LitCrypto Review: Is LitCryptoFx.com’s Broker Reliable?
Right off the bat, we strongly advise you to stay away from this financial swindler for good reason. Firstly, the broker may seem legit with its lavish website but in reality, LitCrypto is dishonest and wants your money. In order to support this claim, the LitCrypto Review will analyze key aspects of this fraudster’s operation and prove it is a cyber scheme.
The review shall first look at some basic features of the scam broker known as LitCrypto. They are presented in the table below:
|Leverage||Up to 1:30 (retail clients) & up to 1:100 (professionals)|
|Headquarters||168, St. Christopher Street, Valletta, US|
|Broker Type||Forex, CFD|
|Trading Platforms||Meta Trader 5|
As you can see from the get-go, it all seems quite promising but the lack of an official regulation will shatter that illusion. In the following sections, we will explain why this phony broker poses a risk to all, so keep reading!
LitCrypto Regulation and Fund Security
On its official website, in Terms and Conditions, LitCrypto states it is owned by a company known as Prime240 ltd. (hereinafter: P240), which claims it is “authorized and regulated by the US Financial Services Authority (MFSA).” Have you noticed something strange in this statement?
The MFSA (Malta Financial Services Authority) is the only financial market regulator in Malta, which, by the way, has listed P240 as an unauthorized entity. It makes no sense that the company is mentioning the US. There is no such institution known as the US Financial Services Authority.
The company claims it has several top regulations under its belt but upon checking the regulators’ websites, there is no trace of P240, proving that this is false. The MSFA and CONSOB have issued warnings against the con artist.
Trading Platform Used by LitCrypto
When it comes to the trading platform, LitCrypto states it offers Meta Trader 5, arguably the best trading software with some of the most advanced tools that provide a perfect trading experience. There are two versions – one for mobile phones and the other for desktops.
The authenticity of their Meta Trader 5 is questionable. Keep in mind that unscrupulous brokers can get their hands on cutting-edge software for the purpose of defrauding you. Either those download files contain malware or are manipulated by the scammer in order to take your money.
There are plenty of other brokers that offer the same trading software and even, more importantly, can prove to you that they are regulated and reliable.
LitCrypto Deposit and Withdrawal Process
According to the scammer’s website, the company accepts the following payment methods:
- Bank Transfer
- Credit Card
- Yandex Money
- QiWi Wallet
As previously mentioned, the minimum deposit is $300, which is too much even for an unregulated broker.
LitCrypto claims it charges no fees for deposits, as well as that they are all instant except for bank transfers, which require two to three days. Withdrawals take one business day to process (bank transfers two days and Bitcoin is instant). When it comes to fees for withdrawals, 2.9% is charged for Skrill and Neteller withdrawals while others require “account manager inquiry.”
How Does the Scam Implement?
The way these types of scams usually work is pretty much the same with every fake broker. Their goal is to persuade you to make the initial deposit, hence why they set it so high. Once you’ve done that, they put your money in their pockets and do not think for a second to give it back in form of a withdrawal.
Their websites are filled with fallacies and contradictions as well as perplexing clauses that allegedly prevent you from withdrawing your funds. All of their incredible offers and perks are just a mask to fool you into believing you’re dealing with an authorized broker.
It turns out this fraudulent broker accepts only Bitcoin payments, which is not a surprise at all since they are the hardest to trace and allow the scammer to remain anonymous.
Nevertheless, do not despair if you’ve fallen victim to such cyber fraud. Getting your money back is possible and we can assist you there. Credit card transactions can be reversed via chargeback within 540 days and bank transfers can be reversed via recall if the transaction has not been completed.
Even crypto can be traced to a certain wallet in an exchange in order for you to request a refund from that exchange.
- LitCrypto is owned by P240, which is unregulated and has warnings against it;
- There are several false claims on the broker’s website;
- It claims to offer Meta Trader 5;
- The minimum deposit is $300.
FAQs About LitCrypto Broker
Is LitCrypto Legitimate?
LitCrypto is not legitimate because it is unregulated and its owner is blacklisted.
What Are the Funding Methods at LitCrypto?
LitCrypto listed bank transfers, credit cards, Bitcoin, Skrill, Neteller, Webpay, Yandex Money, and QiWi Wallet as payment methods. However, it only accepts Bitcoin.
Is my Money Safe with LitCrypto?
Your money is not safe with LitCrypto because the broker is unregulated and blacklisted.