Liteforex aand the cheaters

[cywong]

Unfortunately, no other Forex communities are as effective or impartial as FPA is in acting as a mediator in disputes between client and broker. Myself and my company appreciate what FPA is and what the community can do to expose bad practices or to just alert a company to a shortcoming in their operations so that they can hopefully fix it.

Hello FXFrench,

Thanks for your instant & prompt reply.

Thanks.

 

[cywong]

Unfortunately, no other Forex communities are as effective or impartial as FPA is in acting as a mediator in disputes between client and broker. Myself and my company appreciate what FPA is and what the community can do to expose bad practices or to just alert a company to a shortcoming in their operations so that they can hopefully fix it.

Hello FXFrench,

Can I say that I only need focus on Forex Peace Army.
Shall spend time search for another Forex site like FPA?
Hope to hear from you soon.

Thanks.

 

[cywong]

Email From LiteForex
I receive email from LiteForex on 19 August 2011 regarding the account blocking & initial deposit refund as described in following section.

================================================
We've found out that IP address was used to create multiple different Client Profiles which is a direct
violation of p. 5.14 of Public Offer Agreement "The Client acknowledges that he/she is entitled to
register only one profile in the Client's Cabinet. Company's policy does not allow a person and
juridical entity to have multiple profiles.". Also, we are obliged inform you, that you had violated the
term of affiliate agreement:
1.8 Neither a Partner nor his relatives or any Partner’s affiliated entities may act as Referral. If any
data intersections (such as passport details, address, phone number, e-mail, IP-addresses or other)
are detected, a Referral’s account will be excluded from a Partner’s client list and commission will
not be paid for such account. Accounts operated from the same IP-address are considered as a
single active account. Due these facts your account's will be blocked for trading, but you will be able
to withdraw all your initial deposits.
Profile c.y.wong.digi@gmail.com was deposited on EUR 58570,9, withdrawed EUR 53 198.16 so you
can withdraw now EUR 5372,74.
Profile syking@gmail.com was deposited on EUR 57 408, withdrawed EUR 50 036 so you can
dithdraw now EUR 7372.
================================================

Regulation 1 – Public Offer Agreement P.5.14
Refer to Page 5 of terms-of-use.pdf

P.5.14. The Client acknowledges that he/she is entitled to register only one profile in the Client's
Cabinet. Company's policy does not allow a person and juridical entity to have multiple profiles.

I disagree with LiteForex claims on above violation. I only have 1 verified account c.y.wong.digi@gmail.com. I have confirmed with Natalya Zhaminova (Accounts Manager) that I only have one verified profile with LiteForex. Based on following Regulation P.5.9, I would like LiteForex to provide me evidence/server log file to show me that I have multiple verified account. Based on P.5.9. In the event of disagreement concerning the state of the Client's account, parties will review records of Client's operations in the server's log-file.

Regulation 2 – “INTERNET-PARTNER” PROGRAM PUBLIC OFFER AGREEMENT P.1.8
Refer to Forex Affiliate Agreement | LiteForexPartner

Based on P.1.8 Neither a Partner nor his relatives or any Partner’s affiliated entities may act as Referral.
If any data intersections (such as passport details, address, phone number, e-mail, IP-addresses or
other) are detected, a Referral’s account will be excluded from a Partner’s client list and commission
will not be paid for such account. Accounts operated from the same IP-address are considered as a
single active account.

Based on the above regulation P.1.8, LiteForex should not take my profit as I do not participate
affiliate program. In what circumstances that LiteForex think my profile related to syking@gmail.com
that I considered violate above regulation. I do not sign this “INTERNET-PARNTER” Program Public
Offer Agreement & LiteForex has no autohority to claim that I violate above regulations.
The relation between Wang Suyun and I (Wong Cheng Yee) is friend. We are neither partner nor
relatives. Sharing IP address is very common in Singapore. From here, I want to declare that I am
Wong Cheng Yee with Passport number is A17746000 and I am from Malaysia, Suyun Wang is from
P.R.China. We are 2 different persons.

No Regulation to Take My Profit
I have gone through all the signed agreement with LiteForex. There is no single regulation that
LiteForex has permission to take my profit. LiteForex does not provide me with sufficient evident
to prove that I have violate their regulation. I do not violate any regulations & LiteForex has no
authority to block my account & only refund me with initial deposit.

Account Blocking
LiteForex has blocked my trading account 106299 & 111172 without advance notice.

Balance Of My Active Account
Balance of Trading Account 106299 - 4372.86 EUR
Balance of Trading Account 111172 16, 647.12 EUR
Total Balance(106299 + 111172) - 21, 019.98 EUR
LiteForex Initial Deposit Refund - 5, 372.74 EUR
Full Refund (Intial Deposit + Profit) 21, 019.98 EUR
LiteForex should refund (Full Refund = Initial Deposit + Profit) 21, 019.98 EUR to me.

 

[fxfrench]

Hello FXFrench,

Can I say that I only need focus on Forex Peace Army.
Shall spend time search for another Forex site like FPA?
Hope to hear from you soon.

Thanks.

Posts on other forex communities may help your case if the company is not engaging you. Widespread bad publicity campaigns are very annoying for a broker's PR department to deal with.

Of course it is better if the company can resolve a dispute internally but sometimes for whatever reason, communication can break down or you can be left wanting more. A post on FPA is a great opportunity for a company to publicly resolve a dispute and show us that they can be reasonable and professional and generate some good will amongst the community.

Another reason why a company should deal with public complaints promptly is that if in the future they decide to apply for a license with a regulator, that regulator would quite likely check the forums and ask the company why they made the decisions they did in a dispute that ended up in public. I know this from experience

 

[cywong]

Posts on other forex communities may help your case if the company is not engaging you. Widespread bad publicity campaigns are very annoying for a broker's PR department to deal with.

Of course it is better if the company can resolve a dispute internally but sometimes for whatever reason, communication can break down or you can be left wanting more. A post on FPA is a great opportunity for a company to publicly resolve a dispute and show us that they can be reasonable and professional and generate some good will amongst the community.

Another reason why a company should deal with public complaints promptly is that if in the future they decide to apply for a license with a regulator, that regulator would quite likely check the forums and ask the company why they made the decisions they did in a dispute that ended up in public. I know this from experience

Hello FXFrench,

Thanks for your prompt & instant reply.
Would you like to take a look on my case & give me a fair judgement on my case.
LiteForex has block my account & only refund me with initial deposit.

Thanks.

 

[fxfrench]

Hello FXFrench,

Thanks for your prompt & instant reply.
Would you like to take a look on my case & give me a fair judgement on my case.
LiteForex has block my account & only refund me with initial deposit.

Thanks.

I'm not in a position to comment on liteforex's policies. I can only give you some general advice such as asking you why you would put such a sum of money in a small russian market maker broker? Shouldn't you be trading in an ECN broker with a better reputation?

 

[RahmanSL]

"...asking you why you would put such a sum of money in a small russian market maker broker? Shouldn't you be trading in an ECN broker with a better reputation?..."

Ahemm..hemm!..Weell, FxOpen has (apart from their market maker micro & Standard account) ECN account too...and if you open an account with them under...ahemm-hemm..FxFrench IB, you get good service and..ahemm-hemm, good and timely rebates too.

Something wrong with my throat lah!..but there, I have done a subtle advertisement for FxOpen : ) and I don't work for FxOpen;yah!...just a very small client who keep bursting trading accounts one after another for the past year or so.

 

[cywong]

Hello fellow traders & moderators,

Any better supportive point to my case.

Thanks.

 

[fxfrench]

"...asking you why you would put such a sum of money in a small russian market maker broker? Shouldn't you be trading in an ECN broker with a better reputation?..."

Ahemm..hemm!..Weell, FxOpen has (apart from their market maker micro & Standard account) ECN account too...and if you open an account with them under...ahemm-hemm..FxFrench IB, you get good service and..ahemm-hemm, good and timely rebates too.

Something wrong with my throat lah!..but there, I have done a subtle advertisement for FxOpen : ) and I don't work for FxOpen;yah!...just a very small client who keep bursting trading accounts one after another for the past year or so.

Would you like a tissue? <cough>

Hello fellow traders & moderators,

Any better supportive point to my case.

Thanks.

There is not much you can do about it except spread the word about what they have done to you

 

[cywong]

Support & Help.

Hello Fellow Traders & Moderators,

I am really need your help & support to my case.
I look for more supportive idea from your guys & girls.
Appreciate if you can contribute your piece of ideas at here.

Thanks.