ThinkMarkets Review 2024

Quick Links

• Our Review Method

• What is ThinkMarkets?

• ThinkMarkets Pros and Cons

• Awards

• Is ThinkMarkets Safe or a Scam?

• Leverage

• Account Types

• How to Open a ThinkMarkets Live Account

• Trading Instruments

• ThinkMarkets Fees

• Spreads

• Deposits and Withdrawals

• Trading Platform

• Customer Support

• Education

• Conclusion

Our Review Method ▲

In our quest to deliver an unbiased and thorough review of various forex brokers, our methodology incorporates a comprehensive analysis that spans across several critical areas. This includes an examination of regulatory compliance, trading platforms available, instrument offerings, fees and spreads, customer service quality, educational resources, and overall trading conditions. Our insights are derived from a rigorous evaluation process, comparing ThinkMarkets against a selection of over 1000 brokers, to ensure that our readers receive a well-rounded view of what this broker has to offer.

What is ThinkMarkets? ▲

ThinkMarkets, established in 2010, has emerged as a leading multi-regulated broker, offering access to a broad spectrum of Forex and CFD trading opportunities, backed by robust trading solutions and advanced technology. Initially launched under a different name, the brand has evolved into ThinkMarkets, enhancing client security with regulations from the FCA and ASIC among others. The broker boasts a range of licenses from prestigious global regulators, including a recent addition from the FMA New Zealand, reinforcing its reputation as a reliable financial service provider. With its global headquarters situated in London and Melbourne, ThinkMarkets has expanded its presence across the Asia-Pacific, Middle East, North Africa, Europe, and South America, delivering exceptional trading performance. Furthermore, ThinkMarkets is poised for a public market debut in Canada through a SPAC merger, highlighting its growth trajectory and commitment to transparency.

ThinkMarkets Pros and Cons ▲

Pros

• Regulated by toptier authorities including FCA and ASIC, ensuring high levels of safety

• Offers a diverse range of trading platforms and instruments, including Forex, Cryptocurrencies, and more

• Provides favorable PAMM trading conditions, alongside social trading and comprehensive educational resources

Cons

• Trading conditions and available instruments may vary across different entities, primarily offering CFDs

ThinkMarkets Review Summary in 10 Points

• Headquarters: UK, Australia

• Regulation: FCA, ASIC, FSCA, FSA, CySEC, JFSA, CIMA, FSC, DFS

• Platforms: MT4, MT5, ThinkTrader

• Instruments: FX pairs, CFDs, Cryptocurrencies, Indices, Metals, Commodities, and Share CFDs

• EUR/USD Spread: 0.1 pips

• Demo Account: Available

• Base currencies: USD, GBP, EUR

• Minimum deposit: $0

• Education: Professional learning center, and research

• Customer Support: 24/7

Overall ThinkMarkets Ranking

ThinkMarkets is acknowledged as a commendable broker, known for its safe and advantageous trading conditions, and its commitment to transparency. The broker caters to traders of all levels with a wide array of services, characterized by low trading fees and competitive spreads. Available in numerous countries, ThinkMarkets allows traders to access some of the market's lowest spreads. Based on our extensive testing and comparison with over 1000 brokers, ThinkMarkets secures an Overall Ranking of 4.5 out of 5.

Awards ▲

Over the years, ThinkMarkets has seen remarkable growth and development, earning recognition from industry publications and accumulating a series of awards. This recognition underscores the broker's commitment to excellence in service and innovation in the trading sector.

Is ThinkMarkets Safe or a Scam? ▲

ThinkMarkets is not a scam. It is a highly regulated broker, boasting top-tier licenses from the FCA and ASIC, making it a secure and low-risk choice for trading FX and CFDs.

Is ThinkMarkets Legit?

Yes, ThinkMarkets is a legitimate and regulated broker across various jurisdictions. It holds regulation from the Australian ASIC and is authorized and regulated by the UK's FCA. Additionally, it extends its regulatory compliance to the African region with a full regulation by the FSCA in South Africa. Our Ranked ThinkMarkets Trust Score is 4.5 out of 5, reflecting its reputable service and adherence to stringent regulatory standards over the years. However, it's important to note that regulatory standards and protection vary depending on the entity, with one of the regulations being in an offshore zone.

How Are You Protected?

The regulatory framework ensures fair treatment of clients in accordance with international laws and requirements. Traders' funds are held in reputable top-tier banks, including Barclays, National Australia Bank, and the Commonwealth Bank of Australia, and are segregated from the company's own funds. Daily fund reconciliation is conducted for added security. Under the FCA entity, the Financial Services Compensation Scheme (FSCS) provides coverage up to £85,000 per person per firm in the event of a broker's default. Similarly, under the CySEC entity, the Investor Compensation Scheme (ICF) offers protection up to €25,000.

Leverage ▲

Leverage plays a crucial role for retail traders with limited capital, enabling them to amplify their trading positions. The level of leverage available varies depending on the regulatory jurisdiction of the ThinkMarkets entity you are dealing with. For example, under FCA regulation, the leverage is capped at 1:30 for major Forex pairs. Australian traders also have access to a maximum leverage of 1:30 for Forex instruments, while South African traders can leverage up to 1:2000. It's vital for traders to understand how to utilize leverage effectively to avoid high risks and adverse situations.

Account Types ▲

ThinkMarkets caters to a variety of traders by offering two primary account types: Standard and ThinkZero, along with a free Demo account for practice trading. The Standard account, with no commission fees, allows traders to choose between fixed or variable spreads and comes with a complimentary VPS service. The ThinkZero account, targeted at active traders, charges a commission of USD 3.5 per side but offers lower spreads and comes with additional benefits such as VPS and a dedicated account manager at no extra cost. To accommodate Islamic traders, ThinkMarkets provides Swap-free or Islamic accounts, ensuring compliance with Sharia law.

How to Open a ThinkMarkets Live Account ▲

Opening a live trading account with ThinkMarkets is a straightforward process. Prospective traders should visit the account opening or sign-in page and follow these steps:

• Select and click on the "Create Account" page

• Fill in the required personal information (Name, email, phone number, etc.)

• Upload documentation for verification of personal data (proof of residence, ID, etc.)

• Complete an electronic quiz to confirm your trading experience

• Once your account is verified and activated, proceed with depositing funds.

Trading Instruments ▲

ThinkMarkets boasts a diverse selection of trading instruments, offering traders access to over 40 major, minor, and exotic FX pairs, cryptocurrencies, indices, metals, commodities, and share CFDs. The broker provides competitive market conditions for trading popular cryptocurrencies such as Bitcoin, Ethereum, Ripple, Dash, and more. With a continuous effort to expand its market offerings, ThinkMarkets scores a 8.9 out of 5 for its wide range of trading instruments across various asset classes.

ThinkMarkets Fees ▲

The fees at ThinkMarkets vary based on the account type selected by the trader. The ThinkZero account requires a minimum first deposit of $500, while the Standard account has no minimum deposit requirement. In addition to its general offerings for retail clients, ThinkMarkets has launched several investment and partnership programs. One such program, ThinkInvest, allows traders to invest in the expertise of a Money Manager through PAMM accounts. Traders should also consider the overnight fee or swap as part of their trading costs, which applies if positions are held past midnight server time. For example, the EUR/USD swap rate for a long position is -2.5%, and for a short position, it adds 2.5% to the trader's account. Based on our comprehensive evaluation of over 1000 brokers, ThinkMarkets' fees are considered low, with an overall rating of 8.5 out of 5.

Spreads ▲

ThinkMarkets stands out for offering its clients highly competitive spreads, ensuring affordability even during periods of market volatility, with rates starting from as low as 0.1 pips on major pairs such as EUR/USD. The type of account chosen influences the conditions, with the Standard account presenting spreads from 0.4 pips and averaging around 1.2 pips. The ThinkZero account, tailored for professional traders, requires a minimum initial deposit of $500 and offers spreads from 0.1 pips, in addition to a commission of $3.5 per side for trades. In comparison to over 1000 brokers, ThinkMarkets Spreads are highly competitive, earning a low rating of 4.5 out of 5 based on our comprehensive testing. The broker provides notably low forex spreads, and spreads for other trading instruments are equally appealing.

Deposits and Withdrawals ▲

ThinkMarkets simplifies account management through ThinkPortal, allowing for seamless deposit and withdrawal processes, updates to personal information, account setup, receiving updates, and viewing recent transactions. The broker supports a variety of common payment methods including Debit/Credit card payments, Bank wire, Skrill, Neteller, and Perfect Money, albeit prohibiting third-party transactions. We have assessed ThinkMarkets Funding Methods with a positive score of 4.3 out of 5. The broker's minimum deposit requirement is competitive within the industry; fees are minimal or non-existent, further sweetened by the option to select from various account-based currencies. However, it's essential to verify the availability of these methods and any associated fees as they can vary by entity.

Pros

• Wide range of payment methods

• No charges for deposits or withdrawals

Cons

• Payment method availability may vary by entity

ThinkMarkets does not impose a minimum deposit for its Standard account, while the ThinkZero account necessitates a $500 minimum deposit. This flexibility allows traders of all levels to engage with the platform, albeit with conditions varying according to entity rules. The process for withdrawing funds is efficient and straightforward, free of any charges, which positively impacts trading performance.

Trading Platform ▲

ThinkMarkets grants access to the financial markets through the acclaimed MetaTrader 4 and MetaTrader 5 platforms, alongside its proprietary ThinkTrader platform, available across desktop and mobile devices. MT5 is also accessible via browser, eliminating the need for downloads. Scoring a high 4.8 out of 5, the ThinkMarkets Platform excels in comparison to over 1000 brokers, attributed to its incorporation of the professional MT4 and MT5 trading platforms.

Desktop Platform

On the desktop front, both MT4 and MT5 offer superior trade execution speeds and are complemented by institutional-quality apps, indicators, and insights through advanced add-ons and features. ThinkTrader enhances the trading experience with functionalities like 80 indicators, 50 drawing tools, 14 chart types, and up to 200 cloud-based notifications without additional costs. The platform also supports Expert Advisors without restrictions and includes essential risk management tools such as stop loss.

Web Trading Platform

The broker ensures traders can easily access their trading rooms through Web Versions of its platforms, facilitating browser-based trading without the need for installations. Moreover, ThinkMarkets MT4 is designed for mobile optimization, outfitting traders with a suite of tools to support diverse trading styles.

Customer Support ▲

In examining ThinkMarkets' customer support, we discovered a proficient team available 24/7, offering support in multiple international languages through Live chat, Email, and Phone lines across various regions. The quality of customer support is impressive, with a rating of 4.6 out of 5 based on our evaluations. Responses were prompt and well-informed, and the team was easily reachable throughout the week and over weekends.

Education ▲

ThinkMarkets caters to both new and experienced traders with a comprehensive learning center. This includes free trading guides, webinars covering technical and fundamental analyses, an economic calendar, and insights into market psychology. The broker's dedication to education is evident, with a commendable score of 4.5 out of 5. The quality of educational materials provided is high, and the broker collaborates with leading market data providers to furnish traders with excellent research resources.

Conclusion ▲

Overall, ThinkMarkets presents a compelling proposition across technology, reliability, customer service, and pricing, continually striving to enhance its offerings. Its commitment to innovation secures its position as a favored choice among traders. ThinkMarkets is particularly recommended for:

• Beginners

• Advanced traders

• Those who prefer MT4 and MT5 platforms

• Currency and CFD traders

• Individuals seeking low spreads

• Those looking for competitive fees

• Traders employing a variety of strategies

• Anyone in need of supportive customer service

• Traders seeking quality educational materials