ThinkMarkets is an Australian broker registered in 2010. The choice of the client company offers more than 30 currency pairs, CFD, precious metals, indices, and bonds. The minimum deposit is set at $ 250, which is acceptable even for novice traders. The company has licenses from several international regulators, including FCA UK and ASIC.
• The legal name of the company – TF Global Markets (Aust) Pty Ltd.
• Site type – multilanguage
• Support Service Language – English
• Account Type – ECN and STR
Today, this broker works in Australia and the UK, where a second office was opened.
One of the interesting facts is the purchase of the Trade Interceptor mobile application by this broker in 2017. The goal was to integrate a multifunctional trading platform into the ThinkMarkets system. The company succeeded in it. Now, customers do not experience any functional limitations when trading through computer and mobile devices.
Also in 2017, the total number of available financial instruments was increased. Now a trader can open trades, on more than 185 assets.
Regulation and reputation of the company
Studying the information on this broker, it was possible to find data on the following:
• ThinkMarkets has registration in key financial centers of the world
• ThinkMarkets is authorized in the European Union
• There is a license of the regulator FCA, ASIC
Describing the reputation of a broker according to customer reviews, you can talk about the presence of several negative feedback. Mostly it relates to problems with payments and the difficulty of communicating with customer support service (as consultants speak only English). Among the disadvantages, there is also a lack of access to the AutoChartist platform and some analytical tools. Scalping, as well as the usage of the Martingale method and hedging of risks are not welcomed on the accounts of the ThinkMarkets broker. In some cases, this may cause an account to be blocked.
Account Types and Registration Rules
The official site https://www.thinkmarkets.com states that two types of accounts are available for opening:
• Standard (minimum deposit $ 250)
• Professional (minimum deposit $ 1000)
Cent account is not available. But you can open a DEMO account to test the capabilities of the broker.
Let’s highlight the main trading conditions:
• Minimum lot size – 0.01
• Leverage – up to 1: 400
• Spread sizes – from 0.4 pips on currency pairs
Each registered user is granted access to the support service (works for 24 hours per day).
On the official website, the company indicates the minimum amount of spreads. But we did not succeed in checking the actual commission. At the same time, the company does not publish in detail the size of spreads for all categories of assets. After all, liquid currency pairs will have a much smaller commission than indices or some CFDs.
Testing support services
In assessing the activities of the ThinkMarkets broker company, we must take into account the quality of the support service. For verification, more than 30 calls to the contact center were made within several days. Additionally, requests were made in online chat, as well as on e-mail.
• The average response time of consultants in the contact center – from 60 seconds
• Evaluation of professionalism – 6 points out of 10
• Evaluation of loyalty and service – 7.5 points out of 10
The disadvantage is that to communicate with consultants it is necessary to know English fluently.
Analysis services integrated into the ThinkMarkets broker system
Some tools have been added on the site to provide clients with analytical information. For example, the economic calendar is represented by the FXStreet service (it is updated completely online). The news block, which is integrated from the FX Wire Pro service, works separately.
For trading, you can use the platform MT Mobile, cTrader, MT4, Myfxbook. The attention was awarded to the cTrader platform, which works in a browser-based format (it does not require downloading the desktop program). Metatrader is a universal platform that is well-known for every trader. All programs are available for free.
ThinkMarkets broker has great prospects to earn the title of a reliable investment partner. But at the moment the company has some disadvantages. Firstly, it is the presence of negative feedback related to the problems of processing customer payments. Secondly, the support service speaks only English. Thirdly, customers may have difficulty using scalping and other dangerous trading techniques.