Litterman FX

We are sure that Litterman FX is an offshore forex broker that claims to be locate in one of the most austere forex environments in the world. Read the review to see if you should deposit in this one.

The broker is operated by EC DIFFUSION LTD, the alleged parent company. Interestingly the legal documents claim that the company is incorporated in the United Kingdom. Note that in order to be operating a legitimate forex business one must absolutely be regulated by a license issuer. In the UK. the FCA acts as the sole agency. The FCA also holds an online regulatory database with all its regulated companies. Neither Litterman FX nor EC DIFFUSION LTD we on the list, meaning that this broker is UNLICENSED and therefore a risk to all investors.

We strongly advise traders to trade only with regulated brokers that hold a license from renowned and severe institutions such as the FCA or CySEC. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).

We opened a live trading account with little effort, and were presented with a trading platform revealing an EUR/USD of 1 pip, seemingly fixed. Personally, we do not trust this cost of trade one bit. The leverage is nowhere mentioned.

The website in only available in English, but the trading platform can be send in English, Arabic, Greek, Spanish, French, Italian.

LITTERMAN FX LOGIN

The terminal here is no MT4, that's for sure. This proprietary trader is a first for us, and it's not a big deal at all.  Aside form buy/sell options the user has close to now other alternatives. There are no customizable options, no pending orders, no indicators, and the list goes on.

LITTERMAN FX MINIMUM DEPOSIT

According to the dashboard the user can deposit via Credit Card, Wire Transfer, and Ethereum. However, when we tried to deposit via a credit card, we were redirected to a bitcoin buying source. Furthermore, the wire transfer options did not work. As for the ethereum option, the only thing we can do is to quote the minimum deposits amount of 0.05 ETH, which amounts to $7.5.

We would not deposit with this one if we were you. This broker is clearly not legitimate and not regulated, meaning that who knows what they will do with your investment. Traders should deal exclusively with brokers regulated by exemplary agencies such as the FCA or CySEC, for they oversee a brokers activities from head to toe with a severe case of diligence.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

Never give away your CVV code without first making sure that the broker is regulated by an efficient agency. By giving away your Card info with the CVV code to some unconfirmed person you are literally giving access to your funds, and if these details fall into the wrong hands, rest assured that your bank account will be promptly emptied.

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, often times for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.

LITTERMAN FX  WITHDRAWAL TIME AND FEES

The Terms and conditions claim that the withdrawal fee for wire transfers is $25, and that all requests are processed within 5 days. With that said, the only option that the withdrawal section in the user area allows one to do is to send a simple request to the broker. We cannot vouch for this.

ADDITIONAL FEES AND TAXES

There are a bunch of fees that need to be disclosed: a management fee of 3.25% per 6 months; 1.50% of trade volume for the quarter, and a 1.5% bitcoin selling/buying fee.

After a month of inactivity, any withdrawal will be issued a 25% tax. After two months of inactivity an account will start getting charged a 5% fee. After 12 months of inactivity, the broker take all of the client's account money and close said account. In that same clause, the broker sneaks in that it can, without notice, close an account.

The last clause mentions a whole lot of other fees that may occur. We have dropped it below for readers' convenience.

As you can see, the broker aims to take as much as it can, without being to open about it. Be sure to note that any effort to withdrawal your money will be unsuccessful. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advise you against withdrawing, or they will ask more deposits needed if one wished to withdrawal. Scammers come up with additional fees and taxes for the sole purpose of keeping you on stand-by, and to deplete as much money from you as is possible.

ACCOUNT VERIFICATION

Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use this to build a stronger case against you in the event that you request a chargeback.

We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.

HOW TO RECOVER

Don’t delay, and file for a charge back ASAP with your bank or credit card company, but also ask them what the situation with your current account is.

If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.

Victimized traders will have their guards down looking for every opportunity to get their money back. This is where the fake recovery agents come in, seeing an opportunity in your desperateness. First of all, they will promise to recover all your money, but they will ask a fee to cover their services. Once this fee is paid rest assured that you will never again hear from them.

The last line of defence for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!

BOTTOM LINE

Litterman FX is a very typical scammer broker. It has worked on its scheme with significant effort, but not so far as to hide it from us. Do not deposit here!