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