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 .

joeragan

Recruit
Messages
5
OP made profit from trades on Oct, 11, 18, 24, and Nov 6. One loss trade on Oct 24 was made too.
Why did LiteForex cancel ALL of his profit from October trades? Those trades already pass the '24-hour daily confirmation period', right?
So they should only cancel trade made on Nov 6, if anything. BTW, what news was there on those dates?
 

shaggy83

Recruit
Messages
2
Liteforex

usually brokers are concerned about closing of open positions within some specific time like 5 Ticks, 1 Minute, 3 minute etc.. so if that time has been achieved I think there shouldn't be any problem giving withdrawal... other thing Rajiv shared is of taking profits from clients accounts... so that is a very very serious matter.... its not easy or not an apple pie to make profits... traders are on great risk to even loose their own investments... so after such struggle, mental heck, time wasting.. if a person generates profits HE/SHE has the right for it... Liteforex shouldn't be taken easy if its all going on under its umbrella.
 

Deborah Moon

Private, 1st Class
Messages
39
I think brokers should state very clearly what their terms and conditions are. It is just too easy for them to hide behind the small print knowing full well they are in the perfect position to take advantage of unaware traders like Rajiv . I would like to know how much money they make every day from transactions like this.
 

Joh

Sergeant Major
Messages
976
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.
Hi Raji -if what is written here is correct and you got your $100 back at least you are not out of pocket.
The problem is with these brokers that have such weird rules they suck in new people - so thank you for telling us this so that new people like yourself now know it is better to get away from them as soon as you can and look for a better broker.
If they stole your profit money it will not go well for them in the end -everybody who reads this -at least 50.000- will now know they are not honest. And if you traded well and made some good profits in the past my friend you WILL do so again -The best of luck.
you will make them again.
 

claretblue

Private, 1st Class
Messages
92
What is clear is that their T&C's are designed to scam people. Does this make them scammers? Only if we let them. Best not to give them the opportunity.
So how do we vote on this one? It feels like a 50/50 case. But I'm making it 51/49 because it was designed as a scam. Avoid this broker like the plague in future.
 

Dermolikesprofit

Sergeant
Messages
158
At least you have your $100, or I hope you have, and you have tested the waters so to speak, and found out it is shark infested. Something everyone should do before commiting any serious deposit to any broker. Now we all know not to do any buisness with this excuse of a Broker and their reputation is a whole lot worse over $45, shows the buisness sense they have!
 

Denn112

Private
Messages
27
If you had lost on news trading would they have cancelled the loss! If they accept your trade in the first place they should pay out if you win - if they don't want the business they should reject the trade when you try to place it, anything is a swindle! Tyhe truth is that they never passed trade this on as if they had they would have had the profit to pay you and still had their share of the spread!
Don't trade with brokers who don't accept all kinds of trading they are looking for excuses to cheat!
if they dont want a client trading during the news, then they should not honour the trade, simply rejecting the trade is better than allowing a client see profit but then withdrawing this profit.

As mentioned earlier, if this client made a losing trade, in all fairness they should refund his losses as this trade has apparently not been passed on, if they dont do refunds on losing trade but keep the funds, then the decision as to whether they are guilty or not is a easy one. Guilty is the only reasonable verdict here, irrespective of what the wrote on their small prints..

The joke that this broker is, the reply to Ranjiv is coming from their anti money laundering department, their busiest department obviously. If anyone is laundering money it is them.
 
Last edited:
Top