ThinkMarkets broker review: Are they trustworthy?
ThinkMarkets has impressive features as a global forex and CFD broker, the firm is regulated which ensures a protected infrastructure for trading. The online presence of ThinkMarkets is decent and helms prestigious awards and recognitions testifying their trading culture for over a decade. They bring STP offerings with relatively low spreads, hedging, scalping, and fast automated trading services. Although, forex is a risky ordeal, with most brokers in the market fail to produce acclaimed services. With our review on ThinkMarkets, we walk you through the operational quality and red flags of ThinkMarkets, their perception among users, and the operational quality they offer.
ThinkMarkets formerly branded as ThinkForex is located at Melbourne, Australia conceived in the year 2010, it is regulated under the ASIC (Australian Securities and Investment Commission) and FCA (Financial Conduct Authority). It has a trader base of 10000 users and above and equips FOREX and CFDs trading service. It has been around for ten years and the forex service suits both experienced and beginners. They store the traded assets in different accounts across Top-Tier banks throughout Australia and regulations that hold a stringent market price without any chance of fudging. Apart from Melbourne they operate their office in London UK and provide a powerful international dashboard to operate and process all trading activities.
ThinkMarkets has received several accolades and awards since its conception, they were noted for their groundbreaking marketing research and analysis. They provide trading services to over 75 countries through advanced trading platforms.
What can you trade with ThinkMarkets?
ThinkMarkets offers over fifty trading instruments for trading and enables 38 different fiat currency pairs. The assets can be categorized as follows;
- Forex currency pairs
- Oil CFDs
- Energy CFDs
- Metals CFDs
- Agricultural CFDs
- Index and Stock CFDs
ThinkMaster charges less from the spread, which is quite competitive. The lowest spread for EUR/USD currency pair is 0.5 pips, which is less than what other brokers charge. Cash loading and depositing follow a registration process requiring KYC.
Payment Methods ThinkMarkets Accepts
Some of the standard payment portals accepted are listed below.
- Wire Transfer Bank
ThinkMarkets provides all popular payment methods with a secured gateway. Funding to the account can also be done using Skrill, Union Pay, Neteller, and MoneyBookers. They maintain a dedicated Payment portal called “ThinkPortal” which acts as an information resource for all account-related activities. There is no charge levied for withdrawal except for processing fees by Banks. It takes 24 hours for the withdrawal transaction to process for the KYC verified account.
ThinkMaster has managed to bring the innovative features and integration with the Metatrader 4 platform. Hedging, auto trading, auto charting, Forex VPS proves a great deal to professional forex traders. They give options for three different tiers for accounts on Metatrader 4 or cTrader. Other platforms include MT5, Thinktrader with different features. A deposit of $250 is needed to activate the standard account at the beginning without any charges. The Pro tier account needs a sum of $2000 with charges and the VIP tier account will require a deposit of $25,000.
The transaction data is encrypted with SSL offering protection of all data. ThinkMarkets has ensured a rigid network of global information servers that provides uninterrupted services. The ECN system is overwatched by Equinix, a leader in network and information management. It should be noted that the service is unavailable for customers in the US.
Customer Support at ThinkMarkets
The website claims to provide customer support 24×5, in case of important issues they can contact by raising support tickets through submission of forms provided on the website. The telephone number and address of offices in the UK, Australia, and South Africa are displayed on the website. Global phone numbers of their customer support in Italy and Spain are also displayed, the website is served in 17 different languages making it appealing to international customers. The live chat support is displayed as we enter the website, the “contact” section displays the official emails and social media handles.
Customer Reviews on ThinkMarkets
ThinkMarkets comes across as a decent broker with good international reach which increases the complication involved in currency exchange rates and transaction methods that makes the forex service suffer. Customer reviews can help us understand the issues faced when accessing their service. Trustpilot.com gave a rating of “3.6” which is a kind of above-average rating. Some of the customer reviews are discussed below;
A user with the profile name “Rainer Maria Rilke” has commended the responsiveness of the services offered by ThinkMarkets.
Another user with the profile “Chris M” has pointed out the differences in platforms and spreads.
Overall, the broker can execute features as promised, they have a quick customer redressal system that could attract international customers.
ThinkMarkets comprises great trading features and financial data security which mimics a true modern fintech firm. The spreads offered here are relatively low and furnish simpler payment and have their accountability portal which can help to a great extent in case of a financial mishap. The only downside is its unavailability in the US. The trading infrastructure offered with data and identity privacy is their main USP. The currency exchange rates, payment method, and withdrawal process may impact the returns, otherwise ThinkMarkets is a good place to trade and learn.
Author: Jack Matias