Table of Contents
Think Markets Review 2023
- Easy To Use?
- Time Needed
- Regulated by reputable financial authorities.
- Competitive trading conditions with tight spreads and high leverage.
- Offers a range of educational resources.
- Limited trading platforms.
- No commission-free account options for high-volume traders.
- Limited research and analysis tools compared to other brokers.
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 ThinkMarkets customers.
When a person signs up with ThinkMarkets forex 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.
Let’s do a deep dive into this forex trading broker to discover if they are a legit forex broker or not.
Who are ThinkMarkets?
ThinkMarkets 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 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 awarded 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 by the Financial Conduct Authority (FCA). They are licensed under the FCC Registration Number (FRN) 629628.
This forex 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 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.
That’s a lot of regulation!
Where are ThinkMarkets located?
Their original headquarters is located in Australia and the UK.
As of the moment, more than 475,000 traders are using their services. This includes a trader base from various countries around the world.
ThinkMarkets CFD Trading
What are CFDs?
Contracts for Difference (CFDs) are financial instruments that allow traders to speculate on the price movements of underlying assets, such as forex, stocks, commodities, or indices, without owning the assets themselves. Instead, traders enter into a contract with the broker to pay or receive the difference in the price of the asset at the time the contract is opened and closed.
ThinkMarkets offers a wide range of CFDs, including forex, stocks, indices, commodities, and cryptocurrencies.
Customers can access these markets on the MetaTrader 4 and 5 (MT4/MT5) platforms or the ThinkTrader mobile app. The broker offers leverage of up to 500:1 for forex and up to 200:1 for other markets, enabling traders to amplify their exposure to the markets with a smaller initial investment.
Benefits of trading CFDs with ThinkMarkets:
- Flexibility: Traders can go long or short on a market, allowing them to profit from both rising and falling prices.
- No ownership of underlying assets: CFDs allow traders to trade on the price movements of assets without the need to physically own them, which can reduce transaction costs and simplify the trading process.
- Diversification: With a range of CFD markets available, platform users can diversify their portfolios and manage risk more effectively.
- Access to leverage: The use of leverage can amplify potential profits, but it is important to note that it also increases the potential risk of losses!
Risks of trading CFDs:
- Volatility: CFDs are subject to market volatility, and price movements can be unpredictable, leading to potential losses.
- Leverage: The use of leverage can increase profits but also increases the potential risk of losses. Traders should be aware of the risks involved and use leverage responsibly.
- Counterparty risk: As CFDs are traded with the broker rather than on a central exchange, there is a risk of the broker defaulting on the contract. However, ThinkMarkets is regulated by the FCA (Financial Conduct Authority) in the UK and the ASIC (Australian Securities and Investments Commission), providing a good level of protection for platform users.
ThinkMarkets offer several types of retail investor accounts. Each of these trading account types are aimed at slightly different clients depending on trading volume and account size.
The first Think Markets trading account that you can sign up for is called the Standard Account. There are no commission fees involved with the account.
It is aimed at beginner traders who want to start trading without worrying about complex trading fees. When signing up for the standard account, it does not require any minimum deposit to start trading.
This account is also ideal for retail traders and smaller account sizes.
Signing up for their ThinkZero account 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 be deposited to get started.
For those who are trading under Islamic finance laws, they also offer an Islamic Account. They thereby make sure that it is compliant with Sharia Law. In this way, they opted for a weekly flat rate instead of having overnight or rolling fees.
Professional Trader Account
The final account 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.
The Professional trader account help traders with leverage of up to 500:1 with a direct line to a senior trader/account manager.
Advanced traders may prefer to us this account because it is aimed at larger balances and very active forex traders.
Before investing in any of the trading accounts above, ThinkMarkets allows potential customers to sign up for a free demo account, which comes with $25,000 in virtual funds.
A demo account 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;
Products & Services Available
In this section of the Think Markets review, we look at all of the various products and services available from this forex broker.
Trading Instruments Available
ThinkMarkets offers a wide range of CFD markets to their customers. Here is a summary of all their trading instruments available to customers;
- Forex Trading:
- ThinkMarkets offers over 40 currency pairs for trading, including major, minor, and exotic pairs.
- The forex markets are available for trading 24 hours a day, five days a week, with competitive spreads and leverage of up to 500:1.
- ThinkMarkets provides traders with access to advanced trading tools, such as the MT4/MT5 platforms, one-click trading, and real-time news and analysis.
- ThinkMarkets offers a range of stocks from around the world, including US, UK, Australian, and European markets.
- Traders can access large-cap stocks such as Apple, Amazon, Facebook, and Google, as well as small-cap and emerging market stocks.
- Leverage of up to 20:1 is available for stock trading, with commission-free trading on select stocks.
- ThinkMarkets offers a variety of commodity markets for trading, including gold, silver, oil, and agricultural commodities.
- The commodities markets are available for trading 24 hours a day, with a leverage of up to 200:1.
- ThinkMarkets provides platform users with real-time market analysis and news, as well as advanced charting tools and trading indicators.
- ThinkMarkets offers over 15 global indices, including US, European, and Asian markets.
- Customers can trade indices such as the S&P 500, NASDAQ, FTSE 100, and DAX 30, as well as emerging market indices.
- Leverage of up to 200:1 is available for index trading, with competitive spreads and real-time market analysis.
- ThinkMarkets now offers a range of popular cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Ripple.
- Cryptocurrency trading is available 24 hours a day, with leverage of up to 5:1 and commission-free trading.
Trading Platforms ThinkMarkets?
When using this platform to trade forex, there are three options available:
- MetaTrader 4 (MT4) – This 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 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. Users have access to advanced drawing tools as well as daily, weekly, and monthly reports customized according to client’s objectives and preferred trading products. 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 including desktop and web-based versions, tablets, and mobile devices. The most popular among the MetaTrader platforms is MT4.
Market Analysis Tools
ThinkMarkets provide a wide range of market analysis tools to assist their users in learning how to trade the markets and stay up to date with macro economic events. They also have great resources for technical analysis trading as well as regular updates on fundamental data.
Here are some of the great tools provided to users;
- Charting Tools: ThinkMarkets provides traders with a range of charting tools to help with technical analysis. The MT4 and MT5 platforms offer customizable charting features, including multiple chart types, timeframes, and technical indicators. Customers can also use Thinkmarkets’ proprietary SmartCharts tool, which includes over 100 technical indicators and interactive charting.
- Economic Calendar: An economic calendar is available that lists upcoming market events, such as interest rate decisions, GDP releases, and employment reports. The calendar includes expected market impact, historical data, and commentary from industry experts.
- Trading Signals: These trading signals are generated by professional traders or trading algorithms. The signals can be used to identify potential trading opportunities and are available for forex, stocks, and indices markets.
- News and Analysis: ThinkMarkets provides its customers with access to real-time market news and analysis from industry experts. The news feed includes updates on market trends, key economic data releases, and company news. Traders can also access daily market analysis reports, which provide a detailed overview of the current market conditions and potential trading opportunities.
- Education and Training: Lastly, they provide customers with access to educational resources, including webinars, articles, and videos. These resources cover a range of topics, from beginner-level trading to advanced technical analysis. Clients can also access a range of trading tools and guides to help with their trading strategies.
- Trading Central: This is available free of charge to all customers who are using MT4 and MT5.
- Mobile Trading App: ThinkTrader for mobile is a mobile trading app for iOS and Android devices, providing a user-friendly interface, advanced charting and analysis tools, and access to a range of markets, including forex, stocks, commodities, indices, and cryptocurrencies. The app is secure, reliable, and convenient for traders on the go.
There are only a few trading fees that Think Markets asks from their clients.
ThinkMarkets charges a spread on all trades, which is the difference between the bid and ask price of an asset, for most of its markets, including forex, stocks, and indices.
The company operates on a commission-free model for these markets. However, for the ThinkZero account, which is designed for high-volume traders, the company charges a commission of $3.5 per side per standard lot traded in forex markets.
Traders should always be aware of the spread and commission charges when trading with ThinkMarkets.
ThinkMarkets does not charge fees for deposits or withdrawals, but third-party fees may apply.
Customers should also be aware of overnight swap fees, which are charged for positions held overnight in forex markets.
Additionally, inactivity fees may apply for accounts that have been inactive for a certain period of time. It’s important for traders to review and understand the fee schedule before trading with ThinkMarkets to avoid any unexpected charges.
For Islamic Account holders, there is a weekly flat rate for positions held for longer than 7 days and trading forex pairs.
NOTE: 71.89% of retail investor accounts lose money when trading CFDs with this provider
There are various opportunities for partner companies to work with ThinkMarkets. These include;
- Affiliate Program
An affiliate program is available that allows individuals or companies to earn a commission by referring new traders to the platform. Affiliates receive a commission on the trading activity of their referred clients, with commission rates up to $1,200 per client.
- Introducing Broker Program
ThinkMarkets offers an introducing broker (IB) program that allows individuals or companies to introduce new traders to the platform and receive a share of the trading profits. Introducing brokers can earn a percentage of the spread or a volume-based commission, depending on the trading activity of their clients.
- White Label Solution
For companies wanting to establish their own brand and build a forex trading platform of their own, ThinkMarkets offers a white-label solution. The white label program includes a fully customizable trading platform, back-end management tools, and support from Thinkmarkets’ technical and sales teams.
- Partnership Requirements
To become an affiliate or introducing broker with ThinkMarkets, individuals or companies must meet certain requirements, such as having a strong online presence, relevant industry experience, or a proven track record of success in marketing or sales. Partners must also comply with regulatory requirements and ethical business practices.
- Partnership Benefits
ThinkMarkets offers a range of benefits for partners, including marketing support, access to industry-leading technology and trading tools, and dedicated support from a partnership manager. Partners can also benefit from competitive commission rates and revenue-sharing programs, as well as opportunities to expand their business and client base.
In terms of online reviews, ThinkMarkets has generally positive reviews on third-party review websites, such as Trustpilot and Forex Peace Army.
On Trustpilot, ThinkMarkets has a rating of 4.4 out of 5, based on over 2,500 reviews. Many reviewers praise the company’s user-friendly trading platforms, competitive pricing, and excellent customer service.
On Forex Peace Army, a website dedicated to forex trading reviews and ratings, ThinkMarkets has a rating of 3.8 out of 5, based on over 500 reviews.
Some reviewers have criticized the broker’s slow withdrawal times or trading platform issues, but these negative reviews are outweighed by positive reviews from traders who have had a good experience using ThinkMarkets.
Summary Of Benefits
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
- Investor protection to traders residing in specific jurisdictions
- Up to $/£ 1,000,000 insurance for all ThinkMarkets customers
ThinkMarkets Reviews: Conclusion
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.
Frequently Asked Questions
In the final part of this ThinkMarkets review we answer the most commonly asked questions.
Is ThinkMarkets regulated?
Yes, ThinkMarkets is regulated by financial authorities in the UK, Australia, and South Africa. The company is authorized and regulated by the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) in Australia, and the Financial Sector Conduct Authority (FSCA) in South Africa. These regulatory bodies require brokers to follow strict rules and regulations to ensure the safety of their client’s funds.
What trading platforms does ThinkMarkets offer?
ThinkMarkets offers two popular trading platforms, MetaTrader 4 (MT4) and MetaTrader 5 (MT5), as well as a proprietary trading platform called ThinkTrader.
These platforms offer advanced charting and analysis tools, real-time market news and analysis, and access to a range of markets, including forex, stocks, commodities, indices, and cryptocurrencies. Users can access these platforms on desktop, web, and mobile devices.
What is the minimum deposit required to open an account with ThinkMarkets?
The minimum deposit required to open an account with ThinkMarkets depends on the account type. The Standard account requires a minimum deposit of $250, while the ThinkZero account requires a minimum deposit of $500. The Pro account, which is designed for professional traders, requires a minimum deposit of $2,000. Customers can fund their accounts using a range of payment methods, including credit/debit cards, bank transfers, and e-wallets.
What markets can I trade with ThinkMarkets?
ThinkMarkets offers a range of markets for trading, including forex, stocks, commodities, indices, and cryptocurrencies.
Traders can access over 40 currency pairs for forex trading, as well as popular stocks such as Apple, Amazon, and Facebook. The commodities markets include gold, silver, oil, and agricultural commodities. The indices markets cover US, European, and Asian markets, including the S&P 500, FTSE 100, and DAX 30. Platform users can also access a range of popular cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Ripple.
What customer support options does ThinkMarkets offer?
ThinkMarkets offers a range of customer support options, including 24/5 phone support, live chat, email support, and a comprehensive FAQ section on the company’s website.
Customers can also request a call back from a support representative or schedule a one-on-one training session with a market expert.
Additionally, ThinkMarkets provides a range of educational resources, including webinars, articles, and videos, to help traders improve their trading skills and strategies.
What is the maximum leverage offered by ThinkMarkets?
ThinkMarkets offers leverage of up to 500:1 for forex trading and up to 200:1 for other markets, such as stocks, commodities, indices, and cryptocurrencies. However, it’s important to note that trading with leverage can increase the potential profits but also the potential risk of losses. Traders should use leverage responsibly and be aware of the risks involved.
Does ThinkMarkets offer demo accounts?
Yes, ThinkMarkets offers demo accounts that allow traders to practice their trading strategies and test the trading platforms without risking real money. The demo accounts are free and come with virtual funds that customers can use to place trades in a simulated trading environment. Platform users can switch between demo and live accounts at any time.
What is the commission structure for ThinkMarkets?
ThinkMarkets operates on a commission-free model for most of its markets, including forex, stocks, and indices. Instead, the company charges a spread, which is the difference between the bid and ask price of an asset.
However, for the ThinkZero account, which is designed for high-volume traders, the company charges a commission of $3.5 per side per standard lot traded in forex markets. Customers should be aware of the spread and commission charges when trading with ThinkMarkets.
Does ThinkMarkets offer negative balance protection?
Yes, ThinkMarkets offers negative balance protection, which ensures that users cannot lose more than the funds in their trading account.
In the unlikely event that a trader’s account balance falls below zero due to market volatility or unexpected events, ThinkMarkets will automatically reset the balance to zero. This protects traders from losing more than their initial investment.
Can I use automated trading strategies with ThinkMarkets?
Yes, ThinkMarkets supports automated trading strategies, also known as expert advisors (EAs), on the MT4 and MT5 trading platforms.
Traders can develop or purchase EAs that use algorithms to analyze the markets and place trades automatically based on predefined rules. This can help you to eliminate emotional biases and take advantage of market opportunities 24/7. Additionally, ThinkMarkets offers VPS hosting for EAs, which ensures that the trading algorithms run smoothly without interruption.
What is the withdrawal process for ThinkMarkets?
Traders can withdraw funds from their ThinkMarkets account using a range of payment methods, including credit/debit cards, bank transfers, and e-wallets. The withdrawal process typically takes 1-3 business days, depending on the payment method used.
Customers may be required to provide additional documentation to verify their identity and prevent fraud. ThinkMarkets does not charge fees for withdrawals, but third-party fees may apply.
What is the difference between the Standard and ThinkZero accounts?
The Standard account is designed for new or less experienced traders and offers commission-free trading with competitive spreads. The minimum deposit required to open a Standard account is $250. The ThinkZero account is designed for high-volume platform users and offers raw spreads with a commission of $3.5 per side per standard lot traded in forex markets. The minimum deposit required to open a ThinkZero account is $500. Forex traders should choose the account type that best suits their trading style and experience.
Does ThinkMarkets offer Islamic accounts?
Yes, ThinkMarkets offers swap-free Islamic accounts, also known as Shariah-compliant accounts, for clients who follow Islamic finance principles. Islamic accounts do not charge swap or rollover fees, which are considered interest charges, but instead, charge an administration fee.
Customers can request an Islamic account when opening an account with ThinkMarkets or switch from a Standard account to an Islamic account.