Problem liteforex scam warning

[univeralfunds]

I will keep following to see how it ends

 

[mohammadstateh]

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.

dear mr pharaoh
if that happened i will accept any thing from liteforex and i will be commeted to pay to them another 10000$ ...consider that as a promise and i am ready and avalibale here not going any where .... but just i am waiting the approve from them "not just talking "


thanks alot

 

[mohammadstateh]

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.

mr pharaoh
i forgot to tell you also my account is not under any IB and i did not get any rebates from them .... the problem is personal thing between me and the dealer just not more

 

[Thai_trader]

I too have accounts with lite forex and have brought in many traders. I have always received my full withdrawals but sometimes must wait up to 14 days with them telling me "as soon as possible". They have never accused me of fraud or taken my profits but I fear I will hear this from them when I finally close all my accounts and try and take the last of my money out. I have already stopped recommending this broker to new clients. I have explained the situation to existing clients I have recommended and most of them have decided to pull ALL funds. All of them have had to wait over 1 week. Some had to wait longer then 2 weeks. At this point, all have received their withdrawals (including profits) in full and none have been accused of any fraudulent activity.

I just hope it is made clear what evidence lite has to support it's claims of trader fraud that is allowing them to cancel client profits. This type of activity is NOT going unnoticed in the trading community and will only go to further hurt the reputation of LITE FOREX unless they fully address this issue.

 

[Lilik]

one more victim...
just hope can get our money back...
i was send email 3times to liteforex, but they never reply it...

 

[mohammadstateh]

just you sent three times ???? every day i send to them three e-mail ... i thing its policy ... i am sure somthing big happened inside the company ...

 

[Thai_trader]

just you sent three times ???? every day i send to them three e-mail ... i thing its policy ... i am sure somthing big happened inside the company ...

Nothing big has happened. This is standard procedure with this company. They will delay and give many excuses as to why but everyone I know (including myself) have received all the withdrawal in full. The red flag is that this company is certainly not solvent and they have liquidity issues. They are not properly funded as a broker should be. They cannot pay out withdrawal requests without new deposits coming in. They will tell you that you are in the que to get paid and I have every reason to believe it's true and eventually you will get your money out (so long as new money comes in).

This has been going on for a long time with this broker and unless they get shut down then I expect those that request to get their money out will get it out.

If you have been told by them that your profits have been revoked then it is on YOU (mohammadstateh) to file a claim with the only body they have are registered with the RAFMM.

A claim can be filed from here Make a complaint

Good luck and keep us all posted. Perhaps you should be filing a claim here at FPA as well claiming that legitimate profits have been canceled from your account. Only then might we hope to get to the bottom of this all and see why Lite Forex feels they have the right to revoke a traders profits.

 

[FXCobra]

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 .

The explanation you gave about facebook story and others do not allow a broker to not pay you your money with any logical excuse from its part.

 

[FXCobra]

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.

I understand that you're finding reasons for why the broker is not paying 'Mohammad" his money but that's unnecessary, as if we are searching for an excuse to not condemn the broker wrong action!!

That's not our job, let the broker show us its proofs, briefly let it defend itself.

And, according to its evidence if provides anything later on, will build our judgement.

 

[FXCobra]

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.

Couldn't had explained it better. Well Done