Choosing your Forex and CFD broker is a pivotal step in establishing how successful you will be in your trading. The broker you select can essentially make or break your experience as they essentially oversee all processes. ThinkMarkets was once seen as one of the more reputable brokers in the online trading industry, however, recent user reports show their ThinkMarkets experiences are quite the opposite.
ThinkMarkets was established in 2010, making it one of the more relatively newer entities in Forex compared to others that have been in business for decades and adapted to newer digital environments.
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Forex.com : Best U.S. forex platform
ThinkMarkets was for quite some time reputable as one of the more trusted and verifiable brokers in the industries, however recent developments and user reports have led to subsequent skepticism about the broker and created an unsure aura surrounding ThinkMarkets, making it a less preferred option in comparison to more established platforms such as Coinbase.
In an effort to establish whether ThinkMarkets is reputable, we have analysed the broker in detail and gone through its pros and cons. Following an extensive review, we have concluded that ThinkMarkets is not an optimal choice to serve as your main Forex and CFD broker and we would not recommend it.
What is ThinkMarkets?
ThinkMarkets is a global financial asset online brokerage firm that was founded in 2010. The firm offers trading and brokerage access to a number of different markets including foreign exchange currencies, CFDs (Contracts for Difference), cryptocurrencies and much more. ThinkMarkets provides solutions for trading a wide range of assets and trading pairs with competitive trading fees and relatively low spreads.
ThinkMarkets additionally places an emphasis on order execution; they claim a partnership with Equinix, offer direct integration with Trade Interceptor as well as MT4 while additionally enabling multilingual client support team.
ThinkMarkets acts a multi-asset brokerage firm meaning they offer trading services for many different assets and markets. These include:
- Forex – Provides access to approximately 38 forex pairs
- Stocks – Trade 125 shares with zero commission and up to 10:1 leverage
- Indices – Trade 10+ major global indices (Direct CFD integration)
- Cryptocurrency – Offers trading of 9 different cryptocurrencies with up to 32:1 leverage
- Commodities – Trading of oil and gas with zero commissions
- Metals – Trading of precious metals including platinum, gold, and silver with low spreads
ThinkMarkets – Unique Features
In terms of exclusivity, ThinkMarkets does not provide a large range of features that other forex brokers do. While ThinkMarkets does not provide many exclusive core features, it does offer partnerships that other brokers have not acquired :
➡️Equinix Partnership for Order Execution
ThinkMarkets is partnered with the data center Equinix – this reportedly enables them to offer some of the fastest order execution speeds in the industry, an advantage for those who are trading in very small time intervals.
➡️Trade Interceptor Integration
While the majority of Forex brokers and CFD providers enable MetaTrader4 integration, ThinkMarkets provides one of the first alternatives in their direct compatibility with Trade Interceptor. ThinkMarkets does provide MetaTrader as well, however, its uniqueness can be found in its Trade Interceptor implementation.
ThinkMarkets features a separate center designed exclusively for educational purposes in learning more about trading Forex, CFDs, and general markets online. Generally, this is not exclusively beneficial as many other trading sites offer these areas as well.
The ThinkMarkets broker is widely known, however, the countries that it prohibits are among some of the most mainstream. ThinkMarkets also fails to reach the global level of jurisdictional support that many other Forex providers have succeeded in offering. The prohibited countries for ThinkMarkets include:
- The United States of America
ThinkMarkets has succeeded to an extent in providing their services for a large number of different languages. They offer the ability to filter between languages which it will then autonomously translate for you (Upon selection). While ThinkMarkets does not offer the largest number of languages, it does offer a comparatively decent amount. As a result, we give ThinkMarkets the following score in regards to languages:
The following jurisdiction’s languages are supported via ThinkMarkets:
ThinkMarkets Trading Platforms
If ThinkMarkets succeeds in one area mainly, it is arguably in the sector for its trading platform support. While almost all major Forex/CFD brokers offer MetaTrader4 support, ThinkMarkets not only offers MT4 support, but also a innovative alternative: Trade Interceptor.
ThinkMarkets offers direct integration for Trade Interceptor (TI) – with TI, you’re able to link your ThinkMarkets accounts to a variety of devices including your computer, smartphone, and more. TI enables you to execute trades at competitively high execution speeds, and in combination with ThinkMarkets partnership with Equinix, the pair offers some of the fastest execution times.
As should most mainstream Forex brokers, ThinkMarkets offers support for MetaTrader4. This additionally offers support with ThinkMarkets partnership with Equinix which when combined with MT4 offers very fast trading speeds.
ThinkMarkets also integrates with Autochartist, which is an autonomous indicator and chart scanner, which enables you to complete additional technical analysis prior to your trading.
Fees and Limits
ThinkMarkets fees actually prove successful in providing spreads that are competitive within the industry. The main liquid currency spreads start at as low as 0.4 points. In comparison to most other mainstream Forex and CFD brokers, ThinkMarkets is among some of the better choices when it comes to providers offering favorable spreads. User reviews have indicated while ThinkMarkets is fairly consistent in being able to offer these spreads, it sometimes falters, and hovers below its intended amounts. Generally, however, spreads for ThinkMarkets are higher-tier.
For those wondering what fees ThinkMarkets have, they run their fee structure based upon account tiers – subsequently, the higher the rank of your account tier, the lower amount of fees you will pay, however, the more you will pay for your tier status. If you’re someone who is trading consistently, this means you’re going to be racking up fees, so as a result, ThinkMarkets offers you a trading account tier for a flat fee and lower-to-none fees. The accounts are as follows:
Standard – This account type is activated with a minimum account balance of $250 and is the lowest tier. This account has wide spreads with zero commission.
Pro – This account is designed for traders one step higher than most basic accounts. To activate this tier, you need a $2,000 account balance minimum. This account provides three unit/side-based commission structures. This is for larger and more frequent volume trades.
V.I.P. – These are custom accounts and are not based on static parameters. Users can negotiate commissions and work with ThinkMarkets for a custom-fee account.
Deposit and Withdrawal fees
Deposit fee, Credit/Debit card– This Forex broker enables a flat fee of 2.5% per VISA credit/debit card deposit.
Withdrawal fee – The broker implies a fixed fee per withdrawal that is made.
ThinkMarkets maintains a general minimum deposit requirement (For the most basic account type) of $250 – this means you’re required to add a minimum amount of $250 to start trading and using the platform.
The minimum deposit can be made through a variety of methods including bank wire, card, and more.
ThinkMarkets offers a total of 4 types of trading accounts, making it a broker with more accounts than most providers. Each account has its own specifications and is tailored for specific purposes. Let’s review, seeing each accounts features, what they’re best for, and also what it’ll cost.
The ‘Basic’ Account is what the majority of users on ThinkMarkets will be using. Basic Accounts employ a minimum .4 pip spread while trading Forex, with an average of around 1.2 pips. They also are best for trading beginners and are the default account you’re given when trading demo accounts on ThinkMarkets.
- Trade Interceptor and MT4 integration
The ThinkZero account is tailored more for those who wish to pay flat fee commissions on their account and additionally know they will maintain cash allocation in their accounts (In other words, know they won’t be hitting margin calls).
For a ThinkZero account, you must maintain a $500 minimum operating balance. These accounts enable:
- Forex spreads of 0-0.1 pips
- CFD spreads starting at 0.4 points
- MT4 integration
- Account Manager feature
- + all other product features in the Basic Account tier.
ThinkMarkets offers Islamic Accounts for Islamic-based users in compliance with Sharia law. This enables users to open free of swap accounts.
You can open custom accounts on ThinkMarkets for joint accounts, which can be shared by multiple people.
Account types on ThinkMarkets are subjective and are dependent upon your needs. ThinkMarkets has an edge in their trading account types, as they allow for a larger amount of customization.
How to Sign Up and Trade on ThinkMarkets
Creating an account on ThinkMarkets is very simple. Follow these steps to open an account:
- On the ThinkMarkets trading platform homepage, click the green ‘Create Account’ button that is located in the center of the page.
- On the newly loaded page, you’ll see a larger input form has loaded. Through this, you’ll input information that you’ll need in order to apply for an account on the platform.
- Once you’ve submitted the information required, your application will be submitted for review. This will take anywhere from 1-7 days.
- After your application has been approved, you’ll need to fund your account. You can find this option on the ThinkMarkets dashboard. Link a deposit method as instructed on your account page. A minimum of $250 is required.
- Once funds confirm, start trading.
Configuring Your ThinkMarkets Account
ThinkMarkets enables you to configure your trading account via either Trade Interceptor for MetaTrader4. We’ll go over both instances.
Trade Interceptor is one of the more preferred trading platforms that are available on multi-systems including Windows, Mac, iOS, and Android. To get started, first download the application version from TI’s download page.
Once downloaded, specify ThinkMarkets as the indicated broker, and set up your trading desk as you’d like, customizing your selected watchlist, and all else.
You can interact with various Trade Interceptor functionalities as well from your main ThinkMarkets account portal.
MetaTrader4 (MT4) is considered an industry standard for many who engage in Forex trading. Getting started with MT4 and ThinkMarkets is very easy. Firstly, download the MT4 platform to your system of choice. This can be done easily on MT4’s homepage and selecting the download tab as follows:
Select ThinkMarkets as your broker of choice when prompted upon download and log in – you can also start on MT4 with a demo account which can be a good option if you’re just starting out with trading. Your trading view can then be customized as you wish. The following demonstrates an example of a customized trading desk:
Security and Regulation
ThinkMarket’s adherence to regulation and general compliance is, unfortunately, its debilitating quality. A large number of users, through a variety of Forex brokerage review sites and general trading forums, have complained to ThinkMarkets because of the uncertainty with ThinkMarket’s regulatory status. Keep in mind, factually, ThinkMarkets claims authorisation for operation via FRN #629628. ThinkMarkets, as you can see on these Forex and forum sites, has not addressed some of these complaints involving their compliance status which raises questions. In ANY case, we always advise you to complete thorough due diligence and form individual well-researched conclusions.
ThinkMarkets has maintained a comparatively high-level of security when it comes to their brokerage firm. Multiple levels of verification and authorisation are required in order to access the firm. Additionally, what gives us a high level of confidence in regards to security with ThinkMarkets is the fact that the firm is partnered with Equinix, which is one of the world’s leading data-centers. This means your information, trade security, and data safety is a part of one of the world’s leading firms.
ThinkMarkets safety itself has never suffered a security breach, however, it places reliability on users themselves as platforms such as MT4 and TI are integrated.
In any sense, ThinkMarkets security itself is relatively positive as shown by partnerships and a clear track record.
Deposit and Withdrawal Process
ThinkMarkets offers the basic deposit/withdrawal processes implied with most Forex brokers. It does not offer PayPal, as well as a few other highly demanded alternatives.
The following methods are supported:
- Wire Transfer
- VISA Credit/Debit Card
- MasterCard Credit/Debit Card
ThinkMarkets, unfortunately, does not offer BitPay as a withdrawal method, only for deposits. ThinkMarkets falls short in its ability to enable support for PayPal or local online banking. This is opposed to Plus500 and Coinbase which provides a variety of payment methods including China Union Pay, Credit / Debit card, Giropay, Neteller, PayPal, Skrill Limited UK, WebMoney, Wire Transfer, Yandex, and Local Online Banking.
ThinkMarkets users are able to withdraw funds from any of the above methods except for BitPay. The fee that is imposed per withdrawal is based on the type of payment you select. There is currently no minimum withdrawal amount, just as long as you can cover the fees associated.
Education and resources
One of the areas that ThinkMarkets does, in fact, succeed in is its educational and resources section. ThinkMarkets has its own ‘Education’ section tailored specifically for new traders who’d like to increase their knowledge and learn more about the trading industry. The education section can be found here on ThinkMarkets.
ThinkMarkets has not only a tutorial service that starts out with very beginner-based guides and concludes with their “Advanced” user guides. Additionally, ThinkMarkets has their own video guide section.
Based upon the public user reviews that are available to view online, ThinkMarket’s customer service is unfortunately where they demonstrate error. Their site claims that they offer 24/6 customer service (24 hours a day and 6/7 days a week), however, after testing out for ourselves, it seems as if their support team doesn’t rank very competitively in comparison to other providers such as Coinbase.
ThinkMarket’s support team does not seem very knowledgable with their own technology and is oftentimes unable to answer very basic preliminary questions. As customer service is a pivotal aspect of any Forex broker, we’re not entirely confident with ThinkMarkets as a whole.
ThinkMarkets does show some muscle in terms of enabling mobile trading. They offer both TI and MT4 integration. There is no proprietary ThinkMarkets app.
ThinkMarkets is one of the only Forex brokers at this time that offers comprehensive integration for TI – a large plus.
Pros and Cons
ThinkMarkets is a broker that offers great mobile integration and usage; it additionally offers some exclusive features, however, due to the amount of negative feedback and reported issues, we cannot endorse this broker. We would recommend Coinbase as an alternative as it enables a range of features that make it the best broker of choice and is a globally renowned option.
Forex.com : Best U.S. forex platform
Forex.com : Best U.S. forex platform
What trading platforms are available on ThinkMarkets?
ThinkMarkets enables two major online trading platforms (Trade Interceptor as well as MetaTrader4).
Can I deposit Bitcoin to ThinkMarkets?
You can deposit Bitcoin to ThinkMarkets for trading via BitPay, however, you cannot withdraw via cryptocurrency.
What markets are enabled on ThinkMarkets?
ThinkMarkets offers Forex, cryptocurrency, indices, precious metal, commodity, and equity trading in traditional and also serves as a CFD broker.
I'm from the U.S. and it's hard to find a broker - can I use ThinkMarkets?
No, unfortunately, ThinkMarkets is not enabled in the United States. Coinbase is a valid U.S. enabled broker, however.
Can I create a demo account with ThinkMarkets?
Yes, ThinkMarkets enables demo accounts which allow you to trade markets with virtual/fake money. This is a great option and is recommended for beginners.
I'm choosing a broker, do you have brief thoughts on whether I should choose ThinkMarkets as my broker?
Due to the amount of negative feedback, user concerns, and general personal review that we have conducted, we do not generally believe ThinkMarkets is an entirely reliable option.
How much margin can I use on ThinkMarkets?
For those who are trading forex and utilize CFDs, you can use up to 500:1 margin on ThinkMarkets.
ThinkMarkets says zero commissions, what's the catch?
ThinkMarkets has an account type that enables zero flat fee commission, but as a result, implements the price you pay in the spreads of the pair you use. It's not really zero commission, just zero flat fees.
Does ThinkMarkets have notable partnerships?
ThinkMarket's most notable partnership is with Equinix, the data center.