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

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I can see that the terms of the account say ‘We reserve the right to refuse any trades placed by you that we judge to be clearly outside the prevailing market price such that they may be deemed non-market price Transactions, whether due to manifest error or stale, incorrect or broken price feeds. Where we have opened or closed a trade before becoming aware of the price disparity, we may at our absolute discretion either treat that trade as void.’ So, in principle, TF were entitled to void any trades that would fall under the above description. However ...........:D
 
Hi Guys,

Good update from the Financial Ombudsman Service (FOS) in England.

I recieved a letter with the final conclusion of the Financial Ombudsman himself.

In short:

ThinkMarkets failed to explain why their prices were outside of the prevailing market price. According to the third party data they gave to the FOS, I would still have made a profit.

I've agreed on the conclusion of the Ombudsman, which means ThinkMarkets has to "recalculate" the trades that were voided according to this data. And pay the profits that come out of it, if there was a profit, including an 8% interest.

The final decision can be found in the attachment (I've edited the original version, so my name would not appear)
 

Attachments

  • Decision Ombudsman Sir V.pdf
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Can you elaborate the total amount received?

And how long it took for ThinkMarkets to pay.

What country was your bank acct located?

If you could provide a screenshot, that would be helpful also.
 
Can you elaborate the total amount received?

And how long it took for ThinkMarkets to pay.

What country was your bank acct located?

If you could provide a screenshot, that would be helpful also.

They paid the full amount owed.

It took them fourteen months to pay, after going to the Financial Ombudman.

My bank acct is located in The Netherlands.

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Dear Mr Bollebeertje
What brokers do you recommend to trade cryptocurrencies with ?

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including the 8 % INTEREST ?

No without interest unfortunately. However, my expectation was that I would recieve a smaller amount, because the FOS said the underlying prices would differ from the quotes ThinkMarkets gave me. But then it makes me wonder why they paid me the full amount...
 
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