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Deplorable Liteforex broker services

Discussion in 'Scam Alerts' started by rasbid, Jul 19, 2011.

  1. rasbid

    rasbid Recruit

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    I have been trading with Liteforex for about one year now and this has been happening quite for some time and I've always been frustrated about it so I've decided to file a complaint against them and switch to another broker. Today I've opened a sell limit pending order eur/usd @ .190 with a sl of .195. The stop loss is hit at the bid price as it is stated inside the trading panel of the particular trade aswell. Eur/usd went up to .193 and retraced back into .180's immediatly but my order has hit the stop loss according to them. I've tried talking to their representatives up on livechat but it seems that they do not handle english quite well and it they just say to email at some adress about my problem. I've told him "I am asking one question only that's it, is it normal for my sell limit order to get a stop loss trigger out of a ask price?" He kept avoiding the question and at that moment I've closed the window and decided to file a complaint against them and switch to another broker. Least but not last, they have huge spreads upon every single pair, even eur /usd 3 pips, ****ty support they all speak russian and no english, you can't trade without pending orders because they have instant requote at any single moment of the day, you will never catch the price that you want you will always get requoted. This is one of the worst brokers out on the market and please avoid them because it will wreck most of your trading abilities due to high spreads, stop hunting, poor support and no regulation. Dont waste your time and your money on such a ****ty broker.
     
  2. Shuvalov

    Shuvalov LiteForex Representative

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    Hello rasbid,

    Unfortunately you have not given your account number but from what you are describing I can judge that your Stop Loss order was executed correctly. You placed Sell Limit order at 1.4190 and Stop Loss order at 1.4195. The price moved up, reached 1.4190 (where your sell order was executed), then reached 1.4193 (where your stop-loss was executed) and then moved down to 1.4180.

    I am sure that having been trading for a year you already know it but there are 2 prices – Bid and Ask. A sell order is opened at Bid price and closed at Ask price. Ask = Bid + spread. When Bid is 1.4193, Ask is 1.4196. So, your stop loss triggered when Bid reached 1.4192 because Ask was 1.4195 at the moment.

    I wish you good luck with your new broker.
     
    #2 Shuvalov, Jul 19, 2011
    Last edited: Jul 19, 2011
  3. Pharaoh

    Pharaoh Colonel

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    You placed a pending order with a SL only 5 pips away from entry?!? No matter what broker you are with and how tight their spreads are, that's a simple recipe for throwing money away.
     

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