Liteforex scam using stop out policy and calculation issue

Braima

Recruit
Messages
29
After a drawdown of almost-10500 On the 22/02/2021finally market stated moving in my favor and my floating loss was fluctuating between -4500 and -7000 just as i stated rejoicing that market was beginning to move in my favor my account was stop out by liteforex at around-6700, with out any justification, and because they knew what they did, that day for the first time they did not send my daily confirmation, when it happened at first I thought it was my network connection because i was practically looking at my mt4 both on my laptop and my phone, the account was no were in danger because at least i had over 280% margin level. At first when I contacted them they wrote ‘’100% bonus can be used as additional margin only and cannot be used in a drawdown’’ but i told them that i am not talking about bonus i am talking about my own funds, and beside the rule they are quoting is not written anywhere in their set of rules. despite asking them they refused to send me the details of my account like balance, equity, margin level and other details as at time of close out, at particular time when i challenged them in their traders chat forum they said yes that my balance was about $7500 even then they were not specific. (see attached screenshot) and they blocked me from the chatroom.
when I challenge on them about their claim that even by their fabrication that my floating loss was -8226.07 that my equity couldn’t have been -800.50 because my Equity would have been = 7554+-8226.07 = -672.07 and i asked were they got -800.50?? i ask for explanation after 5 days there was still no response then i raised the alarm on FPA then the respond and they request further questions should be sent to their email, which i did, but just when they noticed like i am loosing the fight they came back to FPA with another fabrication that my account balance was -7435.60 (remember at first they said my balance was about $7500). And that ‘’You bonus was 6754.60 $
Margin 2617.7
Equity = balance + bonus +- floating = 7425.57 + 6754.60 - 8226.07 = 5954.1
Margin level = Equity / margin*100 = 5954.1 / 2617.7*100 = 227.46’’ And I told them that even by their response my account still was not supposed to be stop out as there are only two conditions for credit stop out as per their conditions of bonus Nigeria use:
1. If the margin requirement to maintain open positions is less than the amount of bonus funds, the Stop Out will occur as soon as the equity level reduces to the margin requirement level.
2. If the margin requirement to maintain open positions is higher than or equal to the sum of bonus funds, the StopOut will occur as soon as the equity level reaches the level of bonus funds, or as soon as the Margin Level-reaches the value of 20%. lite.forex/promo/codes/?code=NIGERIA and my account did not fall into any of the conditions.
‘’I asked them a question on FPA ‘’please this is the same account on the 25/02/2021, with balance of $1097, the same leverage, the floating loss got as high as $1700 thats over 65% more than my balance but still was not stop out despite the fact that floating loss exceeded balance??
And i asked ‘please do you have different rules for different occasions or was i just targeted??’’ its been 9 Days now and still no response. Because there is no how they can justify selectively targeting peoples accounts.
When they change the figures of my balance again then i decided to manually calculate all my profits for that day and add it up with my closing balance of 19/02/2021 then I realized that my balance was even more than $7554 because after adding all my profit and -all my losses i made a profit of $339.76 which when added to my closing balance of 19/02/2021 it would be $7252.86 + $339.76= $7592.62 so my actual balance was $7592.62.(see attached) i wrote them and its been days still no response.
They would do anything and fabricate anything to justify their actions.
First they said my account balance was about $7500 when I challenged there figures with manual calculations they said no its $7425.57 and now after calculating my balance manually i released that my balance was $7592.62(see attached). Take it from me traders don’t trust any of their statements of account especially when they still your money always audit and you would realize that they the fabrications and fraud.
Presently about three people have contacted me with similar scam issues, am trying to convince them to come and write on FPA but they are skeptical because they believe they are not going to get their money back but sometimes its not just about getting money back but about exposing scam
 

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Braima

Recruit
Messages
29
After a drawdown of almost-10500 On the 22/02/2021finally market stated moving in my favor and my floating loss was fluctuating between -4500 and -7000 just as i stated rejoicing that market was beginning to move in my favor my account was stop out by liteforex at around-6700, with out any justification, and because they knew what they did, that day for the first time they did not send my daily confirmation, when it happened at first I thought it was my network connection because i was practically looking at my mt4 both on my laptop and my phone, the account was no were in danger because at least i had over 280% margin level. At first when I contacted them they wrote ‘’100% bonus can be used as additional margin only and cannot be used in a drawdown’’ but i told them that i am not talking about bonus i am talking about my own funds, and beside the rule they are quoting is not written anywhere in their set of rules. despite asking them they refused to send me the details of my account like balance, equity, margin level and other details as at time of close out, at particular time when i challenged them in their traders chat forum they said yes that my balance was about $7500 even then they were not specific. (see attached screenshot) and they blocked me from the chatroom.
when I challenge on them about their claim that even by their fabrication that my floating loss was -8226.07 that my equity couldn’t have been -800.50 because my Equity would have been = 7554+-8226.07 = -672.07 and i asked were they got -800.50?? i ask for explanation after 5 days there was still no response then i raised the alarm on FPA then the respond and they request further questions should be sent to their email, which i did, but just when they noticed like i am loosing the fight they came back to FPA with another fabrication that my account balance was -7435.60 (remember at first they said my balance was about $7500). And according to them ‘’my balance was $7425.57
My bonus was 6754.60 $
Margin 2617.7
Equity = balance + bonus +- floating = 7425.57 + 6754.60 - 8226.07 = 5954.1
Margin level = Equity / margin*100 = 5954.1 / 2617.7*100 = 227.46’’ And I told them that even by their response my account still was not supposed to be stop out as there are only two conditions for credit stop out as per their conditions of bonus Nigeria use:
1. If the margin requirement to maintain open positions is less than the amount of bonus funds, the Stop Out will occur as soon as the equity level reduces to the margin requirement level.
2. If the margin requirement to maintain open positions is higher than or equal to the sum of bonus funds, the StopOut will occur as soon as the equity level reaches the level of bonus funds, or as soon as the Margin Level-reaches the value of 20%. (See attached bonus conditions 19 credit stop out) and my account did not fall into any of the conditions.
‘’I asked them a question on FPA ‘’please this is the same account on the 25/02/2021, with balance of $1097, the same leverage, the floating loss got as high as $1700 thats over 65% more than my balance but still was not stop out despite the fact that floating loss exceeded balance??
And i asked ‘please do you have different rules for different occasions or was i just targeted??’’ its been 9 Days now and still no response. Because there is no how they can justify selectively targeting peoples accounts.
When they change the figures of my balance again then i decided to manually calculate all my profits for that day and add it up with my closing balance of 19/02/2021 then I realized that my balance was even more than $7554 because after adding all my profit and -all my losses i made a profit of $339.76 which when added to my closing balance of 19/02/2021 it would be $7252.86 + $339.76= $7592.62 so my actual balance was $7592.62.(see attached) i wrote them and its been days still no response.
They would do anything and fabricate anything to justify their actions.
First they said my account balance was about $7500 when I challenged there figures with manual calculations they said no its $7425.57 and now after calculating my balance manually i released that my balance was $7592.62(see attached). Take it from me traders don’t trust any of their statements of account especially when they still your money always audit and you would realize that they the fabrications and fraud.
@LiteForex Official and fellow FPA please find attached the statement of account for 19/02/2021 and on it you would see that i had a closing balance of $7252.86 and a statement of account for 22/02/2021 which if you add all the profit i made on that day and minus the losses you will have a total of $339.76 if add my closing balance of 19/02/2021 and my total profit for 22/02/2021 before the stop out you will have $7252.86 + $339.76= $7592.62 (take note stop out took place 2021.02.22 16:16:49) so my balance is $7592.62 not $7500 or $7425.57 as you claimed.

Presently about three people have contacted me with similar scam issues, am trying to convince them to come and write on FPA but they are skeptical because they believe they are not going to get their money back but sometimes its not just about getting money back but about exposing scam
 

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Braima

Recruit
Messages
29
Dear Braima,

We already answered you in this thread
For additional information contact our trading operations department please trading@liteforex.com

Best regards,
representative of LiteForex
Dear Braima,

We already answered you in this thread https://www.forexpeacearmy.com/community/threads/liteforex-scam-using-stop-out-policy.69013/page-2
For additional information contact our trading operations department please trading@liteforex.com

Best regards,
representative of LiteForex
@LiteForex Official I did contact you on your email and you have not replied my email and beside even in the other thread there you are still a lot of pertinent questions you are yet to answer and new on the list are issues of falsification of account figures so please answer the questions and stop beating around the bush.
 

Braima

Recruit
Messages
29
invite-opc.png
The OP has invited the company to this discussion on Mar 24, 2021 at 6:26 PM
 

Braima

Recruit
Messages
29
Dear Braima,

We already answered you in this thread
For additional information contact our trading operations department please trading@liteforex.com

Best regards,
representative of LiteForex
@LiteForex Official why are you afraid of discussing in the open.
And please what calculation are you talking about because there are two, one where you said my balance was $7500 or the second where you said my balance was $7425.57 how can an account have two different balance at thesame time?(see attached evidence).
Please fellow FPA and @LiteForex Official find attached my statement of account as sent by @LiteForex Official , a calculations of my profit for that day before stop out, when add all profits and minus all losses you would see that i made a profit of $339.76 which when added to my balance of previous day ($7252.86) my balance before stop out would be.(see attached screenshot)
$7252.86 + $339.76= $7592.62
@LiteForex Official Please find attached evidence that you lied about my balance on two different occasions on your quest to steal my money, you tried to manipulate figures because i presented you with a calculations that shows your claim about my account were wrong, so the question is why should any one believe a word you said?
When ever you been confronted with evidence you avoid answering the question a sincere and transparent broker Wouldn’t do that
 

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Braima

Recruit
Messages
29
True! That is why regulators have banned the brokers from providing bonuses.
Yea true but the issue here its more than just bonuses i have evidence attached here that shows @LiteForex Official fabricate figures to justify their wrong doing and now that I provide evidence to prove it, they have gone mute and they are not responding to the thread as well as emails.
but am determined to go as far as it takes.
 

LiteForex Official

LiteForex.com Rep
Messages
40
Yea true but the issue here its more than just bonuses i have evidence attached here that shows @LiteForex Official fabricate figures to justify their wrong doing and now that I provide evidence to prove it, they have gone mute and they are not responding to the thread as well as emails.
but am determined to go as far as it takes.
Dear Braima,

In this thread, we have already provided you all the information on calculations. As we said, for a detailed discussion of all the question that interest you, you can write to our trading operations department trading@liteforex.com and discuss everything step by step, from question to question.

Best regards,
representative of LiteForex
 

Eryk Martin

Recruit
Messages
115
Yea true but the issue here its more than just bonuses i have evidence attached here that shows @LiteForex Official fabricate figures to justify their wrong doing and now that I provide evidence to prove it, they have gone mute and they are not responding to the thread as well as emails.
but am determined to go as far as it takes.
You are doing a really good job!
 
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