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Got U$ 315’000.00 Scammed from LiteForex

Discussion in 'Scam Alerts' started by JmzRodrigo, Nov 25, 2008.

  1. JmzRodrigo

    JmzRodrigo Recruit

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    Hi
    My name is Rodrigo, from Brazil, and I’m a Forex Trader for 3 years now, and I’ve got an small account at LiteForex.org to try some techniques and etc. Fortunately, I’ve never been scammed before, but now I’m extremely frustrated of being robbed like that. Let’s stop the bull**** and go to the facts.
    LiteForex has got some index pairs LFX denominated, as USDLFX, LFXJPY, GBPLFX and etc. I had never paid attention to such pairs as I’m a EURUSD and GBPUSD trader; but last Friday (Nov/05) I found out those LFX pairs and got interested on them.
    I noticed that GBPLFX pair was very “spiky” and could give me great scalp opportunities, and started trading it. I’ve risked it all, as it was a small account, and as the pair spiked, I was opening trades. That was awesome, and I made thousands dollars trading this pair.
    Leveraged by the money I made on this pair, I’ve opened orders on my usual pairs, and, in the end of the day I had 315 thousand dollars.
    By the morning, I woke up thinking on withdrawing part of my funds, and keep trading this pair, but surprising me, LiteForex had DELETED all my trades. I thought it was a mistake, and write them an e-mail, and the answer I’ve got is “Those were non-market quotation orders”.
    How the hell could that be NON-MARKET quotation orders if they make the price of the LFX pairs? How could that be a mistake? Isn’t that too simple for them, if a lucky guy like me make a lot of money at their pairs, they just say it was a system problem, and delete all the orders?????
    As I told them I was about to fold a complain at Forex Peace Army, they asked me to send the number of the other orders, witch I “thought” were in market quotation, and I sent it. Fortunately I was smart and saved my Statements and screenshots. Wonder if I hadn’t done that, how could I give them the order numbers?
    I was complacent and accepted that they could have had problems with the LFX pairs (brazilian stupidity of believing people good will), and sent them the number of the other orders on the other pairs so they could pay me back (something around $70’000,00, les than ¼ of the REAL profits).
    I think now that they were not expecting me to have those order numbers, and I surprised them as I e-mailed it. So they stoped answering my e-mails, started ignoring me and no money back at all.
    I can’t just accept that they will scam me like that, and I need your help.
    I’ve got charts, statements, the e-mails and etc if you need it.
    Thanks and best regards.
     
    #1 JmzRodrigo, Nov 25, 2008
    Last edited: Nov 25, 2008
  2. LF adviser

    LF adviser LiteForex Representative

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    Hello Rodrigo,

    When you were opening account in the company you accepted the trading conditions http://liteforex.org/content/en/reglament.doc. Let's read once again carefully the point 7.2.:
    "The company has the right to cancel or reconsider results of the Client transaction in the following cases:
    a) the transaction is opened / closed under out-market quotation."

    Thereby it’s written in the client contract that transactions executed under out-market quotations will be cancelled. If you have a concrete claim so specify the number of your trading account here and I will answer in more details.
     
  3. LF adviser

    LF adviser LiteForex Representative

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    Also please, be notice that you have agreed to our Agreement while opening the trading account.
    The terms and conditions of the present Agreement are considered as fully accepted once the Client has passed the below stages :
    - filled in the Registration Form to open a sub-account in the Company being in a free Internet access on the address: https://secure.liteforex.org;
    - deposited it's sub-account within 30 (thirty) days from the opening date;
    - opened, closed, modified trading positions through the online computer terminal.

    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).
     
  4. Wiseman75

    Wiseman75 Recruit

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    Original Sin = Out Market Quotation

    wow...!!! LIKE FATHER LIKE SON ===> liteFOREX or instaFOREX has the same TRICK to ROB client's profit, always using OUT-MARKET QUOTATION..AMAZING !!! ;)
     
  5. Pharaoh

    Pharaoh Colonel

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    I can understand that on rare occasions, price feed irregularities will occur. I find it a little hard to believe that every trade this guy made somehow accidentally correlated to an incorrect price.
     

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