Beware: ThinkMarkets not regulated by FCA, it is a trap!
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thread: Beware: ThinkMarkets not regulated by FCA, it is a trap!

  1. #1
    Senior Member jaulest's Avatar
    515

    Beware: ThinkMarkets not regulated by FCA, it is a trap!

    Hello

    I've traded with ThinkMarkets few months before, and made a few profits, then all of a sudden they cancelled 17,000 USD of my profits asserting I've violated the TOS.

    I've advised them that I will be filing a complain to FCA and this was their answer!

    We noted that you referenced complaint to the FCA on your previous email. ThinkMarkets Group is made up of three (3) businesses. You have a contract with Think Capital Limited that's registered Company amount: 51879, in Bermuda. Registered address: Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda. You aren't contracted with TF Global Markets (UK) Limited hence you can't complain about the FCA. Throughout the appliion process you consented to terms and conditions of Think Capital Limited. All your withdrawals and deposits were processed through Think Capital Limited as well.
    So the filthy trick is they have a branch in UK that's governed by FCA that they utilize to mislead their prospective clients, then when you open an account with them, they open the account under some suspicious off shore company you will not be able to legally pursue.

  2. #2
    Senior Member M-apk's Avatar
    187
    What exactly did they claim you did violated the TOS?

  3. #3
    Senior Member jaulest's Avatar
    515
    What exactly did they claim you did that violated the TOS?
    They claim that my trades are off quotes plus they possess the right to cancel it! I can not know ALL trades made 3 weeks of trading through be ALL off quote!! Clearly it is a lame excuse they use when they want to steal some cash, because my situation isn't unique, there are cases on ForexPeaceArmy along with sites with profits cancelled with the exact same lame excuse!

    What's even more significant here is that they claim they are regulated by FCA, while they are in clinic NOT regulated by FCA. I exchanged on the basis that they are regulated but when I had a battle I find myself unable to visit the FCA for settlement. THIS IS PURE CHEATING!!!

  4. #4
    Senior Member franl2's Avatar
    165
    That is just really sad, to say the least...I am in USA and also am very constrained in broker options...

  5. #5
    Just curious but are you american as said on your profile? Because if that is true, you couldn't ignore you cannot open an account with FCA. How did it occur?

  6. #6
    Hi I have traded with ThinkMarkets few months ago, and made a few profits, then all of a sudden they cancelled 17,000 USD of my profits asserting that I have violated the TOS. I have informed them that I will file a complain to FCA and that was their reply! We noticed that you referenced complaint to the FCA. ThinkMarkets Group is made up of three (3) companies. You've got a contract with Think Capital Limited that's registered in Bermuda, Company amount: 51879. Registered address: Clarendon House, 2 Church Street, Hamilton...
    Perhaps you employed arbitrage EA, right? They're governed by FCA, but you have to use appropriate website for enrollment: https://www.thinkmarkets.com/uk/, not that one https://www.thinkmarkets.com.

  7. #7
    Senior Member jaulest's Avatar
    515
    Just curious but are you american as said in your profile? Because if that's the case, you couldn't ignore you can't open an account with FCA. How did it happen?
    No, I am not american, I just wasn't giving it much importance when making mycliqforexaccount, I simply chose the United States. I am living in Egypt.

  8. #8
    Senior Member jaulest's Avatar
    515
    quote Perhaps you used arbitrage EA, right? They're governed by FCA, but you have to use appropriate website for enrollment: https://www.thinkmarkets.com/uk/, not this 1 https://www.thinkmarkets.com.
    Just ONE of branches (the one they will never open your account under) is regulated. That's the trick they utilize to scam their customers, then when you really open the account, they open it off coast and they've a modest teeny-tiny term in a countless pages TOS that will say they can do that so that they can tell you after you agreed on this.

    First month I had been using EA, then each of the following 2-3 months I had been guide trading, so obviously I will not be arbitraging. Ironically they processed a number of my withdrawals while I had been using EA trading, then cancelled trades that were created manually in the following month.

  9. #9
    So what do you intend to do?

  10. #10
    Senior Member jaulest's Avatar
    515
    So what exactly do you intend to do now?
    Not sure yet, but to start with, frighten all traders from those scammers on all reviews websites and forex communities.

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