LiteFinTech Review
Reason to avoid: Offshore license
Listed Date: November 30, 2018
Top 3 Forex Brokers
Beware LiteFinTech is a Non-Regulated broker. It is NOT SAFE to trade
- Our Review
- LiteFinTech User Reviews
- LiteFinTech News
Is LiteFinTech Scam or Legit Broker?
No, it is not safe to trade with LiteFinTech as the broker seems to be a scam. LiteFinTech states to be located in London, UK, yet, it is not authorized to provide financial services in the UK. On the website, there are also listed contact numbers with the phone codes of Germany, Denmark, Sweden, South Africa, and Singapore, while the broker is not authorized to provide services in those locations because of a lack of regulation.
About LiteFinTech
| 🗺️ Registered in | Vanuatu |
| 🗺️ Type of License | Offshore License |
| 🛡️ Is LiteFinTech safe to trade | No |
| 🗺️ Recommended Licenses | FCA in UK 🇬🇧 & ASIC in Australia 🇦🇺 |
| 🖥 Alternative Broker | FP Markets - licensed by ASIC in Australia |
What is LiteFinTech?
LiteFinTech is a Forex, cryptocurrency, and CFDs broker. The company doesn't provide any information about its regulation or the entities behind the brand's name. LiteFinTech claims to be located in London, UK, however, it is not authorized to provide financial services in the UK. Also, the website lists the contact numbers with the phone codes of Germany, Denmark, Sweden, South Africa, and Singapore, when the broker is not regulated in either of those countries as well. In addition, the terms and conditions state that LiteFinTech is under the laws of Vanuatu, a popular offshore destination for unregulated brokers. It seems that broker might be actually based offshore, which means a high risk for the funds of the traders.
LiteFinTech Review Conclusion
Considering all the mentioned facts, we don't recommend investing in LiteFinTech. There are a lot of other well-regulated brokers to do business with. Regulated brokers are obliged to follow very strict rules, among which are reporting, keeping all clients' funds in segregated accounts, providing traders with a negative balance protection, and also maintaining a certain minimum of operational capital.
Some regulators, like FCA and CySEC, give an opportunity to participate in traders' compensation schemes. Check the list of FCA-regulated brokers.
LiteFinTech Update
Based on our research, the TradeLTD website is inactive. This means the broker has muted its trading offering and does not operate. However, we recommend avoiding and staying alert in case of any proposals.
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