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Lite Options Review - is it scam or safe?

Lite Options Review - is lite-options.com scam or good forex broker?

RATING: 1 / 0 REVIEWS Lite Options
Lite Options is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account  Min. deposit Max. leverage  Spread
Bronze  $250 N/A N/A
Silver  $1 000 N/A N/A
Gold  $3 000 N/A N/A

 

Lite Options is an offshore forex and binary options broker that offers the above account types. As you can see from the table above, the broker’s trading conditions are utterly unclear. What is worse, Lite Options seems to illegally operate on regulated markets, such as the European Union.

 

Below you can read all the details regarding this broker.

 

 

Lite Options Advantages

 

A lot of tradeable assets & payment methods

Lite Options claims to offer trading in forex and CFDs on commodities, stocks and cryptocurrencies, which is a solid choice of tradeable assets. It seems that the broker also offers trading in binary options, which are currently banned across the EU.

 

Nonetheless, we could not verify this claim, as Lite Options does not offer free testing service, nor access to trading before account verification.

 

Another possible convenience with regards to this broker is the multiple payment methods it supports: bank wire, credit / debit cards, Neteller, Perfect Money, Skrill, OKPay, Qiwi, as well as Bitcoin, Ethereum and other altcoins.

 

 

Lite Options Disadvantages

 

Registered offshore, CySEC warning

Lite Options is a trading name of Algobit Ltd., a company registered offshore, in the Seychelles, and affiliated with Finance Group Corp. Although it is not authorized to provide investment services and advice in any regulated market, this firm obviously operates in Europe, as both its brands, Worldwide CapitalFX and Lite Options, have been blacklisted by the Cyprus Securities and Exchange Commission (CySEC).

 

MT4 not available

 

Just like Worldwide CapitalFX, Lite Options does not support the good old MetaTrader 4 (MT4), but seems to use some web-based platform. We actually only got access to this strange dashboard after registering a live account (demo ones are unavailable):

 

One is only able to deposit, verify their and see some quotes of major forex broker FXCM.

 

 

Click on the image to zoom in.

 

By comparison, the MT4 is highly praised by the trading community for its reliability, ease of use and rich functionalities.



>> A list of MT4 brokers <<

 

 

Withdrawal conditions, salty fees

Another worrisome fact about Lite Options is that the broker has set certain trading volume requirements as a prerequisite for withdrawals.

 

 

Lite Options’ FAQ section. Click to zoom in.

 

Besides, the broker applies unusual and rather high fees, pretty much like Lite Options. For example,  deposits by Visa or MasterCard are subject to 5% commission. Also, minimum deposit via bank wire is $5 000, and all international bank transfers incur an upfront fee of $50.

 

Furthermore, Lite Options applies a maintenance fee of 20% on withdrawals or inactive funds, i.e., with which the client has not made 1 x turnover. Besides, if a client fails to make at least one trade in a calendar month, an account service fee of $10 per month is charged.

 

 

Conclusion

 

Lite Options is an offshore forex and binary options broker with very low credibility. It is operated by an offshore company, but seems to target European investors, and was therefore blacklisted by CySEC. Furthermore, its trading offer is far too unclear, the MT4 is not available and on top of that, withdrawals are bound by certain trading volume requirements and all kinds of additional fees apply. To put it simply, pretty much everything about Lite Options incline us to suspect the broker is involves in some sort of scam.

 

>> Trade with a broker licensed by CySEC <<

 

 

Here are the highlights of our review of Lite Options:

 

Pros Cons
Solid choice of CFDs Not licensed, blacklisted by CySEC
A lot of payment methods Trading conditions not disclosed
  No free testing service
  MT4 not supported
  Withdrawal conditions, additional fees

 

Latest news about Lite Options
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Traders` reviews for Lite Options

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Cons

 

 

Deposit/Withdraw

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Cons

 

 

Customer service

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Cons

 

 

Summary

Pros

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