Tickmill SCAM! Offers invalid WTI price in close only mode, wrong price execution for all bigger trades

Pharaoh

Colonel
Messages
19,743
Sometimes there are big disagreements where neither side is willing to concede. With an unregulated broker, that can be a very bad thing. With a UK FCA regulated broker, the concerns can be laid out before the UK Financial Ombudsman Service.
 

Deltoid88

Sergeant
Messages
188
With a UK FCA regulated broker, the concerns can be laid out before the UK Financial Ombudsman Service.
Made complaint via FOS as well.

WTI market made new high today on 32.52$ so calculation for profit changes, Tickmill now owe me:

Calculation:

Order # 16869944 Profit = (closing price/opening price - 1) x opening price x size = ( 32.52/7.65 - 1) x 7.65 x 650 = $16166;
Order # 16870020 Profit = ( 32.52/7.89 - 1) x 7.89 x 40 = $985;
Order # 16893591 Profit = ( 32.52/8.11 -1) x 8.11 x 650 = $15867.

So, my total profit is 16166+985+15867=$33 018.

Tickmill, pay me what you owe me! I demand amount of $33 018 to be put to my trading account #3033967

In attachment file there is WTI price from Exness which shows new high made today on 32.52$ for WTI. Tickmill's price is bellow 11$ !!! Pure SCAM!
 

Attachments

Tickmill

Tickmill Representative
Messages
98
Tickmill does not interfere with the pricing of its Oil products. Tickmill simply transmits the pricing coming from the Liquidity provider to its clients. We follow a strict due diligence process in picking our liquidity providers. In the case of Oil pricing, our LP is a highly reputable FCA regulated company that is listed on LSE.

When it comes to Cash pricing of a commodity, each LP has their own method of deriving the Cash price from the underlying futures market. There would be a difference in cash price & volatility depending on the method used in calculating the cash price and the Future contract it is derived from. Tickmill only offers Cash Oil CFD, and there’s no guarantee that the Cash price will be exactly the same as the Futures price specially in extreme contango that we are witnessing in the Oil market.

https://www.tickmill.com/news/important-notification-oil-trading-during-contango

Tickmill is not the only broker basing it's spot WTI on Dec 2020 future contract, it's a standard that was used by some liquidity providers to reduce the volatility on the Cash WTI product.
(Side note: Basing price on a future contract doesn't mean Cash price = Futures price, it simply means that the fluctuation in spot price will be similar on a daily basis to that of the Futures contract)



 

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Deltoid88

Sergeant
Messages
188
Tickmill does not interfere with the pricing of its Oil products. Tickmill simply transmits the pricing coming from the Liquidity provider to its clients.
We all could see what nonsense of respond Tickmill provided. Response that has nothing to do with reality, response that does not stand against following arguments:

Argument # 1 - There is only one true WTI spot price. That price must reflect Futures contract prices, and that means WTI spot price must be very close to Futures contract price regardless of LP, or model they use. If model LP uses is correct, then WTI spot price is going to be very close to Futures contract prices. Small differences due to different trading conditions and different models from LP are expected and tolerable. That means SMALL DIFFERENCES are allowed, not large differences! Let's see what price for WTI Tickmill offers at the moment. It is 10.90$

Tickmill current WTI price.jpg

while at the moment Futures contract prices are all above 31.50$: https://www.cmegroup.com/trading/energy/crude-oil/light-sweet-crude.html. This is undeniable proof that Tickmill offers completely fake and invalid price for WTI. It is irrelevant if they manipulate price, if their LP manipulate price, or simply their LP uses wrong model for WTI spot price. End result is the same, price is wrong, and that is only what matters to trader. I trade price, I need correct number. That is whole point of trading, we are trading numbers here, prices that are completely transparent, prices that can be checked anytime so that price manipulation like this one is impossible! Where is your respond to this Tickmill? I gave you undeniable proof that your price is wrong, what are you waiting for in changing your LP immediately?! You are aware that price is wrong, but you keep it anyway, that is fraudulent activity and you are going to pay consequences of your doings.

Argument # 2 - Tickmill provided 2 brokers that has same price for WTI like they do. That is not proof that WTI spot price is correct, that only proves some other brokers has same wrong price like Tickmill. As respond to this invalid argument from Tickmill I am providing list of 9 brokers which has true WTI price over 31.50$ at the moment I write this.

https://www.exness.com/
https://www.fxopen.com/en
https://www.lqdfx.com/en/

With all these brokers I have account with and can see price action on WTI in MT4, they provide real WTI spot price, not fake one like Tickmill. Where is your respond to this, Tickmill?! Either you are right with your price, and two other brokers you mentioned, or I am right and 9 other brokers I mentioned. We can not be all right, someone is wrong, and it looks like it is you!

Argument # 3 - My positions were opened BEFORE they said WTI spot price will be based on December Futures contract. That means they have changed instrument I was trading with. I was trading WTI spot price based on regular model, and then they have changed their model for pricing WTI without my acceptance. That is also proof of fraudulent activity. They must offer me same model I opened my positions with to be able to close them as well. I did not trade December Futures price, I traded WTI spot price! You have no right to do that! You changed instrument I was trading with, that is consequence of changing your pricing model! Where is your respond to this, Tickmill?

Argument # 4 - I am quoting their words " Cash WTI prices will gradually converge to December 2020 contract prices at a moderate pace which will protect clients from extreme volatility and significantly reduce the holding costs " This is completely false! Since their model of pricing follow relative change of December Futures contract, but BASE value is much less then value of December Futures contract ( price was around 8.5$ when they announce this change, while December Futures Contract was around 26$ ) that means they decreased movement of price to December Futures contract, and not only that, but approximately 3 times more then that! That is what their wrong model is doing to price! Price action is crippled not only to December Futures contract, but even 3 times more then that! That is what is happening in reality, there is NO converging price to December Futures, but opposite. If price of WTI December Futures contract increase for 100% to 52$, their price is going to climb only to 17$ from 8.5$! Diiference between prices increases if price of WTI December Futures increases, not converging like they say! Convergence is happening only if price of December Futures contract falls, not if it rises! Proof that is true I am saying is when you compare price action for December Futures price and WTI price they offer you get approximately 3 times slower rise in price then in December Futures contract, completely unacceptable. WRONG model! So, they crippled movement of price to even 3 times less then already weak price movement of December Futures contract while at same time charging very large long positions swaps of 6.65 points per day! How that can be reduction of holding costs, Tickmill?!

Swaps.jpg

Where is your respond to this, Tickmill?! They are offering price model in close only mode which provides 0 chances to trader to make significant profit, only loss can be made because of swaps! You are obligated to change your price of WTI immediately! What are you waiting for, Tickmill?!

Yesterday WTI spot price made new high on 33.10$, I am showing Exness price action of WTI as proof.

Exness trenutno.jpg

So now you owe me even more money because I am not able to close my positions on true WTI spot price.

Here is calculation:

Order # 16869944 Profit = (closing price/opening price - 1) x opening price x size = ( 33.10/7.65 - 1) x 7.65 x 650 = $16543;
Order # 16870020 Profit = ( 33.1/7.89 - 1) x 7.89 x 40 = $1008;
Order # 16893591 Profit = ( 33.10/8.11 -1) x 8.11 x 650 = $16244.

So, my total profit is 16543+1008+16244=$33 795. I demand amount of $33 795 to be funded to my trading account #3033967 as soon as possible. More you wait, more expensive is going to be for you.

Here is respond of your regulator FCA to conversation I had with them about you, and your fraudulent activities.

FCA.jpg

I am coming at you Tickmill, hard! Both with your regulator, and police. Note that no employee of Tickmill who was following blindly orders from management will be spared. All employees of Tickmill who helped in protecting fraudulent activities are going to pay. Their names are mentioned in my police report. You had choice to defend truth, or to protect your job and fraudulent activity of your company. You made wrong choice, and all of you are going to pay consequences for that.

You are going to experience trader's rage!

Tickmill representative, notify your company about this. I am also waiting your reply here.
 

acertablet

Private, 1st Class
Messages
201
Tickmill is not the only broker basing it's spot WTI on Dec 2020 future contract, it's a standard that was used..
i checked here Dec 2020 contract price now is $34.63, but your platform price is 11.18?
Code:
https://www.tickmill.com/instruments/wti
https://www.cmegroup.com/trading/energy/crude-oil/light-sweet-crude_quotes_settlements_futures.html
 

Deltoid88

Sergeant
Messages
188
i checked here Dec 2020 contract price now is $34.63, but your platform price is 11.18?
Asked same question Tickmill many times, and always got invalid answer from them. Here is their respond:

respond 2.jpg

They just say this -
Tickmill only offers Cash Oil CFD, and there’s no guarantee that the Cash price will be exactly the same as the Futures price specially in extreme contango that we are witnessing in the Oil market.

And when I say that their price is no where near of December Futures price, since it is 3 times smaller, that their price is completely different from December Futures price, they have no answer... Just disappear from conversation, ignore that argument.

I provided many undeniable arguments why this price is WRONG, so if they do not manipulate price, then they must change their LP which gives them that wrong price! It is irrelevant where from this fake price is comming from, only matters is that price is wrong and Tickmill transmits it! Doing so they are making financial damage to my account of more then 33 K! They must change their Lp immediately and offer correct price!

Simple truth!
 
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