Traders Losing Thousands, Complaints Soar Near 100: Is LiteForex Engaging in Scam Tactics?

LiteForex (also known as LiteFinance), a Cyprus-based broker alleging to be regulated by CySEC has come under questions due to practices that have left several traders with losses. According to one of the many traders from Turkey, they suffered a $1,800 loss because of the platforms actions.

A Traders Loss: $1,800 Wiped Out

User ID - FX2266442718

There was an active Turkish trader trading on LiteFinance, and the platform suddenly closed all their open transactions, wiping out their $1,800 balance. This makes the current case a big cause for concern for an alleged “global” and regulated platform. Although the trader appealed to LiteFinances support, the trader did not get any resolution, having suffered significant financial losses.

LiteForex Track & Outlook on WikiFX

• Company Name - LiteForex Limited
• Registration Country - Cyprus
• Regulated By - CySEC
• Website - https://www.liteforex.eu/

Such experience of this trader is not exclusive. WikiFX reports more than 86 complaints against LiteForex over the last three months, with a low rating of 4.99/10 and “C” environment score.

Widespread Complaints Against LiteFinance

Likewise, traders from Vietnam, Indonesia, and Thailand etc., report similar cases such as:

• Unauthorized Deductions: A Vietnamese trader says LiteFinance has been deducting “negative bonuses” from new deposits, burning $1,406 out of a $2,000 deposit.
• Copy Trading Scams: Another trader from Vietnam lost more than $11,000 on a copy trading scam in which it is claimed the broker placed large market-opposing orders. The introducing broker (IB) then suspended contact, and LiteFinance disowned responsibility.
• Slippage and Manipulation: One of these traders by user ID Gold2021, had reported that slippage on stop-loss orders is there while take-profit orders are executed to perfection, implying that slippage was induced.

These complaints show a trend of hostile bonus policies, withdrawal issues, washing of accounts, and silent customer support, which is a major cause for concern about LiteFinances practices.

Conclusion

The $1,800 loss borne by the Turkish trader, along with nearly a hundred similar complaints, highlights the questionable practices of LiteFinance. Unjustified closing of trades, neglect of support requests, and use of scammy tactics indicate a broker who is overly focused on profit at the expense of the traders trust and security. For traders considering LiteFinance, they are highly advised to find another broker. Those who are already affected should record trades, collect evidence, consider reporting to CySEC or local authorities, and add their concerns on WikiFX to warn others.

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