Braima Reviews

Review for (.org)

Nigeria, Nigeria,
Mar 29, 2021,
Registered user

Stop out scam and falsification of account figures

Service use: Live

Length of use: 0-3 Months

@LiteForex Official why are you afraid of discussing in the open.
And please what calculation are you talking about because there are two, one where you said my balance was $7500 or the second where you said my balance was $7425.57 how can an account have two different balance at the same time?
fellow FPA a calculations of my profit for that day before stop out, when add all profits and minus all losses, i made a profit of $339.76 which when added to my balance of previous day ($7252.86) my balance before stop out would be.(see attached screenshot)
$7252.86 + $339.76= $7592.62
@LiteForex Official Please check out my thread with same subject matter you would find attached evidence that you lied about my balance on two different occasions on your quest to steal my money, you tried to manipulate figures because i presented you with a calculations that shows your claim about my account were wrong, so the question is why should any one believe a word you said?
When ever you been confronted with evidence you avoid answering the question a sincere and transparent broker Wouldn’t do that

Mar 20, 2021 - 1 Star After a drawdown of almost-10500 On the 22/02/2021finally market stated moving in my favor and my floating loss was fluctuating between -4500 and -7000 just as i stated rejoicing that market was beginning to move in my favor my account was stop out by liteforex at around-6700, with out any justification, and because they knew what they did, that day for the first time they did not send my daily confirmation, when it happened at first I thought it was my network connection because i was practically looking at my mt4 both on my laptop and my phone, the account was no were in danger because at least i had over 280% margin level. At first when I contacted them they wrote ‘’100% bonus can be used as additional margin only and cannot be used in a drawdown’’ but i told them that i am not talking about bonus i am talking about my own funds, and beside the rule they are quoting is not written anywhere in their set of rules. despite asking them they refused to send me the details of my account like balance, equity, margin level and other details as at time of close out, at particular time when i challenged them in their traders chat forum they said yes that my balance was about $7500 even then they were not specific. (see attached screenshot) and they blocked me from the chatroom.
when I challenge on them about their claim that even by their fabrication that my floating loss was -8226.07 that my equity couldn’t have been -800.50 because my Equity would have been = 7554+-8226.07 = -672.07 and i asked were they got -800.50?? i ask for explanation after 5 days there was still no response then i raised the alarm on FPA then the respond and they request further questions should be sent to their email, which i did, but just when they noticed like i am loosing the fight they came back to FPA with another fabrication that my account balance was -7435.60 (remember at first they said my balance was about $7500). And that ‘’You bonus was 6754.60 $
Margin 2617.7
Equity = balance + bonus +- floating = 7425.57 + 6754.60 - 8226.07 = 5954.1
Margin level = Equity / margin*100 = 5954.1 / 2617.7*100 = 227.46’’ And I told them that even by their response my account still was not supposed to be stop out as there are only two conditions for credit stop out as per their conditions of bonus Nigeria use:
1. If the margin requirement to maintain open positions is less than the amount of bonus funds, the Stop Out will occur as soon as the equity level reduces to the margin requirement level.
2. If the margin requirement to maintain open positions is higher than or equal to the sum of bonus funds, the StopOut will occur as soon as the equity level reaches the level of bonus funds, or as soon as the Margin Level-reaches the value of 20%. and my account did not fall into any of the conditions.
‘’I asked them a question on FPA ‘’please this is the same account on the 25/02/2021, with balance of $1097, the same leverage, the floating loss got as high as $1700 thats over 65% more than my balance but still was not stop out despite the fact that floating loss exceeded balance??
And i asked ‘please do you have different rules for different occasions or was i just targeted??’’ its been 9 Days now and still no response. Because there is no how they can justify selectively targeting peoples accounts.
When they change the figures of my balance again then i decided to manually calculate all my profits for that day and add it up with my closing balance of 19/02/2021 then I realized that my balance was even more than $7554 because after adding all my profit and -all my losses i made a profit of $339.76 which when added to my closing balance of 19/02/2021 it would be $7252.86 + $339.76= $7592.62 so my actual balance was $7592.62.(see attached) i wrote them and its been days still no response.
They would do anything and fabricate anything to justify their actions.
First they said my account balance was about $7500 when I challenged there figures with manual calculations they said no its $7425.57 and now after calculating my balance manually i released that my balance was $7592.62(see attached). Take it from me traders don’t trust any of their statements of account especially when they still your money always audit and you would realize that they the fabrications and fraud.

Mar 1, 2021 - 1 Star Dear LiteForex Representative,
1. So do you mean to tell me that the statement of account you sent to my email and the one I downloaded from my mt4 applications are wrong? Because as per the statement of account my account was stop out at at -6754.60!! If you say the statement you issued is wrong or false why then should anyone believe anything you say?? I am willing to share the statement of account for everyone to see. can my equity be in a negative area when i had over $7500 with a floating loss of just -6754?? And a free margin of at least 3000 how is it possible?
You claimed that my account was stop out 8226.07$, even so am not required under any rule to cover all floating loses, all i am required to do is to provide the margin required to maintain my open position. as per my account can only be stop out when my margin level is 20% or less but you stopped my account at over 250% margin level.
3. You keep mentioning bonuses anyone that knows liteforex knows that your bonuses are there for deceit because you can not use it for anything, once the market gets though you withdraw all your bonuses it’s something that everyone knows so please stop mentioning bonuses because they are useless, am talking about my own money $7500 that was stop out at -6754.60$ with a free margin of at least 3000.
Refund my money.....

Feb 23, 2021 - 1 Star dear FPA MY LITEFOREX MT4-ECN-189094 was unjustly stopped out by liteforex, my account of over $7500 and a free margin of around 3000 as at time of execution when my floating loss was -6754.60, i have been in contact with but they still not refunding my money.

Reply by LiteForex Official submitted Feb 25, 2021 Dear Braima,

Please note that your credit has been deducted because your floating loss exceeded your balance. The amount has been deducted correctly.

Your total losses by deals closed by stop out were 8226.07$. You can find statement in your mailbox.

According to your data your equity was in a negative area: [so]: -30.6%/-800.5/2617.7, so it means that your loss was more than your balance on this meaning: -800.

Please note that 100% bonus can be used as additional margin only and cannot be used in a drawdown.

According bonus program conditions:

Bonus funds may be used as an additional margin. Trading may not be conducted by means of credit funds only. The bonus will be cancelled if the whole of client’s own funds is lost.

According to the Client Agreement:

7.2. The Company is unconditionally obliged to start closing unprofitable transactions on condition that account Margin Level becomes lower than the margin necessary for maintain in open positions (Stop Out). The necessary margin level is indicated on the Company's site in the section “Types of trading accounts”.

Best regards,
representative of LiteForex

Reply by LiteForex Official submitted Mar 23, 2021 Dear Braima,

We have already provided you with all the calculations, for additional questions write to please.

Best regards,

representative of LiteForex

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