ThinkMarkets Broker: Reviews and Specifications

Comments

1. B says

   January 31, 2013 at 1:46 am

   Filed with the FSCL & ASIC.

   PUBLIC COMPLAINT
   AGAINST ThinkForex.com

   January 27, 2013

   I am a brand new client of ThinkForex.com My Live Account number is: XXXXXX.

   I know virtually nothing about Forex other than through a few robots (EAs) and installing them on Demo accounts and watching their performance. I have no other experience than this in the world of Forex.

   When I signed up (January, 2013) for a Live Account with ThinkForex.com they asked for information on one’s trading experience and I selected “No Experience” in the form. They knew I had no experience from the outset.

   When I realized that I also qualified for a Pro Account I applied for same and also asked for leverage to be increased to 1:500. Both requests were confirmed with proofs.

   ThinkForex.com Sabotaged My Account

   After I allowed a bot to run and lose over 20% of my account overnight, I was surprised as this robot had a good track record in recent days. I eventually turned it off and tried my hand at manual trading on my new Live Account. Within a very short time, I became quite successful at making trades on my own. So successful, it appears, that some envious souls in the “Compliance Department” decided to – without notice, warning or reason – shut me down in the middle of trading and open trades, etc.

   They sabotaged my account.

   As I was making successful trades, all of a sudden, I couldn’t place orders. I tried again and again: nothing. Nothing I did allowed me to continue as I was.

   Was it a glitch on my end? Bad connection? I couldn’t determine for sure.

   I eventually had to phone their head office in the middle of the night (my time) and spoke to Neha, a supposed “Account Manager”, and told her what had happened and asked if she knew what was wrong: why couldn’t I trade any longer?? She then informed me that my leverage was changed to 1:100!! That’s right: unnamed conspirators (she refused/refuses to name them or let me speak to them, despite asking for same many times) in this so-called “Compliance Department” had devised to, and did in fact, attack me without warning or reason.

   No email was ever sent to state what and/or why they had done this evil to me.

   I was floored. Shocked. Traumatized. (But this was just the beginning of more wickedness against me.)

   I thought, “How can this happen? This is what an enemy would do; not what one’s own brand new & first ever Forex broker – who you are paying through commissions – is supposed to even think of doing!!” (My trading netted them ~3,000 GBP in commissions in a few hours!!)

   They certainly wouldn’t want someone to do this to them were situations reversed!! (Neha originally verbally agreed with this statement.)

   Neha then said to email her the confirmation that was sent to me. “That would help,” she said.

   I shouldn’t have had to do anything. THEY were and are in the wrong and they knew it and they know it. However, I sent the email as further proof. I told her to change it back to the way it was immediately.

   She then sent her only response by email telling me to be “patient and understanding”. What a sick joke.

   She also said that she would reply with a further email.

   She never sent another email.

   I didn’t try to make any other trades after the new leverage limited my ability to trade as before. Two trades were left open. Had the leverage been changed back to the original, there would have been no problem. However, as I found out the next morning, about 10,000 GBP was missing from my account balance and no trades were open!!

   Once again, I am further traumatized by this broker’s actions!! What is going on?? They are now stealing from my account!! I could hardly believe it!!

   I was forced to phone Neha again!! She then tried to wiggle out of her and her conspirator’s wrongs, to no avail. I had told her correct their malicious changes and confirmed with her the same in writing by email. She then tells me that the system “automatically” closed out the losing trades because of margin.

   They had refused to change the leverage back to the original!! Now she/they try to blame me for their sabotage and trauma!! This was too much to bear.

   I then sent them Terms of Settlement which were as follows below. (Please note that since they were wholly refused, out of hand and without even a written reply, new Terms are being drawn up presently. More trauma, more STUBBORNESS and FALSE ACCUSATIONS on their part mean more restitution that they are liable for.)

   Original Terms of Settlement (For Traumas & Losses They Are Liable For)

   This is the email that I sent to Neha.

   Neha,

   No, I shall not ‘understand’ wickedness on the part of people who are being paid to be ethical.

   Not only did they curse me by attacking me and my account without warning or reason, they – your company – are not doing what they would wish done to them aka The Golden Rule. I think I know why too.

   Further, they have not only not repented of their original attacks, they have continued their assaults and crimes against me and my brand new account, once again without warning or reason.

   Neha, you did not follow up with an email regarding these matters as you said you would…and things have now become nightmarish as you know.

   I have seen what happens to companies – and people who enable them – who do these sorts of things to innocent people, and it’s not pretty, to say the least.

   TERMS OF PEACE

   Here are the terms of peace:

   The parties responsible for these continuing attacks on my account and soul shall be named.
   The named parties shall repent for these attacks in writing, signing and printing their names unless and except they are all fired. If that is the case, their names shall be given and positions held within
   ThinkForex as well as the one(s) who fired them. This is part of the record.
   The account shall be returned to its original state as per the original confirming email and leverage ratio and amounts therein.
   All trades closed by the guilty parties today – once again, without warning/reason – are to be reopened.
   As restitution for these ongoing attacks, all commissions shall be refunded and – if I trade through your brokerage in the future – all future commissions shall be 3 units per lot (not 6 as is currently charged).

   If all of these terms are met, I will release all compliant parties from further actions.

   In Truth,

   From: ThinkForex Support
   To: 
   Sent: Thursday, January 24, 2013 6:36 AM
   Subject: [#BDY-248-76355]: Leverage should be 500:1

   Hi 

   Thank you for your email. This is to confirm that your request has been received and our compliance team is looking into it. I will get back to you as soon as I get more information in this regard. Thank you for your patience and understanding

   Regards

   In a follow up phone call, Neha refused – on behalf of the Company – to make any repentance, restitution or even reply to this email.

   To add insult to the injuries they continue to cause, she then FALSELY ACCUSED us of “knowing” of the leverage change and blaming us for the injuries they wickedly caused and still defend!! Defending the indefensible.

   4
   I tried to reach Neha a few more times by phone, but she repeatedly refused to answer: she knew she was guilty.

   “Feels Like”

   The following account is how I feel – in spirit – ThinkForex has done me in.

   Imagine that you have an agreement in place with an Outfit and you are new to the whole business. Now imagine that Outfit, after you are conducting business as agreed, conspiring to sabotage your business and crush you, all while you are thinking they are out to help you “win”.

   See yourself walking by a dark alley, not knowing that the Outfit’s Conspirators and Bullies are about to attack you. Without warning, you are struck on the head from behind by unknown assailants. You are severely injured & traumatized as you fall to the ground. You then struggle to see just who has done this to you.

   To your shock and horror, it is the very same Outfit that you are paying and have the Agreement with!! As you continue to try and recover and find out why they have done this, they then – all together – start stomping on your head and laughing!!

   To make matters worse, they then tell you: “It’s all your fault!!”

   This scenario is exactly how I feel ThinkForex.com – through its wicked agents – has treated, and continues to treat, me, their client and their victim.

   Needless to say, one cannot feel safe with, nor can they trust, such wicked people.

   CONCLUSION

   It is clear now that I should not have accepted – without due diligence and fact checking, comparing, etc. – the very high and Number One recommendation of the software maker for the bot I used regarding ThinkForex.com. It makes me wonder if they are in bed together…

   Bucket Shop

   I did some extra checking on review sites for Forex traders and brokers and found out that ThinkForex meets the exact definition of a “BUCKET SHOP”, to wit:

   A brokerage that takes the opposing side of all customer trades and seldom, if ever, passes orders on to the actual market. Bucket shops count on the fact that most forex traders lose money.

   Since true bucket shops make money only from spread and from customers losing money, they will go to great lengths to make life difficult for customers who make money trading forex to continue to be profitable and/or to withdraw any profits.

   They did exactly this to me.

   Since the original Terms of Settlement (Out of Court) have been rudely refused and ignored, we now offer more expensive and public Terms of Settlement, if they do not wish to be sued in court.

   TERMS OF SETTLEMENT

   These terms are non-negotiable because of the ongoing and severe trauma and losses ThinkForex and its conspirators have caused and continue to cause.

   1. The guilty parties – inclusive of Neha, for LYING & FALSELY ACCUSING us – shall be publicly named & shamed on ThinkForex.com’s website in a special Page for this purpose. Their crimes shall be known to all.
   2. The guilty parties shall be fired – with written proof of same and the accompanying reasons – and Public Notice of these firings – inclusive of said reasons – shall also be posted on the same Page. Written confirmation of same shall be sent to the victim of their sabotage and attacks.
   3. The sum of 33,000 GBP shall be paid to the victim as restitution for these wicked actions against him.
   4. The victim shall – if he so wishes – trade commission-free in perpetuity using ThinkForex.com and its services. No fees shall be charged to the victim for any of ThinkForex’s services.

   If these Terms are met and agreed to in writing – in full – within five (5) business days, no further actions shall be taken against ThinkForex and its principals, agents, and/or employees. ThinkForex will then be released from all guilt and liability concerning these matters detailed herein.

   Conversely, if these Terms are not met within the stated time limit, more expensive actions shall commence against you, your Company and the guilty parties, personally and severally.

   To quote the wise king Solomon:

   Because sentence against an evil work is not executed speedily, therefore the heart of the sons of men is fully set in them to do evil. – Ecclesiastes 8:11

   In Truth and to the Glory of God,

   UPDATE – January 29, 2013

   FURTHER HELL FROM ThinkForex!!

   I decided to try and get what funds I had left in the account, after I had qualified for their 20% bonus (amounting to 1000 GBP) because I could no longer trust them.

   But – and you’re going to love this – they bring up the Terms of the bonus and state, after the deposit funds are withdrawn that I have breached the Terms by withdrawing them before 60 days are up. They steal the 1000 GBP as well!!

   Priceless. More theft. More wickedness. 

   THEY cause the trauma, they cause the theft, they LIE & DECEIVE all to steal from me and now they say the Terms are breached…but they can break every contract they wish…  BUCKET SHOP BASTARDS.

   ****ing sickening. CURSE THEM ALL!!

   _________________________________________________________________________________

   Comment by experienced trader on ThinkForex’s crimes.

   Hi,

   Well, it sounds to me like they were blindsided by you making excellent profits against them, this means they would have taken the other side of your trade and expected you to lose, but taking the other side does not make them a bucket shop, using tricks to screw you out of your trades is in fact what defines a bucket shop.

   Changing leverage with trades open tells me they held the other side of your positions as this is impossible in market trades.

   I would suggest using the ECN as that is our most economical model by averages, The great thing about ECN is it is extremely easy to tell if the broker is doing ANY manipulation as it is SO obvious.

   It is a ton of work to launch and run a brokerage (Even as Director!), it has been fun so far, but expensive and utterly exhausting.

   i must say that making 300% in a night is an incredible feat, if you did that at Pellucid FX we would ask you to become a manager! 🙂

   But making them commissions of 3000GBP from a 4000GBP account is a TON of trades, and by hand? I don’t know how you did it.

   One thing you can do is lodge a complaint with their regulator. I cannot know EXACTLY what happened without seeing the your statement and then seeing their settings for your account.

   But it changing your margin mid trade in any circumstance is crooked for a brokerage to do, you should be able to take them to court or have their regulator all over them if you can prove it.

   Best,

   Reply

2. B says

   January 27, 2013 at 8:38 pm

   CURSE & BOYCOTT ThinkForex.com aka STINKForex!!

   These buggers – LYING, THIEVING BASTARDS – are the first broker in the Forex world we tried. What a God DAMNED nightmare!!

   Without warning and in the middle of trading, after they had already confirmed by email the leverage change to 1:500, they CHANGED THE LEVERAGE to 1:100!!

   No notice, no warning, NOTHING.

   All of a sudden, I couldn’t trade as I was a moment ago!! After trying in vain to correct the “problem” I thought was on my end, I was forced to call them on the phone. Then and only then did they tell me what they had done. I told them to switch it back. I got email confirmation that they were “discussing it” and would reply soon. Never happened.

   Then, today, after refusing – by default, not in word – to change the leverage back to the original amount, they CLOSED OUT LOSING TRADES FOR AN OVER 10,000 GBP LOSS!! They were open for a reason, obviously. And would have had no problem if they had changed the leverage back to the original.

   More phone calls and emails.

   They refuse to name who has done this.

   They refuse to repent.

   They refuse to return commissions as restitution for their attacks upon us.

   They LIE and say that “I knew” of the leverage and margin changes…when the two losing trades were opened. LIARS BURN IN HELL.

   Neha is the Account Manager that I spoke to a few times.

   TROUBLE IS COMING YOUR WAY ThinkForex!! COUNT ON IT!!

   CURSE & BOYCOTT THESE THIEVING, LYING BASTARDS!!

   Reply

3. Dyna says

   May 30, 2012 at 11:00 pm

   FSPR is only a registration as a financial service provider and FSPR is not equivalent to ‘Regulation’. The claim ‘regulation’ is misleading.

   Reply