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  1. #1
    Join Date
    Feb 2009
    Posts
    1

    Is LiteForex a reputable company?

    Can anyone report on LiteForex based on first-hand experience?

    I am thinking of signing up with them because it is possible to open an account with minimal funds. However I don't know what to think at present because after a little research it appears that:
    - getting money to them seems to be somewhat difficult: you need to go through Liberty Reserve, WebMoney, eBullion or CashU, and that in turn is not easy (e.g. Liberty Reserve won't accept wire transfers, only transfers via third parties - another intermediary/fees to deal with)
    - I can't find any reports of people successfully withdrawing money from their account
    - I read general comments on the Web stating that customer service is really poor
    - The addresses that can be found for them are in the Virgin Islands, Cyprus, Russia... where are they really? Is this normal or should the 'beware of scam' red light go on?


    Can anyone tell me about their experiences with this company? I would appreciate any input, good bad or indifferent, which will help me make a decision.

    Thank you!

  2. #2
    Join Date
    May 2010
    Posts
    4,636

    Re: Is LiteForex a reputable company?

    Quote Originally Posted by samples View Post
    Can anyone report on LiteForex based on first-hand experience?

    I am thinking of signing up with them because it is possible to open an account with minimal funds. However I don't know what to think at present because after a little research it appears that:
    - getting money to them seems to be somewhat difficult: you need to go through Liberty Reserve, WebMoney, eBullion or CashU, and that in turn is not easy (e.g. Liberty Reserve won't accept wire transfers, only transfers via third parties - another intermediary/fees to deal with)
    - I can't find any reports of people successfully withdrawing money from their account
    - I read general comments on the Web stating that customer service is really poor
    - The addresses that can be found for them are in the Virgin Islands, Cyprus, Russia... where are they really? Is this normal or should the 'beware of scam' red light go on?


    Can anyone tell me about their experiences with this company? I would appreciate any input, good bad or indifferent, which will help me make a decision.

    Thank you!
    If an investment company is U.S. based it is easy to check with the regulatory agencies that supervise that company as to their record, and the recourses available to you in case there is ever a problem. This is no guarantee that you won't ever lose money, but it is a security blanket to work with. If a company is based in your home country, check with your local agencies as to the corresponding laws, regulations, and protections provided to investors where you live.

    If a company is outside familiar jurisdiction, or unregulated, then your own due diligence is the only protection against your money vanishing from the face of the earth.

    Personally, I wouldn't have any problem investing money with companies in certain countries outside the U.S. assuming they are properly registered and regulated by the local agensies and I can verify it, but this is only because I have done my due diligence on the laws and regulations of those countries. These countries are vastly outnumbered by the countries where I wouldn't consider investing a nickel.

    If you are not familiar how to research these things, money paid to an uninvolved expert would be money well spent. If you can't afford the expertise, then you can't afford to risk the money in the first place.

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