Litegraphs – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Litegraphs - DO NOT TRADE WITH THIS PROVIDER
2.3/10
$100
Minimum Depositupdated 2023
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://litegraphs.com
Founded: 2023
Regulations: Not Regulated
Languages: English, Russian, Polish
Deposit Methods: Unknown
Minimum Deposit: Unknown
Free Demo Account: No
Number of Assets: 400+
Types of Assets: Cryptocurrencies, Currencies, Indices, Stocks, Commodities
Trading Accounts and Conditions
Litegraphs offers their clients the following trading accounts:
- Silver: The leverage ratio is 1:200.
- Gold: The leverage ratio is 1:300.
- Platinum: The leverage ratio is 1:400.
The broker does not mention what their minimum deposit requirement is and neither do they tell us what spreads they offer. We registered for an account and found out that the spreads they have start from 2 pips. Other trading conditions such as fees, commission, order execution methods and so on are also missing.
Litegraphs – Advantages
There are no advantages to trading with Litegraphs.
Litegraphs – Disadvantages
There are many disadvantages that tell us that Litegraphs is a scammer. Here is the list:
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Lack of Regulation
The first sign of this broker being a scammer is their lack of regulation. Litegraphs does not provide any information about their location, corporate identity or regulation status on their website. In contrast, regulated brokers will ensure that all these details are clearly mentioned on their website.
The only way we get to know where this broker is supposedly located is from their legal documents, where Litegraphs provides us with an address in Belgium. However, their company name is still missing – even in the legal documents.
If a broker is located in Belgium, they are subject to the laws set in place by the country’s financial authority – the Belgian Financial Services and Markets Authority. We did a quick check of this regulator’s online register and found out that there was no broker – or company – by this name listed with them. This means that Litegraphs is lying about their location and is not really operating out of Belgium at all!
With no other information on this broker, we can safely say that we are dealing with an anonymous and unregulated scammer with Litegraphs.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Issues with Trading Platform
On their website, Litegraphs claims to offer their clients multiple trading platforms – the WebTrader, and then two apps, one for the desktop and one for the mobile.
However, this broker is careful not to specify which trading platform they offer.
Regulated brokers offer their clients the top trading platforms in the world – the MetaTrader 4 or MetaTrader 5 platforms. These two platforms dominate about 80% of the trading market. They offer their users a wide range of tools for market analysis, charting and trading. And brokers make sure that their prospective clients get a chance to test their trading platform by including a free demo platform on their website – one that is accessible to anyone who visits their website.
In contrast, we had to register to get a chance to see the kinds of platforms that Litegraphs supposedly has. We found out that there is one platform – a web-based trading platform that has such basic functionality that you cannot do more than simply buy or sell assets through this software.
Considering that the main offering of any broker is their trading software, the lack of one or, as in Litegraphs’ case, the shoddy quality of the software is a clear indication of a scam.
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Issues with Trading Conditions
Another red flag that traders need to look out for are unfair trading conditions – such as those offered by this broker.
Along with the trading platform, a broker’s trading conditions are what attract or repel customers. So, they need to be fair and advantageous for brokers and traders.
With Litegraphs, we once again see that their trading conditions highlight their scam. There is hardly any information on their trading conditions. We do not know the minimum deposit amount. We only know that the leverage offered is as much as 1:400. And for the spreads, we had to register for an account and access their platform to find out that they started from 2 pips for the EURUSD benchmark pair. Other trading conditions are missing too.
This scarcity of information is the first red flag. And then there is the leverage. Belgium is a part of the European Union, where the maximum legally allowed leverage is 1:30. Therefore, the 1:400 leverage this broker offers is illegal (not to mention too risky). And the lack of total information prevents traders from making informed decisions about trading with this broker.
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Remote Access Software Offered
Litegraphs asks their clients to download both TeamViewer and AnyDesk software, both of which are remote access software. Scammers tells their clients to download such apps so that they can help them in case there are any technical issues. They tell their clients that if they can take over their computers remotely, they can help resolve their tech issues faster.
However, what many traders do not know – especially the novice traders – is that these types of software allow the broker to gain complete access to your device. This means that scammers can access all your personal and banking information by getting you to download and use this software.
So, if you see a broker such as Litegraphs asking you to download these apps, it means you are dealing with a scammer.
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Issues with Payments
First we do not know the minimum deposit requirement. And since their deposit menu was not working, we could not the options for ourselves. Furthermore, this broker does not even tell us their withdrawal policy, so we do not know the minimum withdrawal limit, the terms of withdrawal and so on.
And finally, this broker offers bonuses, and has unfair withdrawal policies around those bonuses. You are asked to meet an impossibly high trading turnover target before you will be allowed to withdraw your funds.
All of this tells us that Litegraphs is a scammer.
Conclusion
Litegraphs is another shoddy scammer that needs to be avoided completely. Traders cannot trust this broker.
Litegraphs
Pros
- None
Cons
- Lack of Regulation
- Issues with Trading Platform
- Issues with Trading Conditions
- Remote Access Software Offered
- Issues with Payments
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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