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Problem LiteForex Disabled My Account & Wiped Off My Profit!

I am having an issue with a company
So, if you accept it, then what you want from us?

I want liteforex pay profits from account 843527 ( $499 and $2429 ) that when he got it nothing to do with that scheme.
if not we will wait help from FPA because I have sent my client's account statement to FPA.
 
Again Creating Excuses Not To Pay Me Profits

This is exactly what I am talking about.

Scam by broker on account no : 840125, 840126 and 840127.
Broker: LiteForex Group of Companies, Inc.

Hi All,

Attached here are more screenshot of Proof that Liteforex wiped off and take away my Profit. Please pay attention to the price and time on every opened position and closed position on the MT4 screenshot.

Liteforex is Scam! Strickly, can u please provide FPA the prove saying that I'm hedging in two different account. Please provide the prove that I did create multiple account in the same IP, do hedging buy trades and sell trades in two different account. Don't simply judge your trader doing a wrong thing and simply wipe off the profit! I need the prove to if you think I m doing wrong. Where is your prove? I challenge u to provide the prove here. :mad:

Traders, stay away from this broker and withdraw all your fund from Liteforex before they scam you. Find and Trade with a sincere broker. You may be the one of scam victim near in the future if you continue to trade with this broker. :mad:


Regards,

WAN MOHAMAD FESOL WAN AB HAMID

Tel: +6 016 910 8747
 

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Liteforex Scam, Where is your prove?

So, if you accept it, then what you want from us?


Once again: we don't confiscate profits of real traders (of those who are trading, not looking for weak points of the system).

Our clients who spent a lot of time to learn, who developed their own trading strategy, who practiced and got experience - they enjoy good profits. Those who cheat - have big problems. It is very easy.

Liteforex, Provide me solid evidence and prove to others showing my trades hedge each other please. Dont talk like a cock! Without state the prove. Talk with evidences please. :mad:
 
Re Wan Mohamad

Hi Wan Mohamad. I have no idea if this reply is useful as I do not quite understand this bonus account business. It is reasonable clear from the screen shots your money is gone and that is just awful . But what I am not clear about is did you know or understand that you were not allowed to have more then 1 of these bonus accounts from the same IP address? Because that seems to be the brokers defence. If you would have broken their rules -did they make you aware of it straight away or at least before you started to make a profit? If not I think it unfair of them to let you go on investing your time/energy after you have made a profit and then wipe your accounts. It is their job to inform you- On the other hand if you did know their rules of only 1 bonus account from your IP address, then you would have put your account (s) at risk- I hope for you somehow you resolve this issue and that you find yourself a good broker and that you make good profits in the future.
 
Hi Wan Mohamad. I have no idea if this reply is useful as I do not quite understand this bonus account business. It is reasonable clear from the screen shots your money is gone and that is just awful . But what I am not clear about is did you know or understand that you were not allowed to have more then 1 of these bonus accounts from the same IP address? Because that seems to be the brokers defence. If you would have broken their rules -did they make you aware of it straight away or at least before you started to make a profit? If not I think it unfair of them to let you go on investing your time/energy after you have made a profit and then wipe your accounts. It is their job to inform you- On the other hand if you did know their rules of only 1 bonus account from your IP address, then you would have put your account (s) at risk- I hope for you somehow you resolve this issue and that you find yourself a good broker and that you make good profits in the future.

Hello,

I am very surprise people here keep focusing on discussing the bonus issues.
FYI, no one will be interested in the bonus. Bonus is one of tools for forex broker make an excuse to close profitable position.
Most of the time, I ask LiteForex financial department to remove my bonus before I start trade.
Even I do that, I also end up profit get wiped off by LiteForex.
What I am stealing?
Am I stealing spread or simply LiteForex enjoy to steal?
LiteForex representative keep making stupid excuse to abuse the audience.

Thanks.
 
How LiteForex bonus works! For those who don't know the math!

Refer to LiteForex returns Bonus 30% for the 30% bonus promotion from LiteForex

You will rewarded with $150 bonus with $500 initial deposit.
In order to withdraw the bonus, you have to trade 45 lots before you can withdraw your bonus.

As mentioned from Mr Shuvalov regarding the bonus cheating method,
We will open 2 account.
One account is buy & another account is sell.
here is the example

Cheapest Spread Currency Pair = EURUSD, 3 pips
Account Type: Real Account
Highest Leverage = 1:500
Account Currency = EUR

Account A - Buy
Initial Deposit: $500
Bonus: $150
Total: $650
For 100% margin level with 1:500 leverage, we can open 3.75 lots with margin of $650.
Spread for 3.75 lots: $83.612
Spread for 45 lots: (45 / 3.75) X $83.612 = $1003.344

Account B - Sell
Initial Deposit: $500
Bonus: $150
Total: $650
For 100% margin level with 1:500 leverage, we can open 3.75 lots with margin of $650.
Spread for 3.75 lots: $83.612
Spread for 45 lots: (45 / 3.75) X $83.612 = $1003.344

Total
Initial Deposit for Account A & Acccount B: $500 + $500 = $1000
Bonus for Account A & Acccount B: $150 + $150 = $300
Spread for Account A & Acccount B: $1003.344 + $1003.344 = $2006.688

In order for a person to withdraw the bonus, he/she need to spend $2006.688 for spread payment. The Margin (Initial Deposit + Bonus) is less than spread payment. The conclusion is the bonus cheating method as described by Mr Shuvalov is unfeasible & unachievable.

Margin (Initial Deposit + Bonus) < Spread

Please comment!
 
Shuvalov disingenuous

What I find very disturbing is that Mr. Shuvalov is clearly being disingenuous in his response on this FPA Forum. Specifically, in Mr. Shuvalov's initial response, quoted below, he alleges that Fesol hedged his position's across his varying accounts in order to get the bonus without risk. However, Fesol has denied this and the screenshot's of all 3 of his accounts show only long positions taken in GBPUSD on August 15. Their is no indication of a short position or a hedge.

So now, Mr. Shuvalov, after your company has clearly taken Fesol's profit based on an improper hedge, show us the proof of the hedge or in the alternative, pay Mr. Fesol promptly.


Hello WAN MOHAMAD FESOL,

Your situation has been explained to you a month ago. This is about 30% bonus promotion. You created several clients’ profiles from the same ip-address each time taking the bonus of 30%. Then you opened several trades. One part of them was buy-trades, the other one was sell-trades. The volume of buy and sell trades was equal, so one part of your trades gave you pure loss and the other one gave you pure profit. But the point was that your profit was higher than your loss by the amount of the bonus. So you just took the bonus for free with no risk. It can be even called “trading”. We stopped it, blocked your accounts and returned you initial deposit.

It is interesting that you were satisfied with the explanation a month ago. What has happened now? Have you been encouraged by recent postings at FPA?

Really there are several groups of our former clients that used the same (or practically the same) strategy to take the company’s money. LiteForex has thousands of clients all over the world, but most of such “traders” happened to be from two countries only – Malaysia and Indonesia where this strategy has spread widely. As you can see there are no “dissatisfied” clients from the other regions of the world.

We have tolerated the situation for several months but in August we started to dispose of such people. Pay attention that all of them received their initial deposits back.
 
Laurie,

Nice catch in those little details.

Hey Shuvalov, care to recheck things?
 
What I find very disturbing is that Mr. Shuvalov is clearly being disingenuous in his response on this FPA Forum. Specifically, in Mr. Shuvalov's initial response, quoted below, he alleges that Fesol hedged his position's across his varying accounts in order to get the bonus without risk. However, Fesol has denied this and the screenshot's of all 3 of his accounts show only long positions taken in GBPUSD on August 15. Their is no indication of a short position or a hedge.

So now, Mr. Shuvalov, after your company has clearly taken Fesol's profit based on an improper hedge, show us the proof of the hedge or in the alternative, pay Mr. Fesol promptly.

Hello Laurie,

Take a look on my calculation regarding the bonus cheating method as described by Mr Shuvalov.
No way a person can take a way the bonus as the method is unfeasible & unachievable.
Bonus is simply trap to traders to close profitable position.

Thanks.
 
Laurie,

Nice catch in those little details.

Hey Shuvalov, care to recheck things?

Hello Pharaoh,

Take a look on my calculation regarding the bonus cheating method as described by Mr Shuvalov.
No way a person can take a way the bonus as the method is unfeasible & unachievable.
Bonus is simply trap to traders to close profitable position.

Thanks.
 
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