ThinkMarkets review and test – Is it a scam or a reliable broker?

All traders ask the same questions when it comes to choosing the right broker for them. “Is this company trying to scam me?” and “What do I stand to gain if I choose this broker?”. Naturally, traders would want a broker who’s trustworthy and is straight to the point. Time is money, after all.

ThinkMarkets isn’t all that popular. This is probably the first time you heard about this broker. In this review, you will read about everything that ThinkMarkets has to offer. We’ll also talk about its pros and cons to help you decide on whether this broker is the right one for you.

What is ThinkMarkets?

ThinkMarkets is an online multi-asset broker that was established on the year 2010. This company has collected numerous awards throughout its years of operation. Some of these awards are the Global Forex Best Value Broker in Asia of 2020 award, UK Forex Best Forex Trading Innovation of 2017 award, and UK Forex Best Forex Trading Experience of 2017 award.

ThinkMarkets has three main offices. TF Global Markets Limited can be found in Hana, 70 St Mary Axe, London. TF Global Markets Pty. Ltd is found in Level 18, 357 Collins St, Melbourne, Australia. TF Global Markets (South Africa) Ltd is located at 61 Katherine Street, Dennehof, Sandton, South Africa.

Is ThinkMarkets regulated and safe?

ThinkMarkets is regulated by the FCA or Financial Conduct Authority with an FCA number of 629628. They are also regulated by the Australian Securities and Investment Commission or ASIC with a service license of 424700.

Lastly, ThinkMarkets sister company located in South Africa (TF Global Markets Pty Ltd) holds an FSP or Financial Service Provider license. Their registration number is 2017/098181/07.

Clients don’t need to worry about the safety of their money because ThinkMarkets segregates your funds from theirs and keeps it in secure, top-tier banks like the National Australia Bank, Commonwealth Bank of Australia, and Barclays Bank.

They also have an existing AML policy. AML stands for Anti-Money Laundering. This extra line of security was created by the Financial Action Task Force or FATF to prevent money laundering.

Trading Conditions and Products Offered

ThinkMarkets has a Margin Call Policy that is being implemented on forex, indices, and energy assets. When your margin call level reaches 50%, ThinkMarkets automatically liquidates your open trades.

They also have a trading condition for the unlikely event where an asset’s value becomes negative. In this case, the reflected price on ThinkMarkets’ platform will be set to 0.01. All open positions trading this asset are automatically closed-out at 0.01, and no new positions may be opened.

Forex

With ThinkMarkets, you can trade more than 30 currency pairs. This includes seven of the major currency pairs: EUR/USD, GBP/USD, USD/JPY, USD/CHF, USD/CAD, AUD/USD, and NZD/USD.

Spreads start at 0.0 pips for major pairs and can reach up to 40 pips when trading exotic pairs with a ThinkZero account. On standard accounts, however, spreads start at 0.4 pips and can reach up to 70 pips depending on the currency pair you’re trading.

Each lot size for this asset class is 100,000, and the minimum trade size is 0.01. You can trade up to 50 lots with the standard account and up to 100 lots with the ThinkZero account. The maximum leverage, regardless of your account type and traded currency pair, is 500:1.

Trading hours for forex starts on Monday at 12:03 AM and end on Friday at 11:55 PM GMT +3.

Indices

ThinkMarkets offers 15 global indices and a financial index. You can trade some of the popular indices on the market like the Dow Jones Industrial Average (US30), Nikkei 225 (JPN225), Nasdaq Composite Index (NAS100), the Hang Seng Index (HK50), and many more. The financial index that ThinkMarkets offers is the US Dollar Index or USDINDEX.

The currency denominations for these indices are USD, AUD, EUR, ZAR, HKD, JPN, and GBP. The maximum leverage for this asset is 200:1 for most indices. However, maximum leverage could go as low as 25:1 for some of the available indices on ThinkMarkets’ platform.

Contract size, minimum, and maximum trade size also varies. The possible contract sizes are 1, 10, and 100. For the minimum and maximum trade size, it starts at 0.1 and can reach up to 100.

Refer to their website for the complete schedule for each of the indices offered by ThinkMarkets.

Energy

If you want your portfolio to have exposure to energy-related assets, ThinkMarkets offers three different investments to choose from. These include US Crude Oil (WTI), Brent Crude Oil (BRENT), and Natural Gas (NGAS).

The prices for these are against the US dollar, and the maximum leverage is 200:1 except for Natural Gas. The maximum leverage for this is 25:1. The minimum spread for both oil assets is two, while Natural Gas is 0.02.

For this asset, you can trade as small as 0.1 lots up to 100 lots. Trading hours for US Crude Oil and Natural Gas are from Monday 1:00 AM to Friday 12:00 midnight. For Brent Crude Oil, the market is open from Monday 3:00 AM to Friday 12:00 midnight. Server time is GMT +3.

Precious Metals

ThinkMarkets offers three metals divided into seven different tradeable assets. Here is a table of all the metals offered as well as their trading conditions.

Metal
Contract Size
Min. Trade Size
Max Trade Size
Spread
Max Leverage
High Grade Copper (COPPER)
10000
0.1
25
54 USD
200:1
Silver (XAG/USD)
5000
0.1
10
40 cents
125:1
Mini Silver
500
0.01
10
40 cents
125:1
Gold (XAU/USD)
100
0.01
10
30 cents
400:1
Mini Gold
10
0.01
10
30 cents
400:1
Silver Zero (XAG/USDx)
5000
0.01
10
25 cents
125:1
Gold Zero (XAU/USDx)
100
0.01
10
6 cents
400:1

This asset is tradeable from Monday 1:03 AM to Friday 11:59 PM GMT +3.

Crypto

ThinkMarkets’ clients have 15 tradeable cryptocurrencies to choose from. These include some of the popular cryptos like Bitcoin, Litecoin, Ethereum, Ripple, and Cardano. The maximum leverage is usually 2:1, but it could reach 5:1 for Bitcoin Cash and Litecoin and 10:1 for Ethereum and Bitcoin.

The maximum position size depends on the asset and on which day you traded it. To view the current spreads of each of their cryptocurrencies, refer to their website.

The great thing about trading cryptocurrency is that its market is available 24/7 with two breaks on Saturdays. The first break is from 12:00 midnight to 1:00 AM (GMT +3), and the second break starts at 12:00 noon and ends at 3:00 PM (GMT +3).

ETFs

To trade a particular subsector in the market, you can opt to choose to invest in ETFs instead of individual stocks. There are over 50 ETFs to trade in ThinkMarkets’ platform. The funds are managed by some of the biggest financial institutions, such as Vanguard, BlackRock, and Invesco. Margin rates vary depending on the ETF, and this ranges from 5% to 25%.

Equities

Equities, also known as stocks, allow you to acquire shares as CFD products. ThinkMarkets offers a wide variety of assets from different stock markets all over the world. Zoom, Visa, Amazon, Intel, Tesla, Walmart, and Coca-Cola are just a few of the equities that you can trade with ThinkMarkets.

The asset has the same margin rate as ETFs, which is at 5% to 25%. Market hours would depend on the stock exchange the equity is listed on.

Futures

Futures contracts are also offered ThinkMarkets. These contracts include cocoa, cotton, coffee robusta, platinum, WTI, and BRENT. Trading futures with ThinkMarkets entitles you to a margin of 0.5% up to 3% with a minimum spread of 0.05 to 15 points.

For WTI and BRENT, they have contracts that expire monthly. For the availability of the other futures contracts on ThinkMarkets’ platform, refer to their website.

Trading Platform

With ThinkMarkets, traders have the option to utilize the MT4, MT5, and the ThinkTrader platform. It’s important to note that some assets are not available on other platforms. Make sure to double-check if the platform you prefer has the asset you want to trade.

All their platforms are available on Windows and Mac desktops. They also have mobile applications that are downloadable from the Google Play Store and Apple Store.

MetaTrader 4

The MT4 is the most reliable platform for any type of trader. Here, you can customize your charts, enter a variety of orders, and even create your very own trading bot. You will also receive market updates, and you can access their economic calendar to plan your trades accordingly.

With their integrated Autochartist, you can easily scan through thousands of assets and choose the product that fits your trading strategy.

MetaTrader 5

This is an upgraded version of the MT4 platform. The MT5 has more order types as well as added indicators to help you with your trading. There are more than 20 timeframes that you can use on this platform.

ThinkTrader

Unlike other brokers, ThinkMarkets has its own trading platform. The ThinkTrader platform features a TrendRisk scanner. This helps you find profitable opportunities with minimal risk on multiple timeframes.

This broker is partnered with FX Wire Pro to give clients real-time updates on vital economic news. ThinkTrader also makes it easy for clients to add or withdraw funds from their accounts with their mobile application.

Learn to trade with ThinkMarkets.

Traders can learn a lot from ThinkMarkets’ educational materials. They have free and downloadable tutorial guides for beginners, intermediate, and professional traders. You can also access useful articles that will help you learn more about forex, indicators, and chart patterns. Aside from this, they have a glossary containing all the important trading terms and their definitions.

Market Analysis

ThinkMarkets provides more than a few articles every week. The topics range from forex news to cryptocurrency discussions. They even provide vital updates through their Twitter account.

Their website also features an economic calendar that will guide you through essential market events. Lastly, they also host live webinars that are held almost weekly. You can register for this on their website. Most of their past webinars can be found on their YouTube channel.

How to open a ThinkMarkets account

Opening a ThinkMarkets account is an easy process. You have two live account types to choose from: Standard and ThinkZero. To sign up, you will need to choose whether you want to open an individual or corporate account. Next, fill in the necessary information on the form to complete your application.

Once you’ve finished that, you will need to verify your identity. For individual accounts, you will need to provide a photo ID (passport, driver’s license, or any other government-issued ID is accepted) and proof of residence (phone bill, bank statement, or utility bill). For corporate accounts, you will be asked to provide a valid photo ID, proof of residence of all the shareholders who have 25% of the shares, company information, and the company’s proof of address.

Once the documents you sent have been verified, simply add funds to your account, and you can start trading with ThinkMarkets.

Different types of accounts on ThinkMarkets

Demo Account

New traders are recommended to sign up for a demo account before they jump into a live account. With their free demo account, you can start familiarizing yourself with their platforms as well as the tools that can be used. Your demo account will have a virtual balance of $25,000.

To sign up, provide your country of residence, full name, email, and phone number. You can choose to practice on their ThinkTrader platform, MetaTrader 4 platform, or MetaTrader 5 platform. Keep in mind that your demo account will automatically close after 90 days of inactivity.

Standard Account 

ThinkMarkets’ Standard account is ideal for retail traders with smaller capital. With this account, you will gain access to their free VPS service and all their trading platforms. You will have a maximum trade size of 50 lots and no minimum stop-loss or take profit levels. No commission fees will be charged for standard account holders.

This account type requires no minimum or maintaining balance.

ThinkZero Account

Unlike the Standard Account, the ThinkZero account is recommended for traders with higher capital. Holders of ThinkZero accounts will be able to trade up to 100 lots with a commission of $3.5 per lot. You will also have access to all of MarketTraders’ trading platforms, including an account manager.

To avail for and continue using the ThinkZero account, you will need to deposit a minimum of $500.

Islamic Account

This account type is specifically made for Islamic traders with additional rules to comply with Sharia law. To sign up for this account, you will have to contact ThinkMarkets and submit a formal request. They will guide you through the process of opening an Islamic account.

Negative Balance Protection

ThinkMarkets features negative balance protection that’s available for all their clients except Pro account holders. This broker has risk management tools that ensure that your account balance will never go below zero. This extra protection feature gives clients peace of mind, and it’s completely free of charge.

Adding funds to your ThinkMarkets account

Bank Wire

The available currencies for bank wire transfers are USD, GBP, CHF, EUR, and AUD. The amount will reflect in your account after one to three business days.

Visa or MasterCard Credit/Debit card

The currencies available for this method are EUR, AUD, CHF, GBP, and USD. The funds will instantly be credited to your ThinkMarkets account.

Neteller

With Neteller, you can deposit EUR, USD, GBP, JPY, or AUD. Keep in mind that the transaction time can take up to 24 hours.

Skrill

This method allows USD, AUD, CHF, EUR, and GBP currencies. Your funds will be deposited into your account within ten minutes.

BitPay

This is different from all the other deposit methods. Here, you can use cryptocurrencies like Bitcoin, Bitcoin Cash, or Ether to fund your ThinkMarkets account. The amount you deposited will reflect on your ThinkMarkets account within ten minutes.

Withdrawing funds from your ThinkMarkets account

It’s important to note that you have to use the same method of funding your account to withdraw your money. You will need to submit a withdrawal request via ThinkMarkets’ ThinkPortal. Your request will be processed within 24 hours, but depending on the withdrawal method, it might take up to seven business days before you receive your funds.

Customer support

You can contact ThinkMarkets’ customer support via email or through their live chat on their website. These are available 24/7. Their website also supports 12 languages. These are Vietnamese, Spanish, Thai, Italian, Polish, Greek, Indonesia, German, English, Chinese, Czech, and Arabic.

You can also contact them via their different phone numbers:

  • Spain –+34-911829975
  • Italy –+39 023 057 9033
  • Australia Local –1300-390-515
  • Australia –61-3-9093-3400
  • UK –+44 203 514 2374

You can also stay up to date on vital news revolving around ThinkMarkets through their LinkedIn, YouTube, Instagram, Facebook, and Twitter accounts.

Accepted and forbidden countries

ThinkMarkets accepts clients from all over the world. Here is a full list of all the accepted countries.

Antigua Barbuna
Argentina
Aruba
Australia
Austria
Bahamas
Bahrain
Bangladesh
Barbados
Belarus
Belize
Benin
Bermuda
Bhutan
Bolivia
Brazil
British Indian Territory
British Virgin Islands
Brunei
Bulgaria
Burkina Faso
Cambodia
Cameroon
Cayman Island
Chile
China
Christmas Island
Cocos Island
Colombia
Comoros
Cook Islands
Costa Rica
Croatia
Cyprus
Czech Republic
Denmark
Djibouti
Dominica
Dominican Republic
Ecuador
Egypt
El Salvador
Equitorial Guinea
Estonia
Ethopia
Falkland Islands
Faroe Islands
Fiji
Finland
France
French Polynesia
Gabon
Georgia
Germany
Ghana
Gibraltar
Greece
Greenland
Grenada
Guatemala
Guernsey
Honduras
Hong Kong
Hungary
Iceland
India
Indonesia
Ireland
Isle of Man
Israel
Jamaica
Jersey
Jordan
Kazhakstan
Kenya
Kiribati
Korea
Kosovo
Kuwait
Latvia
Lebanon
Lesotho
Liechtenstein
Lituania
Luxembourg
Macau
Macedonia
Madagascar
Malawi
Malaysi
Maldives
Malta
Mashall Islands
Martinique (Fr.)
Mauriania
Mauritius
Mayotte
Mexico
Micronesia
Republicof Maldova
Monaco
Mongolia
Montenegro
Montserrat
Morocco
Nepal
Netherlands Antilles
New Zealand
Nigeria
Norfolk Island
Norway
Oman
Pakistan
Palau
Panama
Papua New Guinea
Paraguay
Peru
Philippines
Poland
Portugal
Qatar
Reunion
Romania
Russian Federation
Rwanda
Saint Barthelemy
Saint Martin
Saint Pierre & Miquelon
Saint Vincent
Samoa
San Marino
Sao Rome and Principe
Saudi Araia
Senegal
Serbia
Seychelles
Singapore
Slovaki
Slovenia
Solomon Islands
South Africa
Sri Lanka
St. Helena
St. Kittis Nevis
St. Lucia
Suriname
Svalbard & Jan Mayen
Swaziland
Sweden
Switzerland
Taiwan
Thailand
The Gambia
Timor-Leste
Tonga
Trinidad and Tobago
Tunisia
Turks and Caicos Island
Tuvalu
Ukraine
United Arab Emirates
United Kingdom
Uruguay
Uzbekistan
Vatican City
Venezuela
Vietnam
Wallis and Futuna
Western Sahara
 
 

Other services offered by ThinkMarkets

Social Trading

ThinkMarkets is partnered with ZuluTrade to provide their clients access to social trading. With social trading, clients could either copy or share their portfolios with other traders. ZuluTrade enables you to set up your copying strategy based on trading hours, risk management, number of trades, and lot size.

You can even filter out the available traders for copying based on their performance, drawdowns, profitability, and ranking. If you are not familiar with social trading, ThinkMarkets provides a guide that will help you familiarize yourself with how social trading works.

API Trading

As a client of ThinkMarkets, you will be given the opportunity to create your own trading platform or trading bot using their cutting-edge API. This makes trading more convenient and could even provide additional income if you choose to sell your trading tool or platform.

If you’re not familiar with how API trading works, simply fill up the form on their website, and a specialist will be assigned to help you.

Advantages and disadvantages

ThinkMarkets does not offer options trading. This can be a deal-breaker to some traders, especially if they prefer to hedge or trade high risk with options. Some of their products are lacking as well. You won’t find soft commodities traded as CFDs.

But the products offered are enough for most traders. Their website is very easy to navigate, and they dedicate their time to produce useful articles. Choosing an account type is also made simple with ThinkMarkets.

Conclusion

Regardless of what type of trader you are, beginner or professional, ThinkMarkets is able to deliver the best service and provide essential tools that will help you succeed in the trading scene.

Frequently Asked Questions

Am I permitted to change the leverage on my account?

Yes, but you will have to email their support department to make the necessary changes. Keep in mind that the maximum leverage is 500:1, and the minimum is 30:1 for forex.

Can I change the leverage setting on my demo account?

Just like with live accounts, you can change the leverage on your demo account. The same process of emailing the support department applies.

Will my demo account expire?

Currently, demo accounts do not expire. However, ThinkMarkets has the right to close them.

Can I access my account from a different computer?

Your account isn’t locked to one hardware. So yes, you can access it on a different device as long as you input the correct login details. Make sure that the connection is not being blocked by your ISP or firewall.

What is ThinkMarkets phone number?

You can contact them via their Australian (+61 3 9093 3400 ) or UK number (+44 203 514 2374).