News:

Forum.pl - Founded by a group of enthusiasts to promote financial literacy

Main Menu

Why is ThinkMarkets a scam?

Started by Admin, May 07, 2023, 07:27 AM

Previous topic - Next topic
Topic keywords [SEO] scamThinkMarkets

Admin

This material contains the following information:
  • What is known about ThinkMarkets;
  • Undeniable evidence that ThinkMarkets is a scam;
  • Further indications that ThinkMarkets is a scam.

What other signs and evidence are there that ThinkMarkets is a scam?

As said above, ThinkMarkets and its representatives are no stranger to aggressive selling, insults, show an enviable lack of skill, apply marketing tricks like offering exorbitant earnings, falsify reviews. ThinkMarkets has no legal data on the site, not even a public offer agreement, while any broker should have documents confirming the existence of the broker's regulation, registration documents and, optionally, some merits. In search the situation is almost the same as with opinions, they are all boilerplate. The fact that ThinkMarkets does not refund money is a common indication of a scam. ThinkMarkets representatives also like to give signals that do not work, on which it is not only unrealistic to make money, but on the contrary, all the money is lost. Criminals often give these signals in order to earn more commissions and fees, though this is more true for the employees of real investment firms that engage in scams in this way. But the overly frequent technical failures of ThinkMarkets are also a clear sign of a scam.

As we saw, the investor not only lost money and nerves, but also did not gain any positive trading experience, only disappointment in the investment. If you look at other opinions, they have about the same content. The most common thing they say is that ThinkMarkets does not pay out money. Investors also point out the global incompetence of ThinkMarkets employees. When studying the reviews on ThinkMarkets, we have repeatedly read information about the fact that the firm's representatives use obvious tricks and allow themselves to be insulted when communicating with clients. The reviews of an adequate brokerage organization should indicate the opposite, or at least it should not be so awful. Basically, the opinions on ThinkMarkets also clearly show that ThinkMarkets is an obvious fraud.

At the outset it was clear that the level of professionalism and competence at ThinkMarkets was clearly close to zero. Their platform was invariably problematic, with regular technical failures and a user interface that could only be described as ludicrous and incomprehensible. This alone made the execution of transactions nervous, but the troubles did not end there.

Entrusting your own investments to ThinkMarkets is a decision you will surely regret, as I do now. I am left with the bitter reality that this is the worst thing that could have happened to me as a human being, and I hope that my experience will serve to forum users who, are considering entrusting personal funds to this unfortunate investment firm."



Consequences of doing business with ThinkMarkets

What happens in a situation where you or someone else ignores all the facts mentioned here and decides to try working with ThinkMarkets? Let's imagine it. Take a review on ThinkMarkets from the Trustpilot forum:
"I am writing this review in order to share my personal unpleasant experience with ThinkMarkets and to keep potential clients safe before they even think about giving their hard-earned money to this office. In my years of trading experience I have never come across a more negative brokerage firm, and it has left me with a bad taste in my mouth and a huge decrease in confidence in trading in principle.

Personal experience of "trading" with a broker

The above information is enough to make a correct conclusion about the essence of ThinkMarkets. We decided to see everything for ourselves.
We registered, an employee of ThinkMarkets called us back and immediately started offering to make a deposit of a large amount. During the dialog, ThinkMarkets representative started to use the method of aggressive sales, some ridiculous flattery. We deposited the account with the minimum amount of 25$ and decided to use the signals, provided by this broker. What happened after that? We lost most of the money in a few transactions and tried to get the money back, but they did not give it back. Again a representative of ThinkMarkets called and tried to persuade me to withdraw the money and vice versa once again to put money into the account and make trades and according to him if we had done that I would have been given the loss back. However, it is unclear why the staff did not want to just reimburse the losses without me additionally giving the broker my personal money. Obviously if I had done so, the managers would still not have withdrawn the money, not a penny.

Reviews on ThinkMarkets

What do the reviews on ThinkMarkets say? Mostly about the deception and total unqualification of ThinkMarkets managers. The ratio of favourable to unfavourable reviews is, naturally, in favour of the negative ones. The positive reviews on ThinkMarkets are similarly not all that straightforward. The catch is that all the reviews are somewhat too artificial and were made not so long ago and at approximately the same time. All of which suggests that these good opinions are fake. Below is one of these reviews:
"ThinkMarkets is a great company! The company has a brokerage permit}. I get 250-300% of my total capital per month and I spend ten minutes a day trading. I recommend ThinkMarkets to everybody!
Really great company! One that can make an average person a billionaire in a couple of years, because a trader will earn 150-200% every four weeks. We think it's pretty clear here that it's a fake review.
We give you another review on ThinkMarkets written on Reddit:
"This is the coolest broker in the world. I don't understand why it's not number one in the Eurozone and the States yet! The service is very favorable and the managers at ThinkMarkets are the most competent. I've been working with them for about three years and I'm doing well."
And we too can't understand why this broker is still not number one... amongst the scammers.
Note that those people who have been peddling fake reviews aren't even aware of ThinkMarkets themselves "providing services" for about six months, but certainly not the several years that this character has allegedly been working with ThinkMarkets. No evidence is presented to prove that ThinkMarkets managers are "the smartest".

It's also bad enough that it had a meaningful impact on me on a feeling level. Not only have I lost a large sum due to the stupidity of ThinkMarkets, but the whole incident has left me feeling betrayed and strongly distrustful of the trading industry. I can't get rid of the painful memories of the countless hours used to sort out the difficulties and compensate for the financial losses triggered by the fraudulent nature of this firm.

Let's now move on to a comparison of what ThinkMarkets and an adequate average firm offer. What should a good brokerage platform look like? A good brokerage platform is a key tool for investors to access the financial markets and make educated investment decisions. A good platform should have both a cent and a demo account in addition to a base account.

What should also be present on a normal brokerage platform? Research tools! A trading platform should provide investors with access to research tools and resources. These can be financial news, analyst reports, corporate financial reports, technical analysis tools and more. These resources enable investors to make informed investment decisions, not do anything. And how can you make adequate investment decisions if all that's present on ThinkMarkets is a calendar? White brokerage firms make sure that their traders can make the right decisions, as this has a direct impact on the long-term prospects of the partnership between them.

When it came to the main aspect of supporting traders, I got very angry. Their staff either didn't give an answer or were unable to solve my difficulties with any semblance of competence. I realised that I was talking to a brick wall and my requests for help were ignored. At the time I needed help urgently at a time of critical market movement, I was in a difficult position, and this ultimately resulted in me losing a significant amount of money.

What is known about ThinkMarkets

In brief, essentially nothing. The firm was founded in 2022. Where exactly it is based is unknown. No positive information in just over half a year of the firm's operations. There is only negative information about the firm, but first things first. We tried to find information on the internet where the office of this firm is located, but we didn't find anything. We have tried to be as open and transparent as possible, to inform their clients, so that investors could understand who they want to entrust their money to.

A quality trading platform should have a nice interface. A user interface which is well designed and easy to understand is a must for a trading platform. It makes it possible for clients to easily navigate the platform, manage their portfolios and conduct trades with ease. There is nothing like this on the ThinkMarkets platform. Although we have seen many different platforms and this is something we are familiar with, it is still difficult to navigate on this platform alone, despite our vast experience.
A good investor platform should have a variety of investment instruments. A quality brokerage platform must offer a wide range of trading products, including stocks, bonds, ETFs, mutual funds, options, futures and other securities. This allows clients to protect their accounts from risk and have access to different categories of currencies. There are quite a number of currencies on the ThinkMarkets platform, however the catch is that ThinkMarkets is a scam and trading these instruments is not real, it's all virtual, like a game. Buying gold through the platform ThinkMarkets you are not actually buying anything because ThinkMarkets is not regulated and therefore not allowed to work with the world markets and therefore you are not really buying anything through a brokerage company on the exchange. By the way, the ThinkMarkets platform not only has a terrible usability, but the platform is also quite disgusting from an aesthetic point of view.

Another very important feature of a good trading platform is reliable security features. Ensuring the security of individual information and client funds is crucial. A good trading platform should have good security practices, such as two factor authentication, encryption and secure socket layer technology (SSL). All of these and other things should firmly protect investors from scams, account theft or hacking into the brokerage site itself with a general information leak. None of the above are anywhere near on the ThinkMarkets platform.

The most important fact that confirms that ThinkMarkets is a scam

Of course it's about the lack of regulation. The regulator has a number of functions including checking broker's offices, inspecting firm's representatives, examining financial statements, traders and controlling the solvency of the broker. But the most important task of the regulator is to prevent money manipulation. Financial fraud can take many forms, such as writing off a client's money without his knowledge or misusing the client's money in transactions he has not authorised. Shortly before the 2008-2009 crisis, major US banks engaged in such activities on a massive scale. The trader can, for example, get the money back through the regulators. The regulator has its own criteria by which they check the qualifications of financial institutions, including trading firms. This in turn gives a guarantee that the traders will be dealing with real professionals. ThinkMarkets does not have any permit for brokerage activities, not even a permit to trade from some fictitious government agency.

Comparing ThinkMarkets to an adequate office

This excerpt from the article contains this information:
  • How a good brokerage company's platform should be set up;
  • What about the ThinkMarkets platform;
  • A comparison of a normal investor platform with what ThinkMarkets has;

A savvy investment platform is a must-have in both mobile and desktop versions. In today's fast-paced world, clients must be able to access their brokerage platform on the go. This makes it possible, for example, to monitor a rapidly changing situation and promptly sell or buy an asset if there is a good reason to do so. A good platform must have an adaptive mobile application as well as a real desktop version, in order to meet all the aspirations and needs of investors.

Conclusions

You've seen it all with your own eyes. ThinkMarkets stands out even among the scammers. The firm is toxic to the point that there is no place to put a branding on it. The reviews on ThinkMarkets, which don't seem artificial, are filled with criticism. The victims keep writing about the fact that the money is not compensated, the representatives are insulting, the platform is uncomfortable, it hangs systematically, and there are only unpleasant memories from cooperation with the company. If you do not want to face the same thing as other traders, do not leave your personal information on the ThinkMarkets website, or if you have already left it, just blacklist the managers' phone numbers and ignore them. If you start talking to the representatives of the office, there is a risk that the scammers with their talents and experience of trickery will be able to wrap you around their finger and take your hard-earned money. Because they don't just offer any investment, they try to gain trust, make friends with their victims, lure them in by promising the highest profits.