Regulators: FCA, ASIC
Minimum Deposit: $250
Maximum Leverage: 1:400
My Score: 6.7
ThinkMarkets is a CFD and Forex broker which is established in 2010. The broker headquarters in London and Melbourne and hubs in Asia–Pacific, Middle East and North Africa, Europe and South America.
I am going to take a look at the broker’s regulation, trading conditions, customer support and more.
ThinkMarkets’ purpose is to improve the forex trading experience by delivering industry-leading technology to the international trading community. It looks like they achieved this. The broker now has an international presence with clients in over 75 countries.
So, let’s look at what you are going to learn in this ThinkMarkets review. Is ThinkMarkets regulated? What are the account types of ThinkMarkets? How are the trading conditions such as spreads, leverage, and minimum deposit? Is ThinkMarkets scam or reliable?
I am going to start with the regulation section as I always do.
Regulation of ThinkMarkets
ThinkMarkets is regulated and authorized by UK’s FCA and Aussie ASIC. In Australia, the company behind the broker is TF Global Markets (Aust) Pty Ltd. and it is regulated by the Australia Securities and Investment Commission (ASIC)
In the UK, the company behind the broker is TF Global Markets (UK) Limited and it authorized and regulated by the Financial Conduct Authority (FCA)
Both FCA and ASIC are reputable watchdogs and they require strict rules to brokers who have their license.
Some of the rules are the minimum initial capital and clients’ money rule. For example, ASIC-regulated brokers must keep clients funds in segregated accounts, separate from the companies operating funds.
ASIC requires to brokers must hold at least $1 million on reputable banks to prove their good financial stability.
On the other hand, FCA requires to brokers must hold at least £730,000 to prove their good financial stability. Besides, clients of FCA-regulated brokers have covered the Financial Services Compensation Scheme (FSCS) coverage.
If the broker bankrupts, FSCS compensation secures the client’s funds up to a maximum £50,000 per person and per entity. Also, ThinkMarkets has Excess of FSCS Insurance that provides to cover investors’ funds up to £1 million as standard.
However, ASIC does not provide any compensation scheme in case a licensed company bankrupts.
Account Types & Spreads
ThinkMarkets offers two account types. These are Standard and Pro account types. Let’s look at them closer.
|Account type||Minimum trade size||Minimum deposit||Spreads||Maximum leverage|
|Standard||0.01||$250||from 0.4 pips on EUR/USD||1:400|
|Pro||0.01||$2000||from 0.1 pips + commission of $2.5 per side on EUR/USD||1:400|
The Standard account is commission free and it requires a minimum deposit of $250. Spreads are starting from 0.4 pips on EUR/USD. The maximum leverage is 1:400 and minimum trade size is 0.01.
When we look another account type, the Pro account requires a minimum deposit of $2,000 and spreads starting from 0.1 pips with a commission of $2.5 per side on EUR/USD. The maximum leverage is 1:400 and minimum trade size is 0.01.
As different from the standard account if you open a pro account on ThinkMarkets you can use free VPS service and account manager.
In comparison, IPT Markets offers Platinum account and it is similar to Pro account. However, there is no commission at IPT Markets and spreads are very competitive especially for a fixed spread account.
There is also an Islamic account which known as the swap-free account. ThinkMarkets provides Islamic clients, in order to comply with Sharia law, the option to open a swap-free account.
ThinkMarkets offers two platforms. One of them is the most popular platform MetaTrader 4 (MT4). The second one is its own Trade Interceptor platform.
MT 4 has elaborated and intuitively understandable interface, detailed information, simplicity in installation, broad analytical abilities, news feed, incorporated service of trading signals, and many other features.
Trade Interceptor platform is available for Windows and MacOS desktop software, mobile and tablet versions.
ThinkMarkets offers its clients to trade Forex, Indices, Shares, Metals, Commodities, Cryptocurrencies, Equities, and Futures.
Major currency pairs, gold, silver, Brent Crude Oil, US Crude Oil are available for trading. There are various cryptocurrencies such as Bitcoin, Bitcoin Cash, Dash, Neo, Ethereum, and Ripple.
The customer service of ThinkMarkets is very helpful. When I asked a question they respond me quickly and kindly. The live chat is working great.
The website of the broker, thinkmarkets.com, is well-designed. You can find almost all information about the broker.
ThinkMarkets Withdrawal and Deposit Methods
ThinkMarkets offers various withdrawal and deposit methods such as Bank wire, credit/debit card, e-wallet systems, Neteller, Skrill, Bitpay. There are also different methods available depends on countries.
Bitpay is a method that allows you to fund your account within just a few minutes by using your bitcoin wallet. Estimated transaction time is up to 10 min.
The best way to withdraw and deposit is credit / debit card. Because it is fast and secure. You can use AUD, EUR, CHF, GBP and USD currencies to deposit and withdrawal.
ThinkMarkets is a well-regulated broker which has 8 years of experience. The broker has Excess of FSCS Insurance and this is a big advantage for clients.
It offers its own trading platform and also MT4. ThinkMarkets offers advanced trading options, attractive conditions and fast execution speed.
You can trade with the broker but if you are a newbie you should start with a low deposit.