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ThinkMarkets review Australia: ASX share trading
$8 flat brokerage fee per trade on Australian CHESS-sponsored shares
Good for
- Flat brokerage of $8 (up to $200,000)
- Access ASX and Chi-X shares
- Available on mobile
- CHESS-sponsored shares
- No inactivity fee
Not so good for
- Must switch accounts to trade CFDs/forex
- Share trading not available on desktop
- No live streaming (Live prices only at refresh)
New customers who open a ThinkMarkets account will receive 10 brokerage free trades completed before 31 December 2021
New customers who open a ThinkMarkets account will be eligible to receive up to 10 brokerage free trades that can be used within the first 30 days of opening an account prior to 31 December 2021. To get access to this deal, simply click on the link above and open an account with ThinkMarket. After 30 days or 10 free trades, standard $8 brokerage fees will apply.
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AUD $8
Standard brokerage fee
ASX
Available markets
Phone, Email, After hours, Live chat
Support
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Details
| Type of broker |
Online |
|---|---|
| ASX products |
Shares |
| Available markets |
ASX |
| Standard brokerage | AUD $8 |
| Support |
Phone After hours Live chat |
Note: This review is for ThinkMarkets share trading account only. For information on fees and features related to its CFD account, head to our ThinkMarkets CFD and forex review page.
About ThinkMarkets
ThinkMarkets is an online share trading, forex and CFD broker headquartered in London, United Kingdom with offices located in Melbourne, Australia. Although it has traditionally been a forex and CFD broker, it launched a share trading option in Australia in August 2020 under the "Cash Equities" platform.
The ThinkMarkets share trading account offers Australian shares and exchange traded funds (ETFs) listed on the Australian Securities Exchange and Chi-X. In order to trade CFDs and forex, you'll need to apply for a new CFD account; however, you can switch between the two accounts under the same login.
Key features
ThinkMarkets has an easy-to-navigate and clean mobile share trading app. While minimal, it covers most of the basic requirements you look for in a share trading app, including conditional orders, watchlists, stock alerts and portfolio tracking. The main downside is that it does not include live pricing, even at an extra cost.
Low fees
Brokerage starts at $8 for ASX-listed stocks and ETFs, which is on the lower end of the scale. Importantly, ThinkMarkets doesn't charge any monthly account fees, subscription fees or inactivity fees if you don't place any trades within a certain time frame.
Quick sign up
While the registration process can take up to two weeks with some brokers, you can sign-up for a share trading account on ThinkMarkets within just a few minutes.
CHESS-sponsored shares
Shares are CHESS-sponsored under your personal HIN meaning your ownership of the shares is kept on record by the ASX. Being registered on the ASX CHESS system means that you can track all your holdings under the one identification number (HIN) rather than multiple reference numbers across different share registries.
24/7 customer support
You can access live chat, email and phone support 24/7.
News and training material
ThinkMarkets has a good selection of material for new traders, with training and basic how-to guides. More extensive educational material is offered once you sign up.
ThinkMarkets' proprietary ThinkTrader platform (CFDs only) also offers a news service powered by financial analysis provider FXWirePro. There's no news source available for share trading accounts and there are no broker ratings.
What account types are available?
There's only one account available for share trading and there are three account options for CFD trading, including a demo account.
- Share trading: Trade ASX- and CHI-X-listed shares starting at $8 a trade.
- CFD demo version: A free trial version is available with $10,000 in practice funds to play with for 30 days.
- CFD standard: You can open the basic account with no minimum deposit required and spreads starting at 0.4 pips.
- CFD ThinkZero: You'll get tighter spreads using the ThinkZero account with pips starting from 0.0, though you'll need to pay $7 forex and there's a minimum $500 deposit to open the account.
- CFD Islamic account: A Sharia compliant account that offers a limited selection of currencies.
What markets can you trade?
You can only access Australian-listed shares and exchange traded funds (ETFs) on the ASX and Chi-X through the share trading account. There are no international shares and you cannot trade options
If you decide to sign up for a CFD account, you can trade forex, indices, commodities, metals, stock CFDs, ETF, CFDs and futures.
Trade options
You have the option of using a basic market order or two conditional orders:
- Market to Limit: A market order that converts to a limit order at the best opposing price on entry
- Limit: An order instruction to buy or sell a stock at a specific price.
As with most other share trading platforms, the minimum investment is $500 per Australian company or ETF. You may link a margin account if you choose, but it must be among the providers approved by ThinkMarkets.
There is no live data available on ThinkMarkets at this stage.
What are ThinkMarkets' costs?
ThinkMarkets has relatively low brokerage fees, especially compared to the major banks' share trading platforms. There are also no subscription, monthly or inactivity fees, so you won't be charged for an inactive account.
Brokerage fees
ThinkMarkets charges $8 brokerage for trades up to $200,000 and 0.05% for trades above that. This fee structure makes them particularly competitive for people looking to invest higher amounts.
For instance, if you bought $20,000 worth of shares in a company and sold $20,000 in another company, you'd pay just $16 in total on ThinkMarkets. Whereas with CommSec (Australia's largest broker), you'd pay $59.90 total.
Other account fees
ThinkMarkets' fee structure is minimal. There are no inactivity fees and no subscription fees to access the share trading platform. You're not charged a fee when you top up your account, and there is no fee to transfer holdings on to ThinkMarkets.
How to sign up
You can apply for a share trading account by downloading the ThinkTrader app onto your iOS or Android phone and selecting "EQs Shares". The share trading platform is not yet available for desktop.
If you already have a CFD account, you'll need to reapply for a separate share trading account after logging in. Once you have both accounts set up, you can navigate between the two using the same login details. You’ll need to provide the following identification details:
- Name
- Home address
- Mobile number
The sign-up and approval process takes just a few minutes, and you have the option to open an individual, joint, SMSF or corporate account.
Deposit methods: Bank transfer (POLi Payments).
What customer support options are available?
My customer service experience was positive. 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 Australian share market and went out of their way to assist.
Support options:
- Live chat
- Phone
Frequently asked questions
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.
