PENDING RESOLUTION Case# 2012-092 | Rajivxxx vs Liteforex.com

Based on the available evidence, do you believe that LiteForex is guilty?

  • Guilty

    Votes: 53 91.4%
  • Not Guilty

    Votes: 5 8.6%

  • Total voters
    58
  • Poll closed .

Rajivxxx

Recruit
Messages
26
Original FPA Traders Court Submission:

I am submitting the case against: www.Liteforex.com

My Case is: This broker is not much normal broker ,they have their own rules of cheating traders, when someone makes any profits they always and always delete their profits from their account and set traders account at initial deposit or even low, whatever they like as they like.

so this is my case i start trading under them with 100$ for give a try, because initially not much faith in these BS from 11t day, start news trading ,account reach at 140$ and then they send me email
they reduce what i make -40$ and said correction due p.6.8,

http://www.liteforex.com/terms-of-use-en.pdf
it really does not matter what they write in his own pdf files ,i know that only one thing only regulators make rules (Like FSA ,NFA FIFO,NO Hedge, and Max leverage 50:1) and broker follows it , brokers not makes any rule.

now what i have nothing anything to resolve the problem, even if i saying him again and again i get only that replay, so have no time to waste for their replies and want to case this on FPA and all Fx traders who jugement on it.

_________
for submit case i need to change in dates

New thread in the Scam Alerts Folder:

Review is submitted by rajiv on 11/07/12

The company was first contacted about the issue on 10/06/12 the last contact was on 10/07/12

Details: http://www.forexpeacearmy.com/forex-forum/attachment.php?attachmentid=7238&d=1352207388

Company representatives' emails: AML<amlpolicy@liteforex.com>
<clients@liteforex.com>

 

Attachments

quicksilver

Private, 1st Class
Messages
78
From the clause mentioned, it clearly states that news trading is not allowed on their platform (unless they changed the clause after the customer made profits).

Given the above, I'm not sure if the case will be Rajiv's favor for this fact alone. Also in all fairness, they did process the withdrawal of the initial deposit of $100.

It is true that the devil is in the details and the T&C's are written just to put off reading so when instances like this happen, the broker can always refer back to the TC and ask why the trader didn't read them.

Eitherways, good luck Rajiv and would be keen to know what Liteforex has to say about this.
 

Feisal Rahimtoola

Private, 1st Class
Messages
56
If the terms of business prohibit news trading and profits were made from trading news, can the broker can elect to reverse net gains or only profit making transactions?
 

Jonster51

Private
Messages
12
OMG. This Company is from Russia

I had to hunt on their website real hard to even find out what jurisdiction they are under and eventually found a press release about them being in Russia. Russia, Eastern Europe, Mediterranean, Latin America or the Caribbean........... STAY AWAY. Do NOT invest with ANY brokers from the above regions. You are just begging for trouble. Stay with USA, Canada, Australia and Western Europe regulated brokers and you will at least have SOME level of protection. Russia and Eastern Europe brokers are just plan thieves.
 

Thai_trader

Private, 1st Class
Messages
74
If the terms of business prohibit news trading and profits were made from trading news, can the broker can elect to reverse net gains or only profit making transactions?
Nothing says news trading is prohibited. It does say they can remove some profit made during news time though.. he is the exact wording.

6.8. In case the price change is related to the difference between the last instrument price before the market closing and the first instrument price at the opening of the market, or is connected with the news release, and increases profits by more than 10% of the Equity, the Company reserves the right to adjust financial result of such transactions to an amount proportional to the difference in the prices indicated above by means of funds deduction with a following comment. In some cases, the Company can set limits of less than 10% of total deposit to the minimum profit change.
 

JimmyBou

Recruit
Messages
1
In this case all possible news trades which they can identify they can reverse in total regardless of profit or they can decide to give you a max profit of 10% of your account. The opening or closing they are talking about I assume is based on a candle price related to the movement the news event caused. Very difficult to interpret the rule but I say if you are going to trade news events with LiteForex then you must be aware that they will adjust your profit.
 
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