LitCrypto is an unregulated broker we advise against trading with despite the seemingly attractive deals it offers.
LitCrypto claims to be operated by P24O Ltd. and is regulated under strict standards by the MFSA in US. However, first of all, the MFSA stands for the Malta Financial Services Authority, which is responsible for regulating the financial industry in Malta and is located in Europe, not in the United States. Secondly, the broker also claims to be regulated by the US Financial Services Authority with a license number of IS/560000. However, as per US law, brokers operating in this country must be a member of the National Futures Association (NFA). In fact, we didn't find any records in the NFA registry matching this broker. Furthermore, we searched the internet and there isn't a "Financial Services Authority" in the US to regulate financial sectors. That means LitCrypto is using false information to deceive unsuspecting investors.
Regarding your question, LitCrypto is an unregulated broker. Entrusting this broker to control and hold your funds or trading with it is highly risky, as there are no safeguards in place to prevent fraud or theft. Therefore, we strongly suggest investors stay away from unlicensed brokers like LitCrypto and choose fully regulated ones instead.
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