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ThinkForex.com - Cant see its client making profit.

Discussion in 'Scam Alerts' started by dineshydv, Jul 13, 2011.

  1. dineshydv

    dineshydv Recruit

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    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.
     
  2. Pharaoh

    Pharaoh Colonel

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    Invite them to respond publicly in this thread. Let every know what their response is if they don't want to join.
     
  3. wswi

    wswi Private

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    hi any news on this since i'm going to sign up with them soon
     
  4. dineshydv

    dineshydv Recruit

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    @wswi there are many good brokers out there. Definitely I wont suggest thinkforex because of the problems they created. Moreover they never replied what the real issue was, they just simply refunded the amount - To me it looks like they were aware of the real issue and were blaming me for their own problems - and when I reported the issue here and went public, they issued me a refund...it sounds intentional and cheating...

    I doubts if all the good reviews about them are genuine.
     
  5. jaggermikester

    jaggermikester Recruit

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    Don't sign up with them, trust me they are crooks. I signed up with them at the end of last year, I did some news trades and got slipped terribly, I took the loss as you get slippage on most brokers around news times. I decided from that point not to trade the news again with them. A month later I got a call from my account manager asking how things were going, I told him that I was still recovering from the slippage loss - so not that great. He informed me that they have no slippage, and If I did get slippage I would get a refund, he then sent me a trade review form so I could apply for a refund. It takes normally 10-14 days for a trade review to be completed - dont ask why it takes so long it took me all of 15 mins to work out times dates loss e.t.c. So after a lengthy call and him assuring me that I would get refunds on any slippage I went back to newstrading. The very next trade I got slipped again and emailed the rep straight away, his response was to put another review in. 2 days later I got my first reply from review support, there response was " slippage always occurs around big news events" - DOH no s$$t, So what about a refund? No refund given...... So I contacted the rep complaining. He told me he'd look into it. No response a week later so I contacted hm and review support again. I got the same response from support. So I sent an email to the rep letting him know that if I don't get issued a refund I will be pulling all my funds and ceasing trading. I got a phone call that day from him. In this phone call he refused to admit that he told me I would get a refund for slippage. I have now taken all funds out. Also when I started with them I deposited more than the required amount to get there free vps, I never got that and after I kept asking them for it they told me I didn't have enough money in my account - well the reason I didn't have enough money in my account was because you they me with slippage. I would also like a case opened against them.
     
  6. dji

    dji Recruit

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    Check Think Forex

    Please check picture data feed Think forex :confused: :confused: :confused:
     

    Attached Files:

  7. ThinkForex

    ThinkForex ThinkForex Representative

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    Hi Dji,

    Thanks for your post, and apologies for the late response. Please be assured that we proactively monitor pricing from our liquidity providers and take steps in any instance that an off price impacts a live account holder.

    If any traders have an issue with their trades, please email tradedesk@thinkforex.com to have your account reviewed.


    Thanks,

    ThinkForex
     
  8. Timmi

    Timmi Private, 1st Class

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    You guys have got to be kidding me. Slippage of 4pips during economic announcements, and you're making a fuss?
    Last year, when Zulutrade was still offered by many brokers, when you look at a Signal Provider's performance, you were able to see the slippage for each broker under which those trades were executed by their followers. Big, well-renowned banks and brokers, had very high slippage - way bigger than that. (the lowest were, very often, and in this order, hotforex, aaafx, thinkforex... the typical slippage from the likes of alpari, dukascopy, etc, were to the tune of 4 times higher slippage according to what the zulu platform was reporting).
    So you start trading with them, get better at it and start trading during news releases... at those times, there can be immense volatility.
    Perhaps you should educate yourselves about how execution can happen during market volatility.
    In the attached charts, I see nothing abnormal (or perhaps you can tell me what I'm supposed to be looking for), and from your texts, I find it completely normal.
    OK, this thread is old, I realize that. I've only been with thinkforex since the autumn of 2013. So far I've not experienced anything unexplained. I haven't experienced the slippage you guys are talking about either. this thread having been dropped perhaps suggests that this is not an ongoing issue?
    Have they since signed up with more banks/liquidity providers? Maybe.
    I've interacted with their tech support on some issues, and it has been an educational experience for me. For example, I've learned that their major liquidity provider, Citibank (liquidity provider is the market maker, in this case a legitimate one, the big bank), gives the the feed, the execution of trades...
    So I encourage you to communicate with your broker's tech support, before jumping to conclusions. Also try to improve the quality of your communications, to make it easier for the human being on the other end to share information with you, and not to needlessly put them into a defensive mode, or cause frustration that may remove their will to provide information (for example when they reverted to providing you with a PDF on slippage instead of conversing with you).

    I'm not saying thinkforex is perfect - I don't think anyone is, given that you have to assemble so many disparate elements together, to build a complete solution (broker regulation/location, distance, feed, bank, where the broker's servers are in relation to their bank's servers, where they are in relation to you and on what backbone, the trading platforms offered, support, etc). There is just so much to bring together, and you can't blame it all on one broker.

    In closing, let me share with you why I chose ThinkForex:
    * the spreads are low, very low. however, when the market opens, the spreads are abnormally wide in order to try to mitigate volatility. I've also seen the spreads widen at night sometimes on certain pairs that are not traded very much... but that's not their fault, it's the bank they are linked up with that creates that. on their cTrader paltform, you get an idea of their bank's spreads, as they add their profit on top of that (a competitive 0.3 pips on open and close), whereas on MT4 they include the commission in the spread. it can give you a good idea.
    * speed of execution. I've been amazed at how fast execution happens. this comment relates to 2013-2013. perhaps some of the posters above haven't as good an experience, but bear inmind that thinkforex is a very young company, and probably changed and improved a lot since it's inception a few years ago.
    * service has been very good. from online chat, to emailing my account representative. he's even escalated a couple of things when necessary. so I never needed to go searching for contacts or ways to route things to the proper channels. they've taken care of it for me.

    On the downside, it seems like their market maker CitiBank open the markets a couple of minutes late at times, to reduce volatility, and close 5 minutes at week's end. That's not too bad, except I've seen another broker open 15 minutes sooner. So if you seek the volatility, and to try to benefit from the gap when markets open, Thinkforex may be too conservative for you (because of citibank). also, in certain pairs (mostly in EURCAD), there are sometimes what look like institutional transactions that appear and and are out of the normal trading norm, creating a group of spikes that are wide swings at a fixed price far above, or far below the current trading range. I suspect this is a government moving large amounts with the bank, and moving these at a fixed price instead of at market (perhaps so as not to affect the market). Personally, I think these private trades should not affect the feed as they do (be excluded like such private trades usually are). I'm lettnig TF address this, and depending on what they do with it, I might post a printscreen if I have new information that I think might help us.
     
  9. Timmi

    Timmi Private, 1st Class

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    Darn! we can't edit this can we?

    I didn't mean to say that 4 pips slippage is normal. what I mean to say, is that it can happen, when a price is moving very rapidly on the 1 minute chart, skyrocketing in seconds, or dropping in seconds. I don't see how one can realistically expect the trade to be spot on what it was on one's screen, because by the time you click, the market has already moved and is nowhere near where you see it on your screen.

    Also, when I wrote that some brokers had 4 times higher slippage, just to clarify, I don't mean 4x4. I mean that the lowest ones were in the range of under 1 pip. The best were at around 0.5, whereas some brokers were over two, three, some over 4 or more. and it was regularly the same ones.

    Now that Zulutrade is no longer offered by most brokers, it's not possible anymore to see the slippage of trades on various broker accounts. But last year, it was a good tool to help select a broker.
     
  10. Pharaoh

    Pharaoh Colonel

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    You do realize that the complaint was filed in 2012 and the guy who complained never came back after ThinkForex posted, don't you?
     

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