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

Discussion in 'Traders Court Resolved Cases' started by Rajivxxx, Nov 7, 2012.

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

Poll closed Dec 10, 2012.
  1. Guilty

    53 vote(s)
    91.4%
  2. Not Guilty

    5 vote(s)
    8.6%
  1. Rajivxxx

    Rajivxxx Recruit

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    October 2017: The FPA has received confirmation from LiteForex that Rajivxxx's funds were returned to his account. Rajivxxx, please contact the FPA if there are any questions or to confirm successful withdrawal of your funds. For now, your case is marked as "Pending Resolved".

    Original FPA Traders Court Submission by Rajivxxx:

    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:
    www.forexpeacearmy.com/forex-forum/scam-alerts-folder/22137-liteforex-scam-real-proof.html

    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>

    Attached Files:

    1. lite forex.zip
    2. liteforex_scam.png

     
  2. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

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    I have just invited LiteForex to join your thread in the Scam Alerts Folder.
     
  3. QASSIM KERAIB

    QASSIM KERAIB Private

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    DEAR AsstModerator

    Do you think they well reply
    GOODLUCK BROTHER

    REGARDS
    QASSIM
     
  4. quicksilver

    quicksilver Private, 1st Class

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    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.
     
  5. Feisal Rahimtoola

    Feisal Rahimtoola Private, 1st Class

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    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?
     
  6. Jonster51

    Jonster51 Private

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    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.
     
  7. Thai_trader

    Thai_trader Private, 1st Class

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    Nothing says news trading is prohibited. It does say they can remove some profit made during news time though.. he is the exact wording.

     
  8. JimmyBou

    JimmyBou Recruit

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    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.
     
  9. saintela

    saintela Recruit

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    will they also reverse a loss or pay the trader for any loss made trading the news ?
     
  10. Thai_trader

    Thai_trader Private, 1st Class

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    LOL, good one.
     

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