ThinkMarkets Forex Trade Platform and Broker Review

ThinkMarkets Forex Trade Platform and Broker Review

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ThinkForex Broker Review

ThinkMarkets is a multi-award-winning broker that provides forex, equities, cryptocurrencies, commodities, indices, and futures. 

ThinkMarkets was established in 2010 and is headquartered in London and Melbourne with main offices in the Asia-Pacific, Middle East, and North Africa, Europe, and South America, and has 91 employees.

Is ThinkMarkets Regulated?

Yes, ThinkMarkets authorized and regulated by the Financial Conduct Authority (FCA) and provides regular financial reports to the FCA in addition to being audited annually.

ThinkMarkets is also registered with the Australian Securities and Investment Commission (ASIC) and is the holder of an Australian Financial Services Licence. 
The broker’s subsidiary, TF Global Markets (South Africa) Pty Ltd is an Authorised Financial Services Provider (FSP No 49835). 

According to the official website, ThinkMarkets is under regulation for providing licensed financial services in the various countries and jurisdictions in which it is regulated. 

ThinkMarkets’ regulations guarantee private insurance that covers client funds up to $1,000,000, providing investors greater protection and compensation rights. 

ThinkMarkets adheres to the principles of transparent activity and protects its clients’ interests. To further enhance security, clients’ funds are segregated in carefully selected top-tier banks.

Is ThinkMarkets Regulated in the United States?

No, ThinkMarkets is not regulated in Virginia or any other US state.

Is ThinkMarkets Regulated in Europe?

No. ThinkMarkets is not regulated In Europe. The broker is regulated by the Financial Conduct Authority (FCA) in the United Kingdom. It is not yet certain how these regulations will pertain to the EEA post-Brexit.  

Is ThinkMarkets regulated in a Tier-1 Jurisdiction?

According to the ThinkMarkets website, ThinkMarkets is regulated under the Tier-1 jurisdiction. 

This is a special type of regulation that allows the broker to provide licensed services in certain countries.  

These countries can consist of one or more of the following: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Israel, Japan, Luxembourg, Netherlands, New Zealand, Norway, Puerto Rico, Singapore, Sweden, and Switzerland.

Is ThinkMarkets regulated in Tier-2 Jurisdiction?

According to the official ThinkMarkets sources, ThinkMarkets is not regulated under the Tier-2 jurisdiction. 

If the broker did have Tier-2 jurisdiction,  this would mean that it had the license to operate under regulation within specific countries, which consist of British V.I., Cayman Islands, Cyprus, Italy, Malaysia, Mexico, Poland, Portugal, Spain, and Taiwan.

What are the Platforms and Tools for Forex Trading in ThinkMarkets?

ThinkMarkets offers traders access to three advanced and well-regarded trading platforms, namely MetaTrader 4, MetaTrader 5, and the proprietary ThinkTrader platform. 

  1. MetaTrader 4 from ThinkMarkets is held on servers in high-end co-location centers for ultra-fast trade execution. 

Using MT4, traders can benefit from institutional-quality apps, indicators, and tools, and easily scan for opportunities with integrated Autochartist and over 100 indicators.

  1. MetaTrader 5 from ThinkMarkets is the updated version of T4 with enhanced order management including 2 more pending order types than MT4 First-class charting and 21 timeframes to choose from.
  2. The proprietary ThinkTrader platform from ThinkMarkets has over 80 indicators, 50 drawing tools, and chart types, allowing users to comprehensively scan the markets with the help of an innovative trading toolkit developed both for desktop and mobile.

Does ThinkMarkets Have a News Blog for Forex News?

Yes. ThinkMarkets has a free news blog available on its official website. The Market New section on the broker’s website provides regular updates on global economic events, along with market sentiment reading for various currency pairs.  

Does ThinkMarkets Have a Traders Dashboard?

No, ThinkMarkets does not provide a special Traders Dashboard. This is a dedicated area on some brokers’ websites that allows for traders to monitor various forms of economic analysis, allowing them to remain updated with several data streams at once

Does ThinkMarkets Have an Educational Section?

Yes, ThinkMarkets has an education system for Forex Traders. To join the education system, can simply navigate to the Learn to Trade section of the broker’s website, and select which level they prefer to use, whether Beginner, Intermediate, or Advanced.  

What is the content of ThinkMarkets Forex Education?

There are various lectures categorized under the Beginner, Intermediate and Advanced sections. The Beginner section has 8 lectures, which are listed below. 

  1. 10 Tips to Successful Trading
  2. CFDs Explained
  3. Forex Explained
  4. How to Spread Bet
  5. How to start trading the markets
  6. How to trade CFDs
  7. How to trade Forex
  8. Leverage and margin

The Intermediate section has 8 lectures, which are listed below. 

  1. Bid-ask spreads
  2. Candlestick trading guide
  3. Chart patterns
  4. How to create a trading plan
  5. Market trends
  6. MT4 tips and tricks
  7. Order types
  8. Price charts

Finally, the Advanced section also has 8 lectures, which are listed below. 

  1. Japanese Candlesticks
  2. Technical Analysis
  3. Fundamental Analysis
  4. Fibonacci Ratios
  5. Support and resistance 
  6. Market participants
  7. Trading styles
  8. Timezones and liquidity 

The education section from ThinkMarkets is a comprehensive offering of training resources and should be used by traders of all levels from beginner through to advanced, depending on their trading needs. 

Is ThinkMarkets Legit?

Yes, ThinkMarkets is a legit Forex Broker and Trade Platform. ThinkMarkets has FCA, FSCA and ASIC legal certificates to perform Forex Broker and trading services.

Is ThinkMarkets Safe?

ThinkMarkets is a reliable and safe Forex Trade platform in terms of its regulation and safety protocols. The broker is regulated in several global jurisdictions, as described below:

  • The FCA regulates ThinkMarkets in the United Kingdom
  • ASIC regulates ThinkMarkets in Australia
  • The FSCA regulates the broker in South Africa

ThinkMarkets provides insurance that applies to all clients without the need to opt-in or pays any additional fees.

The broker works with some of the most trusted and reputable firms from around the world, including insurance from Lloyd’s of London to banking partners including Barclays.

Is ThinkMarkets a Good Broker?

Yes. According to the Forex Suggest review, for security, trading speed, online support, and cryptocurrencies, ThinkMarkets is a good broker. 

  1. In terms of trading speed, the broker’s three platform types, MT4, MT5, and ThinkTrader, are known for their fast execution with almost no slippage. 
  2. In terms of security, ThinkMarkets is extremely well-regulated by the FCA, ASIC, and FSCS. The broker additionally offers comprehensive client insurance which is not charged at an additional cost. 
  3. In terms of online support, ThinkMarkets offers a permanent live chat option on its homepage. Using this function, traders can contact the broker’s support team directly to have their queries solved immediately. 
  4. In terms of cryptocurrencies, clients of ThinkMarkets can trade CFDs on several popular crypto coins, including BTC, ETH, XRP, BCH, and LTC.

What is the Offering of Investment in ThinkMarkets?

Offerings of ThinkMarkets can be found below.

Feature ThinkMarkets
Forex Trading Yes
CFDs Yes
Forex Pairs Yes
Cryptocurrency (Physical) No
Cryptocurrency (CFD) Yes
Social Trading  Yes

Does ThinkMarkets have Nasdaq?

Yes, ThinkMarkets offers traders the option of trading indices on the Nasdaq 100 Stock Index. This is an American stock index, and the second largest in the world, featuring the stocks of the largest tech companies by market capitalization. 

What are the Awards of ThinkMarkets?

Forex Trading Platform ThinkMarkets’ awards are listed below.

  1. Best Blockchain-based Innovation Award
  2. Best Forex Trading Experience by the UK Forex Awards. 
  3. Best Forex Trading Innovation, UK Forex Awards 2017
  4. Best NEW Broker Australasia at the esteemed World Finance Awards 2013.
  5. Best Broker Australia by the World Finance Awards 2013.

How to Use ThinkMarkets for Forex trading?

To use ThinkMarkets, a forex trader should have the necessities below:

  1. A copy of their identification documents
  2. They should be 18 years or older
  3. They should be a resident of an accepted country. The broker does not accept traders from the United States, Canada, Japan, and Belgium

If a Forex Trader has the conditions above, they can open a forex trading account to use ThinkMarkets.

How to open a Forex trading account with ThinkMarkets?

To open a Forex Trading account with ThinkMarkets, a trader should follow the steps below.

  1. Go to the registration area on the ThinkMarkets home page
  2. Fill out the required fields on the online registration form
  3. Read and accept the terms and conditions
  4. Click “Create Live Account” in order to submit your registration
  5. Upon approval of the above, you will be required to submit the following documents:
  • A valid passport
  • A valid government ID, such as a Driver's License or State ID
  • A valid National Identity Card
  • Proof of residence –  acceptable forms of proof of residence are:
  • A utility or landline phone bill, or a bank statement
  • All proof of residences must be current and not outdated by more than 180 days

What are the Forex Trader Account Types with ThinkMarkets?

Forex Trading Platform and Financial Asset Management Institution ThinkMarkets have 4 different account types. Every Forex trading account type has different features and conditions with ThinkMarkets. 

ThinkMarkets Account Types are listed below. 

  1. Demo Account

  2. Standard Account

  3. ThinkZero Account 

  4. Islamic Account

  • Demo Account

ThinkMarkets offers traders the option of opening a free demo account. This is a practice account that comes funded with virtual currency and offers a simulated version of the broker’s live accounts and trading platforms, in real market conditions. 

  • Standard Account

The Standard Account from ThinkMarkets is a good option for normal retail traders. There is no minimum deposit amount required in order to open a Standard Account, giving users the ability to access its features without necessarily having to use the account. 

Traders on the Standard Account are granted maximum leverage of 30:1 (for retail traders) which means they will receive 30 times more buying power for their initial investment. Professional traders have access to 500:1 leverage. 

The lot sizes are standard and customizable depending on the size of the trade you would like to place. The lowest amount is 0.01 lots, which is useful for beginner traders who prefer to begin trading with smaller amounts of money in order to incur less risk.

The maximum trade size will depend on the amount of margin you have available in your account.

Standard Account users are also granted free VPS hosting, which allows you to continue using your computer for trading even during power cuts, internet disconnections, or unexpected shutdowns.

With VPS hosting, traders simply connect to a remote terminal whose server is based near that of the broker’s and do your trading from any computer (Windows, Mac OS, Linux) without the need to install any software. 

  • ThinkZero Account

The ThinkZero Account from ThinkMarkets is a zero spreads account that offers minimal or zeroes spread between the bid and ask price. This means that traders get direct access to institutional pricing without any added mark-up by the broker. The only charge involved is a small commission. 

Commissions are charged only on Forex and Metals at $3.5 per side (100,000). There is a minimum deposit of 500 units of currency to open a ThinkZero account. The ThinkZero account offers leverage up to 500:1.

  • Islamic Account

ThinkMarkets provides Islamic clients, in order to comply with Sharia law, the option to open a swap-free account. This means that Islamic traders will not incur interest on positions held open overnight, but they will be charged an administration fee. 

An Islamic Account can be opened by submitting a request to the broker. You may have to provide documents supporting your religious status as part of the approval process for an Islamic Account.

How to Withdraw Money from ThinkMarkets?

To withdraw money from ThinkMarkets, the following should be done:

  1. To withdraw funds from your trading account, first, select Funding > Withdraw Funds in the ThinkPortal. 
  2. Then select the ‘New Request’ tab. 
  3. Then complete the online form and your withdrawal request will be processed within 1 business day.
    ThinkMarkets has a return to source policy which means funds are typically sent back to the original source in the order of deposits up to the original deposit amount. 

This means, for example, if you deposit through a Credit Card, funds up to the original deposit amount must be sent back to the same Credit Card. 

How many days do deposits take with ThinkMarkets?

Deposits with ThinkMarkets are processed within one working day. The time it takes for deposits to reflect with the ThinkMarkets account department may vary depending on your chosen deposit method. 

What are the costs and fees with ThinkMarkets?

ThinkMarkets has three different types of costs and fees, which consist of spreads, commissions, and swaps. 

A Forex Trading Cost is charged by a broker as compensation for its brokerage services. This will represent how the broker essentially makes its profit, and typically consists of one or all of the above types of costs. 

Commissions are charged on round trades and set by the broker. Spreads are the difference between the bid and the asking price and can either be set by the broker or the market, depending on the execution model. 

Swaps are interest charged on positions held open overnight. 

The Forex Trading Fees with ThinkMarkets are below. 

Commission:

  • There is no commission on the Standard Account. 
  • With the ThinkZero spread account, there is a 3.5 commission per side of 100,000. Commissions are also charged when share trading on the MT5 and ThinkTrader platforms.

Spreads:

  • Spreads with ThinkMarkets are very competitive
  • Spreads begin from zero pips while average spreads on major FX pairs, such as the EUR/USD and GBP/USD, are 0.5 pips and 1.2 pips respectively.

Swaps:

  • Swap rates are the interest rate differentials embedded in currency trades. Swap debits/credits are calculated as follows:
  • Current long/short rate * number of lots = swap debit/credit in second currency
  • ThinkMarkets’ swap rates are visible on all of the broker’s platforms, by following these simple steps:  
    • Click ‘View' along with the top menu
    • Select ‘Symbols'
    • Select which currency pair you want to see the swaps for, and click ‘Properties'
    • You can now see the long and short swap rates in the pop-up window
  • Swap rates are calculated each day at 4.59 pm New York time/11.59 pm MT4 platform time (GMT+2). Trades that have been opened before 4.59 pm and held open past this time will be subject to swap rates. 
  • Swap rates are tripled on Wednesday at 4.59 pm to account for weekends. Please note that this is the standard structure of swaps – however, on weeks where there are holidays, the swap rate structure may be modified to account for the holiday.

What are the Trading Fees with ThinkMarkets?

Apart from commissions, spreads, and swaps, ThinkMarkets will also charge an inactivity fee to accounts that have been dormant for more than six months. 

ThinkMarkets does not charge fees for deposits or withdrawing funds. However, please note that for Bank wire withdrawals you will be liable for any fees charged by the banks involved in the transaction, including intermediaries.

What is the minimum deposit in ThinkMarkets?

There is no minimum deposit required in order to open a Standard Account with ThinkMarkets. However, there is a minimum deposit amount of 500 units of currency in order to open a ThinkZero Account. 

What are the contract specifications in ThinkMarkets?

Feature ThinkMarkets
Forex Trading Yes
CFDs 12 000+
Forex Pairs 38
Cryptocurrency (Physical) 0
Cryptocurrency (CFD) 4+
Social Trading  Yes

Does ThinkMarkets have promotional offers?

No, ThinkMarkets does not provide promotional offers or bonuses to its new or existing clients. The broker is barred from offering promotions or bonuses due to regulatory restrictions imposed by both the FCA and ASIC. 

Does ThinkMarkets have a welcome bonus?

No, ThinkMarkets does not offer a welcome bonus. 

However, ThinkMarkets uses the latest technology to provide the best pricing and execution speed, delivering superior service to traders throughout their trading journey. 

ThinkMarkets provides some of the most competitive trading conditions in the market including tight spreads, low to zero commissions, and a variety of account types, which can all be tailored to the clients’ preferences and needs.

Does ThinkMarkets have a deposit bonus?

No, ThinkMarkets does not offer a deposit bonus.  This is due to the fact that ThinkMarkets’ regulators restrict the broker from offering a deposit bonus. 

Is there a commission-free trade bonus in ThinkMarkets?

No, ThinkMarkets does not offer a commission-free trade bonus. However, the broker does offer commission-free trading on the Standard Account.   

Is there a VIP bonus in ThinkMarkets?

No, ThinkMarkets does not offer a VIP bonus. ThinkMarkets does not offer a specialized VIP account for high net-worth traders.  

Can you start trading with no money at ThinkMarkets?

No, you cannot start trading with no money at ThinkMarkets. This is because ThinkMarkets does not offer any deposit bonus, therefore traders will need to deposit their own funds when opening a Trader Account.

How does leverage work with ThinkMarkets?

Using leverage allows you to trade position sizes with a fraction of the capital that would normally be required to trade that specific market.

Leverage allows you to do this by reducing the amount of margin required for each position opened. The higher the leverage you have set the less capital margin you are required to have in your account to place a trade.

Traders can use leverage with ThinkMarkets by emailing your account number and desired leverage from your registered email address to [email protected] 

Where are the headquarters of ThinkMarkets?

ThinkMarkets is headquartered in London and Melbourne with main offices in the Asia-Pacific, Middle East and North Africa, Europe, and South America

Who is ThinkMarkets’ CEO?

The CEO of ThinkMarkets is Nauman Anees. He has a degree from DePaul University and has experience in FX, Trading Architecture, High-Performance Low Latency Networks, and Machine Learning /AI.

What are the social media accounts of ThinkMarkets?

Traders can follow ThinkMarkets on the following social media accounts:

  • Twitter
  • Facebook
  • Instagram
  • YouTube
  • LinkedIn

How many employees do work for ThinkMarkets?

According to RocketReach, ThinkMarkets has 91 employees.

What are the opinions about ThinkMarkets?

ThinkMarkets is a fantastic option for beginner through to advanced traders. ThinkMarkets provides a feature-rich, highly adaptive trading environment with advanced trading platforms that cater for beginners and experienced traders alike. 

ThinkMarkets offers a huge range of trading instruments with extremely competitive commissions and spreads, while trading fees, in general, are low. 

Furthermore, ThinkMarkets is well-regulated by both ASIC and the FCA and offers additional client insurance for trading security. 

What are ThinkMarkets Contests?

ThinkMarkets does not run any kind of Forex Trading Contests. Forex Contests can be performed for brokers who offer them to traders to profit on contest winnings. 

ThinkMarkets didn't perform any Forex Contest in the past. For the future forex exchange contests and competitions, ThinkMarkets didn't perform any official announcements yet.

Does ThinkMarkets have online support?

Yes, ThinkMarkets has an online support team for Forex trade account users. Users can simply click the permanent chat support button on the broker’s website in order to contact a live chat support team member. 

Does ThinkMarkets offer demo accounts for Forex trading?

Yes, ThinkMarkets offers a free demo account for all new traders. The demo account can be opened with the following steps:

  1. Navigate to the demo account registration portal from the broker’s landing page
  2. There is a quick and easy registration form that can be completed and submitted online
  3. Upon submission of this document, you will receive login details for your new demo account

Does ThinkMarkets have a mobile app for Forex trading?

Yes, ThinkMarkets offers the ThinkTrader mobile app.  

The ThinkTrader mobile app has over 150 000 users to date, with 5-star reviews on both the Google and Apple app stores. 

The ThinkTrader app provides several great features, which are listed below. 

  • Quad screen display
  • Innovative analysis
  • Multi Deal Closure
  • Cloud-Based Alerts
  • Intelligent Trade Scanner
  • Multi-touch functionality

Does ThinkMarkets publish an economic calendar?

Many traders rely on an economic calendar in order to conduct effective fundamental analysis. The economic calendar will schedule important upcoming announcements which may impact global economic and currency prices. 

ThinkMarkets does offer an economic calendar. ThinkMarkets’ economic calendar provides information on financial events, forecasts, and historical data.

What is the communication information of ThinkMarkets?

ThinkMarkets has five telephone numbers and three local addresses. 

ThinkMarkets’ main telephone number is: +44 203 514 2374

ThinkMarkets’ main local address is: Hana, 70 St Mary Axe
London, EC3A 8BE

Alternate phone numbers are:

  • South Africa: +27 10 446 5933
  • Australia: +61-3-9093-3400
  • Italy: +39 023 057 9033 
  • Spain: +34-911829975