ThinkMarkets Review South Africa – Unbiased Pros & Cons Revealed ( 2020 )

ThinkMarkets Review

 

WHAT IS THINKMARKETS?

 

According to research inSouth Africa, ThinkMarkets is a London-based premium and multi-asset online brokerage firm that was established in 2010. Although its headquarters are based in London, there are offices in the Asia-Pacific, Middle East, North Africa, Europe and in South America.

ThinkMarkets is a leading provider of trading in Forex and CFDs using only the latest technology and providing competitive pricing along with trading conditions and execution at some of the fastest speeds.

Initially ThinkMarkets was introduced in New Zealand as ThinkForex and due to the rapid expansion program along with a substantial demand, the brand name ThinkMarkets was taken by the company.

After the rebranding, ThinkMarkets moved their global headquarters to London as well as Melbourne. ThinkMarkets has a general offering to retail clients and apart from this, numerous investment and partnership programs were also launched by the company.

Not only does ThinkMarkets provide the opportunity for trade in financial markets, but ThinkMarkets also provides investment opportunities in the expertise of a Money Manager by using accounts such as PAMM and MAM.

 

SAFE OR SCAM?

 

ThinkMarkets is regulated and authorized by two of the strictest and most demanding regulatory and authorization entities within the UK and in Australia, namely the FCA and the ASIC.

Both have a strict set of regulations in place with which companies must comply with.

ThinkMarkets keeps the funds of clients in segregated accounts with top-tier banks such as Barclays, National Australia Bank as well as the Commonwealth Bank of Australia.

This requirement and protocol prohibits ThinkMarkets to use client funds for any operational, or other reason.

ThinkMarkets is also a member of the FSCS, which provides clients with extra protection should ThinkMarkets ever be declared insolvent, or they are unable to pay.

The FSCS provides clients with cover which falls under an ‘investments’ claim category and pays out up to £50,000 per person should there ever be any issue classified as brokers default.

 

THINKMARKETS REVIEW OF PRO AND CONS

 

PROS CONS
1. Regulated and authorized by both the ASIC in Australia and FCA in London 1. Commissions charged for two account types
2. Tightest possible spreads 2. No US clients allowed
3. Makes provision for beginner traders 3. No web-based trading platform
4. PAMM and MAM accounts available

 

LEVERAGE

 

Due to the risks involved with using high levels of leverage when trading, the FCA regulation has a maximum leverage level of 1:30 on major Forex pairs with accounts that are opened under the UK’s FCA regulation.

Although, the ASIC regulation provides traders with a much higher leverage level of 1:400 on Forex instruments when the account is opened under their regulation.

ThinkMarkets provides traders with the following maximum leverage, according to the financial instruments they provide:

  • 1:500 on Forex pairs
  • 1:200 on most indices, except with:
  • South Africa – 1:100
  • Hong Kong HS50 – 1:50
  • China A50 – 1:50
  • US Dollar Index – 1:100
  • Energy – US Crude oil and Brent Crude oil both have a max level of 1:200, while Natural Gas has a max level of 1:25
  • Metals – with a maximum level of 1:400 on most except High Grade Copper which is set at 1:200
  • All Cryptocurrencies have a max level of 1:5

Traders need to be aware that with higher levels of leverage comes a higher chance of gains, but in retrospect it also means that there is a risk of greater losses that may exceed the trader’s initial deposit.

The maximum leverage provided by ThinkMarkets is also determined by the account balance that the trader has in their respective account, for instance:

  • $0 – $50,000 – 1:500
  • $50,000 – $200,000 – 1:200
  • $200,000 – $1,000,000 – 1:100
  • $1,000,000+ – 1:50

 

ACCOUNTS

 

ThinkMarkets provides traders with various options pertaining to accounts. Traders can therefore overview the accounts and features with ease and decide which account would better suit their trading needs.

ThinkMarkets’ account options are:

 

Standard account

The standard account has the following features:

  • Forex Spreads from 0.4 pips, average FX spreads at 1.2 pips and CFDs from 0.4 points
  • No commission charged
  • $0 minimum operating balance
  • Lot size of 1.0 or 100k
  • Access to a maximum leverage of 1:500
  • 50 lots as the maximum tradeable size
  • Use of ThinkTrader, MT4 and MT5 as the trading platform
  • Free VPS services

 

ThinkZero account

The ThinkZero account gives traders the opportunity to upgrade their trading to that of razor-thin spreads which start from zero combined with very tight commissions.

The ThinkZero account features are:

  • Maximum leverage of up to 1:500
  • Raw FX spreads which start from 0 pips
  • A minimum of $500 deposit when opening the account
  • $3.5 commission per side (only applicable to Forex and Metals)

In addition to the Standard and ThinkZero accounts, ThinkMarkets provides traders the opportunity of opening a joint account and the option for an Islamic, or Sharia-compliant, account.

With the Sharia-compliant account, traders are offered the following benefits:

  • Muslim traders can trade online while still in compliance with Sharia law
  • These accounts do not earn swap or interest on the products which are held in the account, but there is a weekly administrative fee which is charged on positions which are held for seven days or more
  • Overnight positions do not have swap/rollover charges
  • Spreads from 0 for FX and Gold in combination with ThinkZero accounts
  • There are no hidden trading fees
  • Access provided to a library which contains trading tools and guides

ThinkMarkets also provides traders with a demo account option on both the Standard and the ThinkZero account. The demo accounts can be used for one month from the day it was created, and virtual money is used for trading.

 

MARKET INSTRUMENTS

 

ThinkMarkets provides traders access to numerous Forex pairs and nearly 200 CFDs which also includes nine different Cryptocurrency CFDs.

 

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FEES

 

The fees charged by ThinkMarkets will depend on the type of account that the trader chooses. The standard account requires a deposit of $250, while the ThinkZero account requires a minimum deposit of $500.

The ThinkZero account is designed for traders who are more seasoned and who are a lot more active in trading. This account offers lower spreads along with commissions per trade along with access to VPS and Autocharist which is free of charges.

There is an overnight or roll-over fee that traders need to consider unless they are trading with the Islamic or swap-free account.

 

DEPOSIT AND WITHDRAWAL

 

ThinkMarkets provides traders with several ways within which to make deposits into their trading account. The currencies that are accepted will depend on that of the payment provider.

Although ThinkMarkets have a minimum deposit which is required depending on the account type, there are no other fees required. Any other fees may be waived by the payment provider and traders need to verify this with their chosen provider.

ThinkMarkets accepts the following payment options for deposits, also included is the available currencies and the transaction times when deposits are made.

 

Bank Wire

  • AUD, EUR, CHF, GBP, USD
  • Transactions take between 1 – 3 business days

 

Credit/Debit Card

  • AUD, EUR, CHF, GBP, USD
  • Transactions are processed instantly

 

Neteller

  • USD, EUR, GBP, JPY, AUD
  • Transactions can take up to 10 minutes

 

Skrill

  • AUD, EUR, CHF, GBP, USD
  • Transactions can take up to 10 minutes

 

BitPay

  • Bitcoin, Ether and Bitcoin Cash
  • Transactions can take up to 10 minutes

 

Withdrawals

In order to withdraw funds, traders will need to request a withdrawal by logging in to their ThinkPortal and submitting an online request which is provider under the Funding and Withdraw Funds section.

ThinkMarkets does not allow for third-party deposits or withdrawals as there is a specific policy in place that only allows for withdrawals to be made in the same manner that funds were deposited.

Although withdrawals are processed within 24 hours, the trader may receive their funds within 1 – 7 business days, depending on the method of payment chosen with which funds were deposited and thus withdrawn.

When withdrawals are done using Bank Wire, traders need to acknowledge that the minimum amount that can be withdrawn is $100. Along with this, international Bank Wire transfers cost $25.

 

TRADING PLATFORMS

 

ThinkMarkets makes use of MetaTrader 4, MetaTrader 5 and ThinkTrader. Each trading platform used in conjunction with either of the accounts provided by ThinkMarkets has a range of features and benefits.

ThinkMarkets also provides traders with the option of making use of more than one trading platform simultaneously.

 

MetaTrader 4

This is one of the most popular and most used trading platforms available and it is not only known for the ability to run numerous different automated trading strategies, but it also allows for the optimization of strategies by being able to backtest them.

MetaTrader 4 is available for download on Android, iOS and Windows devices and desktops. When used with a ThinkMarkets accounts, here are some of the benefits:

  • Advanced apps along with indicators which includes AutoChartist
  • Access to a variety of customizing options which meet the strategy needs of traders
  • Instant execution of orders
  • Razor thin spreads
  • Client insurance of up to $1,000,000 at no extra cost to the client

 

MetaTrader 5

MetaTrader 5 has been built on the standards of MetaTrader 4 and it is the latest platform which boasts with an array new features and advantages, such as:

  • 21 timeframes
  • 6 pending order types where MT4 only has 4
  • Options for hedging and netting
  • Multi-thread strategy tester for EAs
  • Partial order filling is possible with MT5 whereas it is not supported by MT4
  • Built-in economic calendar
  • Download on Android, iOS and Windows devices on mobile and desktop

When used in conjunction with a ThinkMarkets account, traders also have the following added benefits:

  • $1,000,000 insurance which comes at no extra cost to the client
  • When paired with a ThinkZero account, traders who use MT5 have access to razor thin Forex spreads which start from 0 pips
  • Access to VPS hosting at no extra charge

 

ThinkTrader

This is ThinkMarkets’ in-house platform which is designed to provide traders with several features and benefits, such as:

  • Access to 80 indicators, 50 drawing tools and chart types with which traders can analyse the markets
  • 200 cloud-based alerts which can be delivered to the trader’s device of choice even when they are not active online
  • Access to TrendRisk’s scanner which can seek out attractive opportunities on several timeframes, sparing the trader from having to do so manually
  • Trading made possible on any device, from anywhere in the world by using the ThinkTrader mobile app, which is fully equipped with features
  • Multiple orders which can be executed with one click
  • One login which can occur on more than one device
  • Analyzing the markets becomes hassle-free with an innovative trading toolkit which can be used on both mobile devices and desktops

 

HOW TO OPEN AN ACCOUNT

 

The ThinkMarkets review is simple and easy.

Opening an account with ThinkMarkets is a quick and simple process. The application process is fully digitalized and comprises of three steps.

The applicant is required to fill out the online application form which features basic information. Along with the application, the applicant will have to provide documentation to verify their identity along with their proof of residence.

Whether an individual or joint account is applied for, the applicant must provide:

  • Photo ID either in the form of a valid passport, valid government ID or valid National Identity Card
  • Proof or residence either in the form of a utility or landline phone bill, or a bank statement (this may not be older than 3 months)

Applicants who apply for joint accounts will need to provide details and documentation for each of the two applicants.

In the case where a corporate account is applied for by an enterprise, photo ID is required for all directors and any shareholders who own over 25% shares. The same is applicable with the provision of proof of residence.

In addition to the provision of valid documentation, the following is required from the corporate entity applying for an account:

  • Company information such as a certificate of incorporation and articles of incorporation, and
  • Company proof of address

Once the application form has been completed and submitted along with the required documentation, it may take up to two working days for the applicant to receive their login details, given that the documents are valid and acceptable.

ThinkMarkets also offer the opportunity for traders to hold more than one account, along with the ability to transfer funds between these accounts.

 

CUSTOMER SUPPORT

 

ThinkMarkets offers support to customers with the provision of contact details such as a telephone number and an email address through which queries can be handled.

There is also a Live Chat option on the site along with a FAQ section which covers a multitude of queries relating to a variety of topics.

 

EDUCATION

 

ThinkMarkets caters thoroughly for all traders with differing levels of experience, skills and knowledge. There is a wide range of educational tools which cater for traders.

Provision is made for tutorials in the FX University which caters for beginners, intermediate and advanced traders. Beginners can start at the very first step by learning how to start trading.

In addition, provision is also made for indicators, a trading glossary and knowledge base. ThinkMarkets provides webinars which feature both archived and live videos along with training guides, daily analysis and commentary.

 

RESEARCH

 

ThinkMarkets has a range of research tools which aid traders in staying up to date and on top of the markets, these tools include:

  • FX Wire Pro which streams news headlines throughout the Trade Inceptor platform
  • Provision of an economic calendar provided by FXStreet
  • Access to daily blog articles
  • Provision of Autocharist and VPS
  • Also included is access to technical analysis of the markets

 

AWARDS

 

ThinkMarkets obtained the award for the Best Mobile Platform, awarded by the Forex community along with the reward as the Fastest Growing Forex Broker.

ThinkMarkets has also won awards pertaining to its superb customer service.

 

CONCLUSION

 

ThinkMarkets has a superior and vast offering in comparison to its peers. This includes not only technology, but reliability, expert customer service and fair pricing. ThinkMarkets is also the only broker regulated by the UK and Australia that offers nine cryptocurrencies.

The layout is user-friendly and even a beginner trader will not get lost in finding their way around the website and accessing educational tools to start trading.

The access to accounts and being able to compare accounts to enable traders in choosing one that suits their needs is user-friendly and the overview on accounts is in-depth and won’t leave traders wondering “where’s the catch?”.

ThinkMarkets caters for all traders from beginners to well-seasoned and advanced traders who trade in high volumes.

 

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DISCLAIMER

 

The trading of financial instruments is one that involves a certain level of risk. Traders need to ensure that they have clear objectives before trading can commence and that they acknowledge the gain, but also great losses involved that may exceed initial deposits.

Traders need to manage their exposure to risk and willingness to be exposed to risk as the trading of financial instruments may not be suited for everyone.

None of the information or products provided by ThinkMarkets serve the purpose of enticing traders in making a choice or acting towards buying or selling instruments.

Traders may consult independent and third party professionals for advice at any time should they deem it necessary, According to research in South Africa.

 

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