Beware! Lite Forex Pro is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Lite Forex Pro is a shady brokerage trying to convince us that regulation is not important for Forex trading. They even use the word misconception while explaining that they are waiting for approval, which is nonsense – Forex brokers can offer their services legally only after they obtain authorisation. If they have no license, they do not accept clients; it’s as simple as that! Lite Forex Pro is a scam, and we’ll prove it in the following review.
Lite Forex Pro Regulation And Safety Of Funds
As mentioned, Lite Forex Pro pretended to be a business entity awaiting regulatory approvals, but that’s a blatant lie – the so-called brokerage never filed for a license. It’s a scam, confirmed by the warning issued by the British FCA, in which the authority exposes Lite Forex Pro. In its publication, the regulator informs the public that Lite Forex Pro is a clone firm impersonating authentic companies – in this case, it’s LFP Limited. FCA warns investors that fraudsters are using the details of companies they authorise to trick people into believing that they work for a genuine, authorised firm. Clones are pure scams, and we confirm that scammers will steal your money if you deposit with Lite Forex Pro!
Avoid it, and if you are genuinely interested in Forex trading, you may check our lists with proven regulated brokers! For example, both CySEC (Cyprus) licensed brokers and FCA (Britain) brokers are proven safe as both authorities force strict regulations to guarantee safety for clients’ funds. The compulsory rules include client account segregation, risk-reducing measures like leverage restrictions and negative balance protection, and increased capital requirements to license a broker (€730 000). Most importantly, though, both authorities maintain deposit insurance funds – clients of CySEC brokers can claim up to €20 000 in compensation, while the UK protections are even higher at £85 000 per person! It goes without saying that if you trade with unregulated brokers, you’ll remain unprotected and exposed to fraud risks!
Here is an excerpt of the warning issued by FCA:
Lite Forex Pro Trading Software
Lite Forex Pro claims that it has web-based trading software, but we could never access it. To do so, we had to sign-up, but registrations were impossible without a reference code, so we cannot show you what Lite Forex Pro’s platform looks like. At any rate, the broker is an exposed scam, so you should avoid it at every cost! But also, whatever the Webtrader, we doubt it would be even close to MetaTrader4 and MetaTrader5, the industry-leading Forex trading platform. Both are stable, flexible, customisable, user-friendly and packed with numerous advanced features such as automated trading and analytical tools (expert advisors), reliable complex indicators, excellent charting tools and even a marketplace with thousands of trading apps. Trading with MetaTrader brokers is always a good choice, so if interested, you may follow the links provided throughout the review and find better options than Lite Forex Pro!
Lite Forex Pro Trading Conditions
The trading conditions are unknown. We could not access the trading software and check the conditions, as you already know, but to make things even worse, Lite Forex Pro reveals absolutely nothing about spreads (trading costs) and leverage (trading risks). The only thing mentioned is that Forex and Cryptocurrencies are the asset classes available for trading, but this information is also unverifiable.
Here, have a look at our failed attempts to create an account:
Lite Forex Pro Deposit/Withdraw Methods And Fees
The minimum deposit with Lite Forex Pro is $10 000, which is a totally unreasonable requirement. Some legit brokers impose similar hefty requirements, but they are licensed, authorised, proven and usually provide impeccable technology and many additional trading tools. Lite Forex Pro is nothing like it – the broker is shady as it could possibly be, and on top of it all, the scammers ask for 10K! Absolute nonsense!
The alleged funding methods are Credit/Debit cards, Wire Transfers, Skrill and Neteller, but this piece of information is also unverifiable. In fact, we are pretty suspicious about it as Skrill and Neteller prioritise security, so we sincerely disbelieve that these leading wallets will ever serve scammer brokers like Lite Forex Pro!
Information about withdrawals and fees is scarce, with nothing in particular, except for the claim that withdrawal requests are processed within 3 to 5 days. But anyway, anything they say is worthless as Lite Forex Pro is an exposed scam, so no withdrawals should be expected at all!
How Does The Scam Work
Forex scams are different from one another, but in most cases, the fraudulent scheme is practically carried out in the same way. Scam brokers are always unregulated and usually registered somewhere offshore, which helps scammers remain anonymous and untraceable. If you open an account with such an entity, you should expect endless phone calls. Scammers will constantly try to approach you and make you deposit money as quickly as possible. Remember that urgency is always a treacherous sign, so it’s probably a scam if someone calls you twenty times per day, asking for money.
In the worst-case scenario, you’ll deposit, and scammers will persuade you to trade instead of you. You’ll soon see magnificent profits generated – false, of course, and you’ll get excited, asking to take your money back. As you probably guess, they won’t let you do so and will try to get another deposit from you, promising that much more lucrative gains are waiting. Or, they can ask for a false tax, saying that withdrawals are only possible if you cover the charge in advance. If you pay, you’ll increase the amount stolen from you, but if you keep asking for your money, you’ll soon realise it’s a scam!
What To Do If Scammed
You should first inform the authorities – call the police and contact your local regulators and other government bodies dealing with crime and fraud. Also, deactivate your cards ASAP and call your bank to inform them about what happened – they can provide essential information and help you reduce further financial damage.
If you deposited cryptocurrencies, there is not much you can do, but if you used your credit/debit cards, you could file a chargeback, hoping that all or some of the money invested can be retrieved. However, you shouldn’t go blindly looking to recover the loss because many fraudulent chargeback agencies are waiting to double-scam victims of fraud – be cautious about it!
And lastly, consider sharing your experience to help protect others and provide further information about how scams work!
I wish I’d seen this earlier I hope I can get my money back
I agree. They’ve scammed me too. A guy called andy klien. They are all fake names.
Do not give them more money to get you original money back!! You’ll lose more like I did. They prey on innocent people. Gutless criminals.
Same experience here. I hold little hope of seeing any money back from this experience. 🙁
I’ve been scammed too! and lost all my savings …..
Doubt we’ll see our money folks!
I feel l have been scammed by Lite forexpro. I have 2 names to give you but they’re probably fake Head guy went by the name of Dan Maurice, the other man name name is Christian no surname given the phone number through WhatsApp +447727432860. I am usually very careful but these guys were very good. I hope my informations helps.
Hi Elizabeth. I spoke to a Christian also. How were you scammed. Was it regarding getting your investment back please?
Same here these guys scammed me and my broker was Victor Johanson (fake I guess) I hope my bank can cover some of my losses. I’m usually very suspicious but they did it very good so please don’t go into their fraud lies
After reading the above, the next time John rang me i asked if he was willing to prove he is not a scammer. Of course. So i checked on how much my deposit of $250 was worth now. It was $486. John wanted me to deposit $10,000. I told him if he would refund me $486 i might believe him and deposit $10,000. He refunded me. Then he rang me twenty times wanting me to make a big deposit. I told him I didn’t feel like doing that at the moment. I guess he felt scammed.
Any of you guys had contact regarding a ‘refund program’?
They have been contacting me over the last two weeks to try and organize refunding my money.
Hi Yes they are saying they are winding down the business and want to repay my deposit which has increased 3 fold!
They ask to open a crypto wallet, they want to take control of your computer to help you do this.
Then they ask you to deposit the same amount as they are going to refund you as they need to match it for some reason.
I told them I was prepared to lose my initial deposit, I put in $5k, but I’m not putting in anymore.
They have been relentless in their calls. I’m in Australia and they call with a UK number and when I dont answer they followup with Australian land lines and mobile numbers.
I just spoke to another, girl this time, Astrid, from a NSW landline, who told me hesitantly she was in Singapore.
I told her I knew it was a scam and I’m not falling for it again but she was not taking no for an answer.
Finally I told her to email me with a step by step account of what we are going to do to get my money back. We’ll wait and see what happens but I will reply with a link to this page and see what I get back.
Be warned people, I only lost $5000, which is still a lot of money, but I can see how they can suck you to losing more!
I was scammed by Daniel and some other piece of shit hounded me for over a month everyday,I was dealing with the suicide of my son and he said it’s time to get over it and make money, I hadn’t even burned him I want to bury those c—s