Discuss ThinkMarkets.com (was ThinkForex.com)

[Administrator]

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Formerly at ThinkForex.com

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[Astarflier]

Withdrawal info

Does anyone have any experience on withdrawals with ThinkForex?

 

[eJack]

You asked about withdrawals

I set up my deposit with BPS (Brokerage Processing Service) which is a direct bank account to trading account ACH type of transfer. I have this setup with ThinkorSwim Brokers and OptionsXpress Brokers (general securities trading). The ACH transfers are usually completed (in the receiving account) the next day or it can take two days if I request the transfer after the 10 AM cutoff.

I Initiated the BPS transfer into ThinkForex on a Friday and sometime on Monday I began trading with the funds.

This may be an indicator -- there is no withdrawal information on the website. Not being deterred, after having the account for a month I began withdrawing my profits. On Friday, 11/12/2010 I submitted a BPS withdrawal. On Tuesday, I received an email that said I needed to submit a withdrawal request (with nothing attached to the email). I responded with an email that requested where that was on the site and to please forward the form. They did that and I did get the form submitted on Tuesday morning (print, fill in, scan, send). On Wednesday, I received this email:

Your withdrawal has been approved via Broker Processing Service please let us know if there is anything else we can assist you with. Your funds should show up into your account in two or three business days.

Here it is Saturday, no deposit, a week after beginning the withdrawal. They have instituted this beautiful BPS system (no fees in or out) but they get hung up on this form. The other regular Security Brokers do not require any form. With the ACH transfer they do the small credit and debit into your checking account just as BPS did. After the credit and debit are verified, when you request a transfer it is done. Quick and free.

I have attached the pdf form to save the next person the two day hiccup.

11/21/10 Sunday evening. Now the funds are still in my ThinkForex account but there is now a credit in my checking account as of 11/19/10. I'm confused but satisfied. Who says there is never an error in your favor? Just a little disconcerting about their bookkeeping ability.

12/25/10 On December 15 ThinkForex finally called me and said they realized that they did not take the money from my account. They wanted to do so, which they did.

 

[hip280]

Some differences between demo and live account

My feedback below,

Have been running the same EA on both a ThinkForex demo and live account.

Notice that there there was an extra trade done by the EA in the live account
but not on the demo.

And for those same trades that were open/close at the same times by the EA, the executed prices in the live and demo are slightly different.

So I think there is some differences between the demo and live accounts.
Is this normal ?

Other than the above feedback everything else is smooth sailing so far. Cheers.

 

[Normbell]

I would be interested in other reviews on this Broker as I have been using a Thinkforex demo and am thinking of going live with them.

Since the first review I have been told "There are no charges for depositing funds. Please check with your card provider regarding their fees. ACH is no longer a funding option."

But "Withdraws to credit/debit card are assessed a $15 fee. Depending on your funding method and number of deposits additional transaction fees may be applied."

And "Please note there is a $35 bank wire transaction fee. Transaction time can take up to 3 business days to complete."

Not a problem is you have a large deposit but if you are a small fish these charges are a pain. My other borker does not charge to wirthdraw funds.

 

[ThinkForex]

Server Interruption

Dear ThinkForex Clients:

We recently experienced a targeted Denial of Service outage on our primary Hong Kong data center starting at approximately 07:30 GMT. The outage was intermittent and now has been identified and resolved.
If you experienced any negative account issues during this event please proceed to our Support News site at the link below for further instructions to submit an official account review with your trading logs and a full summary of how you were affected.

ThinkForex News Page

Feel free to contact us at: support@thinkforex.com with any questions or if you require an additional assistance.
Thank you,
ThinkForex™ Management

 

[ThinkForex]

Hi Everyone!

ThinkForex is excited to announce the partnership of BeeksFX VPS and ThinkForex!

You can now receive a free VPS hosted by BeeksFX in London, just by opening and trading a ThinkForex account! This has 2 m/s latency to our main trading server in London, so you can be assured of excellent connection, faster price updates, and faster execution!

BeeksFX has been providing Forex VPSs for years, and brings along a wealth of experience and technical expertise.

For more information, please post your question here or visit our website!

 

[dji]

Please check your data feed

Dear ThinkForex Clients:

We recently experienced a targeted Denial of Service outage on our primary Hong Kong data center starting at approximately 07:30 GMT. The outage was intermittent and now has been identified and resolved.
If you experienced any negative account issues during this event please proceed to our Support News site at the link below for further instructions to submit an official account review with your trading logs and a full summary of how you were affected.

ThinkForex News Page

Feel free to contact us at: support@thinkforex.com with any questions or if you require an additional assistance.
Thank you,
ThinkForex™ Management

Please check picture..... your data feed

 

[ThaSniper]

Need advice about ThinkForex

Hello.

I have an account with Thinkforex and my account has just burned.
I received a message from Thinkforex saying "One or more of your trading positions has exceeded the minimum margin requirements and has been stopped out(...)".
I know what this is, but they closed all my 11 opened positions at the same time. As far as I know, in cases where stop level is reached, positions are closed in sequence, because after each position closed the stop level will be different. I don't think they should have closed all at the same time!

This happened me once in another broker that started closing open positions in sequence, and in the mean while the market changed and I was able to recover from the loss. This was the behavior I expected from Think forex. I think it is unacceptable to close all open positions at once.

Their policy is here: Forex Regulation -Margin Call Policy - Forex Regulation

Can I do something about this?

Thank you.

 

[FringFX]

Broker activity/protocol could vary widely from broker to broker. Perhaps closing all the positions was necessary in this particular instance given your margin issue?
Having said that, I am not familiar with ThinkForex and whether it is a legitimate broker at all. This is another issue altogether.