ThinkMarkets Review

ThinkMarkets

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Who are ThinkMarkets?

ThinkMarkets are the former ThinkForex who have been in the industry since 2010. They were firstly established in New Zealand but in 2012 they have relocated their offices in Australia in order to get regulated by the Australia Securities and Investment Commission (ASiC). In 2015 ThinkMarkets have also opened offices in London and have been regulated by the Financial Conduct Authority in the United Kingdom under the trading name of TF Global Markets Limited. The company also own a business in Bermuda called Think Capital Limited and it is available to clients that are in eligible locations: this was done to increase their global offering. ThinkMarkets do offer the popular MetaTrader4 (MT4) to his clients but have also developed a proprietary trading platform called with MetaQuotes Software Corporation. The platform is called ThinkTrader and it is uniquely available to ThinkMarkets clients. ThinkTrader’s lunch was done when the company rebranded from ThinkForex to ThinkMarkets back in July 2016. With this move the company wanted to shift towards providing a broader range of assets to investors: they do now offers 169 instruments which also include 35 currency pairs for forex trading. Another important date for ThinkMarkets is May 2017 – in that month the company acquired Trade Interceptor which is a very popular third-party mobile trading application.

What are ThinkMarkets’ spreads and fees?

With ThinkMarkets there are 3 accounts that are available to clients. The Standard account is the most popular and it is commission free (spreads only). In order to access this account you would need to deposit at least £250. Than there is the commission-based Pro account that does require a minimum funding of £2,000 and has a commission of 3 units side or 6 unites per round turn (RT). This is basically equivalent to 0.6 pips RT per standard. The last option is ThinkMarkets’ VIP account which does require a minimum of £25,000 per trade. The commission in this case it is not fixed and can be negotiated on client by client basis. This is a very good options for those active traders or for those who adopt cost-sensitive strategies.

From the analysis we have carried out internally we can say that ThinkMarkets spreads are rather low however the company do not provide an average or typical spread value which makes it impossible to do a fair comparison with other brokers that are featured on TopTradingPlatforms.co.uk. We can however give you an indication as spreads on the EUR/USD is averaged at 1.0 pips over a 48 hrs period in the Pro account (data from 30 March 2018). So with a 1 pip spread the overall cost will be equal to 1.6 pips after considered the 0.6 RT commission which gets added to the spreads.

It would be better if the broker will publish their own average spread data maybe on a monthly basis as this will allow to get a better view of how spreads average out over the month and see how competitive those are against other online brokers we have reviewed. Another important thing to mention is that their proprietary ThinkTrader platform can only be used with the Standard account while the MT4 can be used with all the different accounts.

What are ThinkMarkets Research tools?

One strong point in favour of ThinkMarkets is their research content and tools that are available both in their websites and in within their trading platforms. The company has invested significantly in this field and has a team of analysts that produces multiple daily blog articles about the technical and fundamental news analysis on forex but also on CFD markets. They do also have an economic calendar that is powered by FXStreet.

If you have a ThinkMarkets account with at least £2,000 in balance you can also access premium research content from Reuters News and also the headlines provided by FX Wire Pro. As if this wasn’t enough you will also have available AutoChartist which is a popular pattern-recognition software that will help you identify trading opportunities. This is available to all ThinkTrader users.

Another interesting research tool is the MT4 Super which is an add-on for the MT4 trading platform developed by FX Blue LLP. This tool provides a number of indicators that traders can use to enhance the default MetaTrader 4 trading platform set up. So all in all ThinkMarkets do offer very good research tools and it is up there with the best online brokers in the industry.

How good is ThinkMarkets platform?

As mentioned ThinkMarkets do provide two platforms to their traders: the popular MT4 (MetaTrader4) and the recently launched ThinkTrader which has been developed by MetaQuotes Software Corp. This platform is only available for ThinkMarkets clients and it is available on the web and also on desktop for Windows and MacOS.

The desktop version of ThinkTrader is very well organised and intuitive. They have included some very interesting features like the watch lists section and the charting module. Everything can be used from a single tab and the charts are packed with 90 indicators and around 12 drawing tools that are rather easy to use. We can say that the desktop platform is good and with few improvements can really become one of the best out there. In the watch list you can create a screener-style layout where you can check several lists at once: this is a very nice tool and we recommend you to give it a try.

If you don’t want to download the platform than you can use their web-based version: we have analysed this version and we can say that it does resemble to the desktop version. It is also built using the latest web standards (it is on HTML5). Surely there are some improvements that can be made but for a relatively new platform they have done a good job: one thing to note is that at the moment the experience is not as seamless as the desktop version. Other things to consider in the webversion is that it doesn’t sync with the desktop version and the charts presented are not as robust as in the other one. The indicators tough are the same than in the desktop trading platform version. One cons of the web-version is that you can’t compress chart prices vertically by scrolling. As you will understand we will not suggest to use the web-version as the desktop version of ThinkTrader is significantly better. An important update for ThinkTrader is that they now offer to traders Trade Interceptor. This is great news and those are the key advantagesL

  • Over 80 intelligent indicators, 50 drawing tools and 14 chart types
  • Get up to 200 cloud-based notifications at no charge
  • Scan the markets and spot high probability trades with TrendRisk Scanner
  • No. 1 mobile trading app in the world – Trade on the go directly from the charts

 

ThinkTrader

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Can you trade on mobile with ThinkMarkets?

Absolutely yes as in addition to the MT4 mobile app, ThinkMarkets also offer ThinkTrader mobile app which can be used both with Android and iOS devices. After reviewing extensively their platform we can say that the design and the navigation are really intuitive and user-friendly. Trading and managing orders was really easy and this is surely one of the best mobile platforms currently in the market. They also have an OCO (One-cancels-Other) pending order type which is really useful.

As far as the charts are concerned they have integrated AutoChartlist which is a very useful feature that normally is only found on desktop or web-trader versions. In addition to that there are more than 60 indicators in the chart settings which makes ThinkTrader mobile app a very solid one. In the tools section you can also benefit from an economic calendar. Even with all those features the trading app is light and generally very fast. It would be interesting if they will include a watch list in the future that would sync with the desktop version: this will help unify and improve ThinkTrader multi-platform experience. As it stands most demanding traders will still opt for the MT4 mobile app which is better refined and has lower spreads but ThinkTrader mobile is not miles away from it.

ThinkMarkets mobile chart

Conclusion

Surely ThinkMarkets have made significant progresses in the last months and the rebranding has increased the number of instruments offered to clients. There is still some way to go in order to reach the depth in offering of some of their competitors tough. A strong point for ThinkMarkets is that they are solidly regulated by the respectables FCA and ASiC. This is an important security point in favour of ThinkMarkerts who segregates all clients funds in tier-1 banks (who are kept separately from the company accounts). Overall we wouldn’t suggest to go for the Standard account as you won’t have free VPS, the AutoChartlist and the account manager: those are some very strong points for ThinkMarkets and will be a pity to take them away. Since ThinkTrader platform can only be used with the Standard account my suggestion would be to use the MT4 and pick one of the others accounts offered by ThinkMarkets. So all in all we certainly believe ThinkMarkets to be a reputable broker and despite they are not yet there with the top ones they are making significant progress and could actually be a good fit for some traders.

 

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Your capital is at risk

ThinkMarkets Key Information

  • Established: 2010
  • Regulation: Financial Conduct Authority (FCA) and ASiC
  • Min Initial Deposit: £250
  • Max Leverage: 400:1
  • Assets Offered: 169 Instruments

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Your capital is at risk

PROS

tickSegregated Clients Funds

tickEstablished in 2010

tickFully Regulated by Financial Conduct Authority & ASiC

tickMin deposit low from £250

CONS

ConsNot CySEC Regulated (see alternatives)

General Fees

  • ThinkForex doesn’t charge inactivity fees

Overnight fees & swap rates 

  • The rollover fee for long positions on EUR/USD is -$8.40
  • The rollover fee for short positions on EUR/USD is $3.40

Commissions

  • ThinkForex doesn’t charge commission on CFD shares

Trading Features

tickAllows scalping

tickAllows hedging

tickOffers STP

tickLow Minimum Deposit

Accounts Offered

tickMini account

tickStandard account

tickECN account

tickIslamic account

Are you not sure? Why not opening a demo account to to try yourself!