- What is ThinkMarkets?
- ThinkMarkets Bank Pros and Cons
- Awards
- Is ThinkMarkets safe or a scam?
- Leverage
- Accounts
- Instruments
- Fees
- Spreads
- Deposits and Withdrawals
- Trading Platform
- Customer Support
- Education
- Conclusion
What is ThinkMarkets?
Back in 2010, the year saw the launch of ThinkForex in New Zealand with its aim to improve the forex trading experience by delivering leading technology to the community.
Further on, as the company’s rapid expansion program along with huge growing demand the broker took the brand name ThinkMarkets while also improved client security under ASIC and FCA regulations.
ThinkMarkets then relocated its global headquarter to London and Melbourne, Australia. Since then, ThinkMarkets was awarded as “Fastest Growing Forex Broker” as the firm held hubs in the Asia-Pacific, Middle East and North Africa, Europe and South America while delivers unparalleled trading performance.
Meanwhile, ThinkMarkets continue its growth and acquired South Africa brokerage so it is fully legal in the Africa region now as well, for more information check on news tab.
ThinkMarkets Pros and Cons
ThinkMarkets is a regulated broker with top-tier licenses for safety from FCA and ASIC. There are good range of trading platforms and wide instrument selection including Cryptocurrencies, ThinkMarkets provides good PAMM and MAM trading conditions, also social trading and education. On the other hand, conditions vary in each entity and instruments are mainly CFDs.
10 Points Summary
| 🏢 Headquarters | UK, Australia |
| 🗺️ Regulation | ASIC, FCA, FSCA |
| 🖥 Platforms | MT4, MT5, ThinkTrader |
| 📉 Instruments | FX pairs, Cryptocurrencies, Indices, Metals, Commodities and Shares |
| 💰 EUR/USD Spread | 1.2 pips |
| 🎮 Demo Account | Available |
| 💰 Base currencies | USD, GBP, EUR |
| 💳 Minimum deposit | 0$ |
| 📚 Education | Professional learning center, Social trading, research |
| ☎ Customer Support | 24/5 |
Awards
Throughout its constant development, ThinkMarkets has grown rapidly so that the broker has been recognized by industry publications and keep on adding new one to its lists. Alike, recently ThinkMarkerts awarded as Best Value Broker in Asia at the 2020 Global Forex Awards confirming its successful portfolio.
Is ThinkMarkets safe or a scam
No, ThinkMarkets is not a scam. It is multiply regulated broker including top-tier regulation.
Is ThinkMarkets legit?
You can trade with ThinkMarkets easily and with peace on mind, knowing that the broker fully registered with the Australian Securities and Investments Commission (ASIC) as well as authorized and regulated by the Financial Conduct Authority (FCA) of the UK.
Besides, African region covered as well, since ThinkMarkets acquired brokerage and fully regulated by the local FSCA (Read FSCA Regulated Infinox Broker Review) in South Africa.
How are you protected?
The regulatory status in simple words means a client is treated fairly according to the international laws and requirements, while trader’s funds are held in selected top-tier banks, such as Barclays, National Australia Bank and the Commonwealth Bank of Australia.
Traders funds also being segregated from the own company funds, with daily fund reconciliation and application of the standard Financial Services Compensation Scheme (FSCS) while the clients are covered under the ‘investments’ claim category up to £50,000 per person per firm in case of a brokers default.
Leverage
Leverage is indeed an important tool, especially for the retail traders of smaller size. However, the offered leverage levels vary according to the ThinkMarkets entity you trading with.
- The smaller level of 1:30 for major Forex pairs applied to the accounts opened under the UK FCA regulation, since the authority significantly lower leverage requirement recently.
- Australian traders that are covered by the ASIC regulation still can enjoy a high level of 1:400 for Forex instruments.
- South Africa traders
- South Africa traders maximum leverage 1:200
Yet, make sure to learn deeply how to use leverage smartly and not to fall under unpleasant circumstances and high risk.
Account types
ThinkMarkets account are two account types, while free Demo is available to practice the experience, along with a choice on Islamic account to the traders of Islam belief.
Standard offered with no commission and the choice to choose from the fixed or variable spread, the higher account class comes to the ThinkZero designed for active traders. Among the ThinkZero benefits with lower spread and commission per trade, there are VPS and Autochartist, as well a dedicated account manager that are provided free of charge.
Trading Instruments
The company offering to discover hundreds of markets to trade and constantly increases a range. At the moment the offer includes over 38 major, minor and exotic FX pairs, Cryptocurrencies, 9 global Indices, Metals, Commodities and over 125 Shares.
The crypto trade offers some of the best market conditions to trade Cryptos – Bitcoin, Ethereum, Ripple, Dash, Bitcoin Mini, Bitcoin Gold, NEO, Bitcoin Cash and Ethereum Mini.
Fees
THinkMarkets fees depending on the activity you do, Apart from the general offering to the retail clients’, ThinkMarkets launched numerous investment and partnership programs. Thus, ThinkInvest is the investment service that brings the ability to trade the financial markets by investing in the expertise of a Money Manager through PAMM (Learn about PAMM Account Brokers) and MAM accounts. See fees comparison below.
| Fees | ThinkMarkets Fees | GO Markets Fees | XM Fees |
|---|
| Deposit fee | No | No | No |
| Withdrawal fee | No | No | No |
| Inactivity fee | Yes | Yes | Yes |
| Fee ranking | Low | Low | Average |
Spreads
From the ThinkMarkets benefits, the major ones provide clients with tightest possible spreads, even under volatile market conditions, from as low as 0.1 pips on EUR/USD. Conditions depending on the account type you select, since Standard account offering spread only basis from 0.4 pips and averages around 1.2 pips.
While ThinkZero account is more suitable for professional trading, demanding 500$ as first deposit and offering spreads from 0.1 pips with a commission of 3.5$ per side as a trading cost.
For you to check on the trading spread of ThinkMarkets, see the table with Standard quotes below, also see ThinkMarkets trading fees in comparison to another popular broker HotForex.
| Fees | ThinkMarkets Fees | GO Markets Fees | XM Fees |
|---|
| Deposit fee | No | No | No |
| Withdrawal fee | No | No | No |
| Inactivity fee | Yes | Yes | Yes |
| Fee ranking | Low | Low | Average |
Overnight fee
The overnight fee should be considered as a cost as well, unless you trade with forex swap-free account. As an e.g. EURUSD swap for long position is -2.5% while the short one will add 2.5% to your account.
Deposits and Withdrawals
For the best convenience the broker designed the client accounts management via ThinkPortal that allows to deposit or withdraw funds, update personal information, set up additional accounts, receive updates or view recent transactions.
What is the minimum deposit for ThinkMarkets?
ThinkMarkets has no minimum deposit for the Standard account type. While funds can be deposited and withdrawn through different payment methods, that include
- bank wire transfer,
- debit and credit card,
- Skrill,
- Neteller
- Bitcoin through BitPay.
But be sure to verify conditions according to entity rules, as methods and fees may vary.
ThinkMarkets minimum deposit vs other brokers
|
ThinkMarkets |
Most Other Brokers |
| Minimum Deposit |
$0 |
$500 |
Withdrawals
Withdrawing funds from your ThinkMarkets account is quick, simple and hassle-free, with no charges such as any withdrawal fees which is definitely a great plus for your future performance.
How to I withdraw funds from ThinkMarkets
Login to your ThinkPortal, go to the Money management tab and click on Withdrawal request, submit the form and check on the approval status. Be sure to add on additional processing days that your payment provider might take.
Trading Platforms
The trading performance on a technological and software level supported by well designed and developed broker platforms, where you can select the most suitable one for you trading need. As we rank it via our ThinkMarkets Review are a good selection.
| Pros | Cons |
|---|
| MT4, MT5 and ThinkTrader | None |
| Copy Trade, Social Trading and Technical Indicators | |
| Various versions supported | |
| No restrictions on strategies | |
| Fast execution | |
| Available in various languages | |
Desktop Platform
The choice of two platforms brings the commonly used MetaTrader4 its newer version MT5 or Trade Interceptor known now as ThinkTrader to the client’s choice.
In addition to the main characteristics, their partnership with Equinix, started back in 2013 brought an enhanced trade execution speed through the use of co-location data centers to reduce trading latency.
Features high-end service for ultra-fast trade execution as well brings benefit from institutional-quality apps, indicators and insights powered by the progressive add-ons and additional features.
While ThinkTrader performers a multi-device trading with 80 indicators, 50 drawing tools &14 chart types, and up to 200 cloud-based notifications at no charge. Expert Advisors are offered with no restrictions also stop loss and other risk management tools due to the high risk involved are included.
Web Trading
Of course, all platforms are also available through Web Versions so you can easily access trading room right from you browser with no previous installations.
Mobile Platform
Getting to the details, MetaTrader 4 is a powerful platform but nevertheless, versions may vary from one broker to another. The ThinkMarkets MT4 is a mobile-optimized platform packed with tools to support every trading style.
Meanwhile, ThinkTrader mobile has been ranked as No. 1 mobile trading app in the world.
Customer Support
Good to always consider in ThinkMarkets Review Customer Support, where we found a professional team available around the clock and supporting international languages accessible via Live Chat, email, and phone lines in various regions including the UK, Australia, South Africa, Asia and Internationally as well.
Education
In addition, the clients’ are always supported by the company’s award-winning customer service and learning teams. ThinkMarkets offers support new traders and seasoned ones by established a comprehensive learning center with free trading guides and webinars that covers both technical and fundamental analysis, the economic calendar also market psychology.
Conclusion
Overall, ThinkMarkets from many prospective is a great offer in technology, reliability, customer service and pricing. With their everyday strives to offer even more to their clients, to bring the best and the latest innovations obviously place the broker among the popular choices. Also, ThinkMarkets is the only UK & Australia also South Africa regulated broker that currently offers 9 cryptocurrencies and growing.
Review Updated Oct’20
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Wow thinkmarkets is actually a safe means, they can be trusted
See my case below
How long does the withdrawal take
due to several errors in the system of this company, we had several losses. we tried several times to obtain compensation from the company but there was no success. the company uses its australian structure, provides forms and documents from australia, this also characterizes the intentional error because when making the contract they use a Bermuda company in which there is no legal support. attached are documents that prove these problems. This process is being filed in accordance with the ASIC instructions received by email on 07/01/21. Below we summarize the problems that occurred. We’ve been dealing and negotiating with over 100 clients, because we had many problems and system with Thinkmarkets. So at this stage we need to negotiate something that takes al of them in consideration: MT5 ACCOUNT 10486 -attachment with the explanatory file PAMM 10876592 – attachment with the explanatory file PAMM 10876116 – had $353.401 when, after confirmation that we could approve more money, got “Stopped Out” (clients had 95% losses in their personal accounts). We were told that a good wi l Credit would be added, but that didn’t help anything at a l in restoring their Balances. PAMM 10876117 – Had over $270.000 when huge problems with Spreads increasing over 500% on hedged positions caused margin cal on it. PAMM 10876436 – had $199.882 when Dax had Major Slippages and prevent our Expert Advisor to close positions and open new ones, causing a Margin Cal. PAMM 10876446 – Had $184.556 and had the same problems as 6436, trading Dax had huge slippage, increased spreads and open/close order errors. The main executive of ThinkMarkets, who was responsible for structuring the partnership with me and my nominees, Mr. Marcelo Spina, left the company in 2020 and this also contributed to the non-response of al these complaints and losses that occurred.