WikiFX Scam Alert: FCA Warns Against Litsfxtrades21!!!!

Investors who are still trading forex at Litsfxtrades21 had better quit trading ASAP!!! Investors who have been deceived by this broker please contact WikiFX to help you recover your funds!!!

Let us start with the recent warning on August 24th by the British financial authorities in the face of the Financial Conduct Authority (FCA), who have clearly identified Litsfxtrades21 as a scam. You may check the FCA warning on the screenshot below (https://www.fca.org.uk/news/warnings/litsfxtrades21-litsfxtrade21):

FCA believes that Litsfxtrades21 may be providing financial services or products in the UK without its authorization. Litsfxtrades21 is not authorized by FCA and is targeting people in the UK. Clients will not have access to the Financial Ombudsman Service or be protected by the Financial Services Compensation Scheme (FSCS), so you are unlikely to get your money back if things go wrong!

WikiFX also paid a visit to the brokers official website to learn more. The home page lists a US address but with a UK area code phone number:

However, the “About Us” section claims that the unnamed company is based in Australia:

The broker claims to be an Australian broker regulated by the Australian Securities and Investments Commission (ASIC):

WikiFX made the effort to check the registers of ASIC, but in vain – no company or broker by the name of Litsfxtrades21 was to be found there:

Furthermore, true forex brokers offer a variety of trading account types tailored to the needs of clients with different capital and investment intentions. These brokers also provide clear and detailed information on trading parameters – leverage, spread, commissions, order execution method, etc. This is another thing that is missing from the Litsfxtrades21 website. Instead, WikiFX sees a list of plans to invest in cryptocurrency mining – something that has nothing to do with Litsfxtrades21s stated activities.

The minimum “investment” is 250 USD. For that amount you could open an account with almost any licensed broker in the world and start actual trading. Many leading brands offer Micro accounts with an even lower initial deposit.

In addition, when we open Litsfxtrades21s deposit menu we see three options – the cryptocurrencies Bitcoin and Ethereum, as well as the payment processor Skrill. However, if we select the last option we get an error message. Cryptocurrencies as the only available payment method is one of the typical characteristics of financial fraud. Scammers prefer cryptocurrencies because these transactions are not subject to refunds.

Legitimate brokers rarely charge transaction fees. But Litsfxtrades21 charges, and charges high ones – 1 USD plus 1% for deposit and 25 USD plus 2.25% for withdrawal.

Now let's search “Litsfxtrades21” on WikiFX APP to find out more about this broker. WikiFX is an authoritative global inquiry platform providing basic information inquiry and regulatory license inquiry. WikiFX can evaluate the safety and reliability of more than 36,000 global forex brokers. WikiFX gives you a huge advantage while seeking the best forex brokers.

As you can see, based on information given on WikiFX (https://www.wikifx.com/en/dealer/4145467615.html), Litsfxtrades21currently has no valid regulatory license and the score is rather negative - only 0.99/10! WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.

Investors are advised to search relevant information on WikiFX APP about the broker you are inclined to trade with before finally deciding whether to make investment or not. Compared with official financial regulators which might lag behind, WikiFX is better at monitoring risks related to certain brokers - the WikiFX compliance and audit team gives a quantitative assessment of the level of broker regulatory through regulatory grading standards, regulatory actual values, regulatory utility models, and regulatory abnormality prediction models. If investors use WikiFX APP before investing in any broker, you will be more likely to avoid unnecessary trouble and thus be prevented from losing money! The importance of being cautious and prudent can never be stressed enough.

In a nutshell, it's not wise to invest in Litsfxtrades21. WikiFX reminds you that forex scam is everywhere, you'd better check the broker's information and user reviews on WikiFX before investing.

You can also expose forex scams on WikiFX. WikiFX will do everything in its power to help you and expose scams, warn others not to be scammed. In addition, scam victims are advised to seek help directly from the local police or a lawyer.

WikiFX keeps track of developments, providing instant updates on individual traders and helping investors avoid unscrupulous brokers. If you want to know whether a broker is safe or not, be sure to open WikiFXs official website (https://www.WikiFX.com/en) or download the WikiFX APP through this link (https://www.wikifx.com/en/download.html) to evaluate the safety and reliability of this broker!