Litmus Asset Review: Litmusasset.com Massive Scam

Litmus Asset Review
  • Regulation
  • Fund Safety
  • Customer Support
  • Trading Conditions
0.5

Summary

Litmus Asset was extremely vague about its market conditions. There was a lack of detail regarding account types, minimum deposits, and extra fees. They have only stated a leverage of 1:100 for cryptocurrency trading.

Litmus Asset presents itself as an award-winning broker offering services ideal for novice traders. Unfortunately, further investigation reveals this to be just another online con. Let’s look closely at the forex market and the warning signs you need to look out for to avoid falling for scammers’ tricks.

Litmus Asset Review, Litmus Asset Company

In today’s world, there are many opportunities to make money. One of them is forex trading. This is an industry that has gained traction due to the proliferation of the internet. The COVID-19 pandemic also confined people to their homes, forcing them to explore other avenues of making money.

In forex trading, one needs money and skill. The markets keep changing due to economic developments. You can approach the market as a gambler or a professional trader. Gambling, however, is costly because you will be guessing. Also, to trade, you need to work with an honest forex broker.

Although the ability to trade with little capital online has been good news, many scammers took advantage and started conning people. They usually present the industry as lucrative. In reality, however, it is a business like any other. If it were easy, like the scammers claim, everyone would be doing it. One of the tricks scammers use is to offer huge welcome bonuses to entice new traders. You must be on the lookout for such scam traders and avoid investing with them.

Online fraudsters posing as brokers claim to simplify every step of the investment process. If you get in touch with one of these sites, they’ll try to get you to invest a little money for a trial run. Sometimes, they’ll even convince you that your original investment is already making extraordinary profits, and then start convincing you to invest more.

About Litmusasset.com

From its website, the company claims to be the number one bitcoin trading platform. There is no way of telling who has ranked them as number one since they have not provided this information. They have a module called Covesting Copy-trading. Here, they purport that as an experienced trader, you can copy what their professional traders are doing.

This is a red flag. Brokers should not offer you trading signals because there are no guarantees in the forex market. In case a trade goes against your prediction, you could be tempted to blame the broker for giving you a false signal.            

When you invite a friend to their platform, they pay you 50% of the new trader’s fee. This is another indication that this broker is a scammer. Legit brokers don’t offer such substantial welcome bonuses. They also claim you can earn passively using crypto. This is a lie, as there are no guaranteed earnings in any business. Some of the broker’s products include commodities, currencies, cryptocurrencies, and indices.

Founders and Team

If Litmus Asset is as established as they claim, it should have a history of the company founders and employees. This is important as it gives traders an overview of the kind of company they are. It also tells about their reputation. If, for instance, it is run by a former criminal, you should not trust them.

This broker has not mentioned the names of the current leaders or employees. It has only said it has over 75 workers. Something else we noted is that it says it was established in 2017. This is a blatant lie. We checked whois.com and found that their domain website was created on 2022-10-18, updated on 2022-10-18, and will expire on 2023-10-18.

Litmus Asset Contact Details

In forex, one needs to be in constant communication with their broker. You should get at least 24/5 support since most of the forex markets are closed during the weekends. The broker must also update you on what is happening in the world economy. This has a significant impact on your trade, and it helps you to make informed trading decisions.

Litmusasset.com Review, Litmusasset.com Features

This shady broker has only provided an email address. For a broker that claims to offer services to 150 countries, it seems odd that they only have one way of reaching them. They have indicated that they have three offices but have omitted their location.

There are no social media pages where customers can access them. These platforms are essential because customers can honestly review the broker without bias.

Litmus Asset Regulation Status

The number one trader’s goal is to make money. However, you must also remember that brokers are also in business. Legit brokers make money through spread and commission charges. That is why as a trader, these are some of the most critical aspects traders consider when selecting a broker.

Scam brokers, however, do not follow the direct route to make money. They may offer low spreads, but it is only to lure traders. They also provide trading bonuses. However, they attach stringent conditions even seasoned traders find hard to meet.

Another common trick forex scammers use to make you think you have gained enormous profit. This is just meant to persuade you to deposit more money. They could even tamper with the trading program to make it look like you’re making a killing when, in reality, you’re not. The moment you want to withdraw the money, however, they impose charges to dissuade you.

Litmus Asset purports to own Litmus Asset Technology Ltd and Litmus Asset Trading Services LLC. One thing to note about these companies is that they are in offshore jurisdiction. One of them is in Saint Vincent and the Grenadines. This region is notorious for harboring scam brokers because they do not license finance service companies.     

On the general Terms and Conditions, we found some contradictory information. Apparently, the broker’s parent company is based in the British Virgin Islands. If this was the case, the company could be registered by the Financial Services Commission. We could not find the broker in the regulatory body’s database.

Another contradiction is that the broker is under the governing law of the United Kingdom. If this were the case, they would be under the UK’s Financial Conduct Authority (FCA). The regulatory body has, however, not licensed them.

Trading Conditions

Litmus Asset was extremely vague about its market conditions. There was a lack of detail regarding account types, minimum deposits, and extra fees. They have only stated a leverage of 1:100 for cryptocurrency trading.

This proves the broker is not licensed in the UK. For one, the leverage is above the one FCA demands. Second, FCA does not allow the trade of crypto derivatives. Although they are vocal that they offer high leverage, this is not a good thing. High leverage also means you can easily wipe out your account with one wrong trade.

Litmus Asset Deposit and Withdrawal Methods

To deposit with this broker, you can only use cryptocurrency. This is a common practice among scam brokers. If you request a refund, it will be impossible to trace your money. Legit brokers do not demand you to deposit exclusively through cryptocurrency. The broker has provided some data showing how various people have withdrawn money. However, given their shady nature, you should not trust this information. We did not find any customers talking about this broker. If they were as good as they claim, many people would be talking about them. As it is, however, no customers have reviewed them.

Final Verdict

Litmus Asset is a sham broker. Despite their efforts to appear legit, they have too many red flags. Their contradictory information and lack of regulation mean you should not trust them. Such brokers make it hard for you to trade and make money legitimately. Do not let this broker discourage you, however. There are still many legit and honest forex brokers you can trust.            

             

 

Leave a Reply

Your email address will not be published. Required fields are marked *