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RESOLVED via FOS - ThinkMarkets STOLE €43,521.96! ThinkTwice Before You Trade With Them!!!

Discussion in 'Scam Alerts' started by Bollebeertje, Jan 11, 2018.

  1. Bollebeertje

    Bollebeertje Private, 1st Class

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    ThinkMarkets a reputable broker within the FPA community stole €43,521.96 by acusing me of trading on internet delays and off market quotes. This is what happend...

    After comparing a few brokers by their trading conditions (spread, leverage, products) and reputation with the FPA, I decided to open an account at ThinkMarkets (was: ThinkForex) and deposited a whopping €25K.

    After two days of trading they came up with an email that they would void 10 of my most profitable trades, with a total of €43,521.96, because I would have breached their terms and conditions for trading on non-market prices. Huh?

    Since then I've been emailing with them back and forth about getting my money back, until they came with their final response in which they concluded the same. They say I've been trading on price latency and internet connectivity delays. I didn't even know that this was possible.

    In chronological order this is what happend:
    25 october '17: Opened a live account.
    30 october ’17: Put €25,000 in my trading account.
    31 october ’17: Made my first trade at ThinkMarkets.
    02 november ’17: Bitcoin spiked to new all time highs, and made a huge correction. I was able to trade this on ThinkMarkets (and several other brokers). One trade made me over €20K while I locked myself up in the toilet at work, and used MT4 on my phone to make this trade and a few other trades. Everything fine so far.
    That same evening: Received an email while I was at a friends’ house, from ThinkMarkets that they would void 10 of my trades that I made that day. It were the 10 most profitable trades of that day (out of 38). The reason they gave me was that I breached their T&C clause 7.8 in which they believed that the price THEY gave were non-market price (so why the heck did they offer these prices in the first place?) They voided these 10 trades including 1 that was not on the list they gave me. So they voided 11 trades. When you look at the cancelled trades, you see one that says 0. But when you sum up the total of all voided trades, you can see there is a gap of €2,357.20. Which is the same amount of trade #25651077 (see picture). I immediately responded that they have to unvoid my transactions because they don't have any reason to void my trades. At the same time they disabled my trading account.
    06 november '17: Lora Ilieva, my account manager emailed my about my cancelled trades, and referred me to T&C clause 5.5, which doesn't exist.
    08 november '17: Stefan Pashaliyski emailed me. He said he was my new account manager. I said I only want my money back, no new account manager. He said the complaint department would come back to me.
    12 november '17: Somehow I figured out my ThinkMarkets trading account was enabled again. Since they were the only broker offering bitcoin trading during the weekends, I decided to trade there again on a major Bitcoin crash. After what happend I had nothing to lose. I made €34K in 1,5 hour. I recorded everything. It was payback time.
    06 december '17: I didn't recieved any response on my complaint. So I emailed them. They immediately emailed me back with their decision. They said they had emailed me on the 20th of november, but I didn't recieved anything from them. They gave the same reasons including me using arbitrage strategies and trading on price latency. Dafuq? I said that if they wouldn't resolve my case I would take it to the FPA Scam alert folder.
    07 december '17: They emailed me they would look into the case deeper and said that if I post this on the FPA forum I would further breach their confidentially clause.
    28 december '17: They gave me their final response. And now they referred to 7.10 the price latency thing instead of the earlier 7.8 non-market price.

    All the evidence is in the Attached Files, Including the cancelled trades. The video's I made can be found here:
    1. Which trades are voided and when the trades were made.
    2. How I traded on the 12th of november. Same like on the 2nd of november.
    (Videos are set on private, so they can only be watched through their link. If I take this case to the court, I set the videos to public, which means that everyone can see them.)

    I didn't pay much attention these days, because I have a life too. But I'm all fired up now, and I will do anything to get my money back.

    I'm sick of this moving back and forth with them. I just want to have this case resolved. I'll go on till I'm death, and I am 25 now, so I probably have a lot more years to go.

    I urge ThinkMarkets to give me my money back immediately.

    ThinkMarkets final response (1). ThinkMarkets final response (2). ThinkMarkets fpa if I would go public. ThinkMarkets voided trades (1). ThinkMarkets voided trades (2). ThinkMarkets voided trades (3). IMG_0463.PNG
     
  2. Bollebeertje

    Bollebeertje Private, 1st Class

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  3. FxMaster

    FxMaster Lt. Colonel

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    Contact Rebecca here WinChargeback, she will help you to get back your money.
     
  4. 4evermaat

    4evermaat Sergeant

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    Please invite ThinkMarkets to your scam alerts thread via:
    - their compliance and support email addresses.
    - support live chat, or
    - social media (facebook, twitter, etc)
    - sometimes they will have official acct here also.

    If they do not resolve your issue within a week or so, you should file a traders court case.
    Also let consider filing a complaint with Australian FOS.
     
    Bollebeertje likes this.
  5. ScamXposR

    ScamXposR Sergeant

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    WOW what a bunch of scammers. See if you can initate a credit card Chargeback.
     
    Bollebeertje likes this.
  6. ThinkMarkets Support

    ThinkMarkets Support ThinkMarkets Representative

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    Hello, Bollebeertje,

    This query has been reviewed independently by the ThinkMarkets Risk team and secondly, by the ThinkMarkets Compliance team and a Final Response was issued as per the firm’s Complaint Handling procedures outlining our findings.

    During periods of high volatility, financial markets instruments act differently to the way they do during standard trading conditions and hence this impacts liquidity, pricing and order execution, and therefore based on the trading conditions we believe we have acted in a fair manner.

    Can you please confirm that you have received the funds from your recently processed withdrawal request of €66,680.99?

    Should you have any further questions please liaise with the Compliance Department directly, alternatively you are able to refer your complaint to the Financial Ombudsman Service.

    The address of the Financial Ombudsman Service is:

    Financial Ombudsman Service
    South Quay Plaza
    183 Marsh Wall
    London, England
    E14 9SR

    Kind regards,
    The ThinkMarkets Team
     
  7. oscarra

    oscarra 2nd Lieutenant

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  8. Bollebeertje

    Bollebeertje Private, 1st Class

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    Yes, because the Final Response is far from the truth I decided to make a thread here. I do also have contact with the Financial Ombudsman as you might have noticed.

    My withdrawal request of €66,680.99 has nothing do to with this case, so I wonder why you put this up?

    This case is about the €43,521.96 ThinkMarkets stole from a client.

    Furthermore, in general.

    Someone at ThinkMarkets tried to contact me on the phone, I wasn't able to reach it. So I got a nice e-mail from them when I was able to speak on the phone. I gave a time and date, but they didn't call me.

    What is going on guys?
     
  9. Joytrader

    Joytrader Recruit

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    Have you resolved your case? What is the current situation?
     
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  10. Bollebeertje

    Bollebeertje Private, 1st Class

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    No, unfortunately still not resolved. I'm waiting for their call and their response to this thread. I want to give them the opportunity to resolve it, before I take it to the traders court.
     

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