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.
Thank you LiteForex Representative Shuvalov for correcting my apparently erroneous assertion, and doing so politely.
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Perhaps you should consider educating your support personnel in how to properly answer direct, clearly formed questions regarding your Regulator, and your Headquarters location.
When responding here as a corporate entity, you should also publicly provide your true name, your corporate title, your mailing address, and direct contact information to you or your compliance department for FPA readers and members to record, reference, and utilize to make inquiries openly, privately, and not through your FPA alias, at anytime they may have a need to do so in the future.
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http://www.liteforex.com/
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I have revisited your website and located the one tiny black icon link on the top line of the website's Home Page labeled "RAFMM". I had not recognized that as the gateway to your regulatory information. Though very diminutive, it is apparently there; and so I must apologize for asseting previously it was not.
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Had I been able to find "Regulation" clearly labeled in English on the English Home Page, I would not have contacted and been misguided by your support department, and thus my posting here to Mr. Ong would have been entirely different.
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Since you state you are a true STP broker, we would also expect to find information about your Forex Liquidity Providers, which I cannot locate. Kindly discuss this subject here in detail and point us to that page on your site. I must refrain from retracting my concerns regarding your methods of interacting with client orders until you provide such; but stand ready to do so.
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Meanwhile I hope Mr. Ong's situation is given correct treatment under your regulatory obligations; and ask each of you to provide updates on the speedy resolution of this complaint, to the best of your respective abilities. If this proves to have been an isolated situation or has been inaccurately reported, there should be no need to involve the Regulator; however, FPA stands ready to assist Mr. Ong with that process should that ultimately prove his only recourse.
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For benefit of all, here is a link to the RAFMM website:
http://www.raufr.org/participants.html
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FYI, RAFMM is a non-commercial SRO (Self-Regulatory Organization) that is not a government arm, but rather an association of businesses that agree voluntarily to live up to certain agreed upon standards for membership. Complaints are handled by arbitration, but remember who is paying the dues to belong to this SRO and thus the salary of the arbitrator.
Also, in general, taking a bonus account offen subjects the client to rules that give the broker extra powers to rescind claimed profits that would not be legal to do in a real money account. Read your terms carefully before accepting this kind of enticement, and doorway to difficulty.
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Respectfully,
Anthony Ingrassia
