If you want an independent ThinkMarkets review then hopefully you will find this article of interest. ThinkMarkets (https://www.thinkmarkets.com/en/) is one of the many forex and contract for difference (CFD) brokers available on the internet today. It is one of the highest-rated trading companies and has good reviews from customers.
When a person signs up with ThinkMarkets broker, they can gain access to buying various financial instruments such as currencies, indices, commodities, and Bitcoin. Since 2010, they have helped multiple people in increasing their chances to increase their wealth through their safe, reliable platform.
Where are ThinkMarkets located?
Their original headquarters is located in Australia and the UK and was founded in 2010. As of the moment, more than 475,000 traders are using their services. This includes a trader base from various countries around the world.
Who are ThinkMarkets?
They used to be known as ThinkForex of TF Global Markets (Aust) Pty Ltd. It is a multi-awarded financial services company since it was established in 2010. During the Forex Best Awards 2014, they were awarded the Best New Contributor award. Unicef also awarded them as a Gold supporter for their Champion for Children program due to their regular contributions to the non-profit.
The broker’s reputation has grown rapidly throughout the years. In particular, the firm has recently won the ‘Best Value Broker in Asia’ award at the 2020 Global Forex Awards. Additionally, ThinkMarkets has also been awarded the ‘Best Forex Trading Platform in Africa’ at the 2021 Global Forex Awards. Finally, ThinkMarkets’ was given first place at the 2021 COLWMA awards as ‘Best CFD Provider’.
ThinkMarkets is regulated in Australia through the Australian Securities and Investment Commission (ASIC). They are registered under their AFS license number 424700. Meanwhile, its UK headquarters is regulated through the Financial Conduct Authority (FCA). They are licensed under the FCC Registration Number (FRN) 629628.
The broker is also a holder of the Cyprus Securities & Exchange Commission (CySEC) with license number 215/13 for clients residing in Europe. For international clients, the broker is licensed by the Financial Services Authority (FSA) in the Seychelles under license no. SD060. ThinkMarkets is overseen by the Financial Sector Conduct Authority (FSCA) with license no. 49835 in South Africa as well as by Japan’s Financial Services Agency (JFSA) under license no. 0250.
What are the types of ThinkMarkets accounts anyone can get?
The first Think Markets account that you can sign up for is called the Standard Account. There are no commission fees involved. It is aimed for beginner traders who want to start trading without worrying about complex commission fees. When signing up for this account, it does not require any minimum deposit to start trading.
Signing up for a ThinkZero account under ThinkMarkets would involve paying flat-rate commission fees depending on where a person is trading. Through this account, the company can help connect the account holder to ultra-tight, ECN-style spreads, and top-tier liquidity providers. Unlike the Standard Account, this type requires at least $500 or £500 to start.
For those who are trading under Islamic finance laws, this company also has the ThinkMarkets Islamic Account. They make sure that it is compliant with Sharia Law. They opted for a weekly flat rate instead of having overnight or rolling fees.
The final account that a person can hold with Think Markets is only available for those who live in the UK or in Europe. The Pro Account is reserved for the following traders: 40 opened trades of a specific size in the last year, a financial portfolio of €500,000, and experience in the financial sector. It will help traders with leverage of up to 500:1 with a direct line to a senior trader/account manager.
Before investing in any of the accounts above, ThinkMarkets allows potential traders to sign up for a demo account, which comes with $25,000 virtual funds. It can fall under any of the accounts mentioned above. For accounts that will be used between two or more persons, traders should send an email to ThinkMarkets to get the process and approval for a Joint Account.
Here is an overview video about ThinkMarkets;
What to expect from ThinkMarkets?
When using this platform to trade, there are three options available:
- MetaTrader 4 (MT4) – It includes 9 timeframes, 30 technical indicators, 23 graphical objects, and 3 chart types for its charting tools. Making use of this platform will help any trader gain access to a large trading community and marketplace. One can make use of social-copy or algorithmic trading as well.
- MetaTrader 5 (MT5) – This successor to MT4 includes more charting tools, improved backtesting, and greater market access. Under this platform, traders can make use of its Depth of Market (DOM) feature, an economic calendar, and a 64-bit multi-thread strategy testing. Aside from that, traders can make use of trading signals, hedging, and netting on this platform.
- ThinkTrader – This is the company’s in-house trading software. It includes its TrendRisk Scanners, trading analysis toolkits, and real-time market news. Aside from that, traders can log into multiple devices at once and be able to close multiple orders.
Take note that all of these platforms are accessible on various PCs and mobile devices. The most popular among the MetaTrader platforms is MT4.
Is there a fee to transact at ThinkMarkets?
There are only a few fees that Think Markets asks from their clients. Firstly, the firm holds the right to charge an inactivity fee for accounts that have been dormant for a certain period. Secondly, ThinkMarkets Islamic Account holders have a weekly flat rate for positions held for longer than 7 days and trading forex pairs. Finally, there are commission fees for ThinkZero account holders.
NOTE: 71.89% of retail accounts lose money when trading CFDs with this provider
What are the advantages of transacting with Think Markets?
For any account under ThinkMarkets, traders can gain the following benefits:
- 24-hour, 7-day customer support through live chat, phone, or email
- An in-house library full of webinars, trading guides, and online articles for any trader
- Gain access to an economic calendar, daily insights from in-house experts, and technical analysis tools
- Deposit and withdraw for any account through bank wiring, bank transfer, Visa/MasterCard credit cards, Neteller, Skrill, BitPay, UnionPay, Crypto wallet, and BPay
- Has investor protection to traders residing in specific jurisdictions
- Up to $/£ 1,000,000 insurance for all ThinkMarkets customers
ThinkMarkets is a known international brand when it comes to forex, cryptocurrency (note that Crypto CFDs are not available to retail clients in the UK), and share CFD trading. It comes with a variety of accounts for traders of varying experiences and backgrounds. This is paired with its 12-year investment background and customer service.
I’m Jon, owner of Trade Wise at https://tradewise.community/ and https://www.youtube.com/channel/UC7VmOx8DbvX4Rbrac2pPcjw
I review forex and crypto trading products and services to find the best of what’s out there for creating a passive income without becoming a full-time trader.