LitCryptoFX Review: LitCryptoFX.com Unregulated Company

LitCryptoFX Review
  • Regulation
  • Fund Safety
  • Customer Support
0.5

Summary

According to the company’s website litcryptofx.com, LitCryptoFX is a reliable forex broker regulated by the MFSA for more than seven years. Allegedly, the company abides by the most stringent regulatory standards required by the MFSA in the United States.  Unfortunately, this is another fat lie. 

LitCryptoFx purportedly never rests on its laurels, instead always looking for new ways to improve its trading platform to be more streamlined, straightforward, and user-friendly. It also promises its users that their funds are secure. Foreign exchange (Forex) trading is among the most cutting-edge financial endeavors. Many people choose to put their money into this potentially lucrative but highly risky business. As a result, brokers have responded by developing various trading websites, each offering a possible route to financial success.

LitCryptoFX.com Review, LitCryptoFX.com Company

Scam brokers, however, exist alongside legitimate forex trading companies that operate within the law. Forex fraudsters use platforms that pass for real, functional trading websites. A careful observer, however, may spot warning signs and peculiar behavior. These obvious red flags should raise suspicions that the broker is not who they claim to be.

In this review, we’ll walk you through the steps you need to take to identify fraudulent forex brokers, such as litcryptofx.com, so you can avoid doing business with them. In the meantime, check these genuine crypto companies in the market. 

About LitCryptoFX.com

According to the company’s website litcryptofx.com, LitCryptoFX is a reliable forex broker regulated by the MFSA for more than seven years. Allegedly, the company abides by the most stringent regulatory standards required by the MFSA in the United States.  Unfortunately, this is another fat lie. 

LitCryptoFX Review: LitCryptoFX Features

Deposit And Withdrawal Methods

From the company website, the broker claims to allow users access to various payment options and that there would be no transaction fees. This is very enticing to any trader. Some payment methods the clients could supposedly use include Bitcoin, Skrill, VISA, and Neteller. Unfortunately, these are lies. The company only allows users to deposit through Bitcoin. It is not that cryptocurrencies are bad. They are very reliable. However, LitCryptoFX primarily uses Bitcoin and not other approaches raise serious questions about their legitimacy. Such transactions are effectively anonymous because they cannot be linked to a particular person but to a wallet address. All deposits made to LitCrypto or a similar broker are final and cannot be refunded under any circumstances.

Company Background

The company says nothing about its leadership or where it came from. The only thing they say on their page is how they are visionary and international. This does little to tell the users about its origin. Any legit company states the name of the founders and the current leaders. This shows they are transparent. For one to trade, you need an open broker. LitCrypto is far from being an honest broker.

Company Address

The company has provided a phone number and mail address. They have vaguely stated that they are located in Malta. That is not enough information to help you find them in an emergency. Given the nature of trading, the broker should be at your beck and call. Sometimes the markets are very volatile, and the trader can lose money if the broker is unreliable. Traders have very many concerns, which sometimes may not be addressed via a phone call or email.

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Domain Insight

According to whois.domaintools.com, the litcryptofx.com website was created on 14th September 2022 and will expire on 14th September 2023. The business plans to run for the minimum period possible. This is a major red flag! Why would a company that claims to be international want to operate for just one year? It shows there is something fishy going on. Many legit forex brokers have existed for years and plan to continue working for longer. LitcryptoFX is unfortunately not among the legit forex brokers.         

LitCryptoFX Trading Conditions

Before entering a trade, it is essential to have a firm grasp of the current market conditions. Spread, leverage, minimum deposit, and commissions are a few examples. They influence a trader’s decision regarding which broker to work with. Traders are drawn to brokers who provide tighter spreads. However, brokers who promise ridiculously low spreads should raise red flags.

In LitcryptoFX, some conditions raise questions about the company. One is the minimum deposit. $300 is too much for a broker claiming to be legit. Many traders today are retail traders. This means they rely on margin trading to enter the markets. Today, it is possible to trade with as little as $5. Asking traders for $300 is suspicious. In addition, the spread of 1.9 pips is too high. Trading in such a condition is hazardous.     

LitCryptoFX Regulation Status

One of the things traders look for in a broker is regulation. Some brokers have been known to manipulate the market and make traders lose money. Others refuse to pay traders once they make a win in their trades. However, just because a broker claims to be regulated does not mean you should trust them.      

LitCryptoFX Review, LitCryptoFX Features               

The Malta Financial Services Authority (MFSA) claims to be regulated by the company. After checking, however, we realized that the MFSA does not regulate the broker. The claim was to trick traders into trusting the shady company. Such an offshore broker is risky. They offer traders welcome bonuses to lure them. Once you deposit money, they change their terms and conditions. Although they purport to abide by the law, refunding money is a challenge. The company also claimed to be licensed by FCA, BaFin, AMF, and CONSOB. There is no way these claims can be valid, as the regulatory bodies have no records of LitcryptoFX.

From its Terms and Conditions, the company has stated that it is regulated by the US Financial Services Authority (“MFSA”). Their registered office is allegedly at 168 St. Christopher Street, Valletta, US. This is a total lie, as no such regulatory body has licensed LitcryptoFX in the United States.

Trading Software

Trading is a risky business. When trading, therefore, it is essential to practice as much as possible on a demo account, where you trade with virtual money. There is no risk of losing your money here. LitcryptoFX claims to have a demo account. However, it is not functional. It also requires a rigorous registration process.

The company also claims to support MT4 and MT5 trading platforms. These are good platforms as they have various tools for analysis. When we tried downloading the MT5 and MT4 as the broker’s website purported, we could not find the link. After creating an account, we just found a few virtually useless charts.    

Final Verdict

LitcryptoFX does not meet the criteria for a reliable forex broker. To attract potential investors, the firm presents a structure with seemingly friendly terms. The broker’s platform has been discredited as a reliable FX resource due to the widespread dissemination of false information. Because the broker is based in a jurisdiction without such regulations, investor funds are at risk. Customer confusion is furthered by the fact that the firm is hard to locate.

Choose regulated crypto companies in the market. Avoid joining sites that are not transparent about their operations, even if foreign exchange trading seems like a promising investment opportunity. Crypto investment is a risky business even with a reputable broker; imagine what happens if you sign up with a fraudster.

 

 

 

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