Discuss ThinkMarkets.com (was ThinkForex.com)

[citytrader]

anyone heard of Think-Forex, keep getting calls, all they want is my money ???

 

[DreamForexCO]

https://www.forexpeacearmy.com/comm...anipulation-of-clients-accounts-part-1.44926/

 

[mdkrfpa]

Hello Friends,
I have gone through most of the reviews about thinkmarkets.com
Before I deposit my money with them, I need to be sure if I shall be able to get a successful withdrawal.
Do they really pay you the money when you ask for the withdrawal ?

 

[joseph19]

Hi all,

I have been using ThinkMarkets for a couple of years now and they have been great.

My relationship manager is very prompt and is very helpful when I have any issues. Their website and link to MT4 is great and works very smoothly.

I would suggest ThinkMarkets as a broker.

Cheers,

 

[Nawaz2k]

Dear SIR / Madam,
I had an issue with Think Forex last month (3rd Jan'2019) and had few emails sent and rec'd in the matter but, its docent seem to be getting resolved. Below is the email describing the issue.

Account / Market scenario @ about midnight-few hours before the market mishap that happened on 03rd January’2019.

Running trade which was apart from the hedged ones -4 trades.

33746646 EUR USD Buy Initiated @ 1.14304 [Market was trading @1.13400-13450 range][Trade was @ -896 USD]


Sell-Stop trades which were purposefully kept to cater the above trade as a backup, if there is any unforeseen movement in the market –hedging strategy. Although there was equity of almost 1170 USD.

1)33962277 EUR USD Sell Stop @ 1.13200[TP @ 1.13150] TP was not respected and the following trade as mentioned in item 2 below got initiated which should not have happened before this is closed.

2)33959230 EUR USD Sell Stop @ 1.13100[TP @ 1.13050] TP was not respected although the market did touch the TP level.

3)33962301 EUR USD Sell Stop @ 1.13000 Got Cancelled on its own


As the TP for Item 1 & 2 was not triggered, the equity got liquidated, since the market went up. Due to which all my existing trades were closed due to shortfall in equity and my entire account was compromised.

Based on the above, I have come to conclusion that Think Forex team is being unethical with their clients and is duping the customers. I would appreciate if relevant authorities look in to this matter and do the needful to have this resolved amicably.

Thank you,

 

[FxMaster]

Dear SIR / Madam,
I had an issue with Think Forex last month (3rd Jan'2019) and had few emails sent and rec'd in the matter but, its docent seem to be getting resolved. Below is the email describing the issue.

Account / Market scenario @ about midnight-few hours before the market mishap that happened on 03rd January’2019.

Running trade which was apart from the hedged ones -4 trades.

33746646 EUR USD Buy Initiated @ 1.14304 [Market was trading @1.13400-13450 range][Trade was @ -896 USD]


Sell-Stop trades which were purposefully kept to cater the above trade as a backup, if there is any unforeseen movement in the market –hedging strategy. Although there was equity of almost 1170 USD.

1)33962277 EUR USD Sell Stop @ 1.13200[TP @ 1.13150] TP was not respected and the following trade as mentioned in item 2 below got initiated which should not have happened before this is closed.

2)33959230 EUR USD Sell Stop @ 1.13100[TP @ 1.13050] TP was not respected although the market did touch the TP level.

3)33962301 EUR USD Sell Stop @ 1.13000 Got Cancelled on its own


As the TP for Item 1 & 2 was not triggered, the equity got liquidated, since the market went up. Due to which all my existing trades were closed due to shortfall in equity and my entire account was compromised.

Based on the above, I have come to conclusion that Think Forex team is being unethical with their clients and is duping the customers. I would appreciate if relevant authorities look in to this matter and do the needful to have this resolved amicably.

Thank you,

It will be good if you can open a new thread in scam folder along with the details you shared here.

 

[ZEBRARANK]

In order to fully implement the spirit of the Nineteenth National Congress of the CPC and the Second and Third Plenary Sessions of the Nineteenth Central Committee, and effectively prevent and resolve financial risks, the State Administration of Foreign Exchange has earnestly implemented the special plan for the regulation of Internet financial risks, and actively promoted the clean-up and renovation of illegal online speculation platforms. The following is the report on recent cases investigated and dealt with:

It has been verified that Shenzhen Xinke Business Consulting Co., Ltd. (Thinkmarkets) provides business promotion services for its network exchange speculation platform operated by overseas shareholders, solicits domestic investors to participate in overseas foreign exchange deposit transactions, and collects service fees in violation of the regulations, which violates Article 12 of the Regulations of the People's Republic of China on Foreign Exchange Management. In accordance with Article 41 of the Regulations of the People's Republic of China on Foreign Exchange Control, the Shenzhen Branch of the State Administration of Foreign Exchange warned the company, ordered it to make corrections and imposed a fine of RMB 118,000 yuan.

At present, the domestic regulatory authorities have not authorized any institution to carry out foreign exchange deposit business in China or to act as an agent. According to the Notice on the Strict Investigation and Punishment of Illegal Foreign Exchange Futures and Foreign Exchange Deposit Trading Activities (No. 165 of the Securities Regulatory Commission, the State Administration of Foreign Exchange, the State Administration for Industry and Commerce and the Ministry of Public Security), it is illegal for any unauthorized institution to carry out foreign exchange futures and foreign exchange deposit trading without authorization. It is illegal to entrust an unauthorized registered institution to conduct foreign exchange futures and foreign exchange deposit transactions, whether in foreign currency or RMB. The State Administration of Foreign Exchange and its branches will continue to earnestly implement the deployment requirements for preventing and defusing financial risks, carry out a sound and orderly clean-up and renovation of illegal online exchange speculation platforms, and safeguard national financial security and stability.

FPA Forums Team Note: If this is true, please add a link.

 

[florian invest]

please view this scam broker and lets get them shut down

Resolved: Think markets placed a plugin quote maker on my account which caused excessive slippage and feed freezing

hi Harley Salt, alla polyanskaya, jacob galea , scott head of risk. on the 1st feb i reached out as i could see issues, but i didn't know of the manipulation that was taking place on the back end of my account at this time, so kept trading as any full time trader would (see attached email it...

www.forexpeacearmy.com

 

[KariemN]

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​