ThinkMarkets Review |
|
| 📅 Year founded |
2010 |
| 📈 Multiple top-tier regulation |
Yes |
| 📍 Headquarters |
London, United Kingdom / Melbourne, Australia |
| 🌍 Country of regulation |
United Kingdom / Cyprus / Japan / United Arab Emirates / Australia / South Africa / New Zealand / Cayman Islands / Seychelles / Mauritius |
| ✅ Regulators |
FCA UK / CySec / FSA / DFSA / ASIC / FCSA / NZFMA / CIMA / FSA / FSC |
| 📈 Execution Type |
Market Execution |
| 💰 Minimum Deposit |
None |
| 🛡️ Negative Balance Protection |
Yes |
| 📉 Trading Platforms |
MetaTrader4 / MetaTrader5 / ThinkPortal / ThinkTrader / ThinkCopy |
| ☪ Islamic account |
Yes |
| 📉 Trading Instruments |
Forex / Metals / Indices / Commodities / Cryptocurrencies / CFDs / Share CFDs |
| 📱 Mobile trading |
iOS / Android / Windows |
| 💳 Payment Types Accepted |
Credit and Debit Cards / Bank Wire / Cryptocurrencies / Skrill / Neteller |
| 🎮 Demo Account |
Yes |
| ⓒ Copy Trading |
Yes |
| 🎁 Bonus Offer |
2.5% deposit bonus up to $250 USD / Referral bonus of $50 USD per referral |
| 💰 Account Currencies |
USD |
| 📈 Minimum Trade |
0.01 lots |
| 📈 Account Types |
PAMM / MAM |
| 📈 Margin Trading |
Yes |
| 📈 Trading fees |
Low |
| 📈 Inactivity fee |
Yes, 25 ZAR per month of inactivity (approx. $1.25 USD) |
| 💰 Withdrawal fee |
No |
| ☎ Customer Support |
Multilingual 24/7 support |
| 💰 Max. Leverage |
2 000:1 |
| ✔️ Hedging Allowed |
Yes |
| ✔️ Scalping Allowed |
Yes |
| 💰 Commission |
Zero / $3.50 USD per side on ThinkZero account |
| 💰 Spreads |
From 0.0 pips |
| 💰 Leverage |
Dynamic |
| 💰 Currency Pairs (Total Forex pairs) |
40 + |
| 🔢 Number of clients |
450 000 + |
| 🥇 Instruments Offered |
4 000 + |
| 📙 Education |
Variety of Tutorials / Articles / Free Trading Guides / Live Webinars |
WHAT IS THINKMARKETS?
Found in 2010, ThinkMarkets is a respectable forex and CFD brokerage firm with its headquarters located in London and Melbourne. This online broker is regulated by a wide range of entities such as FCA UK, CySec, FSA, DFSA, ASIC, FCSA, NZFMA, CIMA, FSA and FSC.
At ThinkMarkets, clients can trade a range of trading instruments, with over 4 000 instruments on offer, including more than 40 forex pairs.
The broker also offers a variety of trading platforms to its traders, including MetaTrader4 (MT4), MetaTrader5 (MT5) and ThinkTrader.
INTRODUCTION
ThinkMarkets is a global broker, and they are headquartered in Melbourne, Australia and London, United Kingdom. The company has offices in many other parts of the world such as the Middle East, Asia Pacific region, as well as South America, Europe and North Africa.
It is regulated in 10 jurisdictions, which include amongst others, the United Kingdom, Australia, Seychelles and South Africa. The implication of this is that the brokerage offers a safe and most secured trading environment.
Furthermore, they use the most advanced trading technology to secure their platform. Currently, they offer the most powerful three trading platforms and more than four thousand assets that traders can choose from. The cost structure is one of the most affordable in the industry.
Every trader including both new and experienced traders, have access to the most useful resources available in this market, which include an educational blog, educational materials and you can get daily market commentaries from these as well as a projection of what tomorrow may look like.
PROS & CONS
PROS
- It is regulated in many parts of the world such as ASIC Australia, FCA in London as well as FSCA in South Africa.
- The broker offers some of the tightest spread available in the industry.
- Great for beginners.
- It makes available PAMM and MAM accounts.
- The platform is quick and easy to use.
- Offers excellent customer support.
- Copy trading is possible.
CONS
- Two account types that charge commissions.
- Does not allow US residents to use the platform.
- No web-based trading platform.
TRADING INSTRUMENTS
The platform has a widespread trading instrument. At present, there are more than 4 000 trading assets investors can select, and this covers a wide range of markets. Forex traders can enjoy more than 40 currency pairs as well as over 1 500 CFDs.
For equity traders, this is the best choice and for foreign exchange traders, the selection is limited. This company offers its services at highly competitive prices.
TRADING PLATFORMS
As mentioned before ThinkMarkets make three trading platforms available for its clients. This includes the automated trading platform, which is the MT4 trading system which remains the most popular alternative in the market today.
It comes with world class infrastructure, including more than 20 000 expert advisors, as well as many custom indicators. Most of these are free to use.
In addition to that, the broker utilises the MT5 trading system as well, this is supposed to be a successor to the MT4, but it is not as being as efficient as MT4. These two platforms are equipped with essential upgrades, and there are two such upgrades. These include the Autochartist plugin and the Trading Central.
These are considered cutting-edge solutions to this platform. Depending on the type of account you use, you will also have access to ThinkTrader, which is unique to this broker. This is considered a replacement for manual trading. It equally comes with a bright user interface, as well as real-time news from the FX Wire Pro. This offers the best trading experience for anybody, and it is the best for learners to master the trade.
These platforms can be used to trade any of the assets the company makes available to its clients. If you like you can make use of two trading platforms at the same time.
MT4
This is the most popular trading platform and that is because of the great infrastructure it offers to its users. The system also makes for the optimization of strategies.
MT4 is also available on mobile devices including Windows, Android and iOS supported mobile devices. It is also available for desktop. When you use this platform on this broker, it has wonderful benefits you can derive from it.
This app is accompanied by the most advanced trading indicators such as AutoChartist and additionally, it makes available various customisable options for its traders. These are designed to satisfy the needs and aspirations of its traders. The spread on offer is highly competitive in the industry, and it is described as razor thin. Most importantly, a client’s insurance of up to $1 000 000 USD at no other cost is available.
MT5
This is another trading platform, seen as the upgrade on MT4. It is designed on the standard of MT4 but with further additional features. It comes with lots of features that are beneficial to traders. This includes 21 timeframes and 6 pending order types.
Furthermore, it makes provision for netting and hedging. This is in addition to the multi-thread strategy tester for EAs. Most importantly, it makes for partial order filling, and it should be noted that some of these features are not supported by MT4. Additionally, MT5 comes with an economic calendar built in. This is downloadable on mobile devices as well as desktop devices.
ThinkTrader
This platform is an in-house design which means that it is particular to the broker. The system has access to 80 indicators as well as 50 drawing tools and chart types. All these tools are useful for trade analysis.
Additionally, it offers 200 cloud-based alerts which can be delivered to the trader’s device of choice even when traders are not available online. There are several other benefits that this software makes available to traders which enhances their trading experience. These can be accessed on the broker’s webpage, which can be accessed here.
This software as said before is just for this broker as you cannot get it from other brokers. You can see that the broker makes trading and execution easier than its competition. It is equipped with the most interesting features. You can use all these platforms on different operating systems including your PC, Android, iOS and other operating systems.
ACCOUNT TYPES
The broker makes different account types available to its clients. They can consider the various account options, compare their features and make their choice. Here are the various account options available with the broker.
Standard account
This is one of the account options available. Here are some of the features of this account and they include the following:
- This offers a forex spread from 0.4 pips as well as an average spread of 1.2 pips. The CFD spread is from 0.4 points.
- The broker does not charge any commission.
- The minimum operating balance is $0 USD.
- In the same way, the maximum leverage available to traders is 500:1.
- The maximum tradeable size is 50 lots.
- Furthermore, there are free VPS services when you deposit over $500 USD.
ThinkZero account
This is another trading account available with this broker. It offers its clients the opportunity to access razor-thin spreads starting from 0.0 pips and charging commissions which are comparable to their competition in the industry.
Here are some of the features of this account option:
- The maximum leverage available to traders is 500:1.
- It offers raw spreads beginning at 0.0 pips.
- The minimum deposit for this account is $500 USD.
- Commission charges at fixed at $3.50 per side, per lot.
- This account comes with an account manager.
- Furthermore, there are free VPS services when you deposit over $500 USD.
Mini account
The Mini account is available to clients who are looking for more affordable options in their trading accounts. Below are some features of this account:
- Spreads start from 2.52 pips while the CFD spread is from 0.6 points.
- The broker does not charge any commission.
- The minimum operating balance is $10 USD.
- The maximum leverage available to traders is 2 000:1.
- Furthermore, there are free VPS services when you deposit over $500 USD.
There is also the option for the opening of an Islamic account. This means that no swap-fees are charged and there is no interest on these accounts.
Beginner traders can start with a demo account that the broker makes available to them. The demo account is available for the ThinkZero and Standard accounts. If the demo account is inactive for 90 days, it will be deactivated.
HOW TO OPEN AN ACCOUNT
It is not difficult to open an account with this broker. The whole application process is simple since it is digitalised. Opening an account can be done in just a few easy steps:
- The first step is filling out the online application form which is available on the website. Here you would be required to provide them with the basic information.
- The applicant will also be required to make available specified documentation, and this is to verify their identity as well as the account. The documentation includes the following:
- Photo ID which includes valid government-issued ID, passport as well as National Identity Card
- Proof of residence and this could involve the presentation of a landline phone bill, utility bill or you provide your bank statement that must not be older than three months old.
- Where the application is for a joint account, each of the participants would be required to make documentation of each of them and make it available.
- If a corporate entity is applying for the account, they would be required to present certain documentation including a certificate of incorporation and a proof of address.
When the application is successfully made, the login details may take up to two days to arrive. It should be noted, that this waiting period means ThinkMarkets has one of the longer waiting times before accounts can be opened.
DEMO ACCOUNT
ThinkMarkets also makes allowance for the creation of a demo trading account, and they advance a virtual amount of $25 000 USD for traders to trade with. This provides opportunities for traders to learn how to use the trading platforms and gain the necessary experience which they will deploy when they eventually trade on a live account.
This account will be deactivated if you allow it to be unused for 90 days.
SOCIAL TRADING AND COPY TRADING
The company also offers social trading and copy trading. They offer this through the ZuluTrade platform.
Additionally, ThinkMarkets offers access to their Signal Centre when you deposit over $500 USD, allowing traders to copy and use ‘signals’ sent by professional traders, to their own accounts.
COMMISSIONS & FEES
The fees they charge varies and it depends on the type of trading account you have. On the Standard and Mini accounts, the commission is built into the spread, meaning you do not pay commission on top of that, while the Pro account charges commission but offers a low spread.
The first two options are for beginner traders while the second is meant for professional traders who have gained enough experience. It offers a lower trading spread including the commissions demanded each trade.
Clients can also gain access to some of the most useful trading tools which do not involve any extra charges. When it comes to trading fees, this broker is better than most of its competition on the market.
LEVERAGE
The broker helps their clients by offering them the opportunity to trade with better leverage. Here is the leverage they offer for the different instruments they trade:
- Forex has a leverage offering of up to 500:1 and even 2 000:1 on the Mini account.
- Indices offer up to 200:1.
- Commodities offer up to 200:1.
- Cryptocurrency offers leverage of up to 5:1.
When you are trading, try to have enough capital in the account so that margin calls do not come into play.
WITHDRAWALS AND DEPOSITS
When it comes to withdrawals and deposits, the broker makes different options available for their clients. Here are some of the available payment options:
Bank wire
This is available for trading currency which includes the major currencies like AUD, EUR, USD, GBP and CHF. Transactions here are complete within 1 to 3 business days.
Card method
This includes credit and debit cards. Here you can transact with the same currencies mentioned above. The benefit of this one is that transactions are processed without delay.
Neteller
This payment option is also available, and it involves the following currencies: USD, GBP, EUR, AUD and JPY.
Skrill
This platform transacts on the same currencies and the funding can be completed within ten minutes.
BitPay
This platform is used to deposit cryptocurrencies including Bitcoin, Bitcoin Cash and Ethereum amongst others.
Withdrawal
A withdrawal request would be made before funds are withdrawn from the system. The withdrawal request is often done in the ThinkPortal and you submit it online after making that request. This can be found in the withdrawal fund section of the platform.
The system does not allow third parties to withdraw or deposit money to the system. It is a violation of their terms and policies. The withdrawal requests are processed within 24 hours but expect the withdrawal to land in your account from anywhere from 1 to 7 business days. The processing time depends on the payment method you choose.
The funds to be withdrawn would be via the same channel through which it was deposited. If you choose to withdraw through wire transfer, the minimum that you can withdraw from the system is $100 USD. This can cost up to $25 USD for international bank wire transfers.
CUSTOMER SERVICE
ThinkMarkets provide effective customer service support for their clients. They use different platforms to interact with their clients, and this includes telephonic contact. They make their telephone numbers available for easy access. Another way of contacting them is the email address which they also display.
There is also the live chat option, and this is available on the site. You can also check the FAQs section for more details. Customer support is available 24/7 in several different languages.
You can check the website for the various contact details such as their telephone numbers, however we have found that the best way to contact them is through the live chat option.
Most importantly, this broker is making extensive use of social media such as Facebook, X (previously Twitter), LinkedIn, YouTube and Instagram.
SAFETY AND SECURITY
This broker is one of the safest to do business with because they are well regulated.
They operate in multiple jurisdictions, and these provide laws that govern them in each of these jurisdictions, which include the Australian Securities and Investment Commissions and UK financial Conduct Authority, as well as the South African Financial Sector Conduct Authority to name a few.
They are strongly regulated and that means that your investment with this broker is highly secured.
The other safety feature they put in place is the segregation of clients’ trading accounts from the broker’s account. This ensures the broker does not dip hands into the client’s funds. Most importantly, they provide coverage of up to $1 000 000 USD in the form of insurance coverage.
CASHBACK
Presently the broker does not offer any cashback. Check from time to time to find out when the incentive is available with the broker.
RESEARCH
ThinkMarkets do offer a lot of research information and the bulk of that originates from the Autochartist, as well as their Market Analysis section on their website.
The broker also has in-house market analysts. These are experts and they provide a reliable and comprehensive commentary of the market, as well as make available different trading ideas. You can get this from the Market News section. It is left for the readers to consider and compare the information according to the categories, markets as well as quality of the authors.
EDUCATION
Quality research and educational resources are made available to clients. The educational contents are good for every trader, and not just new traders.
The most important aspect of their education offering is the training guide which is split into three different sections. It offers the best information, and it remains the best place for beginners to easily get started on the platform.
There are also other useful articles about the trading platform which can help clients to master the system. There are also live webinar resources that can benefit clients.
PROMOTIONS
There is currently a 2.5% deposit bonus available as well as a referral program where traders can earn up to $50 USD for referring their friends to the platform.
GLOBAL AWARDS
Over its years in service, ThinkMarkets has won multiple international awards, some of which are listed below:
- Best Mobile Trading Platform/App (2023) – Global Forex Awards.
- Most Trusted Broker (2023) – Finance Feeds.
- Best Customer Service Provider (2022) – Business Outlook.
- Best Trading Platform (2022) – Business Outlook
- Best Forex Trading Platform – Africa (2021) – Global Forex Awards.
SAFE OR SCAM?
It is safe to do business with this broker. You can see from the information above that ThinkMarkets is monitored by multiple regulatory bodies around the world, making strict compliance a given.
The fact that ThinkMarkets have segregated client funds is a clear green flag and the addition of insurance coverage on clients’ funds, means clients can deposit money with this broker, with minimal risk.
ThinkMarkets, in our opinion, is one of the safest and well-regulated brokers in the industry today.
CONCLUSION
ThinkMarkets is certainly a reputable brokerage where you can rest easy knowing your funds are secure. They use superior platforms such as MetaTrader4 and 5, while having a wide variety of instruments that clients can trade.
ThinkMarkets offers some of the lowest fees you will find in the industry and combined with their low spreads, solid research and educational tools and wide range of available instruments, we are confident to say that we at Brokersuggest.com highly recommend ThinkMarkets.
