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#1 24-08-2011 10:41:37

johnedward
Admin & Trader
From: Paris - France
Registered: 21-12-2009
Posts: 2437
Website

Withdrawls from LiteForex!

On December 30th 2010 I opened a trading account with LiteForex.

I traded for a few months with it and everything went fine (I even made a small profit). On August 8th 2011 I requested a withdrawl of my funds.

As of August 18th 2011 I called them to enquire why my bank has not yet received the money yet. I spoke with two individuals with heavy Russian accents who said that my withdrawl request was pending investigation for "fraud". Amazing. All I did was fund my account, trade for a few months, and then request that my money be refunded to me using the same bank account I funded my account with.

I called again on the 19th, and was told that they checked out my situation and finally approved the sending of my money. The lady on the phone asked that I verify my bank account info through the LiteForex chat window, I said fine. She then proceeds to send me my account number, only it's missing a "1" right in the middle. I told her this is a mistake, that the number I sent them is slightly different, she proceeded to tell me "that's the number you gave us". I calmly explained to her that the error was 100% their error as I merely copy/paste my bank details from my personal records, I don't type things in manually as that is a sure-fire way to make an error!

On the 24th, I checked my bank account, I had finally gotten my money back the previous day! 16 days to get a measly 2000€ back from them, ridiculous.

Ugh, what bothers me the most about this is that I was never informed that there was a "problem" with my account. It seems that if you don't call they won't mention anything, you'll be checking your bank account every day like an idiot wondering "where's my money?". Although my trading experience with them was good, I probably won't recommend this broker to anyone because of this hassle.


"Anything worth having is worth going for - all the way." - J.R. Ewing

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#2 06-04-2012 01:09:15

tokyojerry
Member
Registered: 05-04-2012
Posts: 4

Re: Withdrawls from LiteForex!

Thanks for this information John.  On the topic of broker selection,  I currently use 4XP.  I have yet to make a withdrawal request from them.  However, per their policy on withdrawals,  ( http://www.4xp.com/manual.php  (bottom))  they state, only source-to-source.   

per this 4XP policy, I  am now hesitating to make a new deposit with credit card..   If withdrawals are only done  'source-to-source' in  terms of policy at 4XP:

*Scenario1
What if I originally make a deposit for $1,000.   My account goes to $5,000 (theoretically) and I want to withdraw $3,000.  Does this mean I can not withdraw more then $1,000 as the original deposit by credit card was only $1,000?

* Scenario2
I subsequently make a 2nd deposit via wire transfer (beyond the original credit card deposit) from my bank account (Japan) and subsequently request a withdrawal. 
In terms of source-to-source,  which 'source' will be used for receiving funds back into my account? 
Would funds go to my credit card? 
Would they go into my bank account? 
Would I be able to freely choose where to send the funds back to? 
Can the withdrawal request be greater then the original deposit from either source?

* * * * *
That aside, I am thinking to open a new account with a second broker.  I was thinking of Alpari, but, it seems they will not allow residents of Japan to open an account with them, apparently per Japan financial regulations.  I am now waiting for a reply from them to confirm if this applies to U.S. citizens with permanent residence in Japan but are not Japanese citizens.

I don't want to have such experiences as you have with withdrawing from LiteForex.  I do have an 'inactive' account with Exness,   ( https://www.exness.com/ ) from way back when, but currently am not actively trading on it.   I also notice you don't have it listed here for whatever reason in the comparison of brokers section. 

So, Do you have any recommendations for a second, good, reliable broker? 

Sorry to be a bit long-winded here.  I just signed up at this website yesterday.  I earnestly want to learn about forex and also to obviously make money by trading in it as well.  I'd like to set up with a broker that also allows ECN accounts too, which I currently have with 4XP.

Thanks for your attention to my inquiry.

Jerry Suppan
Tokyo, Japan

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