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LiteForex: An outrageous and shameful scam!!!

Discussion in 'Scam Alerts' started by Alex33, Jun 3, 2014.

  1. Alex33

    Alex33 Recruit

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    Their motto is “LiteForex, the financial freedom”. You should read “LiteForex, the financial debacle”. It is a malicious and shameful scam. I have tested them carefully and I’m going to explain here exactly what I discovered about the way the scam is built. I hope this will be of some help to some of you honest people with hardly gained clean money.
    1. First, I invested 100$ in a PAMM account with some manager of theirs (named axxxxx) that appeared to have enough expertise and a profit curve with positive and permanently increasing slope. Then another 100$ with a manager called (Lxxxxx) with an increasing-only profit curve in the form of successive up and up steps.
    2. I followed the two manager’s performances for nearly a week and noticed some profits here and there.
    3. First surprise: I started a chat with one of their online agents about one of the accounts regarding something that I found suspect: In their PAMM managers ranking, one of the managers I invested with was making around 4% profit and my investment account he was managing was indicating a loss of -8% which was not compatible. They tried some evasive explanations that I didn’t understand at all. I insisted asking for a serious explanation, and imagine what happened: INSTANTLY, the -8% loss became +18% profits. They were caught cheating overtly...
    4. 24 hours later, the account with (Lxxxxx) which was making great profits started curiously losing money dramatically. The next day I was notified by email that the PAMM manager closed his account due to excessive losses and that the account was archived. My balance, which was 100$ + profits ended with 21$. The other 79$ were lost forever.
    5. The day after the other account with (axxxxx) started unexpectedly and abruptly losing money again. My balance which was 112$ (100$+profit) ended in this case with only 37$ in an archived PAMM account.
    6. So, in only a few days 207.80$: the investment of 200$ in two PAMM accounts with additional transfer fees of 2x3.90=7.80$ (that they promised to credit to my account and never credited) reduced to 21+37=58$. A loss of 72% of the amount engaged in this scam.
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    From this test and their reactions, I concluded that the way they proceed is the following:
    - They generate fictitious PAMM account managers, with a carefully chosen name to make people feel confident, and even an email address where to contact the manager, and a forum where –future victims- can post comments and sometimes congratulate the manager for his performances in successful trades.
    - They display great profits in their site with high levels of daily, weekly, monthly,... profits, a good increasing curve, and a recovery factor not only above unity to be acceptable but sometimes as high as 35 or 40.
    - They keep showing this progress in profitability for several days, weeks, and even months to capture a maximum of victims, letting people feel progressively more and more confident, depositing important amounts, seeing their profits grow inexorably.
    - When the D-day comes, an abrupt decrease happens and in a few hours the PAMM account is declared closed and archived. Nobody will be able to check if the PAMM account with its profits data and its manager were real or fictitious. In fact they are totally fictitious. However, to not make the scam apparent, they close the account around 80 or 85% loss so that the victim who invested with that fictitious manager finds some consolation in bringing back a few bucks, believing that he was just unfortunate and invest again with another PAMM manager.
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    I didn’t lose an important amount, but I’m now quiet certain that many honest investors are losing thousands of dollars in this scam because each of the accounts mentioned above has tens of investors. So, be aware and don’t let these crooks take your money from you. LITEFOREX IS NOTHING BUT A GANG OF CROOKS. DON’T TRUST THEM!!! And don’t believe those who are posting the contrary of what I’m saying here (CERTAINLY THEY WILL DO!...). They are LiteForex agents or people they are paying to do it and attract more victims.
     
  2. PipStar

    PipStar Sergeant

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    Thanks for sharing your experience but you are telling us what we already knew about Liteforex so the question is why did you open an account with them in the first place?
     
  3. Pharaoh

    Pharaoh Colonel

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    The funniest part of this is that LF doesn't even have to do this deliberately. There are plenty of "expert" account managers out there who can make nice profits for awhile and then turn around and blow accounts in a heartbeat. Either the trading was too risky upfront, or the manager decided to break the rules to try to quickly make up for some losses.
     
  4. The Magic

    The Magic Recruit

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    Realmente no sabes lo que estas diciendo,yo mismo soy gestor de cuentas PAMM y el que pierde o gana soy yo,el problema es que perdiste y no te gusto.
     
  5. Elena MS

    Elena MS Private

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    I read this rubbish first. I guess author does not know at all how a service of trust managing works and is always ready to accuse anyone in his failures. If you don’t understand how to work with rating and monitoring services - deposit money in a bank. You are not an investor.
     

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