ThinkMarkets Forex Trading Review – Pros, Cons and Important Findings

Editorial Team
thinkmarkets-forex-trading-review

ThinkMarkets is a forex broker that has set itself above the competition by heavily investing in the technology and infrastructure of its platforms. The idea behind this is to increase the range of forex trading options available and thus offering a wider variety to its clientele. With headquarters located in Australia, he firm now has multiple offices in various parts of the world as part of its expansion strategy.

Founded in 2010, ThinkMarkets has gone on to receiving awards that include ‘Best Customer Service” and “Best Online FX Provider.” Initially the firm had its first office in New Zealand, in 2010, after which it shifted its office to Australia 2 years later. It falls under the ownership of TF Global Markets (Aust) Pty ltd and has been under the regulation of the Financial Conduct Authority (FCA). Since its an Australian based company, the Australian Securities and Investment Commission (ASIC) are also responsible for the licensing and regulating of the firm.

The firm offers market competitive spreads which vary from country to country and are determined through the exceptional trading infrastructure. These spreads are built through top-tier liquidity and have proven advantageous to investors. ThinkMarkets realizes the importance of leverage when it comes to trading and for this reason the firm provides more than one leverage option. The firm partnered with Equinix, this partnership resulted in the form being able to offer advanced technology and keep its platforms up to date. The trading software offered by the firm include one-click trading, trading manager, their economic calendar and a special forex VPS system.

In this review we will explore the different aspects of trading with ThinkMarkets including rules and regulations, demo accounts, trading spreads, pricing, trading platforms and many other factors that are deemed essential for brokers.

THINKMARKETS OVERVIEW:

  • Breaking news and analysis
  • Innovative technology incorporated into software
  • Allows mobile trading
  • Fast execution of trading orders
  • Global presence
  • Strict regulation

COMPANY PROFILETHINKMARKETS:

Established in 2010 in New Zealand, the firm moved its office to Australia in 2010 where its headquarters are currently located. With over a decade of experience, the firm has received multiple awards for its exceptional services. In order to facilitate clients, ThinkMarkets allows scalping and hedging in addition to offering a demo account to its clients.

The firm offers a maximum leverage of 1:500 and has spreads that vary from country to country. With multiple trading platforms and a minimum deposit requirement of $250, the firm can be seen as an excellent choice for trading. Regulated by the Australian Securities and Investment Commission (ASIC) and the Financial Conduct Authority (FCA), the firm also received membership to the Financial Ombudsman Service. Through its non-dealing desk and market maker model, the firm has been successful in providing one of the best brokerage services in the market. The firm offers a variety of instruments that include forex, indices, commodities and shares and over 35 pairs of currencies. ThinkMarkets gives it clients the option of choosing between long-term and short-term trading and different contract sizes are also available for clients to choose from.

THINKMARKETS REGULATIONS:

Since its operating on a global level, it is natural to assume that the firm must be regulated by some of the top-tier regulatory authorities. The Financial Conduct Authority (FCA) in the UK and Australian Securities and Investment Commission (ASIC) are responsible for ensuring that the trading activities carried out by the firm are within legal boundaries and safeguards the interests of investors.

The regulations imposed by both these authorities requires the firm to keep clients’ funds in segregated accounts. This provides an added layer of security and ThinkMarkets has partnered up with some top-tier banks for this purpose. These banks include Lloyds of London and Barclays. As mentioned earlier the firm falls under the ownership of the TF Global Markets ltd which have been registered under the number 09042646 in UK. The TF Global Markets ltd have also been issued a trading license by the Australian Securities and Investment Commission (ASIC) under the number 424700.

THINKMARKETS TRADING PLATFORMS:

ThinkMarkets offers a total of three different trading platforms for its clients to choose from. The goal of each platform is to provide a seamless and hurdle-free trading experience for clients. These platforms include the MetaTrader 4 and MetaTrader 5 as well as ThinkTrader. Clients are at the liberty to choose whatever platform best suits their needs.

1. METATRADER 4:

The MetaTrader 4 platform is an award-winning platform that allows clients to trade according to their own style by adding a touch of customization to their trading. ThinkMarkets has added two upgrades to their MetaTrader 4 platform thus making it a more feasible option. Through the MT4 platform, clients have access to multiple financial markets and can trade with multiple instruments. The MT4 platform has a user-friendly and easy to use interface.

This platform allows clients to customize various elements of their account and has an average of 50 financial indicators that aid the trading process. The various graphing and charting tools available help in getting a more comprehensive approach and making more informed trading decisions. This MT4 platform generates financial reports and in-depth market analysis that provides an over view of the prevailing trends and the reasons behind it.

2. METATRADER 5:

The MetaTrader 5 platform is ideal for clients that are looking for a technologically advanced approach to trading and have a better understanding of the market. In comparison to MT4 platform, the MT5 platform is more convenient for professional traders as it has an additional dozen financial indicators. It supports a variety of order types and offers 21 timeframes. Clients that use the MT5 platform have access to an economic calendar and liquidity tools.

3. THINKTRADER:

The idea behind the ThinkTrader platform is similar to the MetaTrader 5 platform as it incorporates innovative technological tools into the trading process. The tagline for the ThinkTrader platform is ‘Where technology meets the markets.’ The ThinkTrader platform allows clients to perform multiple orders closing through just one click. One of the most outstanding features of the ThinkTrader platform are its powerful technical analysis tools that helps clients in getting a better understanding of the financial market.

Through the ThinkTrader platform, clients have access to real time news from FX Wire Pro, allows deposits and withdrawals of funds through their app and produces reports of historical data that can be customized according to the needs of the clients.

THINKMARKETS DEMO ACCOUNT:

Like most of its competitors, ThinkMarkets offers a demo account to its clients. The purpose of this demo account is to offer a simulated environment for beginners where they can learn how to trade. The features of the demo account are similar to those of a live account.

The account opening process is simple, clients are required to provide login details after which they get a total of $25,000 virtual funds through which they can practice trading before they enter into the real market. This demo account lets clients choose from the MetaTrader 4, MetaTrader 5 or the ThinkTrader platform. Once clients feel like they have a good grasp over trading then they can switch to a live account.

THINKMARKETS DEPOSITS AND WITHDRAWALS:

ThinkMarkets allows deposits and withdrawals through multiple channels and clients are charged zero to minimum fee. Some of these channels include the following:

  • Credit card
  • Debit card
  • Bank wire transfer
  • Skrill
  • Neteller
  • BitPay

ACCOUNT CURRENCIES SUPPORTED BY THINKMARKETS:

ThinkMarkets supports variety of currencies through which clients can carry out trading activities. These include the following:

  • USD
  • EUR
  • GBP
  • AUD
  • CHF
  • JPY
  • CAD

THINKMARKETS FEES AND COMISSION:

A major chunk of ThinkMarkets’s revenue is generated through its spreads and commissions. The firm stays relevant by charging prices that are market competitive and offers a wide range of prices thus making affordability a crucial factor.

1. TRADING FEE:

Even though the firm does charge commissions, clients are given the option of a commission-free mark-up but if clients opt for this option then they will have spreads starting from as low as 0.4 pips. As compared to other online brokers, ThinkMarkets has lower spreads; on average the spreads for most brokers start from 1.2 pips whereas ThinkMarkets offers 0.4 pips.

Commission charges vary; for clients that pay a commission of $3.50, spreads start from as low as 0 pips and for $7.00 commission charges, spreads start from 0.1 pips. These charges are applicable per lot and swap rates are applicable on leveraged open overnight positions.

2. NON-TRADING FEE:

In addition to its low trading fee, certain charges are imposed on clients through some transaction methods. For instance, a 3% currency conversion fee is charged and some financial intermediaries charge a certain fee.

3. INACTIVITY FEE:

ThinkMarkets, like most other brokers, tends to marks clients as inactive. The criteria for labelling an account as inactive is that the account should remain dormant for 6 months or more. Once an account has been marked as inactive, an inactivity fee of $30 is charged per month which is deducted from the client’s account until the balance reduces to zero after which the account is closed.

PROS:

  • Easy navigation tools
  • Variety of account types to choose from
  • Various asset classes are available
  • MetaTrader platform for trading

CONS:

  • Inactivity fee of $30
  • Limited options for deposits and withdrawals
  • Trading activities are restricted to several countries

CONCLUSION: SHOULD YOU TRADE WITH THINKMARKETS?

ThinkMarkets is one of the most ideal choices for trading for both, novice and expert clients. Through its multiple trading platforms and various account types, the firm matches the needs of a wide clientele. The firm’s great pricing strategy, coupled with its disruptive technology that is incorporated into providing innovative platforms and a world class trading experience has established it as a secure broker and has helped in gaining a positive reputation. Their mobile trading app provides some outstanding features that makes trading on the go a lot easier than it was before.

THINKMARKETS FREQUENTLY ASKED QUESTIONS:

1. Can clients change the currency of their trading account?

Once the currency has been set at the time of the creation of trading account, clients will have to stick to it.

2. Is it possible to have more than one demo account?

Yes, ThinkMarkets allows clients to make more than one demo account.

3. Is transferring money between accounts allowed?

Yes, since ThinkMarkets allows clients to maintain multiple accounts therefore transaction between these accounts is also applicable.

4. Does ThinkMarkets allow third-party payments?

No, third-party payments are not supported by ThinkMarkets.

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