Shuvalov
LiteForex Representative
- Messages
- 232
Hello harshal,
'Fraudulent' are the things that violate the TOS.
There have been several scandals for the last 2 months at FPA and some other forums and many of our constant clients have contacted us to ask the same question as yours. In reply we ask them to look at their experience with our company: “Have you personally faced the problem of profit withdrawal?” The usual answer is “No”. These are the cheaters who have faced such problem. If a person trades, not cheats and steals money, he/she has nothing to worry about.
All the recent scandals are connected with the bonus (or swap-free) issue. Several groups of “traders” from 2 countries tried to steal our company’s money cheating with the bonus. The scheme was as follows:
They used to create many fake profiles each time taking the bonus of 30%. Then they opened buy and sell trades simultaneously. The volume of buy and sell trades was equal, so one part of the trades gave them pure loss and the other one gave them pure profit. But the point was that their profit was higher than their loss by the amount of the bonus. So they just were taking the bonuses for free with no risk. It can be even called “trading”. We stopped it, blocked their accounts and returned initial deposits.
Of course they got angry and made a fuss on forums apparently willing to threaten us. One group of such “traders” even filed a case against us at FPA: https://www.forexpeacearmy.com/fore...ved-liteforex-cheating-my-clients-profit.html
But we presented all the evidences that they were cheaters and the case has been dismissed and these “traders” had to apologize to us. The respective thread in the Scam Alert Folder marked “Resolved” is located here: https://www.forexpeacearmy.com/fore...ved-liteforex-cheating-my-clients-profit.html
We have already won this case here at FPA, we have won the case against cywong at RAFMM (regulatory authority for LiteForex)and we are ready for the cases against the rest of these groups of “traders”.
'Fraudulent' are the things that violate the TOS.
There have been several scandals for the last 2 months at FPA and some other forums and many of our constant clients have contacted us to ask the same question as yours. In reply we ask them to look at their experience with our company: “Have you personally faced the problem of profit withdrawal?” The usual answer is “No”. These are the cheaters who have faced such problem. If a person trades, not cheats and steals money, he/she has nothing to worry about.
All the recent scandals are connected with the bonus (or swap-free) issue. Several groups of “traders” from 2 countries tried to steal our company’s money cheating with the bonus. The scheme was as follows:
They used to create many fake profiles each time taking the bonus of 30%. Then they opened buy and sell trades simultaneously. The volume of buy and sell trades was equal, so one part of the trades gave them pure loss and the other one gave them pure profit. But the point was that their profit was higher than their loss by the amount of the bonus. So they just were taking the bonuses for free with no risk. It can be even called “trading”. We stopped it, blocked their accounts and returned initial deposits.
Of course they got angry and made a fuss on forums apparently willing to threaten us. One group of such “traders” even filed a case against us at FPA: https://www.forexpeacearmy.com/fore...ved-liteforex-cheating-my-clients-profit.html
But we presented all the evidences that they were cheaters and the case has been dismissed and these “traders” had to apologize to us. The respective thread in the Scam Alert Folder marked “Resolved” is located here: https://www.forexpeacearmy.com/fore...ved-liteforex-cheating-my-clients-profit.html
We have already won this case here at FPA, we have won the case against cywong at RAFMM (regulatory authority for LiteForex)and we are ready for the cases against the rest of these groups of “traders”.
