CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
ThinkMarkets is a re-incarnation of ThinkForex, or rather, a simple re-branding of the latter. As ThinkForex, the operation was launched in 2010, and it quickly became one of the biggest online Fx and CFD brokerages of the Southern Hemisphere. Though its reputation was a solid one back in those days, the re-branding move was undertaken nonetheless: presumably, for reasons other than trying to get rid of some toxic reputation baggage.
The company behind both incarnations of the brokerage is TF Global Markets. Licensed by Australia's ASIC, and the UK's FCA, ThinkMarkets is generally considered a solid and serious operator, though there is some community buzz concerning a series of shortcomings in the honoring of withdrawals, as well as some underhanded moves, like the sudden reversal of previously profitable/winning trades. Other complaints regarding minor issues are quite numerous as well. However, a lot of traders are reporting that Think Markets has settled disputes in the favor of the trader. That's why ThinkMarkets is generally described as a very trustworthy broker.
One of the most attractive features of the operation resides in the extremely competitive pricing of their spreads. Their trading platform selection is both an asset and a liability, in the sense that while their ThinkTrader platform is indeed innovative and interesting, it isn't kind to beginners at all.
ThinkMarkets currently have two platforms for their traders, their proprietary ThinkTrader platform and the ubiquitous MetaTrader 4 platform, which is the center pillar of the operation.
The MT4 platform comes with its usual bells and whistles: if offers a multitude of technical analysis tools, a customizable interface and access to Expert Advisors. There's a VPS available in the mix as well, which traders can use for free, as long as they deposit at least $2,000. Apparently though - according to some complaints - the VPS service is only free for those who complete a set number of lots per month. Those who fail to make the cut, are allegedly charged $95/month for the service.
ThinkMarkets have apparently teamed up with MyFXBook, to offer their traders social trading services, through the MetaTrader 4 platform.
The ThinkTrader platform comes with its own selection of trading tools, chart-pattern scanners and one-click trades. The ThinkTrader interface is rather unique though and it takes quite a bit of effort to master.
It is worth noting that ThinkMarkets do not currently have a web-based (no -download) platform, which is indeed rather disappointing.
ThinkMarkets are keeping it simple in regards to account types too. They have three account variants, which are essentially iterations of the same setup. The minimum required deposit to open an account is $250, and it works for the Standard Account, which is a sort of bare-bones setup for beginners. The Pro account requires a $2,000 deposit, while the VIP account takes $25,000 to start up. Needless to say, the higher-tier the account, the more features and free services it incorporates.
Instead of commissions, ThinkMarkets mostly use floating spreads, the size of which depends on one's account category. A trader with a Standard account for instance, will be saddled with spreads starting at 0.8 pips on the EUR/USD. While that's rather average, for a Pro or a VIP account holder, the spreads on the same pair start at 0.0 pips. Pro account holders will be charged a $6 round turn commission on this pair though, which brings their bottom line to around 0.6 pips - still a very competitive price.
The maximum leverage rates at ThinkMarkets are 1:500.
The ThinkMarkets support is a fairly run-of-the-mill operation. While there have indeed been some complaints about this department, they generally seem eager to help out, if for no other reason, then to uphold their reputation.
Support can be reached through two global phone numbers, through a Contact Us web form as well as through email and live chat.
ThinkMarkets are well-regulated and their spreads/commissions are extremely competitive. They feature attractive promotions and a bevy of useful educational material. Their platform selection is rather poor though.
No, it is not. While there's quite a bit of negative feedback available out there about them, most of it is focused on minor operational hiccups rather than anything that would amount to a scam. Click here to visit the Think Markets website.Visit Think Markets