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This company defintely is a scam and my sincere advise is not to deposit any money into it. Else, the money is one way ticket. I was a victim of fraud committed by one of the Forex Companies called XForex which I think it is located in Cyprus www.
This company is attracting clients in by exaggerating the amount of profits they will gain through investing and trading with them. When the client deposits money in their account then they play dirty tricks to cause losses deliberately through many ways in order to steal the deposited money.
I also corresponded with the AMF the French Financial Market Authority to confirm about this warning and they replied to me as of the attached letter confirming that they issued a warning to all French Investors about dealing with this company. They also lied about offering the demo account and about providing the professional expert who should guide me step by step and the evaluation prior to using the live account. I visited Xforex web site as advised by my relative who traded with them and lost his money later on too because of some similar reasons.
In the beginning, I placed my basic information at their website and then I was forwarded to the webpage where it has the terms and conditions and the advice to read it but I closed the webpage without surfing further because I was not fully convinced of this service. When I told him I am hesitated and afraid of losing my capital, he said it is a very profitable business and you shouldn't worry as we have all capabilities to make you a successful trader and he promised me to be given a special training and education using a Demo Account, the help of professional experts staff and evaluation prior to using the live account and he was pushing to convince me to complete my registration with them.
As a result, he passed me through the activation process without showing or taking into consideration that the terms and conditions must be read and fully understood by the client. Then I received a call from the Account Manager Ms. Nisreen Abo Ahmd and she asked me to log in to my account. However, she made me do some trades through her advices and when I asked her "Is this a demo account we are working in or real?
So, I was exposed to live trading immediately where I bore lots of loses. The Account Manager gave many false and illegal trading advices which caused a major loss in addition to neglecting the need of using stop losses strategy by her. Another major thing to complain about is the style of trading instructions, and advices I was receiving through the frequent daily calls of my Account Manager.
I was requested by her to place mostly high value orders in rush basis with no understanding of the risky cases and their consequences. I believe that there should be only training by their staff in addition to analytical recommendations with warnings that it is my responsibility but not trading advices and that the losses I had as a result of their advices should be their responsibility not mines. However, although most of the trading advices were by telephone buy I have a proof by E-mail.
I also sent a complain to her in this regard to take into consideration the type of advices she is asking me to follow. On the other hand, not using Stop Losses strategy is a big mistake. The Account Manager was always neglecting the need of using Stop Losses Strategies although I requested this many times by telephone and through a previous complain I sent by E-Mail.
Stop losses strategy is highly important especially for beginners like me, but she was always preventing me from using it through her trading advices. Postponing and delaying withdrawals deliberately and pushing the client to change his decisions. At that time my Account Manager called me trying to change my mind in order cancel the withdrawal request and I confirmed to her that I am sure of that as I found out that this market is not suitable for me.
However, their staff postponed my withdrawal request and she called me again to insist in cancelling the withdrawal. I believe that this is an illegal practice from them. Do you think that they have the right to postpone this withdrawal in a way that they push their client to change his mind? Is this legal and can they justify their staff actions to be within the terms and conditions!!!.
Late Withdrawals caused me further troubles by Xforex. I couldn't fix my margins by depositing additional amounts because of late withdrawals as I ran out of money. I had two withdrawals that were received so late in spite of many follow-ups. I then thought of the case and I came with a conclusion that there was another solution that was missed up by their support team.
However, this was not advised by their support team. XForex does not take US customer however I did trade on a demo account with them some time ago and I was impressed They are SCAM. They only want you to deposit. Dont try them. This website is a scam and I would not recommend it to any one. They will chase you to take your money and give you reasons for not returning them.
I'm still chasing them for my money both the principle amount and my profits despite my earlier unsuccessful events. I'll keep you posted with the latest as it unveils. This company is great What Is Forex? Please disable AdBlock or whitelist EarnForex. Thank you! EarnForex Forex Brokers. Acquired by Xtrade. US Traders. Founded in Offices in Australia Cyprus. Show payment options Hide payment options. MetaTrader 4. Show currency pairs Hide currency pairs. Show website languages Hide website languages.
Show support languages Hide support languages. Callback Email Live chat Phone. For a client to be able to execute trades, he or she will need to sign up for a trading account. They will need to sign up using their valid details in email addresses among other valid credentials. Lite Forex review has various account types that are specially designed to meet the individual tastes of its clients.
The account types are the demo account, the classic account, and the ECN account. The demo account is the account type that is meant for traders who do not know how to trade. This account type will serve as a learning tool for such traders who will be able to execute trades while at it. The trades are simulated and the funds will also be virtual as the key is to teach those who do not know of the concept.
The classic account is designed for experienced traders or traders who are willing to stake more into trading. The account is flexible and will serve all traders equally both novice and experienced. Its many features are as follows. The ECN account is an account type for experienced and professional traders who want to use the social trading service.
This account utilizes the ECN technology in offering its services. Its features are:. Lite Forex has been in business for over a decade and it has much to show for this time. It has its headquarters in Cyprus but due to its resiliency over the years and the expertise gained, it has managed to spread its influence to other counties as well.
This growth has led to revisiting of its strategies and modifying them. This can be seen in the presence of social trading, crypto trading and also its Islamic trading to comply with the sharia law of its Muslim clients. This coupled with good customer service courtesy of its personnel have made it a big force in the forex sector. Lite Forex is a very credible company that has the right documentation in licenses in the regions it runs its operations.
This licenses come from the regulatory bodies in these regions and govern how the company is operated. Among the measures put up include:. The trading platforms that Lite Forex uses are among the best with technological advancements as well as awesome features to boot. This enhances the traders experience while executing trades. The platforms are the Meta trader4, the Meta trader5, and mobile phone platform.
This is another advanced platform that will allow you to trade hassle-free. Its features are. In a bid to tap into the ever-growing mobile phone sector, Lite Forex has a mobile phone platform that will enable a client to execute trades from the comfort of their phones. This is a downloadable platform that I available for both ios devices and Android operated devices.
It is simple to use and lightweight meaning it won't take much of your device's space on download. Lite Forex offers flexible withdrawal and deposit methods that will match your convenience. Among the accepted modes include the use of bank cards such as Visa and MasterCard, bankwire transfers, electronic transfers, and cryptocurrencies. This is a very legitimate trader that is totally focused on a great customer experience.
Lite Forex customer comments and reviews prove how much this broker is trusted and credible. This is a recommendable trader for any experienced trader. Advantages: Availability of several types of partner programs with the construction of a multi-level system and with cashback Automatic refund of payment system commissions when depositing and withdrawing money. Disadvantages: There is no information about how the risk level is assigned to traders from the SocialTrading rating.
Comment: LiteForex is a broker that is more suitable for those who already have basic trading skills, professional traders and those who are interested in passive investing. I was looking for a broker where you can choose from a variety of payment instruments. LiteForex is fine with this, there are a whole bunch of payment systems.
Comment: Hello everyone it is possible to retrieve your stolen bitcoins. I never believed in bitcoin recovery because I was made to understand that it is not possible. Comment: I have been trading cryptocurrency pairs with this broker since last fall. I often open long-term trades, I was surprised that all my trades were restored when I requsted them, a good indicator for a broker, they care about their clients. It will take place on 6 June , before the Dear clients,We are happy to announce the opening of LiteFinance's new office in Morocco.
The company's clients can now visit our regional office and consult with the managers. The office will also be a venue for regular train Calling all the partners of LiteForex! Wanna test your trading skills and win cash prizes? Join the biggest draw in the industry and win a dream house, a SUV, or any of the 18 latest gadgets! Risk Warning: Your capital is at risk. Invest in capital that is willing to expose such risks.
Website: www. Real account. LiteForex Review 3. Real account Demo account. Deposit Withdrawal. LiteForex general information Founded in: year Headquarters:. LiteForex Traders' Reviews. LiteForex Forex broker description Lite Forex was conceived in with a major aim of making it the best by focusing on small-scale traders.