What is LiteForex Scam????
- Thread starter arbithoven
- Start date
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- Tags
- liteforex.com
Andrea Johnson
Private
- Messages
- 16
As far as I can see he is just strange. If he really wanted to change something he would take his money and go to another broker. Instead he posts rubbish about 2 minutes rule and spikes.
Btw I also don’t like such restrictions but as far as I’m not a scalper and I don’t care too much.
Btw I also don’t like such restrictions but as far as I’m not a scalper and I don’t care too much.
vincam
Sergeant
- Messages
- 322
Just trying to figure out what exactly the complaints are about. Two minute rules and time restrictions on closing trades catch a lot of people off guard. If it's not that, it's arbitrage. I don't scalp anymore either for a lot of these reasons, although I never had any of these issues I know a lot of people do, much less hassle to trade longer time frames.
Geert Anthonis
Private, 1st Class
- Messages
- 33
Liteforex is indeed a big scam!!!
I totally agree. All I can say is please beware. Stay well clear of these guys.
Endless reqoutes that kill any trade or profit you could possibly make. Strange messages like Off quotes (How can a stop or limit order be off quote?), Invalid S/L or T/P (Of course because the execution of the order is soooooo excruciating slow), Trader desk busy (Are you kidding me!!!).
Trades take minutes to executed. The strange thing is that if you cancel a trade they do not get cancelled if it is good for you but bad for them. If the refers is true and you want to cancel an order, be it sell or buy, and it is bad for you but to their advantage you do not even get a change to change your mind. The execution is instantaneous.
Limit and stop orders are often not executed even if there is enough money on your account.
All that waiting means you can not trade and make money.
Open trades get closed for no apparent reason. When I asked what had happened they even could prove the close order came from my computer. I know for a fact I never closed those trades. Scary stuff that. And of course I would have made money on those trades.
Deposits through my credit card were not instantaneous so again I lost out on a great opportunity. That can not be coincidence.
Not pleased at all. Their customers service may be very friendly but keeps referring you to other departments.
Basically they make money by wasting your time so you can not make profitable trades.
I totally agree. All I can say is please beware. Stay well clear of these guys.
Endless reqoutes that kill any trade or profit you could possibly make. Strange messages like Off quotes (How can a stop or limit order be off quote?), Invalid S/L or T/P (Of course because the execution of the order is soooooo excruciating slow), Trader desk busy (Are you kidding me!!!).
Trades take minutes to executed. The strange thing is that if you cancel a trade they do not get cancelled if it is good for you but bad for them. If the refers is true and you want to cancel an order, be it sell or buy, and it is bad for you but to their advantage you do not even get a change to change your mind. The execution is instantaneous.
Limit and stop orders are often not executed even if there is enough money on your account.
All that waiting means you can not trade and make money.
Open trades get closed for no apparent reason. When I asked what had happened they even could prove the close order came from my computer. I know for a fact I never closed those trades. Scary stuff that. And of course I would have made money on those trades.
Deposits through my credit card were not instantaneous so again I lost out on a great opportunity. That can not be coincidence.
Not pleased at all. Their customers service may be very friendly but keeps referring you to other departments.
Basically they make money by wasting your time so you can not make profitable trades.
MichelAnge21
Sergeant
- Messages
- 247
There is a question I d like to ask here.
First, let me say that, if a broker has such " 2 minutes rule " and the trader agreed to such rule, the clause can be enforced.
Now, it is STILL a good idea to reflect about the RATIONAL REASONS that would cause a broker to have such rule.
Any trader worth his salt knows that arbitrage can effectively be done ONLY within fractions of second or entire seconds if you find a real cheapo broker with a real slow feed.
Arbitrage is the only true danger for a broker. Once we agree that danger is gone for good after mere seconds, WHY DO THEY INSIST ON 2 MINUTES ?
I d like to know what financial loss a broker can suffer at the hands of a scalper who opens and closes trades quickly but who doesn t cheat trying to take advantage of a slow feed.
It is an important question that is totally independant of the fact brokers are obviously allowed to make any rule they want as long they are clear and the trader understand them.
It is important because you can learn A LOT about that broker once the TRUE REASONS are understood.
Why are some brokers allergic to scalpers ? A trader opens a position at price X.XX. Broker is supposed to make a profit on the spread and/or charge commission.
Trader press the happy button after 1 minute and jumps with joy because he made 4 pips. Broker has a sad face...why ?
Why ?
Simple logic says a scalper should bring more profits to a broker by his numerous trades ...at least for a broker who benefits ONLY from the spread and/or commission at each trade. Even a market maker who trades AGAINST his client makes more money with scalpers AS LONG HE HEDGES HIS OWN POSITION TO " NEUTRAL " CONSTANTLY AND QUICKLY. A market maker will have a possible problem only if he is himself INEFFICIENT AT HEDGING HIS OWN POSITION QUICKLY. Or if, he DOESN T hedge at all and he GAMBLES against the trader s position.
Suppose instead that we have 2 traders opening the same position at 1 minute interval and they BOTH respect the rule by waiting 2 minutes. That means the FIRST trader will close his position after ONE minute has elapsed since the SECOND trader opened his. For the broker, the effect is the same as if the SECOND trader had opened and closed his position after only one minute. The fact there are two accounts with two names changes nothing. One position was opened and closed within one minute for all practical effect to him.
The ONLY difference will be the amount of pips won or lost by the first trader compared to how many pips would have been won or lost had it been the second trader closing after one minute.
So a bad, bitter and suspicious individual like me can only wonder if, by any chance, some brokers avoid scalpers because their success rate could very well be above that of non-scalpers statistically ( at least among newbies ). Scalping requires no special skills. You dont need to understand macro-economics. You dont need to understand all the idiotic technical indicators like the Fibonacci retracements or the even more idiotic Elliot waves. While most new traders lose their account in a consistent fashion, even a total newbie can fare reasonably well using scalping. All you need to do is to see a trend on a one-minute chart and jump on the bandwagon for a very short time. It s so easy that the serious traders quickly become ashamed of doing this for a living. He then studies the Fibonaccis ( and blows his account of course ).
Forex is the new thing everybody wants to try....so a big portion of a broker s clients base are new traders. If a broker gains some kind of benefit when new traders blow their account, he d dislike scalpers because they actually dont blow their account.
So l d like to hear one broker finally explain what harm comes his way when it s the same individual opening and closing within that minute.
First, let me say that, if a broker has such " 2 minutes rule " and the trader agreed to such rule, the clause can be enforced.
Now, it is STILL a good idea to reflect about the RATIONAL REASONS that would cause a broker to have such rule.
Any trader worth his salt knows that arbitrage can effectively be done ONLY within fractions of second or entire seconds if you find a real cheapo broker with a real slow feed.
Arbitrage is the only true danger for a broker. Once we agree that danger is gone for good after mere seconds, WHY DO THEY INSIST ON 2 MINUTES ?
I d like to know what financial loss a broker can suffer at the hands of a scalper who opens and closes trades quickly but who doesn t cheat trying to take advantage of a slow feed.
It is an important question that is totally independant of the fact brokers are obviously allowed to make any rule they want as long they are clear and the trader understand them.
It is important because you can learn A LOT about that broker once the TRUE REASONS are understood.
Why are some brokers allergic to scalpers ? A trader opens a position at price X.XX. Broker is supposed to make a profit on the spread and/or charge commission.
Trader press the happy button after 1 minute and jumps with joy because he made 4 pips. Broker has a sad face...why ?
Why ?
Simple logic says a scalper should bring more profits to a broker by his numerous trades ...at least for a broker who benefits ONLY from the spread and/or commission at each trade. Even a market maker who trades AGAINST his client makes more money with scalpers AS LONG HE HEDGES HIS OWN POSITION TO " NEUTRAL " CONSTANTLY AND QUICKLY. A market maker will have a possible problem only if he is himself INEFFICIENT AT HEDGING HIS OWN POSITION QUICKLY. Or if, he DOESN T hedge at all and he GAMBLES against the trader s position.
Suppose instead that we have 2 traders opening the same position at 1 minute interval and they BOTH respect the rule by waiting 2 minutes. That means the FIRST trader will close his position after ONE minute has elapsed since the SECOND trader opened his. For the broker, the effect is the same as if the SECOND trader had opened and closed his position after only one minute. The fact there are two accounts with two names changes nothing. One position was opened and closed within one minute for all practical effect to him.
The ONLY difference will be the amount of pips won or lost by the first trader compared to how many pips would have been won or lost had it been the second trader closing after one minute.
So a bad, bitter and suspicious individual like me can only wonder if, by any chance, some brokers avoid scalpers because their success rate could very well be above that of non-scalpers statistically ( at least among newbies ). Scalping requires no special skills. You dont need to understand macro-economics. You dont need to understand all the idiotic technical indicators like the Fibonacci retracements or the even more idiotic Elliot waves. While most new traders lose their account in a consistent fashion, even a total newbie can fare reasonably well using scalping. All you need to do is to see a trend on a one-minute chart and jump on the bandwagon for a very short time. It s so easy that the serious traders quickly become ashamed of doing this for a living. He then studies the Fibonaccis ( and blows his account of course ).
Forex is the new thing everybody wants to try....so a big portion of a broker s clients base are new traders. If a broker gains some kind of benefit when new traders blow their account, he d dislike scalpers because they actually dont blow their account.
So l d like to hear one broker finally explain what harm comes his way when it s the same individual opening and closing within that minute.
Last edited:
Get your Apple promotion kick me
I have join this promotion on Dec 2010.2 times my website was block by blogsport cause somebody make fake report said im doing spam.Honestly and i swear im not doing any spamming to promote my website.Nevermine then i create another website to participate this promotion contest and approve by liteforex. I start promote my website until i get 1st place.Suddenly on 30 Mac 2011 before last day on 31 mac 2011 i found my website was delete by liteforex claim me do falsification click.5 month im wasting my time at last liteforex kick me like this.at last his IB won the 1st prize Forex Market Broker | MetaTrader MT5 | Forex Trading | LiteForex company. That time my website still active and can open and now my website also block by webs.com i suspect liteforex make report to webs to block my website also.What im angry after 5 month i wasting my time at last they make me like this.If they think im doing falsification click why they not kick me earlier?why last day they kick me.Person incharge Natalya said i click my self that is stupid reason.how can i click my self with the same IP address.How can i can make 9000 click with the same PC. Start from now im not trust anymore any contest from liteforex.I advise to all trader in liteforex dont waste their time like me before.5 month wasting time promote liteforex at last i got this....go to hell liteforex contest..
I have join this promotion on Dec 2010.2 times my website was block by blogsport cause somebody make fake report said im doing spam.Honestly and i swear im not doing any spamming to promote my website.Nevermine then i create another website to participate this promotion contest and approve by liteforex. I start promote my website until i get 1st place.Suddenly on 30 Mac 2011 before last day on 31 mac 2011 i found my website was delete by liteforex claim me do falsification click.5 month im wasting my time at last liteforex kick me like this.at last his IB won the 1st prize Forex Market Broker | MetaTrader MT5 | Forex Trading | LiteForex company. That time my website still active and can open and now my website also block by webs.com i suspect liteforex make report to webs to block my website also.What im angry after 5 month i wasting my time at last they make me like this.If they think im doing falsification click why they not kick me earlier?why last day they kick me.Person incharge Natalya said i click my self that is stupid reason.how can i click my self with the same IP address.How can i can make 9000 click with the same PC. Start from now im not trust anymore any contest from liteforex.I advise to all trader in liteforex dont waste their time like me before.5 month wasting time promote liteforex at last i got this....go to hell liteforex contest..
Balogun Tunde
Recruit
- Messages
- 1
Help
Can anybody kindly explain to me how to follow/use the news to trade, should i only open the trading platform when the news is about be released or can't i trade without the news? What does the previous, forecast and actual mean on the news page? How will i use this information to trade? What does the figures painted in red or green symbolize? How will i use them to determine the direction of the price? Please Urgent response. Thanks
Can anybody kindly explain to me how to follow/use the news to trade, should i only open the trading platform when the news is about be released or can't i trade without the news? What does the previous, forecast and actual mean on the news page? How will i use this information to trade? What does the figures painted in red or green symbolize? How will i use them to determine the direction of the price? Please Urgent response. Thanks
Shuvalov
LiteForex Representative
- Messages
- 232
Hello Balogun Tunde,
It is very hard and dangerous to trade news and you need to be an experienced trader to do it. I would not advise to start with trading the news (unless you are a professional) because there are other ways of trading.
As for the meanings:
Previous - is the last reading released;
Forecast - Before the data is released the forecast figure represents the consensus opinion of the majority of economists. So it is their best attempt at predicting the next figures.
Actual - This is the actual figure as released by the relevant agency ( for example by Bureau of Statistics).
Ok, nice and quick one day answer to the question posed by Bologun Tunde!
How about giving an answer to MichelAnge21, who posted his question on 03-20-2011?
Maybe if you give an honest answer, it will show that some brokers want to squeeze every last cent of profit from their clients, rather than be content with the trade spread!
Last edited:
Shuvalov
LiteForex Representative
- Messages
- 232
Hello Albert.b,
The question concerning short-term transactions has been discussed many times, and it is not a secret. However you are absolutely correct, I should have answered MichelAnge21. Yes, we do have in our Agreement on Quoting System and Transactions Procedure the following article:
“7.3. If there are obvious abuses, short-term transactions including lock trades which result in shortterm
transactions (of less than 2 minutes) may be considered invalid”.
The key words here are ‘may be’ and ‘abuses’. These trades may be considered invalid only in case there are obvious abuses. The reason we include this rule in the Agreement is that we faced many problems with cheaters. There are some bugs in MetaTrader that can be used by cheaters to make profits from the system’s vulnerability. Not only the cheaters know in what direction will be the price moving within the next few seconds but they also makes the company lose its money for the company is not able to hedge such trades. These trades can be easily identified by our technicians and apart from everything else the usual thing about such trades is that they last less than 2 minutes. This is the only reason we include this rule into the Agreement.
The question concerning short-term transactions has been discussed many times, and it is not a secret. However you are absolutely correct, I should have answered MichelAnge21. Yes, we do have in our Agreement on Quoting System and Transactions Procedure the following article:
“7.3. If there are obvious abuses, short-term transactions including lock trades which result in shortterm
transactions (of less than 2 minutes) may be considered invalid”.
The key words here are ‘may be’ and ‘abuses’. These trades may be considered invalid only in case there are obvious abuses. The reason we include this rule in the Agreement is that we faced many problems with cheaters. There are some bugs in MetaTrader that can be used by cheaters to make profits from the system’s vulnerability. Not only the cheaters know in what direction will be the price moving within the next few seconds but they also makes the company lose its money for the company is not able to hedge such trades. These trades can be easily identified by our technicians and apart from everything else the usual thing about such trades is that they last less than 2 minutes. This is the only reason we include this rule into the Agreement.
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