Liteforex scam

. . . I do believe that fcsm.ru is actually the official government regulator for Russia.
They also have a list of self-regulated organizations here:
Саморегулируемые организации

I don't see raufr or crofr on the list.

Pharaoh, I again quote Dudley Moore playing "Arthur": "It's a goner."
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To the best of my knowledge, there is no governmental regulatory authority whatsoever empowered within Russia with oversight powers in Forex.
If I am wrong, I will gladly stand corrected; but none that I am aware of.
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This is why these pseudo-regulatory SRO's have popped up, to seemingly lend some credence upon a lawless region.
These voluntary SRO's are trying to "Lift themselves and their industry up by their own bootstraps" within a vacuum of legitamate governmental regulation. BTW, this is the derivation of the term "Boot" and "Bootstrap Loader"; wherein a dead slab of silicon-laced motherboard attempts to become a computing machine with nothing more than some energy, and a small, stored, infantile program, from nothing to something useful.
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Just as one match can light some kindling that ignites a forest fire, in the same way these SRO's seek growth to lend more credebility to themselves; but, are right now not much more than Hunting Clubs voting medals to each other for "Trophy Kills". The more the member firms grow (read that: "steal"), the more power they can wield against outside opposition.
Meanwhile, they try to play nice with each other, spanking only the most aggregious offenses.
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Any alien entity doing business with a Russian firm is subject to one primary rule:
"The money goes in, but it never comes out." This has been true for the past 150 yrs.
Governments, banks, greedy businesses large and small, have all either completely written-off investments in bonds, private ownership interests, real estate, mining rights, and equity; or taken major haircuts on any and all Russian projects. Forex is just the latest frontier.
 
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From what I can tell, FCSM.ru is a genuine government regulator. They appear to have done enforcement actions against companies, revoked licenses, and more.

How effective they truly are in forex remains to be seen, but all evidence suggests that they do indeed act to regulate financial markets.
 
Once again, I am happy to see that the issue that started this thread is being looked into.

On the other hand, the silence over why LiteForex is only "regulated" by a "regulator" that has only 4 brokerages, and why this supposed Self Regulating Organization isn't listed with other SROs by on the government regulator's website really makes me wonder what's going on.
 
Hello, siau chi ong!

Your question is now engaged ours security department and the department of trading operations. You will be contacted by e-mail. Yesterday I saw your message and send it for approval. Thank you for pointing your account number.

Dear, BigT1!

LiteForex is a regulated STP broker. We are regulated by the Seychelles and RAFMM. Our company is on the market for seven years and has a well-deserved reputation as a reliable broker, traders from many countries are working with us. And there was not such a case that we did not pay honestly earned money. We will carefully investigate the situation.

What do you mean by just saw my message??i don't get any reply at all from Lite forex after these all. You are scamming!
 
Can forex army please list this company as scammer??to prevent peoples get cheated by them. I still get no reply and all my money gone scammed by them up to now!
 
Can forex army please list this company as scammer??to prevent peoples get cheated by them. I still get no reply and all my money gone scammed by them up to now!

Hello Siau Chi Ong,
Please carefully read this entire thread and respond to each point raised.
You are the only one that can open a Trader's Court Case, not us.
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You need to supply us with detailed precise information, not just make unsubstantiated claims of fraud.
You must contact the regulator and file a complaint; and get a written response from them.
You must go through the regulatory procedures, as weak as they may be in this case.
You will find all the necessary information you need to do so in our earlier posts.
You can also cite this Thread in your complaint to the regulator, as evidence of your attempts to get a resolution.
http://www.raufr.org/participants.html
http://translate.google.com/translate?hl=en&sl=ru&tl=en&u=http://www.fcsm.ru/ru/about/&anno=2
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Please keep us informed of you progress.
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Anthony Ingrassia, CTA
 
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Hello Siau Chi Ong,
Please carefully read this entire thread and respond to each point raised.
You are the only one that can open a Trader's Court Case, not us.
.
You need to supply us with detailed precise information, not just make unsubstantiated claims of fraud.
You must contact the regulator and file a complaint; and get a written response from them.
You must go through the regulatory procedures, as weak as they may be in this case.
You will find all the necessary information you need to do so in our earlier posts.
You can also cite this Thread in your complaint to the regulator, as evidence of your attempts to get a resolution.
RAFMM participants
Google Translate
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Please keep us informed of you progress.
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Anthony Ingrassia, CTA

Hi BigT1,

I have submit a court case to FPA about 2 weeks ago, however i didn't get any feedback from them, that's why i wonder why FPA didn't take any action as soon as i submit the court case to help me and help others from scam by Liteforex?Is FPA really helpful in preventing scam??

Also, i submit the complaint to RAFMM, also didn't get reply after i email them what they asked for evidence, may like what Pharaoh and others say, this RAFMM is the same guy that scamming in Liteforex, there's no point to do the complaint to them. But i wonder why there's no action from FPA too?
 
Hello all
Please I am also need to know what does the lite forex representative mean by " Bonus hunting"?
Is trader called steal bonus if he hold hedged positions to save himself till the market go in right direction?!
what if the trader do the same and next he lose ? is your firm will give him his funds again due to cheating in trade as you consider ?????!!!!!!!!!!
what if trader do the same without bonuses
is this also called " fraud" ??
I see these all cases is the same the trader made a positions in his account with himself,made a profits and his balance must be returned to his own upon request immediately or we can understand that is the firm is just a bucket shop
 
The Traders Court case is awaiting further input from LiteForex. Their representatives sometimes take a few days, but has always been responsive to the FPA so far. I have sent a reminder notice.
 
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