LiteFinTech (Litefintech.io) is the latest CFD Brokerage to hit the Crypto Currency world. To trade with Lite FinTech, you are required to deposit a whooping $500. This is above and beyond the minimum requirement of standard industry brokers. With this kind of inflated deposit, we decided to find out what was so special about LiteFinTech. Our Findings will shock you.
Apparently based in Vanuatu, LiteFinTech comes with a MetaTrader5 Platform. LiteFinTech is offering users a spread of about $50 on BTC/USD. At your disposal, you are offered a leverage of 1:2 plus a wide range of Crypto pairs to choose. Due to some of these tempting offers, we decided to investigate Lite FinTech. Continue reading this detailed review and find out the real truth about LiteFintech.
One of the most disturbing things about LiteFinTech is about regulation. This Crypto brokerage firm is not regulated by the authorities. This makes us question everything in regards to validity of Lite FinTech. We learnt this when we contacted the regulation authorities bodies to confirm LiteFinTech’s legitimacy.
First, we contacted CySEC and the FCA to check whether they have registered Lite FinTech. The feedback we received was disturbing as none of them had registered Lite FinTech. More disturbing news was about to follow. According to the FCA, they had started receiving numerous complaints from people who lost with LiteFinTech. This is indeed alarming news since it’s clear we are dealing with Scammers and fraudsters.
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LiteFinTech is not under any regulatory institution making it a quack brokerage house. We also looked into what they termed as their trading conditions. One, was their trading platform which we earlier mentioned uses MetaTrader5 Platform. Being expert traders, we noticed some red flags each time we got deeper into our LiteFinTech investigation.
In order for you to exclude yourself from risks such as losing all your investment at once, use regulated brokers. Ensure that these brokers are regulated by authorized regulatory agencies such as CySEC and FCA. Why? These brokers will be required to follow a strict set of rules and regulations. They will also be monitored by the financial authorities to prevent any shady inside dealings.
One of the requirements licensed and regulated traders must meet is assuring clients of their investment. This means a client’s investment is reaffirmed. Another requirement regulated brokers follow is having to segregate client’s accounts. This is one of the most important rule in any type of trading. Why? It helps lower the prospect of clients losing all their funds.
Last but not least is that all legitimate brokers must have a compensatory scheme. It means that in case a client faces losses, their will be some kind of coverage. You have seen brokerage firms attempting to fleece clients. A compensatory scheme ensures this does not happen even if brokerage firm goes bankrupt.
One of the questions you should always ask is whether your brokerage firm will scam you. With LiteFinTech, we are sure you will be scammed. Yes, LiteFinTech is a scam and should be avoided. Worse thing is that, they are using simple and straightforward techniques to steal from Crypto investors. Good news is that we are here to reveal all their tricks so that you don’t fall victim.
Here, they start with sending you ads with promises of making you win money. All they want from you is click on this advert and start earning money. When you click on the ad, you will be directed to a member sign up page. On the sign up page, you are required to give your personal information. Personal information required includes your telephone number and email.
Once you give out your phone number, you expose yourself to receiving calls from these scammers. Say you have given them your personal information, you will immediately directed to a different sales page. You will be promised with huge chances of making money within a short period of time. Who doesn’t want to make some quick cash? This is one of the tempting offers scammers use to entice you to join them.
Brokers will start calling you and ask you to make an initial deposit of $500. As we earlier mentioned, this is an insane asking price. Standard price for legitimate brokers in any financial industry is $250. Don’t forget that this $500 is an “initial deposit” and you will be required to deposit more later.
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Once they see you are interested, a senior account manager will call you. S/he will ask you to make a deposit of around $10,000 in order to make real money. A reason they give is that this is the only way to earn with trading Crypto.
A major setback with LitFinTech is that they will never allow you to withdraw. Their play is making you lose track of your money. What they do is give excuses that you have not reached the withdrawal threshold. One of the main excuse is that you have not reached the required trade volume to make withdrawals. This is sad since they know traders have a limited time to file a chargeback with their credit card providers.
LiteFinTech will not only refuse with your money, they will also bluntly overcharge withdrawals. Having to pay a fee of 1.5% for a withdrawal is insane. This is equivalent to $25 for every transaction. What is funny is that users have a minimum disposal limit of $100. This means you will never withdraw any amount higher than $100. Isn’t this preposterous?
First thing you should do is file a chargeback with your credit card company. This might help you recover your money. In any case, make sure you do follow ups. Also, ensure you change your online Banking password. It will help you avoid being scammed and also credit card theft.
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LiteFinTech is A SCAM. Without question, this is another scam that has hit the Crypto currency market. Best thing you should do is avoid it at all costs.
Due to the numerous complaints and evidence produced, we have no other option but to blacklist LiteFinTech. Stay away from it and ignore their money making adverts. Don’t click to any link asking you to join this money making pyramid scheme.
Instead of using Fake Crypto Currency Brokers, why not get TRUTED AND APPROVED brokers? With legitimate and regulated brokers, you will never lose your money. You will trade safely and make reasonable profit margins. Stay safe while trading with Crypto Currency.
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