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Liteforex, the biggest FOREX fraud broker in history (scammed amounts up to 677000 dollars)

Liteforex, the biggest FOREX fraud broker in history (scammed amounts up to 677000 dollars)
The whole process went from 23rd March, 2018 to 6th June 2018, a series of traps.

One.Account opening: at first when I inquired Liteforex. Eu , which is a broker supervised by CYCES, for account opening, the customer service staff asked me to open accounts with Liteforex.com, saying they were the same company and were managed by the same group. I did not pay attention to this and opened accounts; now it seems that they are the same group of scammers.

Graphic 1 Clients’ portal after opening account


Two:Being induced to swap free accounts and 70% rebate: When I first contacted LiteForex, I told them I wanted to trade EURTRY, because there’s one breakout on technical analysis. I deposited 49000 dollars on 23rd March; but after the deposit, I found that the interest changed from -90 previous week to -180, the spread had no advantage, and I also had to pay 30 USD per lot commission, which made me feel it’s not cost-effective. So I planned to withdraw my money. After asking the reason, the customer service staff said they could provide swap free accounts and high rebate, and if the deposits exceeded 100 thousands USD, 70% rebate could be offered. They also made special calls and used SKYPE to convince me. This made me feel that the conditions were quite good, and so continued to trade with LITEFOREX, which was the beginning of the fraud.

Graphic 2 dialogue of Customer service’s offering advantages initiatively

Graphic 3 dialogue of Customer service’s offering advantages initiatively

THREE. Deposit and it’s normal when losing: I deposited 49000 US dollars on 3rd March, and later deposited 51000 dollars on 19th April through bank transfer. I traded for EURTRY and lost around 100 thousands USD, so I again deposited 50 thousands USD through bank transfer on 27th April, a total deposit of 150 thousands USD.
(Refer to figure 4)

Graphic 4 Record of deposit

FOUR、Faced various obstacles for withdrawals after making profits: after 15th May, EURTRY breakout upward again, and also MACD daily deviated from the bottom. I was holding long position, and fortunately encountered black swan, which rose for tens of thousands of points. Therefore, I made profits of about 400 thousands USD.
On 21st May and 24th May, I applied withdrawals for 50 thousands USD and 200 thousands USD respectively. However, the applications were on-going pending; after asking the customer service staff, I was told that my accounts were under investigation to check whether the profits were made by transactions targeting for the company's loopholes, and if there’s not all the withdrawal applications would be approved. Therefore, I did not worry too much about this and continued to make more transactions of EURUSD, AUDUSD, EURTRY, EURMXN, Dow Index, USDCZK, XA. UUSD. At first, I lost again for about 100 thousands USD, but later met the EURMXN’s new high market record and made profits of about 200 thousands USD. During this process, the customer service also continuously provided service, and the rebate was regularly paid to my accounts, making me feel everything was normal.
On 6th June, my MT4 suddenly received a notice to cancel the withdrawals, and backstage and the two trading accounts were closed without any notification. At this point of time, I had made great profits; it is clear that LITEFOREX is a market maker.

Graphic 5 Record of withdrawal
FIVE、The deposited fund has not yet been given: the total deposit is 150 thousands USD. the sum of rebate and profit is 627000 dollars. The total withdrawal is 100 thousands USD, so my total deposit has not yet been returned fully.
23rd March applied for withdrawal of 49000 USD - originally planned to withdraw and not trade at all, but canceled after being persuaded.
4th May- withdrew 20000 USD successfully
May 9th withdrew 30000 USD successfully
14th May- withdrew 50000 USD successfully
21st May applied for withdrawals of 50000 USD- failed
24th May applied for withdrawal of 200000- unconfirmed
5th June applied for withdrawal of 100000-unconfirmed
(Refer to figure 5)
During the process of transactions from 23rd March to 20th May, there were three withdrawals without any mention of disputation on the trading strategy. It’s until there’s big market (great profit) after 15th May that the company started to interfere, which showed that clients trading with LITEFOREX can only lost but not make profits.
My MT4 accounts were closed when there were still trade orders, and the account information was deleted in the backstage: at last, my accounts were forbidden and all the trade orders could not be closed. All the account information was also deleted in the backstage. Liteforex is abusing their power, and they cannot provide a fair trading environment. This is intolerable. A FOREX broker following regulation will not act like this.


Graphic 6 clients’portal when it is normal

Graphic 7 clients’ portal after the account is disabled

SEVEN.Being induced and forced to say I hedged using their accounts with other brokers: I received an email from LITEFOREX asking me to make a video record saying that I used their free swap accounts to hedged with other brokers, otherwise my accounts would be closed permanently.
I have three doubts for LITEFOREX :
•LITEFOREX voluntarily offer the swap free accounts. If the company lost interest due to this interest exemptions, the disputation should be aimed at the interest but not at the profits that we made by predicting the market correctly or at our deposits. (the problem of interest does not affect profits and deposits)
•At the beginning, before the transaction, I had confirmed with the company that I wanted to trade instruments with high interest. If there’s any problems regarding the transaction, it should not have problem with my deposits. Why do they still keep my deposit; they should at least return my deposit.
•After 23rd March, I had traded for over a month and applied for withdrawals for three times. They did not mentioned any problems. Until 20th May to 6th June when there was great profits made that they started to intervene my withdrawals. The process is just not logic and reasonable. I think the company is just simply giving any reason to reject my withdrawals because of the big profits.
「please refer to figure 8,9」



Graphic 8,9 the EMAIL of cancelling withdrawal

EIGHT:Perfunctory Communication: When I tried to communicate with their customer service department, they said the trading department was checking; when I contacted with the trading department, they said that they would give an answer as soon as possible; at last, they said it was responsible by their security department, but the security department has no phone number but only email and they never reply email. Their respond is official and perfunctory, or worse just simply not replying; this should not be the way to solve problem. (please refer to figure 10-13)





Graphic 10 to 13 the conversation with customer service

NINE.The total amount of 680 thousands USD: more than 90 thousands USD in one account and 580 thousands USD in the other one, totally about 680 thousands USD. None of the withdrawals was allowed, and until now there’s no satisfactory respond. I am also posting on forums around the world to tell people about this scam, warning more people to avoid being scammed. I am also seeking approach of law and supervision to get my money back.

Graphic 14 the screenshot of account 338291

Graphic 15 the screenshot of account 412612

Bruce 2018-06-15

LiteForex is an international broker that offers excellent bonuses and promotions. New clients are entitled for a 40% welcome bonus; traders who lose more than half of their deposit are eligible for either a 55% Support deposit bonus or a 50% increase of their leverage; if you trade with LiteForex for more than one year, you qualify for the 45% Loyalty bonus on each deposit you make; and if you transfer from another brokerage, you get a 50% bonus on your first deposit. There are also a 30% first deposit bonus and a 15%+25% reload bonuses available. 

 
On top of that, the broker offers a rebate program which pays out up to $15 for every round turn transaction closed. 
 
Traders of competitive nature can participate in one of the three demo contest offered by LiteForex – Top10Forex (prize pool: $2,500 per week), Index Master and LF Fighting (each of the two with a prize pool of $1,500 per week). 
 
Clients who have been with the broker for a while can enter the VIP Club where they would enjoy special bonuses and perks. 
 
Bonuses are not the only department where LiteForex makes an extra effort – the broker has also made sure that there are plenty of deposit/withdrawal options available; you can even deposit with Bitcoins! As far as cashing out is concerned, withdrawals of up to $100 are processed instantly. 
Another option for faster withdrawals is to use the LiteForex or Payoneer MasterCards. 
 
Traders can choose between five different account types to find the one best matching their trading style; the platforms available are MT4 and MT5. A VPS service is offered as well. 
 
On the downside, LiteForex seems to be registered in Russia, where there is no legislative framework on forex trading and therefore – no official regulators and we consider this as a disadvantage of the broker. 
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Australia ASIC MT4, MT5,
IRESSTrader
$100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website

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