univeralfunds
Private
- Messages
- 14
I will keep following to see how it ends
Please try to select the correct prefix when making a new thread in this folder.
Discuss is for general discussions of a financial company or issues related to companies.
Info is for things like "Has anyone heard of Company X?" or "Is Company X legit or not?"
Compare is for things like "Which of these 2 (or more) companies is best?"
Searching is for things like "Help me pick a broker" or "What's the best VPS out there for trading?"
Problem is for reporting an issue with a company. Please don't just scream "CompanyX is a scam!" It is much more useful to say "I can't withdraw my money from Company X" or "Company Y is not honoring their refund guarantee" in the subject line.
Keep Problem discussions civil and lay out the facts of your case. Your goal should be to get your problem resolved or reported to the regulators, not to see how many insults you can put into the thread.
More info coming soon.
The "cheating" accusation could be serveral things. I see no harm in posting these, since they are widely known.
1. A form of bonus hunting. It's against the rules of almost every broker that offers bonuses. The issue is that innocent people can get caught up in attempts to detect it. How it works is that a trader can open 2 accounts (use a second ID or in conjunction with a friend). Both accounts collect bonuses, then hedge against each other while trying to meet the minimum lot volume to collect the bonus.
This usually doesn't work out so well, since the amount of spread collected during all those trades to collect the bonuses will not only eat the bonus, but a piece of the depposit from each account.
2. Self-referral. Traders either as IBs or just in "refer a friend" programs refer immediate family members and can use fake IDs and other methods to open accounts solely to get the payments.involved. If the accounts are traded at all, they are controlled by the person running the scheme. This is easy to detect, since the accounts will often be linked up to make the same trades and will usually be running from one IP address.
Even if it's some other, more complicated scheme, if LiteForex really wants us to believe that something was done wrong, some account numbers and IP addresses used would be useful.
The "cheating" accusation could be serveral things. I see no harm in posting these, since they are widely known.
1. A form of bonus hunting. It's against the rules of almost every broker that offers bonuses. The issue is that innocent people can get caught up in attempts to detect it. How it works is that a trader can open 2 accounts (use a second ID or in conjunction with a friend). Both accounts collect bonuses, then hedge against each other while trying to meet the minimum lot volume to collect the bonus.
This usually doesn't work out so well, since the amount of spread collected during all those trades to collect the bonuses will not only eat the bonus, but a piece of the depposit from each account.
2. Self-referral. Traders either as IBs or just in "refer a friend" programs refer immediate family members and can use fake IDs and other methods to open accounts solely to get the payments.involved. If the accounts are traded at all, they are controlled by the person running the scheme. This is easy to detect, since the accounts will often be linked up to make the same trades and will usually be running from one IP address.
Even if it's some other, more complicated scheme, if LiteForex really wants us to believe that something was done wrong, some account numbers and IP addresses used would be useful.
just you sent three times ???? every day i send to them three e-mail ... i thing its policy ... i am sure somthing big happened inside the company ...
mr fxcobra
the main problem i was chating with the dealer and i said bad word to him then i made withdrawel coz i cann't work with this company every qoute they make to me send price ... after two day they inform me they need to investicate in my account ???? then they cancel my profit ...
about facebook after the problem i post the link of this topic on them wall suddenly in five mintus i saw many comment against them on them page ... sure the admistrater delete the link with all the comment ... then i repost the link in four houre more than 80 comment against them sure they delete the post once more ...this is the facebook story .
The "cheating" accusation could be serveral things. I see no harm in posting these, since they are widely known.
1. A form of bonus hunting. It's against the rules of almost every broker that offers bonuses. The issue is that innocent people can get caught up in attempts to detect it. How it works is that a trader can open 2 accounts (use a second ID or in conjunction with a friend). Both accounts collect bonuses, then hedge against each other while trying to meet the minimum lot volume to collect the bonus.
This usually doesn't work out so well, since the amount of spread collected during all those trades to collect the bonuses will not only eat the bonus, but a piece of the depposit from each account.
2. Self-referral. Traders either as IBs or just in "refer a friend" programs refer immediate family members and can use fake IDs and other methods to open accounts solely to get the payments.involved. If the accounts are traded at all, they are controlled by the person running the scheme. This is easy to detect, since the accounts will often be linked up to make the same trades and will usually be running from one IP address.
Even if it's some other, more complicated scheme, if LiteForex really wants us to believe that something was done wrong, some account numbers and IP addresses used would be useful.
Thank you for an explanation of what lite forex might be calling "fraud".
That first case just seems silly. This is why I refuse all bonus from lite forex so I don't have to worry about these issues.
For case 2, why would you go to all that trouble to take advantage of their rebates when you could just open an account legally with cash back forex and get 1.7 pips for trading lite forex. You could still get the rebates on the trader side and the bonus and what not. Makes no sense to accuse ppl of cheating the affiliate system since the full identification of the account holder is known to the broker when the account is opened and traded. There is no prerequisite that the actual trader of the account is the account holder. The account holder can allow any other 3rd party (ie. an account manager) to trade there account for a fee worked out between the 2 parties. If the account manager brings in many clients and signs them up as affiliates and trades "their" money for a commission, I don't see how this is breaking any rules or to be considered fraud.
If this is to be considered "fraud" by lite forex then they need to be very clear about this in their terms of service.
Accusing traders of fraud in order to avoid paying them earned profits seems like the lowest form of fraud a broker can ever commit. I hope that this is exposed for what it really is and an end to the practice is seen.