Problem liteforex scam warning

[ElizavetaLiteForex]

Hello, Dear traders and visitors of this forum!

I want to draw attention to the fact that Mr. mohammadstateh was seen in fraudulent activities and therefore he was applied regulations in this case.

The entire deposit was returned to the owner ie Mr. mohammadstateh. But the profit obtained by using fraudulent schemes was canceled. Some time ago, we were aggressively attacked by Mr. mohammadstateh on the Facebook, also while this he used numerous bogus profiles. And on this forum, he also uses several of his nicknames. So who can be called a fraud?

All negotiations should be conducted in a cultural manner, using regulator, which gradually considering all cases and always responds, even though it is the non commercial structure. We have thousands of trusted and satisfied customers around the world, who can confirm the quality of our services. We are deeply saddened by the fact that dishonest person such dirty way continue blackmailing our company. We will try to answer briefly and did not pay attention to these “complaints”.

 

[Thai_trader]

Hello, Dear traders and visitors of this forum!

I want to draw attention to the fact that Mr. mohammadstateh was seen in fraudulent activities and therefore he was applied regulations in this case.

The entire deposit was returned to the owner ie Mr. mohammadstateh. But the profit obtained by using fraudulent schemes was canceled. Some time ago, we were aggressively attacked by Mr. mohammadstateh on the Facebook, also while this he used numerous bogus profiles. And on this forum, he also uses several of his nicknames. So who can be called a fraud?

All negotiations should be conducted in a cultural manner, using regulator, which gradually considering all cases and always responds, even though it is the non commercial structure. We have thousands of trusted and satisfied customers around the world, who can confirm the quality of our services. We are deeply saddened by the fact that dishonest person such dirty way continue blackmailing our company. We will try to answer briefly and did not pay attention to these “complaints”.

I'm still confused how traders are the ones being fraudulent and getting their profits withdrawn by your company. Please explain to us all what exactly constitutes "fraudulent trading".

 

[ElizavetaLiteForex]

I'm still confused how traders are the ones being fraudulent and getting their profits withdrawn by your company. Please explain to us all what exactly constitutes "fraudulent trading".

There are so many of fraudulent schemes and we can not describe them to the public, as in the past it has brought incredible increase of such cases. Briefly the most common scheme are bonus hanting, creating multiple profiles, fraudulent trading strategies.

 

[Thai_trader]

There are so many of fraudulent schemes and we can not describe them to the public, as in the past it has brought incredible increase of such cases. Briefly the most common scheme are bonus hanting, creating multiple profiles, fraudulent trading strategies.

Well I sure hope that Mr. mohammadstateh comes back and explains what type of trading he was doing to have his profits canceled. If he feels it was done unfairly then I hope he opens a case with both FPA and the RAFMM.

 

[mohammadstateh]

dear mr
ElizavetaLiteForex
LiteForex Representative

i am so happy to see some one from lite forex talking fainlly ...please can explain to me what happened ... our can show us any small thing
until now i got just talking .... please do as i did when i started my topic i said the whole story with evidence and all the deatils

please please please if you have any small thing can show us just do it orrr just tell us we have financial problem or your company sometime does not like to pay ...

 

[mohammadstateh]

mr thai-trader
i put my account information in public you can see ... if you find any problem please say that to the all trader here ....this comapny no one can make fraude to it ... they have the most modern virtual dealer and very advance tech just to control the pricing and take extra money from the client ... please ask any one try them before if he can get in the markets from the first try.... "" when the company give you rebates on your account 1.5 pips what does it mean "
once more i ask all the professional people here to check my account please ....beacuse until now i dont know what they talk about
"" the whole problem i said dirty worlds to the dealer beacuse he prevent me to close my positions so they did this thing with me that's all ""
and i say i am so sorry to the dealer and its the last time i will say somthing bad to him

 

[FXCobra]

Liteforex excuses are all false. What's that fraudulent trading nonsense excuse!!?

I can't understand how a trader can cheat a broker, if this exists then we must start reviewing our trading strategies and take lessons from the Best "Cheater Trader"

The evidences 'mohammad' had given shows clearly many many re-quotes and that the open and close prices were very far(high pips profit), so it wasn't any scalping trading if the broker disallows that!

Even, the broker saying about changing names from emails to facebook to FPA to whatever!! is not an excuse to not pay the trader his profits.

At end, whatever his usernames are, at open of a live account the broker will know his real name because the client had provided the broker with his Identity and passport or drivers license..etc and would not be able to withdraw money from account but with same Personal ID, so how will that cheat a broker can't understand!?

 

[mohammadstateh]

mr fxcobra
the main problem i was chating with the dealer and i said bad word to him then i made withdrawel coz i cann't work with this company every qoute they make to me send price ... after two day they inform me they need to investicate in my account ???? then they cancel my profit ...
about facebook after the problem i post the link of this topic on them wall suddenly in five mintus i saw many comment against them on them page ... sure the admistrater delete the link with all the comment ... then i repost the link in four houre more than 80 comment against them sure they delete the post once more ...this is the facebook story .

 

[Pharaoh]

The "cheating" accusation could be serveral things. I see no harm in posting these, since they are widely known.

1. A form of bonus hunting. It's against the rules of almost every broker that offers bonuses. The issue is that innocent people can get caught up in attempts to detect it. How it works is that a trader can open 2 accounts (use a second ID or in conjunction with a friend). Both accounts collect bonuses, then hedge against each other while trying to meet the minimum lot volume to collect the bonus.

This usually doesn't work out so well, since the amount of spread collected during all those trades to collect the bonuses will not only eat the bonus, but a piece of the depposit from each account.

2. Self-referral. Traders either as IBs or just in "refer a friend" programs refer immediate family members and can use fake IDs and other methods to open accounts solely to get the payments.involved. If the accounts are traded at all, they are controlled by the person running the scheme. This is easy to detect, since the accounts will often be linked up to make the same trades and will usually be running from one IP address.

Even if it's some other, more complicated scheme, if LiteForex really wants us to believe that something was done wrong, some account numbers and IP addresses used would be useful.

 

[Thai_trader]

The "cheating" accusation could be serveral things. I see no harm in posting these, since they are widely known.

1. A form of bonus hunting. It's against the rules of almost every broker that offers bonuses. The issue is that innocent people can get caught up in attempts to detect it. How it works is that a trader can open 2 accounts (use a second ID or in conjunction with a friend). Both accounts collect bonuses, then hedge against each other while trying to meet the minimum lot volume to collect the bonus.

This usually doesn't work out so well, since the amount of spread collected during all those trades to collect the bonuses will not only eat the bonus, but a piece of the depposit from each account.

2. Self-referral. Traders either as IBs or just in "refer a friend" programs refer immediate family members and can use fake IDs and other methods to open accounts solely to get the payments.involved. If the accounts are traded at all, they are controlled by the person running the scheme. This is easy to detect, since the accounts will often be linked up to make the same trades and will usually be running from one IP address.

Even if it's some other, more complicated scheme, if LiteForex really wants us to believe that something was done wrong, some account numbers and IP addresses used would be useful.

Thank you for an explanation of what lite forex might be calling "fraud".

That first case just seems silly. This is why I refuse all bonus from lite forex so I don't have to worry about these issues.

For case 2, why would you go to all that trouble to take advantage of their rebates when you could just open an account legally with cash back forex and get 1.7 pips for trading lite forex. You could still get the rebates on the trader side and the bonus and what not. Makes no sense to accuse ppl of cheating the affiliate system since the full identification of the account holder is known to the broker when the account is opened and traded. There is no prerequisite that the actual trader of the account is the account holder. The account holder can allow any other 3rd party (ie. an account manager) to trade there account for a fee worked out between the 2 parties. If the account manager brings in many clients and signs them up as affiliates and trades "their" money for a commission, I don't see how this is breaking any rules or to be considered fraud.

If this is to be considered "fraud" by lite forex then they need to be very clear about this in their terms of service.

Accusing traders of fraud in order to avoid paying them earned profits seems like the lowest form of fraud a broker can ever commit. I hope that this is exposed for what it really is and an end to the practice is seen.