Facts and quotes on LiteForex
First impression is, no physical person is named nor there are any pictures of the employees or the company.
Everything is secret and anonymous.
There are many misleading information on the web site.
Straighthold Investment Group, Inc. is a Seychelles off-shore company!
I give you some facts and quotes and I leave it up to you to make up your own mind about LiteForex and Straighthold Investment Group
Let's begin...
On the web site you see a picture of a building and in the background there is the London Stock Exchange
liteforex.org/profile.php
Gives me the impression that Straighthold Investment Group is in that nice, enormous building, but wait, Straighthold Investment Group has no office in London.
Quote from liteforex.org/profile.php
- LiteForex is a service mark and division of Straighthold Investment Group, one of the most respected online Forex-trading companies in the industry.
I have never heard of Straighthold Investment Group before! And I watch CNBC and other financial programs all day long.
Not to mention all the news papers.
Straighthold Investment Group, Inc. has no web site. You will be redirected to liteforex.org
"the most respected" has no web site...
Quote from liteforex.org/legal.php
- The registered agent of Straighthold Investment Group, Inc. on Seychelles is Intershore Consult (Proprietary) Limited.
The legal address of the company is: 306 Victoria House, Victoria, Mahe, Seychelles.
This tells me a lot of things. First, let's see who is Intershore.
intershore.com
Intershore is just a consult company who opens off-shore companies and THEIR address is 306 Victoria House.
If you brows to the link "offshore Knowledge Base" -> "Uses of off-shore companies" you would read some disturbing information.
Quote:
-(2) Investment companies
Use of an offshore company also protects the identity of the ultimate beneficial owner.
-(12) Confidentiality
There are often sound commercial and security reasons for using the confidentiality that an offshore structure can provide.
Confidentiality is a cornerstone of the functioning of offshore centres. Without confidentiality laws and codes of practice there would be no faith in the finance centres and their economies would fail.
Banks, fiduciaries, trust companies and corporate service providers all adhere to the strictest standards, whether these are enforced by law or not.
Subject to the requirements of the money laundering and financial regulation laws, only a properly authorised criminal investigation will cause such a firm to divulge the ownership of an offshore structure or bank account.
Quote from liteforex.org/legal.php
-LiteForex service mark and www.LiteForex.org web-site are governed by Straighthold Investment Group Inc., registered resident of Seychelles, according to the terms of the International Business Companies Act, 1994 (Act 24 of 1994).
This doesn't give me much confidence! An off-shore company with no legal person named and with no office governs LiteForex...
What is "International Business Companies Act, 1994 (Act 24 of 1994)"?
Read the Seychelles International Business Authority web site
.siba.net
In the link "Corporate Service Providers" you will find Intershore Consult, off course
In the link "Products" -> "International Business Companies (IBC)" you can download the pdf for "International Business Companies Act, 1994 (Act 24 of 1994)"
In short, IBC Act 1994 tells you how to open a company, register it and that it will cost you $100 USD?
Read also the IBC FAQ pdf file
The question 9 is interesting, quote:
-Is confidentiality granted to IBC’s and what information is public?
Answer:
1) Yes. All proceedings in respect of civil matter involving an IBC shall be heard by a Judge in Chambers.
2) The Registrar maintains only the copies of the Memorandum and Articles of Association as well as copies of certificates of incorporation good standing, change of name and other such certificates.
Quote from liteforex.org/legal.php
- Straighthold Investment Group, Inc. business activity complies completely with Seychelles legislation and conforms to its regulations and internationally accepted supervisory and regulatory standards.
Really? Where can I find that information? And most importantly what do you mean? What agency supervise and regulates Straighthold?
Straighthold Investment Group, Inc. is registered as a company and regulated that Straighthold will pay their annual $100? registration fees BUT not regulated as a financial institution by SEC or any other government agencies.
Registered and regulated are 2 different legal words! I KNOW!!!!
The only way you are 'regulated' can be found in IBC Act 1994.
-> Dmitry
You wrote to JmzRodrigo who's money has been lost because you have deleted the real information from your server
https://www.forexpeacearmy.com/fore...1-liteforex-org-lite-forex-com.html#post11265
And the document you refer to liteforex.org/content/en/reglament.doc
Quote of Dmitry:
Out-market quotation satisfies to each of the following conditions:
- essential gap;
- short time return of the price to the initial level through a gap;
- no price dynamics before the quotation appears;
- no news and relevant market events could influent the instrument rate (LiteForex Trading Limited reserves a right to remove out-market quotation information from a server database).
Are you kidding? Is this a joke????
"LiteForex Trading Limited reserves a right to remove out-market quotation information from a server database"
As a financial institution you can not delete any account information from you server! There are laws against this!
Not to mention, if the IRS or any other government agencies would investigate you, you would have "missing" information's in your system.
They would shut you down for tax evasion, fraud, manipulation of the books, electronic data fraud etc.. But wait, Straighthold Investment Group, Inc. is an off-shore company, so I guess it's ok.
Think twice! How would that work if your bank, a FINANCIAL INSTITUTION, would delete some transfers to your account and they would say, "Prove me wrong!"
"out-market quotation" == no trade is allowed. This should be regulated/controlled by the server and not by you, manually...
What are the guaranties that you did not put the money into your own pocket? You can not prove that because you have deleted the information from the server!
With this attitude "out-market quotation", you can delete anything and there is no prove that YOU did wrong!
Should all your clients, like JmzRodrigo, have a camera over their shoulders to record all their activity just to prove you wrong?
Quote from liteforex.org/profile.php
- PROCEDURES FOR PREVENTION OF UNLAWFUL ACTIVITIES
LiteForex is committed to assisting governments combat money laundering and the financing of terrorist activities around the world. For this purpose LiteForex has set up a highly sophisticated electronic system that documents and verifies client identification records, and tracks and maintains detailed records of all Forex transactions.
You are deleting records from your server!! And you are committed to assist what government??
I wonder what anti-terrorist agencies would say when they find out that you are deleting records from your "detailed records of all Forex transactions"
Will88 asked a simple question about Regulatory Body:
https://www.forexpeacearmy.com/fore...liteforex-org-lite-forex-com-2.html#post13918
And your answer:
https://www.forexpeacearmy.com/fore...liteforex-org-lite-forex-com-2.html#post14147
You don't actually answer the question!
Quote:
-The group of companies LiteForex is presented by two companies: an independent market maker Straighthold Investment Group Inc. and the broker company licensed in Europe United World Capital.
You mean this:
uwcfx.com
You are not regulated by UWC, you are just an associate to an other Forex broker.
Quote:
- United World Capital is registered as a CIF (Cyprus Investment Firm) under the registration number HE230122 and licensed by CySEC (Cyprus Securities and Exchange Commission) under the license number 093/08 in accordance with new MiFID (Markets in Financial Instruments Directive) – a European Union law which provides a harmonized regulatory regime for investment services across the 27 member states of the European Economic Area.
By being a licensed European Union investment company, United World Capital is a member of the Investor’s Compensation Fund which protects clients assets in the event of a company failure.
You don't mention here LiteForex or Straighthold. Off course not...
I like the United World Capital web site. Easy to check! Which I have not done yet!
uwcfx.com/support/documents.html
Let's continue...
All these info is from:
liteforex.org/locations.php
Our formal registered office address is:
Straighthold Investment Group
306 Victoria House
Victoria, Mahe, Seychelles
COMMENT:
We have already established that this is the Intershore Consult (Proprietary) Limited address
INTERNATIONAL OFFICES
COMMENT:
All of the "International" Offices are in the formal Soviet Union.
Russia - Moscow Operations Office:
Trend Line, LLC
99, Svobody street, office #13
Moscow
Russian Federation
Phone: +7.499.762.2004
Russia - St. Petersburg Operations Office:
Trend Line LLC
9th Blohina Street, 4th Floor #407
B/C Kronverk, Saint Petersburg
Russian Federation
Phone: +7.812.334.9680
Russia - Kaliningrad Operations Office:
Trend Line LLC
B/C Baltitskiy, 5th Floor #510
B/C Mayskiy, 3rd Floor #306
236006, Kaliningrad
Russian Federation
+7.4012.702.875
+7.4012.702.876
Ukraine - Representative Office:
Saxon Finance Group
17th Glinki Street, 4th Floor
Dnipropetrovs'k, 49000
Ukraine
Phone: +38.056.231.1900
Latvia - Representative Office:
LiteForex.lv
11th Merlela Lela, #322
Riga, LV1050, Latvia
Phone: +371.788.1145
COMMENT:
Almost the same as litefxtrader.com/contact.html
Trend Line LLC? Who are they? The only info I found is:
trendline-group.com/about.php
By no mean, this means that this is the same company. I just did not found any other relevant company.... So, MY APPOLOGIES IF I'M WRONG!!!!!
BTW. an extremely poor FOREX web site. No comment!
Saxon Finance Group? Who are they? No info found and who cares! I think I have already all the info I need to make up my mind
ELECTRONIC SPACE PROVIDERS
Canada - Data Center Location:
Superb Internet Corporation
Suite 1400 - 700 West Pender St
Vancouver, BC, V6C 1G8, Canada
Phone: +1.604.638.2525
COMMENT:
superbhostingcoupon.com
Quote from web site:
- SuperbHosting Coupons and SuperbHosting Reviews - save $24 now
USA - Data Centers Location:
ServePath, LLC
360 Spear Street, Suite 200
San Francisco, CA 94105, USA
Phone: +1.415.869.7000
COMMENT:
servepath.com/about/index.php
Quote from web site:
- Multi-Server Experts. 10,000% Guaranteed.
Quote from liteforex.org/profile.php
LiteForex ensures that Forex traders experience the highest level of performance, reliability and security by taking advantage of professionally managed network operation centers. Unlike many online trading operations, the Forex trading platform used by LiteForex utilizes industry-standard encryption technology to ensure that all communication between our customers and our Forex servers is completely protected and confidential.
Quote from liteforex.org/profile.php
- SAFETY OF CLIENT FUNDS AND TRANSACTION INTEGRATION
Client funds held by LiteForex are maintained in separate Forex accounts at world recognized financial institutions for the sole purpose of the clients' trading activity and are never combined with the operating capital of the company. Withdrawals from these bank accounts occur only as a direct result of Forex client trading activities or an authorized request for withdrawal.
What bank? Where can I check it? Where is the document where these banks garantees these clients funds?
I have also checked out LiteForex forum. This is a link on the forum for an ad for "College Forced Sex! Drunk Student Date Rape Porn!"
This has been posted Wed Mar 11, 2009. If you don't like porn pictures, don't check it, just take my word for it.
forum.liteforex.net/eng/viewtopic.php?f=4&t=802
And its still online on Mar 24, 2009
2 weeks. Where is the admin?
May be there is a hidden message, that we are s*****
-> Dmitry
Manny questions and no answers. So, here are some basic questions.
- The name of the CEO and contact information for both Straighthold and LiteForex
- Your financial books online, please, since you are "the most respected online Forex-trading companies"
- The name of the agencies that regulates you as a financial institution? How/where can I double check that?
- The name of the bank or banks that holds the clients fund and guaranties those funds?
- Your full name Dmitry, your education, your employment and information on how you are connected to LiteForex
- Your contact information Dmitry
- Fill in properly your user information
I think that you are the CEO Dmitry! Prove me wrong!
-> Dmitry
You wrote on
https://www.forexpeacearmy.com/fore...liteforex-org-lite-forex-com-2.html#post14147
- I am present more than at 40 basic English-speaking forex-forums and is ready to answer under any claim or a question. I am always ready to discuss any possible claim from the client of the company. I also do not recommend to you to trust that information about which you write as there are no clean data about her authenticity.
Could you please give me those addresses so that I can post this article on those sites? Thank you in advanced!
I did not wrote this article as a personal attack against any person or any of the mentioned companies.
They might be ok. I leave it up to you to decide what to do with this information.
So, what is my reason?
I had a broker for a long time. I've been in their office, met the CEO and the traders personally! Everything was just fine!
On their web site they wrote "registered at SEC", "Client funds held by separate Forex accounts at world recognized financial.....never combined with the operating capital of the company..." etc... you get the picture?
And recently, they filed for bankruptcy after 3 years. I guess they had enough clients and funds to do so.
Registered and regulated is NOT the same! Look at Madoff, he was registered but not.....
And my broker clients funds? GONE, And I mean GONE, GONE, GONE, GONE..... The police is still investigating with the SEC and still no trace of any money!
Every client lost their funds.
At this moment I'm looking for an other broker. But this time, I take no prisoners! It's my money! I have actually earned it without any scams!
My final word. LiteForex? No thanks!
Am I rude? Well, It's my money!
I hope that you find this information useful and that I gave you some ideas how and what to check before you decide to give your money away to anyone.
Check and double check everything!
Off course, if Dmitry proves that everything is fine as we expect it, I will open a $1 account. You can take my word for it!
Regards