Scam Alert : Thinkforex.com

Hello,
On January 15 i traded CHF pairs on their PRO account and made a gain of more than 40k €.

After some hours i received this email:
Dear,

Re: Cancelled trades on your account – 122498

As you will be aware, recent commentary and action by the Swiss National Bank (SNB) has led to an unprecedented move in the value of the Swiss Franc (CHF) leading to interbank liquidity completely drying up overnight. The SNB took the view that direct intervention was no longer an option to keep the EUR/CHF pair above the 1.20 ‘floor’ that had been in place, while also reducing interest rates deep into negative territory at -0.75%.

The unexpected move caused unprecedented activity and accelerated moves, combined with severely-diminished liquidity in all CHF pairs and other pairs as well. In some cases, prices were erratic compared to normal, liquid market conditions. For some clients prices executed on were incorrect and referred to as ‘off-market’ meaning that the prices your received did not ever exist.

As per our terms of business, trading on incorrect prices is not allowed, whether it is an intentional practice or occurs by mistake, as highlighted below:

9.2 Incorrect pricing

Internet, connectivity delays, and price feed errors sometimes create a situation where the prices displayed on our trading screen do not accurately reflect market rates. The concept of arbitrage, or taking advantage of these internet delays, cannot exist in a market where the client is buying or selling directly from the market maker. TF Global does not permit the practice of arbitrage on our online facilities. The Client acknowledges and agrees to this and TF Global rely on Client acceptance of this. If TF Global determine that Contracts individually or together reasonably appears to rely on price latency arbitrage opportunities, TF Global may revoke those Contracts without further liability to the Client. To give effect to this, TF Global may make necessary or prudent corrections or adjustments on the account involved. Any dispute arising from such apparent arbitraging will be resolved by TF Global in its sole and absolute discretion.

Your account traded on 370 different positions involving CHF pairs at the time of the incorrect pricing and we are required to make a balance adjustment to your account to nullify these incorrect trades. You will see a debit of EUR40,372.69 on your account shortly.

I sent them several emails but they don't reply and they sent also no proof that this trades are incorrect.
On my other brokers i made a big loss, here the brokers don't want to adjust anything.

If you win then they tell you that you traded on a incorrect price and if you lose then they will tell you that's this are normal market conditions.

So be carefull with this broker.
I have also all statements.
 

Pharaoh

Colonel
One quick question. Did you open the trades after things went crazy, or were the trades placed before the SNB pulled the rug out from under the CHF?
 

Ed_Forex

Private, 1st Class
Another ECN broker, this time saying there was wrong liquidity! What is Incorrect pricing ? If incorrect, it's the broker fault and responsibility.

Thinkforex liquidity providers are: citi bank PLC, citi bank NA, Saxo Bank Australia and GFT UK.

Client must conclude that those provided thinkforex with incorrect pricing? Great! Contact them and tell what thinkforex told you.

Clients must understand that in an official complaint, broker can not hide things or talk in general like there was wrong or no liquidity because of SNB this and that. Regulators don't understand that scam language!

File a complaint to the ASIC.
 
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