LiteForex.eu Review

3.05 · 65 REVIEWS

Formerly Mayzus.com

Updated: Sep 21, 2020 · Visit site  · Is this your company?

Lite Forex is a forex broker. LiteForex.eu offers the MetaTrader 4 currency trading top platforms. LiteForex offers over 55 currency pairs, gold, silver and oil for your personal investment and trading options.

LiteForex.eu

Formerly known as Mayzus.com
Formerly known as United World Capital, UWCFx.com

Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 30:1
Minimum to Open Live: $50
Established: 2008
Address: 124 Gladstonos Street, The Hawk Building, 4th Floor, 3032, Limassol, Cyprus
Contact: support@liteforex.eu, +357-25-750-555
Regional offices:
Regulators: CySEC #093/08
Prohibited countries:
Trading platforms: MT4
Web Trading: Yes
Mobile Trading: Yes
ECN: Yes
Currencies: (55+)
Cryptocurrencies:
CFD: (15+) Gold, Silver, Stock Indexes, Oil
EAs/Robots: Yes
News Spike Trading: Yes
Scalping: Yes
MAM: Yes
PAMM: Yes
Deposit Methods: Bank Wire, VISA, MasterCard, JCB, Neteller, Skrill
Withdrawal Methods: Bank Wire, VISA, MasterCard, JCB, Neteller, Skrill

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3.05 · 65 REVIEWS
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Traders Reviews

Cristian Fernández,
Argentina,
Jun 22, 2011,
Guest

A month ago, I contact with UWCFX support because requotes and / or slippages happen constantly. But I discovered something much worse, see the next evidence:

2011.05.11 20:55:44 '19803': order #943929 sell 0.18 EURUSD at 1.4211 sl: 1.4244 tp: 1.4161 closed at price 1.4209
2011.05.11 20:55:40 '19803': request in process
2011.05.11 20:55:40 '19803': request was accepted by server
2011.05.11 20:55:39 '19803': close order #943929 sell 0.18 EURUSD at 1.4211 sl: 1.4244 tp: 1.4161 at price 1.4209

2011.05.11 20:55:33 '19803': requote 1.4208 / 1.4211 for order #943929 sell 0.18 EURUSD closing at 1.4210
2011.05.11 20:55:28 '19803': request in process
2011.05.11 20:55:28 '19803': request was accepted by server
2011.05.11 20:55:27 '19803': close order #943929 sell 0.18 EURUSD at 1.4211 sl: 1.4244 tp: 1.4161 at price 1.4210

2011.05.11 20:55:15 '19803': requote 1.4209 / 1.4212 for order #943929 sell 0.18 EURUSD closing at 1.4210
2011.05.11 20:55:09 '19803': request in process
2011.05.11 20:55:08 '19803': request was accepted by server
2011.05.11 20:55:08 '19803': close order #943929 sell 0.18 EURUSD at 1.4211 sl: 1.4244 tp: 1.4161 at price 1.4210

2011.05.11 20:40:55 '19803': requote 1.4203 / 1.4206 for order #943929 sell 0.18 EURUSD closing at 1.4205
2011.05.11 20:40:52 '19803': request in process
2011.05.11 20:40:45 '19803': request was accepted by server
2011.05.11 20:40:45 '19803': close order #943929 sell 0.18 EURUSD at 1.4211 sl: 1.4244 tp: 1.4161 at price 1.4205

2011.05.11 20:37:14 '19803': requote 1.4203 / 1.4206 for order #943929 sell 0.18 EURUSD closing at 1.4204
2011.05.11 20:37:01 '19803': request in process
2011.05.11 20:37:01 '19803': request was accepted by server
2011.05.11 20:37:00 '19803': close order #943929 sell 0.18 EURUSD at 1.4211 sl: 1.4244 tp: 1.4161 at price 1.4204

2011.05.11 20:36:01 '19803': requote 1.4202 / 1.4205 for order #943929 sell 0.18 EURUSD closing at 1.4204
2011.05.11 20:35:44 '19803': request in process
2011.05.11 20:35:44 '19803': request was accepted by server
2011.05.11 20:35:44 '19803': close order #943929 sell 0.18 EURUSD at 1.4211 sl: 1.4244 tp: 1.4161 at price 1.4204

The trades are arranged in reverse order of time, watch the first case, I ordered the closing of the order 943929 (by hand, to the specified price in the platform) at 20:35:44 and was accepted by the UWCFX server immediately, on the same second, but waited 17 seconds!! to send a requote at 20:36:01, what happened, and spent in each subsequent attempts, is that UWCFX are using a program or plug-in to wait for the next tick, if the next tick is in my favor, then the program or plug-in send requote to me, if next tick is against me, then the trade is made, as happened at 20:55:44.

Ok, it's clear, and after my complaint, UWCFX stopped it (at least on my account), but today I see the same pattern:

2011.06.22 16:14:05 '19803': order #992525 sell 0.20 EURCHF at 1.2069 sl: 1.2139 tp: 1.1999 closed at price 1.2070
2011.06.22 16:14:02 '19803': request in process
2011.06.22 16:14:01 '19803': request was accepted by server
2011.06.22 16:14:01 '19803': close order #992525 sell 0.20 EURCHF at 1.2069 sl: 1.2139 tp: 1.1999 at price 1.2070

2011.06.22 16:13:57 '19803': requote 1.2067 / 1.2070 for order #992525 sell 0.20 EURCHF closing at 1.2068
2011.06.22 16:13:47 '19803': request in process
2011.06.22 16:13:45 '19803': request was accepted by server
2011.06.22 16:13:45 '19803': close order #992525 sell 0.20 EURCHF at 1.2069 sl: 1.2139 tp: 1.1999 at price 1.2068

2011.06.22 16:13:43 '19803': requote 1.2065 / 1.2068 for order #992525 sell 0.20 EURCHF closing at 1.2066
2011.06.22 16:13:39 '19803': request in process
2011.06.22 16:13:39 '19803': request was accepted by server
2011.06.22 16:13:39 '19803': close order #992525 sell 0.20 EURCHF at 1.2069 sl: 1.2139 tp: 1.1999 at price 1.2066

I was warning to UWCFX that if this behavior continued, I will present the evidence to warn current and future UWCFX customers. This is a clear unethical behavior.
 
Alex,
Lithuania,
Apr 26, 2011,
Guest

In overall, this broker is fair. Started my business with tis company at the end of January by receiving a $100 bonus from them. Have made several withdrawals through moneybookers absolutely without any problems. Have ordered their Quick card. It had arrived in three weeks and until now works well. The main issues I begin to experience right now are:

1. Increased spreads. For example, for eur/usd it is 3-4 points during the most part of the day. Sometimes the spread for this pair drops to 1-2 points, but, as it is said, it happens only sometimes. For comparison, at the begining of my journey with them the spread for eur/usd was 0-2 points.

2. The quality of execution has fallen dramatically. I do not think it is an attack on me from their side in order to rip off my profits or smth like that. It is obvious for me that they experience some technical problems with the execution. Maybe servers are too slow, maybe they just lack liquidity providers... The truth is somewhere there. The stop losses and take profits work well. The issue with the execution arises only when you manualy entering or exiting the market.

In general, this broker can be used for trading. I really like their deposit/withdrawal system - it is really great! Customer service is good enough, but sometimes you really feel alone while chatting with them.

That's all for now!
 
juan mesa,
medellin, colombia,
Apr 25, 2011,
Guest

Hi everyone.

I'd been use this broker since 11/2010. i'd had many withdrawals without any problem by the way of Moneybookers. I just had somo problems with a bonus program but it was solved in less than a week.

i just read many post here, and i believe that all the people lost many money with UWC. In my case i had win more than 2000usd without any administartive problem.

My experience is good, i recommend to trade UWC by deposit less than 500usd. if you want to invest more, please search a top broker.

Thanks, and i hope that this review will be important for other traders.
 
Alex Boldeanu,
Limassol Cyprus,
Apr 21, 2011,
Guest

Hello everyone
first of all i apologize for the late reaction.
If any of you read the "TRADING CREDIT POLICY" which is available on our website since the changes were made, you will find there at the section 2 od the document the following:
2. CHARGE-OFF OF TRADING CREDIT
2.1 The Trading Credit decreases proportionally to the amount(s) the Client withdraws from his Trading Account. To calculate the exact decrease amount, all the Client's deposits will be added up and the total amount of sums withdrawn from his Trading Account will be subtracted. The result of this calculation equals to 100%. After this, a percentage ratio of the upcoming withdrawal from the Trading Account against the previous result will be calculated. This ratio equals to the amount of the Trading Credit decrease. If the total sum of Trading Account withdrawals exceeds the total sum of deposits, the Trading Credit gets completely charged-off (nullified).
2.2 If the Client's Trading Account has been credited with the Welcome Bonus or any other Trading Credit (Bonus) not related to funds deposited by the Client during the Company's bonus programs (campaigns), and if the Client withdraws funds from his Trading Account to which such Trading Credit (Bonus) applies, the Company charges a one-
 
Anil Kumar,
India,
Apr 19, 2011,
Guest

I've made $130 withdraw but still haven't been paid. Its over a week now. I've contacted them via mail but no response. Terrible live support. They just don't know English. I've read here they are scammers. maybe i just got scammed. lets wait for a couple of days more and i'll categorise them a scammers too.
 
Sergey Mayzus,
Limassol, Cyprus,
Apr 11, 2011,
Guest

Regarding USA clients of UWCFX: We have discontinued acceptance of the US clients and closed all of the accounts of the US clients as per new requirements of CFTC prohibiting opening an accounts for the US clients who are non-ECP. Please ask your questions to CFTC directly - WHY THEY BLACKMAIL FOREIGN BROKERS WHO ARE NON-US-REGULATED...

Regarding BONUSES: On April 4, 2011 we have applied new Trading Credit Policy which have been made available for public review on 25th of March 2011. As per today, we discovered an error in the clause 2.3(D) in accordance with wich the profit of traders was charged-off with the bonus provided. Che clause 2.3(D) of Trading Credit Policy has been VOIDED (cancelled) and all the profits charged-off in accordance with this clause has been REVERSED.
 
George,
South Europe,
Apr 11, 2011,
Guest

I took the promotional $100 bonus that this broker had and tested some EAs and some manual strategies.

The account had a balance of more than $180, when they brought it down to zero. After asking their support what was the reason that they did it, they told me the story with the email describing the changes. I checked my emails and saw that I received this tricky email on the 29th of March! The title of the email is Upcoming Bonuses and Promotions at UWCFX.
In the email is not mentioned ANYTHING about a change for the customers with existing bonuses. Even at this very moment, 11/04/2011 GMT 16.06, the link of that email (http://http/www.uwcfx.com/about/news...it-policy.html) is not working. They are probably revising the terms, because somebody made money on the bonus

These people are NOT PROFESSIONALS!

Look at this link:
Free Forex Account Management Courses

I did a live chat about it and nobody knew anything about it. I then exchanged emails with some people from there, but there was still nobody to give me more information on it. I am still waiting for their representative to answer to the thread!

VERY VERY Cheap Bucket Shop.

It is clear for me that their number one rule is "No Profitable Traders Allowed"
STAY AWAY FROM THEM!!!!!!!
 
Ion Manda,
Romania,
Apr 8, 2011,
Guest

UWC cut my bonus*2 without any warning !!! - Today, 08:07 AM
UWC cut my bonus * 2 !!! I lost $40 from my trading account because of changing the rules by UWC !!!

This is the email I got from UWC:

"Hello , dear Ion Manda

According to New Credit Policy [url]http://www.uwcfx.com/downloads/trading_credit_policy.pdf[/url] your credit bonus has been deducted from your trade balance

Best regards,
Back Office Department
United World Capital Limited"

04/08/2011 RESPONSE

07/04/11 18:18 why did you cut $ 40 from my trading account? Ion Manda
08/04/11 13:31 Dear Unfortunately, the system needed to deduct your trading bonus credit of $20 accompanied by the same deduction from your account balance because you have not funded your trading account within 30 calendar days from receiving your bonus from us. The system has performed such activity automatically accordingly to the Trading Credit Policy, point 2.3 available on our website [url]http://www.uwcfx.com/downloads/trading_credit_policy.pdf[/url] Kind regards, Kris Antoniewski United World Capital Kris Antoniewski


But I told you, I lost the bonus*2 !!!

Thisi is a part of my Statement:

1021536 2011.04.06 00:00 credit CRDO-23-AUTO(D), value date: 2011.04.06 -20.00
1021538 2011.04.06 00:00 balance WDRW-CO-1021536 -20.00

And they don't told me BEFORE !!!
They have this message on their site:
"United World Capital takes all reasonable steps to obtain the best possible results for its customers, taking into consideration all execution factors such as financial instruments, costs, speed, probability of execution and payment, size/nature of order, etc." SO, they would have let me know before about the possibility of losing my money !!!

Please Help me,
Thank you,
Ion Manda

07/04/11 18:18 why did you cut $ 40 from my trading account? Ion Manda
08/04/11 13:31 Dear Unfortunately, the system needed to deduct your trading bonus credit of $20 accompanied by the same deduction from your account balance because you have not funded your trading account within 30 calendar days from receiving your bonus from us. The system has performed such activity automatically accordingly to the Trading Credit Policy, point 2.3 available on our website [url]http://www.uwcfx.com/downloads/trading_credit_policy.pdf[/url] Kind regards, Kris Antoniewski United World Capital Kris Antoniewski

08/04/11 13:47 You MUST let me know before! It is a vital event for my account! There is no excuse that the system has cut my money automatically! I should like you to follow a code of conduct, a code of good practice! It is not enough that you have published regulations on the site - that you had informed investors! This is not an application, it is a complaint! I will make official complains now !

08/04/11 14:07 Dear Ms Ion Manda

United World Capital has released the Trading Credit Policy on the March 25th, which covers issuing, charge-off, usage and granting of trading credits (bonuses) notifying that herein mentioned policy comes into effect on Monday, 4 April 2011.

An automatic email has been sent as well to all of our clients on the march 29th regarding our new Bonus program followed by the information regarding the Trading Credit Policy.

Kind regards, Kris Antoniewski
United World Capital Kris Antoniewski

08/04/11 14:52 That was NOT enought ! Regulation is abusive ! CLIENT NO LONGER HAS ANY RIGHT ! Only an idiot would put money in your company.
08/04/11 14:56 And about the email at 29th - this is the text : "You can already read the Trading Credit Policy we released for the upcoming Bonus Program and which comes into effect on 4th April 2011." YOU CAN READ ...!!! It is understood that talks about the bonus, no major changes in trading conditions!!! SHAME ON YOU !

08/04/11 15:25 Dear Ms Ion Manda,

"You can already read the Trading Credit Policy we released for the upcoming Bonus Program and which comes into effect on 4th April 2011. When you open a trading credit policy the first sentence is : This Trading credit policy comes into effect as of 4 April 2011, and applies to all Trading Credits and Bonuses issued PRIOR to our following the aforementioned date. We sent you a e-mail with the link to our trading credit policy.

Kind regards,
Madara Sausina
United World Capital Limited Madara Sausina
08/04/11 15:33 When you open a trading credit policy the firs...I am an existing client ! I don't open a trading account now !!! I want an answer to the question on a code of conduct. ONCE AGAIN - SHAME ON YOU ! Ion Manda
08/04/11 15:44 Dear Ms Ion Manda,

In the e-mail what we sent to all existing clients , there is link to the Trading Credit Policy. In this policy you can see all the terms about existing and new bonuses.

Kind regards,
Madara Sausina
United World Capital Limited Madara Sausina
 
James M.,
Toronto, Canada,
Apr 7, 2011,
Guest

Scam, If you believe you can make money with this broker as with any other bucket shop, I have a bridge to sell you in downtown New York lol . I signed up for their "free deposit promotion" and went through all the hassle of account verification with them since, I was looking for an additional broker for one of my strategies. Here are my observations, they do not have a variable spread, actually their spread is variable but it goes like this: 2,3,4 pips in fairly quick succession over and over again, in other words "a true" STP broker" lol. With that knowledge, I traded one of my breakout strategies that averages 120 pips profit on winning positions, implemented proper position sizing and was able to make 30% on the "free deposit money" within a month, while I was watching them to see, if I should deposit any money with them, all of my entries were done with pending orders with predefined exit and take profit levels to prevent any "monkey business" with market orders. I did not trade every day since, I have real accounts to take care of, however 2-3 times a week, I would go in and place the orders. To my "surprise" the last time I went into the account all the money was gone, initial "free deposit" and the profits. I went into the account history and noticed that the "free deposit" was removed from the account as credit which have been revoked and profits were withdrawn - by whom? I don't know, since it wasn't me. I went and logged onto my account on their website and noticed it was same thing there - "credit was revoked and profits withdrawn" so I went on live chat with them and communicated with some guy called Dimitri which basically told me that they have recently changed their "credit policy" and that was the reason they removed my "free deposit credit", I asked him about the profits then, all of a sudden I was disconnected from chat and when it reconnected I was getting no replies from Dimitri or any one else, I went on with my day, knowing that the best thing I have done, is not putting any real money with these people.
You will have better chances and more fun at the casino, even though in the end you will still loose, just like in most casinos they will try to entice you with a few free chips knowing very well that in a few minutes you will be running for an ATM machine which they conveniently placed on every corner, at least casinos, unlike bucket shops do not call their patrons "investors". "Suckers" is much better word.
 
Ovidiu Racorean,
Romania,
Apr 6, 2011,
Guest

Scam broker. They took my money out of my account. They had stolen my money. I worked along the time with many brokers but I never saw this before.
I read some of other reviews here but...I must say some are lies. UWC will never let you withdraw profits from them. Not even the profits you made with the bonus.
I strongly recomand to all fellow traders to avoid this company .