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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. joeragan

    joeragan Recruit

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    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?
     
  2. Felix Olivares

    Felix Olivares Private

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  3. shaggy83

    shaggy83 Recruit

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    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.
     
  4. Deborah Moon

    Deborah Moon Private, 1st Class

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    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.
     
  5. Joh

    Joh Sergeant Major

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    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.
     
  6. claretblue

    claretblue Private, 1st Class

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    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.
     
  7. Dermolikesprofit

    Dermolikesprofit Sergeant

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    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!
     
  8. Pharaoh

    Pharaoh Colonel

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  9. Denn112

    Denn112 Private

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    good question, if they don't then am going to vote guilty as charged... Life is give & take......
     
  10. Denn112

    Denn112 Private

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    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.
     
    #30 Denn112, Dec 2, 2012
    Last edited: Dec 2, 2012

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