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liteforex...scam broker

Discussion in 'Scam Alerts' started by Lilik, Oct 17, 2012.

  1. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

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    There was some confusion in this thread over account names at LiteForex. That confusion escalated in an unacceptable fashion.

    I have removed the related posts.

    At LiteForex, "Real" accounts are standard live accounts. "lite" accounts are cent accounts.

    I would appreciate it if everyone can keep the focus on the issue at hand.
     
  2. Lilik

    Lilik Private

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    thank you for help me to answer that question :D

    yup i use Lite account, and it is cent account...

    where is litefx support?
    i need answer and evidence for my case...
     
  3. wandiyanto

    wandiyanto Recruit

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    I have the same problem.
    but i only have 1 account.

    my account MT4 -L-881785

    I signed up on LiteForex with the original id, and I've done uploading data to match, so my account has been verified.

    I made ​​a profit of $ 37.

    Capture.JPG

    and suddenly my profits canceled, the reason I did the offense. but they did not mention what offense I did.
    I tried to email them but no reply.

    I just want to know what I make violations, so the profit that I got canceled.
     
  4. Thai_trader

    Thai_trader Private, 1st Class

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    You should create your own thread for your case just like this one. Present your case and evidence. Then hopefully we can get liteforex to come to each thread with a response.
     
  5. fx hunter

    fx hunter Recruit

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    Hedging between two accounts many brokers don't accept it
     
  6. BigT1

    BigT1 Sergeant Major

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    No broker should accept that.
    Let me explain:
    .
    Let's say it's 1977 and you are named Hillary Clinton; you are 30, and you husband is a political up and comer.
    Someone of means wants to help you without being identified.
    He requests you quietly open a commodities trading account at a particular Introducing Broker he knows and trusts.
    You dutifully do so because you trust this gracious friend; and do so with a modest deposit of $1000.
    http://en.wikipedia.org/wiki/Hillary_Rodham_cattle_futures_controversy
    .
    Spare me the details; but, suddenly you find yourself Long or Short Cattle Futures in your account.
    Something you know absolutely nothing about, being a young Wellesley educated college grad.
    Later, your futures positions are closed with a gigantic profit of $100K.
    .
    Unbeknownst to you (sweet young lady), your benefactor has opened another account, wherein he takes equal and opposite positions.
    Your gains have become his loss without your direct knowledge.
    Moreover, at the close of trading each day the opposing trades held in the IB's bulk trading account are assigned to each private account in a particular way.
    Voila!
    Suddenly, and to your surprise, you have banked a magical $100K gain in the futures market; what a joy!
    Meanwhile, your benefactor has taken a $100K loss, which after tax has cost him maybe $50K net; and was glad to have accomplished.
    .
    In case you don't recognize this behavior, it is called MONEY LAUNDERING.
    35 yrs. ago it was nearly impossible to detect, due to shear volume of paper trade data, coupled with limp audit technology.
    However; though routine, it was just as illegal and unethical as it is now. It was just very much harder to detect.
    Today, regulatory authorities have placed the burden of discovery and reporting upon the regulated brokers, who are obligate to stop it.
    .
    So don't be surprised if you attempt to engage in similar activity, you wind-up appearing on an Interpol List of Wanted Persons.
    .
    Similarly, don't be surprised if a dishonest broker accuses you of such, simply to avoid paying out gains you earned; even when such charges are completely untrue.
    Solution? 1-broker, 1-account.
    .
    Live free or die.
    .
    AI
     
    #16 BigT1, Oct 29, 2012
    Last edited: Oct 29, 2012
  7. Pharaoh

    Pharaoh Colonel

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    I caught my wife laundering money once. I was wondering what all that cash was doing in the washing machine. :p

    If you do have multiple accounts, or sub accounts at the same broker, don't open anything even resembling equal and opposite trades. You'll just be tempting them to invoke a terms of service complaint against you.
     
  8. FxMaster

    FxMaster Lt. Colonel

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    lol, but what is problem if we had 2 accounts ???????
     
  9. Pharaoh

    Pharaoh Colonel

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    If you have 2 accounts and get bonuses on both, you could hypothetically hedge one account against the other. If spread is ignored, this would allow you to achieve the minimum trading volume to keep the bonus with no risk.

    It's a perfect way to make money, except for 2 things.

    1. Most brokers specifically prohibit this in their terms of service.
    2. Due to spread and minimum lot size of trades needed to keep a bonus, it's still almost always a losing proposition.
     
  10. Thai_trader

    Thai_trader Private, 1st Class

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    I don't understand this idea of "keeping" the bonus. The bonus is NOT yours to keep. It is bonus equity only. They have made the min volume levels so high now that it's nearly impossible to get the bonus converted to withdrawable equity. That's also obviously not what is being done here by these clients. They would have to trade HUGE volumes in short periods. If lite found this to be "traders trying to scam the bonus system" then all they have to do is remove the bonus and refuse to convert it to withdrawable equity. But the idea of canceling profits made on trades is well outside what they should be able to do here.

    Or am I missing something?

    To be very clear with what I'm saying...
    If liteforex is saying you are trying to scam the bonus system then this should ONLY give them the right to remove all bonuses. This should NOT give them the right to remove profits you have made trading your own money. It's impossible to trade the bonus. You must have balance of your own to even receive the bonus and the bonus is in addition to your own equity. If your trade goes south, it's YOUR money on the line. You are taking the risk on your money. It's impossible to trade on only bonus and risk only bonus. This is the "line" that lite is trying to feed us and I for one don't buy it.
     

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