ThinkMarkets Forex Broker Review
Last Updated: October, 2019.
Australia has always been known for its individuality, directness, and fairness, taking pride in a community of diversity and collaborative effort. These traits can also be found in ThinkMarkets.com, one of the leading forex brokers from the land down under. The firm was originally founded in New Zealand in 2010, but, within the short space of two years, its offering had drawn a burgeoning global crowd of loyal fans. It expanded its horizons and moved its headquarters to Melbourne, Australia, and later opened an office in London, as well. Today, it proudly serves a large client base in the Asia-Pacific corner of the world, but it has a global presence in over 75 countries across the planet. Industry awards have also been bestowed in abundance (check the website). ThinkMarkets is a trading name of TF Global Markets (Aust) Pty Ltd., holder of Australian Financial Services License number 424700. Unfortunately, U.S. clients are not currently accepted.
Honesty, integrity, and trust are foremost in the ThinkMarkets agenda. This ECN broker has no dealing desk, but relies on a global consortium of major liquidity providers to provide the best market prices for its clients. The firm is authorized and regulated by the Australian Securities and Investments Commission (ASIC), with additional oversight provided by the FCA in the UK. Client deposits are secured in segregated bank accounts in Tier-One banks in Australia, and its failsafe network of servers ensures quick order execution for those that wish to scalp, hedge, or use EAs to advantage. Trading platforms are from the highly popular series of Metatrader4 protocols, with mobile applications for your smartphones and tablet devices. MT4 features are standard, but ThinkMarkets has also hooked up with prominent third-party providers for social/copy trading, virtual private server access, and Autochartist, an advanced “AI” tool for discovering evolving patterns and trade opportunities in the midst of market chaos.
While the focus is on traditional foreign exchange trading, ThinkMarkets has also been very selective in choosing a unique package of CFDs for your further diversification. This package includes indices, metals, oil, and alternatives (the VIX and USD indices). You may choose from three account classes (a free Demo or Islamic account are also offered) – Standard, Pro, and VIP. Higher account classes will get you tighter spreads, from 0.8 pips for the EUR/USD pair under Standard to much lower for Pro and VIP. A dedicated account manager is also provided free of charge. Spread pricing can also be fixed or variable, depending on your trading strategy preference. ThinkMarkets also excels in the training and support area. Its “FX University” is loaded with training guides, videos, and webinars, both archived and live events. Bilingual customer service is “24X6”, and the website can be read in 17 languages. ThinkMarkets wants your patronage.
Unique Features of Trading with ThinkMarkets
Why trade with ThinkMarkets.com? The firm lists these reasons:
- Founded in 2010, with headquarters in Melbourne, Australia, and a satellite office in London;
- Regulated by ASIC, with additional oversight from the FCA in the UK;
- Client deposits safely held in segregated accounts with Top-Tier banks in Australia;
- Extensive global network of customers, spanning over 75 countries;
- Many industry awards for excellence in all areas (See website for details);
- Minimum deposit is $250;
- Accounts may be denominated in USD, EUR, JPY, GBP, AUD, CAD, NZD, CHF, and SGD;
- Three account classifications (including Demo and Islamic): Standard – ($250 to $1,999), Pro- ($2,000 to $24,999), VIP – ($25,000 and up);
- Dedicated account manager;
- No U.S. clients accepted at this time;
- Tight spreads (as low as 0.8 pips for Standard and lower for variable pricing for higher echelon tiers) and benefits vary by account status;
- Leverage can be up to 500:1 on all accounts for forex (200:1 for CFDs);
- Asset choices include forex pairs (35) and CFDs (10 indices, 2 metals, 2 oil, and the VIX and USD Index);
- Trading platform consists of MetaTrader4 protocols and mobile applications, augmented by unique package of enhanced trading tools and features;
- ECN shop with the backing of major liquidity providers;
- EAs (automated trading), scalping, and hedging allowed;
- FX University comprised of extensive library of support materials, including videos, training guides, live and archived webinars, direct one-on-one support, and daily analysis and commentary;
- Bilingual customer service staff available “24X6” via live chat, email, and direct phone line (Website in 17 languages);
- Proud sponsor of UNICEF.
Spreads and Leverage
Spreads are tight, but do vary by account status. Standard accounts can draw a 0.8 pip spread for the popular EUR/USD forex pairing. At Pro and VIP levels, the spread is a variable combination of fees that can approach a near-zero effective rate, great for scalpers and automated trading enthusiasts. Leverage is 500:1 for forex trading for all accounts. CFD trading is limited to 200:1.
The management team at ThinkMarkets has focused on the MetaTrader4 series of trading platform products. Mobile applications are also supported, as are a number of unique trading tools, such as MyFXBook’s exclusive AutoTrade platform, Forex VPS, and AutoChartist. The firm has also gone to great lengths to insure that their global communication network of servers will never break down. Equinix, a recognized leader in data center and network management, oversees the firm’s ECN backbone systems. Reliability and quick execution are the results. The latest in SSL technology is used to encrypt all activity data and personal information for security purposes.
Deposits and Withdrawals
Deposit options include major credit cards and banking wire transfers, but also include alternative payment systems like Skrill (Moneybookers), Neteller, BPAY, and Union Pay. Withdrawal requests will be processed in 24 hours, as long as standard KYC/AML documentation is current, on file, and in order. Withdrawals draw no charge, except for fees deducted by banking intermediaries.
Bilingual customer service representatives are available “24X6” via live chat, email form, or direct phone. Melbourne and London office addresses may be found on the website. The website has also been translated into 17 languages. Educational materials are comprehensive and include training guides, webinars (both archived and live), and videos. Daily analysis and commentary from the professionals at ThinkMarkets get you started for each day’s action.
If you want a broker that is committed to honesty, integrity, and trust, then the team at ThinkMarkets may be the one for you. From every perspective, they seem to have gone the extra mile in technology, reliability, features, pricing, customer service, and educational support, and it shows. They have built a loyal fan base in over 75 countries to date. There are no regulatory issues to speak of, and with ASIC and the FCA looking over their shoulders, you have the peace of mind that all traders want from their broker – safe deposits, reliable order execution, tight spreads, and wonderful support when it is needed. The company’s logo says it all: “ThinkMarkets – The Smart Way to Trade.”