LiteForex redress scam

Thai_trader

Private, 1st Class
Messages
74
Everyone, hold your horses.
1 - Lilik is a very unsophisticated investor.
2 - The firm has offered her a refund of her deposit
3 - She is in no position to argue with a criminal firm.
4 - She has opened a second thread here.
Everyone needs to slow down advice and let her just get her money out first.
Once she obtains a refund, we can proceed with further investigation.
We all know who she is dealing with, but she does not. Take it easy.
AI

Just so we're clear, what do you recommend to traders that have already sent in withdrawal requests and are waiting over 1 week to get money from liteforex. I know several people in this situation including myself. How should we proceed?


EDIT: I just received my withdrawal from lite today. I still know others that are in the que for over a week waiting.
 
Last edited:

BigT1

Sergeant Major
Messages
951
Just so we're clear, what do you recommend to traders that have already sent in withdrawal requests and are waiting over 1 week to get money . . . . How should we proceed?
EDIT: I just received my withdrawal from lite today. . . . others that are in the que for over a week waiting.
Congratulations Thai_trader on your successful withdrawal; and to my point to proceed deliberately without unnecessary over-excitement.
.
The correct way to proceed is highly dependent on many factors:
The particular firm involved
Whether they are regulated or not
Where they are located
Where you are located
The account size
The status of the correspondence between the parties

.
There are so many variables it is difficult to articulate a one-size fits all methodology; and there are different ways of approaching the same problem, all of which may or may not work.
In this particular case with this particular firm, LiteForex, is a big pretender. They are much less likely to dissapear overnight than many others.
In order to stay in business they don't really want to develop a terrible reputation; so it is in their best interest to settle, when their attempts at intimidation are unsuccessful.
.
Based upon the posts I've seen, this is a tiny cents account started with $60. I am uncertain as to the details of the alleged fraud claimed.
Since Lilik is dissatisfied, and has requested to withdraw and close the account, it would be best for the owner to demand a response from the firm's Compliance Department.
Since LiteForex claims to be regulated, they must have a compliance department.
The owner should demand a written explanation of the firm's actions, and the reason for any delays in receiving the witdrawal.
Once a proper answer is received from the Compliance Officer, you now have a document with which to file a formal complaint through the SRO Regulator, RAFMM.
Without it, the regulator will not take the case, unless you can document that they have refused to answer your demand letter.
.
An inappropriate response from the compliance department should also be posted here, as further evidence for others to see and decide for themselves if they should engage in trading through this firm. I would like to see the correspondence detailing the alledged fraud, and the responses from the firm, if Lilik can see clear to posting them.
.
In my opinion a refund would be much less costly to the firm than the black-eye earned here.
One thing you can count on with Russian firms, they know how to calculate the cost of doing business.
AI
 
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Pharaoh

Colonel
Messages
19,690
Please don't file Traders Court cases if a delay of less than a week has happened. The rules require that you have contacted the company and have given them a reasonable amount of time to resolve the situation. In the real world, screwups and delays do happen. At one week, it may be time to leave a review and/or open a thread here in Scam Alerts, but a Traders Court case would be very premature.

We can already see some payments happening. Anyone still having issues needs to keep complaining to LiteForex and to invite them into the proper threads in Scam Alerts.
 

Lilik

Private
Messages
27
email from liteforex...

Hello.
You have made several withdrawals from your 875662 account. Now balance on your account = -51.50 You can fund fund your account and use this account for trade.

Best regards,
LiteForex Anti-money laundering department.


i know about my withdrawal...

aduh.JPG
but...why my profit in order #1426818512 change to zero???
so...my balance goes to -51.50
there is my profit...it's my right...why they change it????
 

BigT1

Sergeant Major
Messages
951
email from liteforex...

Hello.
You have made several withdrawals from your 875662 account. Now balance on your account = -51.50 . . . i know about my withdrawal . . . but...why my profit . . . change to zero???
so...my balance goes to -51.50
there is my profit...it's my right...why they change it????


Hello Lilik,
In simple words:
I explain.
Broker will not allow you to take bonus money; period!
They are not a good business to work with.
They are known to steal people's money.
Get out now.
You are not ready to understand rules and laws of this complex market.
Someday you will understand more; but, not now.
Remove your deposit. Stop Trading!
Be grateful if you get that much.
Many others suffer losses greater than what they invest.
Leave forex trading now!
Please stay on FPA, read, and learn.
We will help you fight broker later.
First get as much as you can, now.
AI
 
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Lilik

Private
Messages
27
Hello Lilik,
In simple words:
I explain.
Broker will not allow you to take bonus money. Period!
They are not good business to work with.
They are known to steal people's money.
Get out now.
You are not ready to understand rules and laws of this complex market.
Someday you will understand more; but, not now.
Remove your deposit; Stop Trading!
Be grateful if you get that much.
Many others suffer losses greater than what they invest.
Leave forex trading now!
Please stay on FPA, read and learn.
AI
thankz for the advice...

after i get this case, i never trading...i never open my terminal...
and now...i stop from forex trading...hope can get miracle and can get money back...just it T_T
 
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