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LiteForex: Is the broker reliable?

Financial Fraud Lawyers investigates

(i) What is LiteForex?

LiteForex is an online investment platform offering trading strategies and other analyses of the Forex market and its forecasts. It operates in Europe, and according to its approved web domains, specifically in Poland, Germany, Spain, France, Italy, Portugal and Russia.

LiteForex provides its investors with access to platforms for buying and selling foreign currencies. Its users can choose between MT4 LiteForex and MT5 LiteForex to conduct their trading activities. They can also choose between several deposit and withdrawal methods.

In order to stand out from its competitors, LiteForex offers several advantages to its users. It is appreciated mainly for its low cost structure: there are no fees when opening a trading account. However, all accounts have floating spreads that change depending on the account the user is trading on. This means that the price difference between buying and selling a currency, facilitated by the platform, may vary depending on the market. LiteForex is remunerated by these spreads, which are fluctuating for the platform’s users.

Finally, LiteForex adapts to investors at different levels. Several features are available for professionals. For example, users can choose between two account types (ECN or Classic). There is also a system of copying other people’s transactions, called “Social Trading”. Especially for beginners, the existence of LiteForex demo is a learning opportunity.

(ii) Transparency about the broker

LiteForex (Europe) Ltd is a company regulated by CySEC under the license number 093/08 issued on 08/08/2008, and registered under the number 230122. While the information provided so far establishes the broker’s obligations and is reassuring, further research reveals ambiguous practices.

LiteForex is authorized to operate in European countries. As far as other geographical areas are concerned, the company exists under the name LiteFinance, and the latter is not regulated, although it is registered with the Financial Services Authority (FSA) of St Vincent and the Grenadines (n˚931 LLC 2021). This is what is known as an offshore, or ‘extraterritorial’ company: LiteFinance is not a resident of St Vincent and the Grenadines and does not carry out its economic activity there.

However, it is mentioned on LiteFinance’s website that it is actually the new trading name of LiteForex. This implies that LiteFinance allows itself to operate on a market where the company is not regulated.

Besides, LiteForex existed under other names until recently:

∆ United World Capital Ltd (UWCFX), domiciled in Cyprus but registered in Norway ;

∆ Mayzus Investment Company Ltd, domiciled and registered in Cyprus.

The latter was sanctioned by CySEC in 2016, and had to pay a fine of EUR 12,000 due to non-compliance with AML/CFT regulations.

As far as the UK market is concerned, there is Mayzus Financial Services Limited, a company that has been active since 2008, registered in the UK and headed until March 2021 by Sergey Mayzus, former CEO of United World Capital Ltd (UWCFX). It becomes difficult to list all the entities related to LiteForex, mainly because it seems there is a lack of transparency regarding its affiliations.

However, LiteForex, LiteFinance, UWCFX, Mayzus Investment Company and Mayzus Financial Services are supposedly originating from the same source. The only difference between these entities so far is that some of them have been investigated and called to order, the others are active and promoted as excellent services.

(iii) User reviews and our firm’s expertise

When comparing the reviews on our partner site Forex Peace Army, as well as on TrustPilot, we quickly notice a recurring complaint from users regarding deposit and withdrawal fees. However, on its website LiteFinance assures that regardless of the transaction method used, the platform will not take any commission (“LiteFinance bonus: we refund the deposit fees of payment systems“). It should be noted that we are talking about deposit fees, nothing is explicitly mentioned about withdrawal fees, although this is a common tab. On LiteForex’s website, on the other hand, only deposit fees are mentioned.

Another troubling element: according to some testimonies from users of the platform, there is a difference between the advertised interest rates and the applied interest rates. Nevertheless, there are many positive opinions about the platform, especially in terms of user-friendliness and accessibility.

As Forex lawyers, we recommend that you be careful when choosing to invest on a trading platform. Especially when it comes to entities that are not regulated by the European financial authorities, about which you have little general information or guarantees regarding your capital. If you need legal advice or legal representation against a broker, do not hesitate to contact us.


The Financial Fraud Lawyers network aims to inform private investors (traders) of potential malpractices by Forex and CFD brokers. Our mission is to assist and protect traders when they encounter brokerage practices that go against their interests.

Our articles are intended to warn, share and inform the public about the legal risks of Forex and its players. Trading financial products and CFDs as well as investing on online platforms carry legal risks.

The article was written in good faith, based on public information and client testimonials valid at the time of publication. Our articles concern the protection of the interests of individuals on online investment platforms and are published in accordance with our right to inform the public about our activity. This article is not to be considered legal advice.