- 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
- Share CFD commission higher than some
- No direct share trading
Disclaimer: Trading CFDs and forex on leverage is high-risk and you could lose more than your initial investment. It may not be suitable for every investor. Refer to the provider's PDS and consider the risks before trading.
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|Type of broker||Online only|
|Available markets||Forex, indices, commodities, metals, stock CFDs, ETF CFDs, futures|
|Minimum Spreads for Major Currencies||From 0 pips|
|Leverage||50:1 - 500:1|
|Commission||$0 for standard account|
|Minimum opening balance||No minimum for standard account|
|Minimum Trade Size||0.01|
|Platforms||MetaTrader4, MetaTrader5, ThinkTrader|
|Support||24/5 live chat, email, phone|
ThinkMarkets is an online forex and CFD broker headquartered in London, United Kingdom and Melbourne, Australia. It launched in 2010 and has offices in 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.
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 Meta 4 or Meta 5 platforms offer. This includes advanced charting, technical analysis tools, backtesting and risk assessment tools.
Its spreads and fees are competitive on both standard and advanced accounts, and you can get up to 25 trades commission-free. You also get a longer list of commodities, CFD shares and indices than many other brokers offer.
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.
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.
Users can access a good selection of markets, with over 38 global currencies pairs, commodities trading in gold, silver, oil and natural gas, 5 cryptocurrencies and CFD shares and indices.
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.
There are no subscription, monthly or inactivity fees, so you won't be charged for an inactive account. The standard account has no minimum opening balance, while the ThinkZero account requires $500 to open.
|Minimum opening balance||$0||$500|
|Spreads||From 0.4 pips||From 0.0 pips|
|FX commission per lot||$0||$7 ($3.50 per side)|
|Minimum trade size||0.01||0.01|
|Leverage||50:1 - 500:1||50:1 - 500:1|
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 and cryptocurrencies are only available on ThinkTrader and MT5 platforms.
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.
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.
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 (Meta 4, Meta 5 or ThinkTrader). You will also have the option of choosing your own maximum leverage (up to 500:1) and your account's currency (AUD, USD, etc).
You'll need to provide the following identification details:
After you've been approved, you can download your platform of choice and starting trading.
Deposit methods: Visa, Mastercard, Skrill, BPAY, UnionPay, NetBanx, globalcollect, bank transfer.
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, you have the option of using Meta 4 and Meta 5 if you want the standard, plus its advanced ThinkTrader 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.
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