Problem LiteForex Disabled My Account & Wiped Off My Profit!

[Shuvalov]

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 Gold,

Wan Mohamad Fesol has several profiles registered from the same ip-address and we can clearly identify that he cheated and how exactly he did it. You say that my answers look disingenuous. But it is very easy to say “scam-scam-scam” and it is much more difficult to disprove it. Unfortunately for us it cannot be proved by screenshots. He can place screenshots, we cannot. If he files a lawsuit against us then we will present all we have in court.

We have all the evidences that there are several groups of “traders” in Malaysia, Indonesia (and now in Nigeria) that try use the “bonus” scheme. They simply steal our money. How should we react? We ban them and get rid of them. But out of tens of thousands of our clients worldwide there are only few complaints of several groups of people who cheated with the bonus. Because all the rest are just common honest traders. They trade and withdraw profits and have no problems.

Usually when I write this statement here mr. Sywong comes and says that he didn’t use the “bonus” scheme and still his profit was cancelled. Yes, he didn’t. But he used another scheme. His case is now being discussed in RAFMM (regulatory authority for LiteForex). If they decide that his profit was cancelled with no reason we will restore it. But I doubt, because we gave them all the proofs and our specialists spent a great deal of time there validating our position.

As for mr. Sywong’s post concerning our bonus program I was unable to understand how it connected with the hedging “bonus” scheme that we are talking about. I suppose this post doesn’t make any sense at all and mr. Sywong put it just to draw more attention to this thread.

Our company has been doing business worldwide for 6 years. We have significant turnover and clients all over the world. Please tell me, does it look reasonable to damage our reputation by playing with customers’ confidence? We are not crazy – we do not cancel profits with no reason. And we have tolerated this situation for several months. But the impudence with which these people were stealing our money has exceeded all limits. We put an end to this.

For some reason mr. Sywong and all those who used the “bonus” scheme think that they can threaten us by placing negative posts at FPA and some other forums. Apparently they think that our clients would read all these lies and turn away from us. They may hope that we would get scared and restore their profits. I have to upset them – our clients stay with us. For the last 2 months (when we started to get rid of such people and all complaints at FPA began) we have shown usual growth. Our position in the industry remains stable and we attract as many clients as usual. So it seems that they’ll never make it.

For the last 2 months I got very tired to make excuses to people who steal my company’s money. Me and my group have several hundreds of financial forums in many countries to work with and I am not going to waste time arguing with cheaters any more. I promise that any person who tries to cheat us will receive nothing.

 

[RahmanSL]

Mr. Shuvalov, you mentioned at least a couple times "..We have all the evidences that there are several groups of “traders” in Malaysia, Indonesia (and now in Nigeria) that try use the “bonus” scheme. They simply steal our money"...and.."For the last 2 months I got very tired to make excuses to people who steal my company’s money"..

That cannot be true as nobody could have stolen any of LiteForex's money since all their profits (allegedly stolen money) have been deleted by LiteForex and only their initial deposits were allowed to be withdrawn.

Addendum:
"..And we have tolerated this situation for several months. But the impudence with which these people were stealing our money has exceeded all limits. We put an end to this"

I am really trying to make sense on exactly how these "cheaters" managed to "steal money from LiteForex.
When you posted the above statement, did you mean that these people "stole" from LiteForex by successfully withdrawing profits from their trading accounts over several months before you & your group put a stop to their activities??

If that's the case, then what I really don't understand is why you & your group waited "several months" before putting a stop to these "stealing" activities if you all are already aware of such "stealing" activities going on.
Why not gather proofs of such "stealing" activities and put a stop to these "stealing" activities immediately after gathering enough evidence?

 

[cywong]

Mr. Shuvalov, you mentioned at least a couple times "..We have all the evidences that there are several groups of “traders” in Malaysia, Indonesia (and now in Nigeria) that try use the “bonus” scheme. They simply steal our money"...and.."For the last 2 months I got very tired to make excuses to people who steal my company’s money"..

That cannot be true as nobody could have stolen any of LiteForex's money since all their profits (allegedly stolen money) have been deleted by LiteForex and only their initial deposits were allowed to be withdrawn.

Hello RahmanSL,

The major issues here is not about cheating in any sense. In fact there is no way a person to take the bonus before they can afford to pay the spread.
Take a look on my previous post for further details.

Thanks.

 

[Shuvalov]

That cannot be true as nobody could have stolen any of LiteForex's money since all their profits (allegedly stolen money) have been deleted by LiteForex and only their initial deposits were allowed to be withdrawn.

Money would be stolen unless we cancel the profits.

I am really trying to make sense on exactly how these "cheaters" managed to "steal money from LiteForex.
When you posted the above statement, did you mean that these people "stole" from LiteForex by successfully withdrawing profits from their trading accounts over several months before you & your team put a stop to their activities??

No. You just read my posts above about creating multiple profiles and openning long and short positions simultaneously.

If that's the case, then what I really don't understand is why you & your team waited "several months" before putting a stop to these "stealing" activities if you all are already aware of such "stealing" activities going on.
Why not gather proofs of such "stealing" activities and put a stop to these "stealing" activities immediately after gathering enough evidence?

Because we knew that we would face a scandal.

 

[cywong]

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 Gold,

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!

 

[cywong]

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 Gold,

First of all. I am glad & appreciate that this topic is getting hotter & have more attention from different parties.

We believe that LiteForex is a reputable company with 6 years of operation period. With the RAFMM regulation body, LiteForex will operate professional, honest & reliable. With the intelligent & diligent of RAFMM, RAFMM will conduct a fair investigation for all the cases.

Following is my clarifications about LiteForex Wipe Off Traders' Profit cases

1. Regarding the LiteForex bonus program, I need to clarify that there is no way for a traders to take advantage on the bonus program. Before a traders can take the bonus, he need to be afford to pay for the spread first. My details calculation has been shown in previous post. For those who is do not understand my calculation, you can email me at cywong.digi@gmail.com. It doesn't matter how a person operate his profile or trading account, he still need to pay for the spread before he can get the bonus. The spread payment is always more than the bonus.

2. LiteForex should provide more verified documents/evidences for all the cases. Unfortunately, there is no verified documents/evidences from LiteForex.

3. There is 7 victims from Asia that face the same issues with LiteForex.

4. LiteForex has choose to wipe off traders' profit as one of their solutions to stop traders from continuous trading. Why not LiteForex send warnings & notices to traders if LiteForex feel uncomfortable with the traders? LiteForex has conduct unprofessional ways of solving problems. None of the terms & conditions written in LiteForex agreement about wiping off traders' profit as part of the problems solving method.

5. LiteForex has a different level of services of how they treat clients. I have trade with LiteForex since may. I have no issues in the early stage. Unfortunenately, I have more off quote & re quote when I start to open larger lot size. I am frustrated with the off quote & re quote. I am surprise it doesn't happens to small traders. I do agree that LiteForex has huge users database as LiteForex provide flexible payment system & trading system.

6. I am happy to work close with RAFMM to show that I am innocent that I do nothing to take bonus/money from LiteForex. I am happy to provide more verified documents/evidences to RAFMM for deeper investigation.

7. Our company has been doing business worldwide for 6 years. We have significant turnover and clients all over the world. Please tell me, does it look reasonable to damage our reputation by playing with customers’ confidence? We are not crazy – we do not cancel profits with no reason. And we have tolerated this situation for several months. But the impudence with which these people were stealing our money has exceeded all limits. We put an end to this.

I am highly agree of what Mr Shuvalov has described above. We would appreciate if LiteForex can have a more open & fair discussion on this issues. We are getting hard time to communicate with RAFMM & LiteForex. I would believe that LiteForex will look for more prosperous & expanding business in coming days. We also don't wish to sabotage LiteForex in any way. All the victims still feel very unhappy & unfair of what LiteForex has did to them. I would believe that reputation of LiteForex will get worst from now on. FYI, one of the victims has a very strong networking & connection with South East Asia & East Asia Financial Regulation Body. We would consider to ban LiteForex & all RAFMM regulated Forex broker out of this region if we do not get a positive feedback from LiteForex & RAFMM.

Thanks.

 

[WAN MOHAMAD FESOL]

Liteforex, please return back my profit or peoples will stay away from u..!

Money would be stolen unless we cancel the profits.


No. You just read my posts above about creating multiple profiles and openning long and short positions simultaneously.



Because we knew that we would face a scandal.

Shuvalov,

Please provide us the prove. Don't talk like a cock without any prove and simply remove my profit from my trading account. Your company is such a liar to traders. Easily you can delete our profit. Do you have any prove? As I mentioned before, I only have one profile with Liteforex with own name and submitted ID. It is fully verified by your account manager. What's the problem to wipe off and take away my profit? I don't involved in creating a lot of profile in Liteforex. I don't have any idea of bonus cheating and stoling scheme as mention by all people here. I'm not doing any kind of that. Please state your prove. I have done nothing wrong to Liteforex and they simply remove my profit. Is that cannot be called a Scam?

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.


Regards,

WAN MOHAMAD FESOL WAN AB HAMID

Tel: +6 016 910 8747

 

[gaban13]

this type of broker will not happy if people make profit too much..not worth trading with them

 

[cywong]

this type of broker will not happy if people make profit too much..not worth trading with them

Thumb Up!
I am surprise how they keep their company for 6 years.
They are very good in stealing!

 

[hitachy666]

this type of broker will not happy if people make profit too much..not worth trading with them

that's bull****. have you tarded with them? I have, and no prob arised. wtf u accuse others with no reason?