WikiFX report: LiteGap Review – is litegap.com scam or good forex broker?

LiteGap is a highly suspicious forex broker refusing to disclose any information about itself. We have reasonable doubt that we might be dealing with a scammer and ask you to exercise utmost caution. The following review will disclose all the details one needs to know about this entity, so make sure you read it before you decide to invest your hard-earned funds with them.

Is LiteGap legit？

They are not – this much is evident even from a cursory glance at LiteGaps website. It is totally anonymous. This means that the broker is unregulated and most likely a scam. You are welcome to select a more viable trading partner from a list of financial services providers licensed to operate in the EU instead.

LiteGap refuses to disclose any information about itself. We don‘t know which is their parent company, nor where it is based. This is totally unacceptable for a company that handles clients’ funds and raises a serious red flag.

We should warn you that anonymous brokers are one of the worst kinds. They are known to scam traders ruthlessly, and then disappear with all the money stolen from them. Once the fuss is over, brokers like LiteGap simply shut down their telephone lines, websites, and there isnt much one can do about it – how can you bring legal action against an anonymous website？

Many traders learn all of this the hard way, so when choosing a forex broker, make sure you find yourself a legit and transparent company that will handle your money with caution, keeping them in segregated accounts, and will meet all the other legal requirements that ensure consumer protection.

Can I turn a profit with LiteGap？

No. Investing in anonymous unregulated brokers like LiteGap is a sure way to lose money. And we found many other red flags suggesting the broker is nothing but a scam, so better find yourself a legit and reliable financial services provider instead – here is a list of such licensed in the UK.

If you go through LiteGaps Terms and Conditions, you will notice that the broker charges all kinds of fees. Apart from the withdrawal fee of 3.5% which is ok, all the other ones are absolutely made up or excessively high. Take a look:

No legit broker will charge you a profit clearance fee, nor a dormant fee of $500 after just two months of inactivity.

On top of all this, LiteGap urges its clients to install and use AnyDesk – a notorious third-party software that will allow these fraudsters to access your PC and all its contents, including banking and personal information you may have. And of course, scam brokers like LiteGap will try to steal directly from your bank account, if they have the chance, so don‘t use such software if you aren’t sure that the company is perfectly legitimate.

What platform does LiteGap use？

Clients of LiteGap are offered a very common web distribution, that is always been associated with unlicensed brokerage firms. You can also trade in cryptocurrency CFDs on the MT4 or the MT5 – two reliable trading platforms, supported by most legit brokers.

This is how LiteGaps platform looks like. As you can see, the EUR/USD spread is as high as 3 pips, which is outrageous. Most brokers offer spreads within the range of 1.0 – 1.5 pips for this pair.

What leverage does LiteGap provide？

Like most unregulated brokers, this one also provides generous leverage ratios, up to 1:400. Using high leverage in online trading is generally considered a high-risk strategy, and given that LiteGap cannot be trusted, youd better trade with levels no higher than 1:100 with legit brokers only.

What is the minimum deposit at LiteGap？

The broker states their minimum deposit is $250, a requirement that meets the industry standards. Nevertheless, there are lots of regulated and well-established brokers who require less as a start – for example, those who offer lower-risk micro accounts.

What payment methods does LiteGap use？

The broker appears to work with credit cards, which is good news. Those who have deposited with LiteGap via Visa or MasterCard, can file a chargeback within 540 days. That said, most legit brokers also accept these major credit cards – check out an extensive list of such here.