Liteforex SCAM with real proof

[Denny W]

The problem with this "news trader" clause is that I run a grid system on liteforex cent account that is always in trades. The trades would very very rarely last less than 2 min (btw, lite will accept <2 min trades but if they see that is a habit then they start canceling them). However, all my trades have a TP set on the server and often time when the price moves during a news event my TP is hit and the trades are closed. I have been doing this with lite for over a year now and never had any trades canceled due to these terms. I'm not trading the news. But how do you keep your server side TP or SL from being hit if the price moves after a news event (as often does).

The problem with this broker is that much is up to their discretion. I have made profits on all my accounts with them and make regular withdrawals. I also refuse all bonus credits they have offered. I have had issues with delays in pulling larger sums of money out (2-10 days) but I'm sure that is because they are not well capitalized and require new funds to come in to pay out withdrawals. Of course this should be a red-flag. Of course they are a MM. Of course their regulators are a total joke. I am fully aware of all that and I still trade with them and make profits that can be withdrawn.

It's up to the trader to be aware of the conditions given by their broker. Am I happy with lite forex? Not really. The support is horrible and their general attitude with everything is terrible. Since All the funds I currently have in accounts with them is pure profit and all initial investment has been withdrawn I'm not nearly as concerned anymore. I like being able to test a strategy on a live account that is based in cents so I can test with a very small balance.

I would never recommend anyone to trade with them on a live standard account (200 leverage max they give) and to deposit large sums of money with them. They are not that kind of broker. But you will not get cent conditions on the more repuatble and regulated brokers.

And the fact is, if you are trading micro lots and smaller, the broker will be taking on the other side of the trade. The LP will not accept such small orders.

Fully agree with you. If you want to trade with broker like this (have big leverage and big bonus), don't put your trade with full margin you will end up loosing your money soon or later. As long you trade normally this kind broker still reliable.
Another thing about agreement everyone who will engage business either online or offline should read carefully. Did I do this? yes I do it anytime when I should sign any agreement even that with government own bank in my country. They will always have disclosure that not benefit us, if still acceptable for me than I will proceed if not I will look somewhere else. This if you want to treat forex as your business otherwise you only gambling.

 

[sagor0067]

... and again, not surprisingly, to no effect.
It seems LiteForex isn't very interested in solving issues amicably.

BigT1, very nice post.
Apparently you spend a lot of time helping others, and you do so with impressive professional expertise.
I admire that.


Cheers,
P.

BigT1, very good job for new fx traders and thanks to PaladinFX for appreciating . i think FPA have to make many correction in their own website, when they got many abidance of scam against any broker then FPA have to stop publishing that scam brokers advertise on their own website, like ironfx advertise. my view is "First clean own shirt then look to others" .

thanks . ( sorry for poor english )

 

[Pharaoh]

If you have proof that a broker is scamming, open a Traders Court case.