My problem with ThinkMarkets

KariemN

Recruit
Messages
2
Hi Traders,

I just want to raise awareness and caution you from using Thinkmarkets as your trading broker!

The story starts back in June 2020 when we started our trading using an automated robot (EA) and our trading capital was 300,000 AUD. First 3 months were running good and fantastic, and we were averaging no less than 5%+ return weekly, some weeks we did 10%+.

Thinkmarkets advised us to use their demo accounts to test our EA before trading in the live market, they said that the DEMO runs exactly like the live accounts – so we went ahead and created 40+ demo accounts and we tested the crap out of our EA with many different settings and basically nearly all the pairs and commodities that were available. However, Thinkmarkets failed to tell us that DEMO accounts run on a completely different servers than the live accounts and therefore the pair prices are VERY DIFFERENT!! – so basically 6 months of testing demos was horribly useless!!!

By the way, as our trading was through an EA and live 24/7…we had 3 VPSs running that were basically the best you can get in market…. we were spending roughly about 250 USD monthly + another few bucks for extra speed & memory. We had them to accommodate for the demo testing and also for the live accounts. We went the extra mile to base our VPSs in the same country Thinkmarkets have their servers at which is the UK.

Thinkmarkets claim that they execute trades ultra-fast!!! – we have more than 1000 trades that were delayed by 10 seconds or more (some trades by minutes!!!!). Our EA trades on the hour every hour, normally you may see a second delay which is acceptable, but we have 1000+ trades that are more than 10 seconds+ delayed!!!! – we believe these trades were never actually executed in real live market and they were kept in house!!!!

Thinkmarkets without any notification or any communication (Mind you we were on the phone with them daily!) halved our leverage!!! Which obviously affected all our trading. When we raised the issue with them – we got ‘Sorry’ and we have been told that it was done by their partner in the US!!!. When we pushed the matter with our account Manager, he said that they ‘Individually assessed’ our trading and they were happy for us to go back to the normal leverage we started with as we trade safely and with minimum risks! – Everything changed since that day in December 2020.

Long story short, we ended up loosing everything in Feb 2021 because of all the issues mentioned above and also there are other smaller issues like, server not responding, we get logged out for10-20 mins then back in which puts the EA in limbo, misleading information provided by everyone in the Company from the account manager to the complaints department!!

So, we do the right thing, and we contact Their complaints department with all our findings, and we challenge what happened to our trading account – THE WORST EFN EXPERIENCE OF ALL TIMES, dealing with my 2yr old daughter who doesn’t talk yet is WAY EASIER. We put 5 simple questions to them with evidence and for 6 months they have not answered any of our questions. We ask why these trades were delayed in execution, they waste a month of asking where how when and then they answer yes they were executed!!!

So now, we have escalated the matter further and we have raised a complaint against them with AFCA (Australian Financial Complaints Authority) and we requested for some information from Thinkmarkets through AFCA. For more than 3 months now, Thinkmarkets provided every god dam data that is NOT NEEDED OR HAS NOTHING TO DO WITH THE ACTUAL COMPLAINT and they do it over 1000 emails. The case is still Active with AFCA, thinkmarkets still dragging their feet answering & providing evidence.

Your forex broker is a big part of your trading and you need to choose carefully and test the product your are getting before committing to it and trading your hard earned money.

We just want to advise you TO NOT CHOOSE THINKMARKETS AS YOUR FOREX BROKER – THEY ARE NOT THE RIGHT BROKER FOR YOU AND THEY WILL STEAL YOUR MONEY!!!

DO YOURSELF A FAVOR AND SHOP AROUND AND DO NOT USE THEM EVEN IF THEY WERE YOUR LAST RESORT!!! Good luck to you all
 

compu-forex

Sergeant
Messages
198
I'm sorry, I can't help myself.....I'm not sure the broker is the problem here.

First off, the fact that a demo account trades differently to a live account is so fundamental to FX trading that I don't understand how you can be trading a 300k account and not know that. Secondly, it appears that your EA traded the live account just fine for 3 months, so what is the relevance of the demo account anyway??

None of the issues mentioned should have caused the loss of 300K. I am going to take a flyer here and suggest that you were trading an EA that uses a martingale strategy and then it blew up your account(your mentioning of the leverage is a red flag) and now you are looking for a scapegoat.

Feel free to prove me wrong by publishing your full trading statement for analysis.
 

4evermaat

2nd Lieutenant
Messages
2,321
Can you please post your full account trading statement? Here is a quick guide on how to do so:

And did the delays on your account look somewhat like this video:


???


What made you continue trading instead of stopping and using another broker. Or reduce the position size?

300k you should have been using a Prime of Prime brokerage IMO. But that's a whole different conversation.
 
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