Lite forex scam

foje

Recruit
Messages
4
I have been scammed by liteforex. Someone help me

I have been trading with liteforex for years and i have had bad experiences with them. Some years back i had faced issues of them withdrawing my money for no reason other than the fact that i made successful trades and closed positions in less than 2 mins. I made a substantial sum of money because i am a news trader and then they collected all my profit. For this reason i stopped trading with this dubious company. I thought they had changed and then recently i invested a sum of about 100usd to test them in this market. I traded using about 0.3lot and made about 47successful pips in my account and this was done 1:30am GMT+1 on thursday 14th March 2013. I locked in about 123usd which made a total of about 223usd in my account. I tried withdrawing part of this funds about 200usd and they deducted their commission from my money and also took off all my profit and part of my capital leaving me with 92usd in my account. where is my profit i maded? it was never found there anymore. Where is part of my capital? It was gone. Court what have i done to deserve this? i have made sure i didnt go against their rule and followed their conditions, but now i dont know why they had to do this to me. Court i have contacted them via mail, chart and other means of communication but they keep saying i should contact amlpolicy@liteforex.com. I did that but this is what they sent to me:

Hello. The security department of the company notifies that the part of funds from your account MT4-L- 898287 was written off in accordance with the "Public Offer Agreement", clause 6.8. "In case the price change is related to the difference between the last instrument price before the market closing and the first instrument price at the opening of the market, or is connected with the news release, and increases profits by more than 10% of the Equity, the Company reserves the right to adjust financial result of such transactions to an amount proportional to the difference in the prices indicated above by means of funds deduction with a following comment. In some cases, the Company can set limits of less than 10% of total deposit to the minimum profit change."

Sir i am disappointed at this company and i want them to give me a well concrete explanation for this act because if i had lost in my trade they would have not taken my money, now i made profit and this is happening. What have i done wrong? Kindly assist me FPA because i am counting on you
 

Pharaoh

Colonel
Messages
19,708
Alexander,

It looks like Foje is a victim of that "you can't make more than 10% profit on newstrades" rule LiteForex has. Since the same rule doesn't apply to losing trades, it is patently unfair and gives LiteForex a method of extracting what should be legitimate profits from traders who are either daring or lucky while letting those who went the wrong direction eat their own losses.

After all, what kind of broker tells clients that they've made "too much profit" and then takes some of it back?

I recommend that rule be abolished or heavily modified.
 

jareer

Private, 1st Class
Messages
63
they did that to me and they blocked my account i made 2157 profit they took them and gave me only 188 usd then i left the company forever stay away from lite forex they are a scamer if any one could get my money back account number 187539 thanks .
 

jareer

Private, 1st Class
Messages
63
now alexander will say oh you broke the rules he did that to me then he will disaper please hellp me to get my money
 

Alexander.LiteForex

LiteForex Representative
Messages
41
and also took off all my profit and part of my capital leaving me with 92usd in my account. where is my profit i maded? it was never found there anymore. Where is part of my capital? It was gone.
First of all nobody took your own capital. You did withdrawal all of your deposit. Your deals were corrected according to PUBLIC AGREEMENT , with which your agreed when you opened account with us.

Pharaoh

This rule apply for both side of trades.
 

Pharaoh

Colonel
Messages
19,708
Alexander,

I'm glad to hear that there is some symmetry to the rule.

On the other hand, I don't see the point to it. If trades are really passed on to your liquidity providers, then the percent of gains or losses due to gap openings or news events should be 100% irrelevant to whether the trades are honored or not. If I opened an account, made a high risk trade just before the weekend, and had the market gap against me so badly that I'd lose 100% of my account, why would LiteForex be so kind as to eat 90% of that loss? If it gapped the other way and my account double, why should LiteForex be entitled to 90% of my profit?
 

jareer

Private, 1st Class
Messages
63
You took my money and i didnt open the orders between the market open and close i opened my orders when the market opened in monday i think if i lost you will not give me my money you wont say anything !!!!!!!!!
 

jareer

Private, 1st Class
Messages
63
First of all nobody took your own capital. You did withdrawal all of your deposit. Your deals were corrected according to PUBLIC AGREEMENT , with which your agreed when you opened account with us.

Pharaoh

This rule apply for both side of trades.

You took my money and i didnt open the orders between the market open and close i opened my orders when the market opened in monday i think if i lost you will not give me my money you wont say anything !!!!!!!!!
 

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