ThinkMarkets brokerage review
Thinking of Trading With ThinkMarkets?
ThinkMarkets is an online broker providing forex and CFD trading services to users. The company was founded in 2010 and has headquarters both in London, United Kingdom and Melbourne, Australia. The company is privately owned and apart from its dual headquarters also has hubs in the Asia-Pacific, Middle East and North Africa, Europe and South America.. The company is regulated and authorised to operate in multiple jurisdictions worldwide. Regulators overseeing the company include the FCA, FSCA, and ASIC. The deposited funds of clients are separated into separate accounts as is the standard with regulated online brokerages. In the event of bankruptcy, ThinkMarkets users have protection of up to £85,000 as part of the FSCS compensation scheme. But users also have the option to purchase insurance which provides coverage for losses up to £1 million. ThinkMarkets caters for users in a wide variety of jurisdictions including Europe, Asia, and South America. Its services are restricted from the United States. The website is available in eighteen languages to cater for its worldwide user base
Trading Markets and Products
ThinkMarkets offers a wide number of markets. The market classes offered include equities, commodities, and the emerging asset class of cryptocurrencies. One downside to ThinkMarkets is the instruments offered for trading within each market class are not as widespread as other major online brokerages. However, most traders will find that the markets offered will provide more than enough opportunity to capitalize on market swings.
However, if a trader has a specific need for a certain instrument, they should check that ThinkMarkets offers this instrument before signing up. The markets are mainly offered through CFD instruments. These instruments enable users of ThinkMarkets to speculate on the price movements of an asset without having to own the actual underlying asset. An increasingly popular asset class which ThinkMarkets does provide access to is cryptocurrencies. Traders in this asset class can speculate on the price movements of Bitcoin, Ethereum, Ripple, Bitcoin Cash, Dash, and NEO.
Users of ThinkMarkets can choose from two different account types. The standard account can be opened with no minimum deposit and provides users with all the necessary infrastructure to get started with speculating in the markets. The more professional account tier, called ThinkZero, is more suitable to traders who are trading at large scale. ThinkZero accounts benefit from much lower average spreads but these account holders pay commission on both buying and selling. Due to these commission charges, this account type will only make sense if traders are trading with large positions. Before setting up an account, users can trial the infrastructure with a demo account which is funded with $50,000 in virtual cash.
ThinkMarkets also has valuable account options which are uncommon among other brokers. Users have the option to set up an Islamic account if they wish to comply with Sharia law. There is also a wide variety of funding options. This includes bank transfers, Skrill, Neteller, and even bitcoin.
Trading Platform and Features
ThinkMarkets offers the hugely popular MetaTrader 4 platform as well as MetaTrader 5 and their proprietary platform ThinkTrader. The MetaTrader 4 platform is available on both web and mobile. Users can also access MetaTrader 4 from their browser. The MetaTrader 4 platform is known for having a wide variety of trading tools and high-quality apps and tools built on top of the infrastructure. The platform enables traders to be highly versatile in their trading activities.
ThinkMarket’s own proprietary trading platform ThinkTrader (formerly called Trade Inceptor) was acquired in 2017 and is also available to users with a standard account. ThinkTrader is available on both mobile and desktop. ThinkTrader also has a diverse set of trading and charting tools. This includes a package which allows traders to upload cloud-based market alert signals. ThinkZero accounts only have access to the MetaTrader 4 trading infrastructure.
What are ThinkMarkets Fees?
The fees ThinkMarkets earn are mainly incorporated into the spread of the products which they offer. If professional or large-scale traders wish to reduce the spread fees they are paying, they can choose a ThinkZero account and pay $3.50 commission on both buying and selling. However, users with the ThinkZero account benefit from significantly lower spreads. For example, the average spread in the forex markets for a standard user is 1.2 pips whereas the average spread for ThinkZero users is 0.1 pips.
What Else Does ThinkMarkets Do?
ThinkMarkets has a team of in-house analysts and reporters that provide analysis and reports on market developments. The analyst team regularly publish valuation reports and market analyses. Analysts from the ThinkMarkets team have received wide coverage regularly appearing on shows such as Fox Business.
They also have a comprehensive library of educational guides so that newcomers can get up to speed with the markets and how to trade them. Guides have been published on a variety of different topics with resources for beginners, intermediate traders, and advanced traders.
In addition to reports, tools are available to ThinkMarkets users. Commonly used tools include a market calendar to keep up to date with upcoming events and also Autochartist which is a software tool that allows traders to generate alerts and scan the market for opportunities.
All accounts have access to customer support services 24/5. The services are available in a wide variety of languages to cater for the wide distribution of users of the ThinkMarkets brokerage.
Successful traders have the option to sign up to the ThinkInvest program. The program opens traders up to a wide pool of investors which allows them to take on capital and set their own terms and conditions. This provides an attractive route that allows traders to scale up their account size.
Why Trade With ThinkMarkets?
ThinkMarkets is a particularly good option for users with uncommon circumstances. If a user wishes to set up an Islamic account or to fund their account with bitcoin, they can do so with ThinkMarkets. Another niche offering is the ThinkInvest program which will be especially attractive to advanced traders. ThinkMarkets also caters to the basics effectively. They provide reliable and versatile trading platforms that their users can trust. Users can choose from two major account types and pick the one best suited to their situation. Educational resources are available which help the beginning trader get started and help the more advanced trader improve their skills. The services are available in a wide variety of languages with the company being overseen by several regulatory authorities. In 2020 ThinkMarkets was awarded best value broker in Asia at the Global Forex Awards. All-in-all, ThinkMarkets is a great choice for traders of all levels and will be an especially good consideration for those with more niche needs.
- Caters for niche needs such as Islamic accounts or the option to fund the account with bitcoin.
- Six instruments are available to trade within the cryptocurrency market class
- Insurance can be purchased for further coverage in the event of business bankruptcy
- Wide variety of tools and educational resources available to traders
- The broker does not have many instruments within asset classes such as equities, indices, and commodities as other online brokerages.
- The broker does not have the decades of operating experience which some competitor online brokers do have
- Accounts are restricted in the United States
- Customer support is only available six days/week
Expert advisors (EAs)
Virtual private server
Direct market access
Major Stock markets (US UK Germany)
Hong Kong stocks
Listed on Stock Exchange
Zero spread account