps.
2. I followed the two manager’s performances for nearly a week and noticed some profits here and there.
3. First surprise: I started a chat with one of their online agents about one of the accounts regarding something that I found suspect: In their PAMM managers ranking, one of the managers I invested with was making around 4% profit and my investment account he was managing was indicating a loss of -8% which was not compatible. They tried some evasive explanations that I didn’t understand at all. I insisted asking for a serious explanation, and imagine what happened: INSTANTLY, the -8% loss became +18% profits. They were caught cheating overtly…
4. 24 hours later, the account with (Lxxxxx) which was making great profits started curiously losing money dramatically. The next day I was notified by email that the PAMM manager closed his account due to excessive losses and that the account was archived. My balance, which was 100$ + profits ended with 21$. The other 79$ were lost forever.
5. The day after the other account with (axxxxx) started unexpectedly and abruptly losing money again. My balance which was 112$ (100$+profit) ended in this case with only 37$ in an archived PAMM account.
6. So, in only a few days 207.80$: the investment of 200$ in two PAMM accounts with additional transfer fees of 2×3.90=7.80$ (that they promised to credit to my account and never credited) reduced to 21+37=58$. A loss of 72% of the amount engaged in this scam.
———-
From this test and their reactions, I concluded that the way they proceed is the following:
– They generate fictitious PAMM account managers, with a carefully chosen name to make people feel confident, and even an email address where to contact the manager, and a forum where –future victims- can post comments and sometimes congratulate the manager for his performances in successful trades.
– They display great profits in their site with high levels of daily, weekly, monthly,… profits, a good increasing curve, and a recovery factor not only above unity to be acceptable but sometimes as high as 35 or 40.
– They keep showing this progress in profitability for several days, weeks, and even months to capture a maximum of victims, letting people feel progressively more and more confident, depositing important amounts, seeing their profits grow inexorably.
– When the D-day comes, an abrupt decrease happens and in a few hours the PAMM account is declared closed and archived. Nobody will be able to check if the PAMM account with its profits data and its manager were real or fictitious. In fact they are totally fictitious. However, to not make the scam apparent, they close the account around 80 or 85% loss so that the victim who invested with that fictitious manager finds some consolation in bringing back a few bucks, believing that he was just unfortunate and invest again with another PAMM manager.
———-
I didn’t lose an important amount, but I’m now quiet certain that many honest investors are losing thousands of dollars in this scam because each of the accounts mentioned above has tens of investors. So, be aware and don’t let these crooks take your money from you. LITEFOREX IS NOTHING BUT A GANG OF CROOKS. DON’T TRUST THEM!!! And don’t believe those who are posting the contrary of what I’m saying here (CERTAINLY THEY WILL DO!…). They are LiteForex agents or people they are paying to do it and attract more victims.
i open 3 accounts with lite forex first 1 i deposit 700 $ and i lost the money and am sore they was very happy the second one i deposit 500 $ and lost it too, the third one i deposit 700 $ then i start making some profit then i withdrawal 700 $ and trade again and make make profit again and when i ask for another withdrawal the cancel all my balance 1781$ and sent me this email:
(Hello.
The Security Department of LiteForex has completed the checking on your accounts. Due to the result of the revision by the security and risk management departments of the Liteforex Group of Companies there were found significant violations of the Reglament of the Company, on your account 882085 were found fraudulent transactions to get the illegal profit in bonus program. Illegal profit was cancelled.
LiteForex Anti-money laundering department. )