June 5, 2020

ThinkMarkets Review 2020

ThinkMarkets Review

Regulators: FCA, ASIC

Cryptocurrencies: YES

Minimum Deposit: $250

Maximum Leverage: 1:400

Spreads: Low

My Score: 6.7

ThinkMarkets is really a CFD and Forex broker that’s created this season. The broker headquarters at London and Melbourne and hubs from Asia-Pacific, Middle East and North Africa, Europe and South America.

I am likely to have a peek at the broker’s regulation, trading requirements, support and much 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 the 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 licenses.

Some of the rules are the minimum initial capital and clients’ currency decree. By way of instance, ASIC-regulated brokers must maintain customers budgets in segregated accounts, separate from the organizations operating capital.

ASIC takes to brokers must have partially 1 million on banks to show their good monetary equilibrium.

On the flip side, FCA requires brokers needs to take partially 730,000 to establish their good monetary equilibrium. Anyway, customers of FCA-regulated brokers have ensured the Financial Services Compensation Scheme (FSCS) policy.

If the broker bankrupts, then FSCS compensation frees the customer ‘s backing up to maximum of 50,000 per person and each thing. Additionally, ThinkMarkets has Excess of FSCS Insurance which provides to pay shareholders ‘ 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 at 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.

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.

Trading Platforms

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, a 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 trading platforms

Trading Instruments

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.

Customer Service

The customer service of ThinkMarkets is very helpful. When I demand a question they respond to 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 the 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.

thinkmarkets deposit withdrawal methods

Bitpay is a method that allows you to fund your account within just a few minutes by using your bitcoin wallet. The estimated deal time is up to 10 min.

The best way to withdraw and deposit is a credit/debit card. Because it is fast and secure. You can use AUD, EUR, CHF, GBP and USD currencies to deposit and withdraw.

Conclusion

ThinkMarkets is a well-regulated broker which has 8 years of experience. The broker has Excess of FSCS Insurance and this is a big convenience 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.

ThinkMarkets

6.3

Trust

6.5/10

Commissions and charges

7.0/10

Customer Service

5.0/10

Platform & Tools

7.0/10

Product Portfolio

6.0/10

Pros

  • Strong regulations (FCA, ASIC,)
  • Competitive Spreads, High Leverage
  • MT4 & MT5 endorsed

Cons

  • Payment approaches are restricted