ThinkMarkets Review 2023
Financial brokers provide the means by which traders can buy/sell instruments from the comfort of their homes. From the 1900s to the early 2000s, trading assets were only available to big financial institutions, banks, and hedge funds. However, with the developments in the fintech sector, these services became widely available to the general community. Now it is possible to diversify your portfolio within a single brokerage by investing in multiple currencies, stocks, indices, futures, etc.
If you’re looking for a reliable broker with a credible reputation, ThinkMarkets is a potential candidate to look out for. ThinkMarkets has been making its name in the industry through tight spreads, low latencies, and customer support. To give our readers a detailed insight into the broker, we have extensively covered its regulations, trading fees, deposit/withdrawal methods, etc., in this unbiased review.
Regulation and Security
ThinkMarkets was founded in 2010; ThinkMarkets is a global trading platform with headquarters in London and Melbourne. The broker comes under annual auditions and is regulated by the following Tier 2 regulators:
- United Kingdom: Financial Conduct Authority (FCA)
- Australia: Australian Securities and Investment Commission (ASIC)
- Seychelles: Financial Services Authority (FSA)
- Cyprus: Cyprus Securities and Exchange Commission (CySEC)
To add an additional layer of security, the broker provides regular financial reports to CySEC. Licenses and regulations are essential to determine the legitimacy of a broker; you must follow due diligence to avoid scams. ThinkMarkets has published its regulatory data, and you must view it before moving forward.
Anti Money Laundering
The broker has strict anti-money laundering policies that come under the eyes and ears of FATF. This is to prevent fraud and terrorism financing.
All the clients’ funds are held in separate top-tier banks away from the company’s balance. ThinkMarkets does not use traders’ cash for their benefits.
ThinkMarkets has a $1 million insurance with Lloyd’s of London to protect your funds in an unlikely event. There are no additional costs for the service.
Is ThinkMarkets available worldwide?
ThinkMarkets aims to offer its services to all corners of the globe. Before accepting traders, it must undergo strict checks and balances from the regulators operating in the area. The availability of certain instruments can also differ based on the region. Investors can contact the customer service department to know if their nationality is on the list of supported countries.
A trading platform is the place of the battlefield for any trader. With a good set of tools, it is possible to win over the markets and maintain your consistency for the long term. The best trading software comes with detailed charting tools, multiple time frames, EA support, a marketplace, and a superb user interface.
ThinkMarkets has a range of trading platforms available for traders. Their specific names and features are:
- ThinkTrader. Developed by ThinkMarkets for beginners and professionals, the ThinkTrader platform has over 18 indicators and 50 drawing tools. The software supports one-click trading, multi-device login, In-app deposit, and withdrawals. The user interface is customized for tablets, mobile, and desktop. All economic events are tracked via FXWirePro to keep you updated on the latest market events.
- MetaTrader 4. MetaTrader 4 is a product of Metaquotes Software Corp. The platform was initially released in 2005 and is an all-time favorite of most market participants. ThinkMarkets offers MT4 trading on the web, mobile, and desktop. It supports 3 execution modes, 9-time frames, 30 technical indicators, copy trading, and strategy tester.
- MetaTrader 5. MT5 is the big brother of the MT4 platform. It offers the same features as the MetaTrader with added benefits such as the availability of 21-time frames, 80+ technical indicators, advanced MQL5 coding language, multi-currency backtesting, and advanced copy trading.
- Trading Central. Trading Central is an all-in-one hub for traders to share their ideas. The platform provides 24/7 market coverage and has over 72000 assets under observation each day. Advanced algorithms are coded within the software to grab the most relevant financial information for investors.
ThinkMarkets lists two accounts with variable trading conditions to meet the needs of most. Their names are:
The standard account has no commissions and is best suitable for normal day and swing traders. There is no minimum requirement in trading balance, and the maximum available leverage is 1:500, subject to your account balance. The portfolio is available on MT4/5 and the ThinkTrader platform. A free VPS service is available for traders with servers located in LD5 (London) and HK4 (Hong Kong).
ThinkZero has the best conditions for scalpers and trading systems as the spreads are minimal. ThinkMarkets competes with the top brokers by keeping their round lot commission to as low as $7. The minimum balance requirement is $500, and the max tradable lot size is 100.
A demo account can be used to test out the software interface and the trading conditions at ThinkMarkets. Virtual portfolios consist of fake money, making them suitable for beginners to learn and develop their trading.
ThinkMarkets cares for the needs of the Muslim community by providing access to interest-free portfolios. Traders can send a request via email to open such an account.
KYC policies are mandatory at ThinkMarkets as the broker must comply with the rules set by the regulators. It is pretty easy to set up an account and would require only a few minutes of your time. The whole process can be summed up in the following steps:
- Choose your country of residence
- Answer the necessary questions
- Provide your name, email and set up the password
- Choose the trading platform of your choice
- Confirm your identity
- Deposit funds and start trading
The beginner-friendly user interface of ThinkMarkets neatly holds all the information and tools. Traders can access VPS services, economic insights, featured ideas and fund their live accounts. Multiple filters are available to scan through your transaction history.
Deposit and Withdrawals
ThinkMarkets has a range of deposit options, including bank wire, credit/debit cards, e-wallets, and cryptocurrencies. Funding via credit/debit cards is instant, while bank transfers would take 1-3 business days. Traders can cash in with the help of various currencies, including AUD, EUR, CHF, GBP, and USD. This can vary depending on the kind of provider you choose.
Withdrawal requests can be submitted from the ThinkPortal platform. Traders can only cash out their funds to the funding source. For example, skrill deposits would return to the skrill account.
ThinkMarkets processes most of the withdrawals within 24 hours. There are no fees for both deposits and withdrawals imposed by the broker. The minimum cashout via a bank transfer stands at $100.
ThinkMarkets has a range of different instruments available for trading. The list includes forex, indices, energies, metals, crypto, shares & ETFs, and futures. The available leverage, min trade size, max position size, etc., can change according to the kind of asset.
A slight comparison has been made in the table below. Notice how the trade size and leverage fluctuate between instruments.
|Instrument||Min Trade Size||Max Trade Size||Max Leverage|
|US Crude Oil||0.1||100||1:200|
Commissions and Fees
As mentioned before, ThinkMarkets has no deposit or withdrawal fees.
The spreads on the Standard account can be as low as 0.4 pips on currency pairs. The average difference between the bid and the ask is 1.2 pips.
For the ThinkZero portfolio, the average spreads are minimal at 0.1 pips. The overall commission is $3.5 per lot side.
The swap rates incur at 4.59pm New York time. The formula for calculating the interest costs is mentioned as follows:
Current long/short rate * number of lots = swap debit/credit in second currency
The interest rates triple on Wednesday to account for the weekends.
Leverage allows traders with a small balance to open positions with larger lot sizes. While the profits are high, it is also vital to note that the overall risk value also increases. The amount of available leverage fluctuates according to the instrument.
Traders at ThinkMarkets can use a 1:500 margin for forex while the value is reduced to 1:10 for stocks.
Analysis and Education
Most brokers include a detailed education section to help beginners and professionals with trading. Understanding risk management, mindset, and strategy can help traders increase their profitability.
The Learn To Trade section at ThinkMarkets features an education section for beginners, amateurs, and professionals. Multiple indicators and chart patterns show the best strategies for forex traders. The free guides are accessible after signing up on your account.
The market analysis covers all the major news, economic calendar, technical approach, and live webinars.
Good customer support answers all of your inquiries with swiftness and ease. They are keen to solve any issues within a matter of minutes so that you don’t encounter any major losses. This is extremely important in an industry such as finance, where the overall trading equity can reach millions of dollars.
Reputation amongst Traders
ThinkMarkets has excellent feedback on multiple financial forums. Trustpilot, a noted platform, hosts 156 reviews where the broker has a rating of 4.4.
Traders applaud the minimal spreads and the excellent customer service. They also commemorate the multi regulations of the broker.
Having considerable achievements under its belt increases the overall credibility of any broker. ThinkMarkets has been bestowed multiple awards by renowned institutions. Some of the notable mentions are:
- Best Value Broker in Asia at the 2020 Global Forex Awards
- Best Forex Trading Experience at UK Forex Awards
- Foreign Exchange Awards at World Finance
ThinkMarkets has multiple partnership plans for promoting its company. The relationship is symbiotic between the broker and the trader as both parties can earn significantly.
- Affiliate. Website, social media, bloggers, etc., can promote ThinkMarkets using their affiliate links. There is no minimum customer referral amount, and the Cost Per Acquisition is high.
- Money manager. A program for professional traders where they can manage funds from potential investors and get compensated likewise. It is possible to set custom requirements such as minimum balance, trading fee, etc. The profits are distributed automatically at the end of a trading term.
- IB. Introducing Broker, a popular program offered by most brokers, allows traders to earn via a referral program. ThinkMarkets provide 24/7 support and account management services with their IB partnerships.
- White Label. An excellent service for those looking to set up a broker under their own name and brand. All the prerequisites are made available by ThinkMarkets. Investors can then present the range of instruments and tools to their clients.
- Regional representative. A program best suited for trading mentors who want exclusive discounts and conditions passed down to their students. ThinkMarkets are keen to give out full customer support and marketing assistance for their regional representors.
Can beginners trade with ThinkMarkets?
The dedicated learning section at ThinkMarkets is catered to the needs of novice traders. The provision of demo accounts is aimed at learning and implementing new trading techniques. This helps avoid any significant loss of funds in the initial stages of your trading career. After developing sound risk management on virtual accounts, beginners can move onto a live portfolio. You must evaluate ThinkMarket objectively before making a move; click here to find out more!
ThinkMarkets is a great broker with multiple regulations that safeguard the security of your funds. It provides various account options to support numerous trading strategies. Traders who have trouble spending much time on charts can select copy trading options available via Zulutrade.