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Re: Liteforex Killed My Account 75181

Discussion in 'Scam Alerts' started by nelson ireoba, Jul 10, 2011.

  1. nelson ireoba

    nelson ireoba Private

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    Hello,
    I had series of communication with Liteforex since the problem started via live chat and email. we had exchanged countless mails/Chats and they didnt do anything to solve the problem of offquotes, requotes, timeout, until they liquidated my account. Not only that, they whimsically reduced my leverage from 1:500 to 1:100 when i had open trades and they knew that their platform mal-functioning had ran d account into problem and yet still went ahead to reduce my leverage not minding my protest. However, attached are mails exchanged with them (various mails are differentiated by blue and black colours). I am also using this platform to ask again for compensation of at least 50% of my $22,000 account size which liteforex ended up liquidating unjustifiably.
     
  2. Shuvalov

    Shuvalov LiteForex Representative

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    Hello,

    We admit that it was partly our fault that Mr. Nelson Ireoba had experienced problems with execution because our response was delayed. We are very sorry about that situation but all the problems were solved by March 25, 2011. This is not true that we did nothing, the execution got normal and there were no problems from March 25, 2011 till May 19, 2011 when Mr. Nelson Ireoba got a Stop Out.

    This statement is true only in part, we really changed the leverage from 1:200 (not 1:500) to 1:100. Mr. Nelson Ireoba used a REALforex account type, which means that his maximum leverage could be 1:200, so we cannot quite understand why he is speaking about 1:500 leverage. Anyway we did change it to 1:100 but the change was not a surprise to Mr. Nelson Ireoba because we notified him beforehand. Later we found that Mr. Nelson Ireoba changed it back to 1:200 using his trading cabinet so we sent him another letter of notification and change it to 1:100 once again.

    The change of the leverage took place on February 1, 2011 long before the situation of Stop Out and from February 1, 2011till the very end there were no complaints that the change of the leverage caused any losses on Mr. Nelson Ireoba account.

    The reason why the leverage was changed was that Mr. Nelson Ireoba traded with big lots and big leverage using a very risky strategy based on trading during macroeconomic data releases. Our contractor forced us to decrease it because of high risks for all the parties involved.

    To this day there have been no any compensation demands received from the side of Mr. Nelson Ireoba. However we would consider such demands as groundless because the change of the leverage by itself could not lead to the increase of losses (we reduced it in order to decrease his losses as well as the company’s and our contractor’s risks) and the execution problems had been solved. We think that the reason of Mr. Nelson Ireoba’s Stop Out was his risky trading strategy, not the work of his broker.
     
  3. nelson ireoba

    nelson ireoba Private

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    The persistent problem of offquotes, requotes and timeout by liteforex system did not allow me to modify open trades which led to increased negative because in some cases to even hedge any open trade that was going bad was impossible. This led to increased losses on my account. These losses were escalated by reduction in leverage because that reduction reduced free equity available to me making it impossible to hedge any open trades. The liteforex rep knows how they manipulated their platform to wipe out my capital. it was so bad that there were at times for 3 straight days i was unable to place any trade nor modify existing ones. I totally disagree with liteforex submission that their system became well on a different day and I had a stop-out on a different day. A review of my account shows that I had lost 95% of my capital to their offquote, requote,and timeout manipulations before they were able to restore little sanity to their terminal functionality. It was after they made sure they had wiped out 95% of my account that they restored little sanity. Is this fair? While admitting your error I feel that the admittance is not enough to assuage the havoc wrecked on my account by your terminal. Therefore, I demand for compensation from liteforex of at least 50% of my $22,000 capital which was liquidated unfairly. Forex Peace Army should please help me.
     
  4. along

    along Corporal

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    u should trade with ecn brokers to avoid manipulations, and i don't think it is wise to put big deposit in a single broker for safety reason especially with market maker broker.
     
    #4 along, Jul 13, 2011
    Last edited: Jul 13, 2011
  5. Irochka19

    Irochka19 Private

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    My deposit at LiteForex is also not that small though I've never faced any problems with making/withdrawing profit for nearly 2 years that I've been trading with them. Yes, the execution can be slow at times, but they ususally fix it fast enough.
     
  6. Shuvalov

    Shuvalov LiteForex Representative

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    LiteForex can guarantee that starting from March 25, 2011 there were no problems with execution. We are ready to publish trading logs for each single day as a proof.

    This is not true at all. If Mr. Nelson Ireoba does not mind we can publish his statement from which can be seen that by March 25, 2011 he won about $3000 and withdrew more than a half of his deposit. Mr. Nelson Ireoba’s main losses happened in May when he lost more than 10000 dollars.

    As we already wrote the change of the leverage took place on February 1, 2011 long before the situation of Stop Out and from February 1, 2011 till the very end there were no complaints that the change of the leverage caused any losses on Mr. Nelson Ireoba account. Again, we are ready to publish the log files which will show that he was able to hedge any of his opened position.

    It is clear from the trading logs that Mr. Nelson Ireoba wants to shift the responsibility of losing from himself onto someone else.
     
    #6 Shuvalov, Jul 15, 2011
    Last edited: Jul 15, 2011
  7. nelson ireoba

    nelson ireoba Private

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    This Liteforex people are dubious brokers. They keep talking about a stop out on my account on May 19, 2011, but they have failed to address the accumulated problems deliberately caused by them that led to gradual but consistent losses and reduction in my equity. For a repeat these problems are offquote, requotes, timeout and finally, a whimsical reduction of my leverage from 1:200 to 1:100. These are the root causes of problems that eventually led to a stop out because if they didnt deliberately create those problems to defraud me i would still have equity to trade up till now like accounts i have with other brokers which are doing well without manipulations. Forexpeace army should please rule on this case and ask Liteforex to pay me a compensation of at least 50% of my $22,000 capital which was liquidated by fraudulent manipulation of their terminal or else i will lodge a complaint with their Home country SEC and other financial market regulators
     
  8. Shuvalov

    Shuvalov LiteForex Representative

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    I think it will be good for both sides if you apply to the financial regulator, because we can get an independent and competent opinion. From our part we are ready to cooperate and to give all the information on this case. I can even provide you contacts of the regulator.

    But, with all respect, I doubt that you will do it because you perfectly know it was your fault that you lost money. That is why, so far I suggest studying the log files. Kindly, answer my questions:
    1. On what date (starting from March 25) were there problems with execution that led to losses?
    2. On what date were you unable to hedge your trades because of the reduced leverage?
    3. Why were there no complaints about both these issues (starting from March 25)?

    We think that it is important to compare your answers with the log files.
     
    #8 Shuvalov, Jul 20, 2011
    Last edited: Jul 20, 2011
  9. Milkyway

    Milkyway Recruit

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    Well, it's always someone else's fault that you lost money on a trade. That's life...
    I wonder however, what is calculation of percentage of the compensation based on? Why 50%? Why not 75%, 100% or 200%?
     
  10. nelson ireoba

    nelson ireoba Private

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    Re: Liteforex Defrauded My Account 75181

    Mr Shuvlov, You will always have excuses to give to cover Liteforex fraudlent manipulation of my account that led to loss of my $22,000.00. Apart from mails and trade log which is ur internal document which i cant vouch for its authenticity because of your dubious ways, try also to review live chats i had with your reps where i was always complaining from d very day you dis-configured my account to start having problem of offquotes, requotes, timeout, and reduction in leverage. Greater percentage of my money was defrauded before March 25 through offquotes, requotes, timeout and reduction in leverage. What was remaining after that date was already in bad position caused by liteforex manipulations. Therefore U cant exonerate your company from criminal manipulation of my account that led to huge erosion of my money. If not your manipulation, how come other accounts i have with two other brokers which i funded about the same time like yours are doing well and i withdraw as i make my profits without hitches. Please try and be honest with yourself and refund my money. I dont need ur regulators contact because i have them including The Police. Forex peace army should please hasten up on this case to enable me decide on the next line of action
     

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