I started trading with them on 05/Apr/2011 and withdrawal all my money within 4 weeks. Below is the issue because of which I am filing a case against them.
For initial 2 weeks trading with them like a breeze. Then in 3rd week when my account grew 70-80% profit, problem started occurring. Delayed execution and slippages became normal. I encountered slippages in almost every other trade. In some cases slippages was of 4pips. Then in one of the trade I encountered slippage in both opening and closing price and because of this that trade went into loss. When i complained to account manager Mark Gosha, his first question was "your account is in good profit, are you using any ea.??". I never used ea and mine was complete manual trading. BTW What slippage has to do with profit.?? After a long discussion, he agreed to put the trades on reviews and they refunded me money for the first trade that went into loss. Although there were other slippage trades as well but I didn’t pursued the matter further thinking they have resolved the issues and there will be no slippages going further.
But after 2-3 days, I started encountering slippages again and this time of 3-4 pips in every third trade. This time slippages were more frequent. Moreover I encountered slippages in limit orders as well.!! and that also of 3-4 pips. In one of the XAG trade, slippage was of 30-35 pips. I complained to Mark Gosha again and initially he refused to accept that I am encountering slippages again. When I pursued the issue further and called support 3-4 times, he agreed to put trades on review. But then they did nothing. When he/support didn’t replied for 2 weeks, I told them to refund slippages amount or face a complaint with their regulators. Then they came up with a nice pdf justifying slippages. The executed price was known only to them and it never appeared on charts and market watch window. They cheated and as of now they own me aproxx 400USD in slippages.
I am trading forex from past 3 years and know that slippages are normal in forex but not of the tune that thinkforex given me. They claim to be ECN but trading experience looks like marketmaker. Moreover I encountered slippages in limit orders as well.!! and that also of 3-4 pips. If there is any price movement at time of execution, then it should come in market watch window and charts. But the executed price never matched executed time. In almost every third trade, executed price differed market price by atleast 3-4 pips. I have submitted trades screen shots in my initial review. It seems the executed price was hidden and known only to them. It leaves an impression that broker is trading above you and making a decent 3-4 pip profit. Something is definitely going on behind the scenes.
Although I have submitted all trade review forms dully filled along with logs, they have asked for it again and again. It seems they don’t want to look into this issue. They cheated me and as of now they own me aproxx 400USD in slippages. When I submitted my initial review on 2011-06-08, Mark Gosha informed me that my trades are on review again and I will receive a mail soon. More than one month has passed since then and there is no update or mail communication.
Below are the things that increase doubt that the slippages were intentional:
1. Why I didn’t received slippages(not even of 0.01pip) for initial 2 weeks.?? Why the slippages start coming after 3 weeks when my profit was 70-80%.??? Does it mean - profitable account with thinkforex invites slippages.???
2. If there is indeed price fluctuation, then that fluctuation should come in market watch window and should be seen in charts as well. But in my case, neither was there. Why the price was known only to them and was not present in market watch window and charts.?? I have submitted trades screen shots in my initial review.
3. They refunded me money for the first trade when I encountered slippage(which went in loss). They are not explaining - How slippage of first trade(for which they refunded money) is different from slippage of current trades (for which they denied refund).???
As expected, after submitting my initial review on FPA, they have disabled my account. Hope with the help of FPA, I can get my money back. I have all the mail communication done with thinkforex for this issue and can forward them to FPA if required. Thinkforex can’t see its clients making profit.
For initial 2 weeks trading with them like a breeze. Then in 3rd week when my account grew 70-80% profit, problem started occurring. Delayed execution and slippages became normal. I encountered slippages in almost every other trade. In some cases slippages was of 4pips. Then in one of the trade I encountered slippage in both opening and closing price and because of this that trade went into loss. When i complained to account manager Mark Gosha, his first question was "your account is in good profit, are you using any ea.??". I never used ea and mine was complete manual trading. BTW What slippage has to do with profit.?? After a long discussion, he agreed to put the trades on reviews and they refunded me money for the first trade that went into loss. Although there were other slippage trades as well but I didn’t pursued the matter further thinking they have resolved the issues and there will be no slippages going further.
But after 2-3 days, I started encountering slippages again and this time of 3-4 pips in every third trade. This time slippages were more frequent. Moreover I encountered slippages in limit orders as well.!! and that also of 3-4 pips. In one of the XAG trade, slippage was of 30-35 pips. I complained to Mark Gosha again and initially he refused to accept that I am encountering slippages again. When I pursued the issue further and called support 3-4 times, he agreed to put trades on review. But then they did nothing. When he/support didn’t replied for 2 weeks, I told them to refund slippages amount or face a complaint with their regulators. Then they came up with a nice pdf justifying slippages. The executed price was known only to them and it never appeared on charts and market watch window. They cheated and as of now they own me aproxx 400USD in slippages.
I am trading forex from past 3 years and know that slippages are normal in forex but not of the tune that thinkforex given me. They claim to be ECN but trading experience looks like marketmaker. Moreover I encountered slippages in limit orders as well.!! and that also of 3-4 pips. If there is any price movement at time of execution, then it should come in market watch window and charts. But the executed price never matched executed time. In almost every third trade, executed price differed market price by atleast 3-4 pips. I have submitted trades screen shots in my initial review. It seems the executed price was hidden and known only to them. It leaves an impression that broker is trading above you and making a decent 3-4 pip profit. Something is definitely going on behind the scenes.
Although I have submitted all trade review forms dully filled along with logs, they have asked for it again and again. It seems they don’t want to look into this issue. They cheated me and as of now they own me aproxx 400USD in slippages. When I submitted my initial review on 2011-06-08, Mark Gosha informed me that my trades are on review again and I will receive a mail soon. More than one month has passed since then and there is no update or mail communication.
Below are the things that increase doubt that the slippages were intentional:
1. Why I didn’t received slippages(not even of 0.01pip) for initial 2 weeks.?? Why the slippages start coming after 3 weeks when my profit was 70-80%.??? Does it mean - profitable account with thinkforex invites slippages.???
2. If there is indeed price fluctuation, then that fluctuation should come in market watch window and should be seen in charts as well. But in my case, neither was there. Why the price was known only to them and was not present in market watch window and charts.?? I have submitted trades screen shots in my initial review.
3. They refunded me money for the first trade when I encountered slippage(which went in loss). They are not explaining - How slippage of first trade(for which they refunded money) is different from slippage of current trades (for which they denied refund).???
As expected, after submitting my initial review on FPA, they have disabled my account. Hope with the help of FPA, I can get my money back. I have all the mail communication done with thinkforex for this issue and can forward them to FPA if required. Thinkforex can’t see its clients making profit.