Based on our review, ThinkMarkets wasn’t able to get an impressive total score. For this reason, we highly recommend that you sign-up with much more stable brands such as Plus500, eToro or Pepperstone as alternatives so you can continue with your trading activities.
|Platforms||ThinkTrader for Web, ThinkTrader for Mac, ThinkTrader Mobile, MT4 Web, MT4 Mac, MT4 Mobile|
|Minimum account size||$250|
|Minimum lot size||0.01|
|Spread on EUR/USD||0.1 pips|
|Payment methods||Credit/Debit Cards, Bank Wire, PayPal, Skrill, Neteller, Payment Asia, FasaPay, WebMoney|
|Accepts US traders||No|
|Regulated||FCA (UK), ASIC (Australia)|
|Support||Email, Phone, Live Chat|
- Fast order execution
- Tight spreads
- Comprehensive trading education materials
- US traders not accepted
- Trading conditions and access to certain platforms are based on account type
ThinkMarkets is a forex and CFD brokerage that has been in the business since 2010. They were previously known as ThinkForex before rebranding to its present name and launching its own proprietary platform. Have they improved their services or should you consider finding another broker? You may continue reading this review to know what to expect.
There are two major platforms to choose from. The first is the proprietary and fully customizable ThinkTrader which has a 1-click trading feature, custom order tickets, a selection of technical analysis and charting tools, autochartist and over 100 indicators. It has a web-based portal, a software for Mac computers and applications for mobile devices. There’s also the advanced MetaTrader 4 or MT4 which is institutionally known for providing ultra-fast trade execution and its integrated indicators and tools. There’s web-based version, a downloadable software for Mac computers and mobile applications as well. We were able to test all of them and were highly satisfied with its quality. This warrants a Platform score of 10/10.
Both the ThinkTrader and MT4 platforms have user-friendly layouts so you won’t get confused using the respective interfaces. They run perfectly smooth on computers, web browsers and mobile devices while the loading was impressively fast which is why we are giving them a perfect Design score of 4/5.
There are three different account types and if you just prefer the Standard account, you need to initially fund it a minimum of $250. The Pro and VIP accounts however require higher deposits at $2,000 and $25,000, respectively. It’s a tad higher than the requirements of other brokerages but certainly not that far and for this they notched a Minimum Deposit score of 3/5.
Minimum Lot Size
All account types accept a minimum contract size of 0.01 which is by standard the smallest trade size to initiate a position. It’s also worth mentioning that they allow partial order closing or closing partial size positions of any multiple increment value. Based on our scoring system, they got a Minimum Trade Score of 4/5.
ThinkMarkets has 50+ instruments available on their platforms. You can trade on more than 30 currency pairs, indices, energies and commodities. Some brokerages however offer much more choices but the consolation here is that the instruments that they have are those that have high trading volumes. For this reason, we are giving them a Tradable Assets score of 3/5.
Even during volatility, they can provide very tight spreads even on major forex pairs. The EUR/USD for example has a spread of 0.8 pips for Standard account types while Pro and Premium account holders will be able to enjoy much lower spreads at 0.1 pips. Such competitive rates deserve a Payouts score of 10/10.
If you want to withdraw your funds, you need to download a withdrawal request form which is in PDF format and send it back to their support team. The processing time takes only 24 hours to complete and is much faster than their competition. This warrants a Withdrawal Time score of 10/10.
Deposit and Withdrawal Methods
Funding your trading account can be done via a selection of payment methods. You can use credit or debit cards (Visa and MasterCard), Bank Wire, PayPal, Skrill, Neteller, Payment Asia, FasaPay or WebMoney. Since there are plenty of options, we are giving them a Deposit and Withdrawal Methods score of 5/5.
They have multilingual support team that is available 24 hours a day, 6 days a week. You have the option to contact them via their global phone numbers in the UK, Australia and Spain, email, live chat or requesting a call back by submitting a support ticket. We were able to get in touch with their customer service agents and were very impressed on how fast and accommodating they are in answering all of our questions and handling all of our concerns. This definitely merits a Customer Support score of 10/15.
Their partnership with an established data centre like Equinix allows then to provide institutional order execution. This was proven by our tests which revealed highly accurate market prices. This warrants a perfect Quote Accuracy score of 9/10.
ThinkMarkets was previously known as ThinkForex. It is operated by TF Global Markets. It has a license from the Australian Securities and Investments Commission (ASIC) and the Financial Conduct Authority (FCA) in the UK which means that they have passed the strict requirements of the most-trusted financial regulatory bodies in the world. This certainly makes them highly credible but aside from these licenses, our extensive research also revealed that they are among the top rated investment companies across the globe based on the positive reviews and comments we have seen and for this reason we are giving them a Reputation score of 12/20.
ThinkMarkets has its pros and cons. Clearly, it’s not a scam but if you’re looking for the best trading experience then exploring other more established brands might be the better option particularly if you’re from the UK or Australia.