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ThinkMarkets review Australia: Forex, commodities and CFD broker
ThinkMarkets is a UK and Australia based forex and commodities broker that offers competitive fees and spreads plus advanced trading features such as technical analysis tools and charting. It offers more than 38 currency pairs, gold, silver, oil, gas and stock and indices CFDs.
Important
Trading CFDs and forex on leverage is high-risk and not suitable for all investors - you could even lose your initial investment. Always check the provider’s PDS and consider the risks before trading.
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Details
| Type of broker | Online only |
|---|---|
| Available markets | Forex, indices, commodities, metals, stock CFDs, ETF CFDs, futures |
| Minimum Spreads for Major Currencies | From 0 pips |
| Commission | $0 for standard account |
| Minimum opening balance | No minimum for standard account |
| Minimum Trade Size | 0.01 |
| Leverage | 25:1 - 30:1 |
| Platforms | MetaTrader4, MetaTrader5, ThinkTrader |
| Support | 24/7 live chat, email, phone |
Quick verdict
Good for
- Offers 38+ currency pairings
- Spreads as low as 0.0 pips
- Quality customer service
- CFD shares and indices at no extra fee
Not so great for
- Direct share trading is on a separate platform
About ThinkMarkets
ThinkMarkets is an online forex and CFD broker headquartered in London, United Kingdom and Melbourne, Australia. It launched in 2010 and has offices in Australia, the US, the Middle East, North Africa, Europe and South America.
In addition to forex, users can trade stock and ETF CFDs, indices, commodities, cryptocurrencies and futures. It offers the industry-standard platforms MetaTrader 4 and the next-generation MetaTrader 5 as well as its proprietary platform ThinkTrader, which offers advanced charting, technical analysis and analytical tools to measure risk.
Why trade with ThinkMarkets?
There are a few solid reasons why you might go with ThinkMarkets ahead of another platform. First, its proprietary platform ThinkTrader will appeal to advanced traders that are looking for features beyond what the standard MetaTrader 4 or MetaTrader 5 platforms offer. This includes advanced charting, technical analysis tools, backtesting and risk assessment tools.
It spreads and fees are competitive on both standard and ThinkZero accounts. You also get a longer list of commodities, CFD shares and indices than many other brokers offer.
- Customer service. Above average customer service with quick response times and detailed answers.
- Spreads. FX spreads are as low as 0.0 pips on the ThinkZero account and start at 0.4 on the standard account.
- Commission. You pay zero commission for forex trading on the standard account.
- Fast execution. ThinkMarkets offers high-speed trade executions
- Technical analysis. Its proprietary ThinkTrader platform offers advanced trading tools including charting, technical analysis and backtesting.
Is ThinkMarkets trustworthy?
ThinkMarkets is registered with the Australian Securities Investment Commission (ASIC) under the trading name TF Global Markets (Aust) Limited and its a holder of Australian Financial Services Licence.
On popular user review sites, it has received mostly positive feedback, with users pointing to its tight spreads, good customer service, gold and forex trading and its unique ThinkTrader platform offering.
- Forex Peace Army: 3.4*/5
- AU Trustpilot: 4*/5
Note: Forex and CFD trading always carries risk, which you should be aware of, so read up before you start investing. Do your research before signing up to any forex or CFD trading platform.
What can I trade on ThinkMarkets?
Users can access a good selection of markets, with over 38 global currency pairs, commodities trading in gold, silver, oil and natural gas, over 15 cryptocurrencies and CFD shares and indices.
- Currency Pairs including: Major, Minor and Exotic
- Indices: 16 Global Indices including:Australia 200, China A50, Dow Jones 30, EuroStoxx 50, France 40, Germany 30, Hong Kong 50, Japan 225, Nasdaq US tech 100, South Africa ZAR40, Spain 35, US Dollar Index, UK 100, US SPX500, plus an additional 6 AUD Denominated Indices.
- Share CFD Trading: Access to more than 1500 share CFDs (MT5 or ThinkTrader required).
- Commodities: Gold, Gold (zero), Gold (mini) Silver, Silver (zero), Silver (mini), Platinum, Copper, Crude Oil (WTI), Crude Oil (Brent), Natural Gas,
- Cryptocurrencies: Bitcoin, Bitcoin (cash), Etherium, Litecoin, Ripple and more.
- Direct ASX shares: To buy and sell shares directly (not via CFDs) you can sign up to a ThinkMarkets share trading account.
What are ThinkMarkets' spreads and fees?
ThinkMarkets has among the lowest forex spreads and fees on the market. There are no broker FX commission costs when you use the Standard account however the advanced ThinkZero account charges $7 per trade on FX and Metals.
There are no subscription, or monthly inactivity fees, but ThinkMarkets do reserve the right to charge a fee for inactive accounts. The standard account has no minimum opening balance, while the ThinkZero account requires $500 to open.
| Standard | ThinkZero | |
|---|---|---|
| Minimum opening balance | $0 | $500 |
| Spreads | From 0.4 pips | From 0.0 pips |
| FX commission per lot | $0 | $7 ($3.50 per side) |
| CFD commission | None | None |
| Minimum trade size | 0.01 | 0.01 |
| Leverage | 25:1 - 30:1 | 25:1 - 30:1 |
What account types are available with ThinkMarkets?
ThinkMarkets has two main account options: Standard and its active account ThinkZero. There's also a demo version of the software and an Islamic Account that complies with Sharia law. You get the same list of trading instruments on Standard or ThinkZero accounts, however, CFD stocks are predominantly available on ThinkTrader and MT5 platforms.
- Demo version: A free trial version is available with $25,000 practice funds to play with for 90 days.
- Standard: You can open the basic account with no minimum deposit required and spreads starting at 0.4 pips.
- ThinkZero: You'll get tighter spreads using the ThinkZero account with pips starting from 0.0, though you'll need to pay a commission fee of $7 on forex and metals and there's a minimum $500 deposit to open the account.
- Islamic account: A Sharia compliant account that offers a limited selection of currencies.
- Share trading: To buy and sell shares directly (not via CFDs) you can sign up to a ThinkMarkets share trading account.
What customer support options are available?
I was happy with ThinkMarkets' customer service. The live chat responses I received were quick and detailed, plus the person I spoke to over the phone when I signed up was friendly and easy to chat to. Support staff seemed to have a good understanding of the forex market and CFD markets and went out of their way to assist.
Support options:
- 24/7 live chat
- Phone
News and training material
ThinkMarkets offers a decent hub for new traders, with training and basic how-to guides. More extensive educational material is offered once you sign up.
MT4 and MT5 already offer inbuilt news and company updates as well as customisable notifications to help keep you on top of important markets. ThinkMarkets' proprietary ThinkTrader platform also offers a news service powered by financial analysis provider FXWirePro.
How do I open an account with ThinkMarkets?
You can apply for a demo, standard or ThinkZero (advanced) account by clicking on the link above.
When you open an account with ThinkMarkets, you'll have the option of choosing your preferred account type along with your platform of choice (MT4, MT5 or ThinkTrader). You will also have the option of choosing your own maximum leverage (up to 30:1) and your account's currency (AUD, USD, etc) from the base currencies available.
You'll need to provide the following identification details:
- Home address
- Net annual income
- Savings
- Experience level
- Option 1: Two photo IDs such as passport and driver's license
- Option 2: One photo ID plus one proof of address such as bank statement or bill
After you've been approved, you can download your platform of choice and starting trading.
Deposit methods: Visa, Mastercard, Skrill, Neteller, BPAY, BitPay bank transfer. POLi and PayPal.
Conclusion
ThinkMarkets has all the usual options when it comes to trading forex and CFDs, with a few additional features to keep advanced traders happy. Its customer support is well above the average, and you have the option of using the popular MT4 and MT5 platforms plus its advanced ThinkTrader platform with over half a million users globally for those wanting advanced analysis features.
Not sure if it's for you? Check out our full list of forex and CFD brokers to compare fees, spreads and markets.
ThinkMarkets FAQs
Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, CFDs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Trading CFDs and forex on leverage comes with a higher risk of losing money rapidly. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades.
