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Thinkmarkets.com Review 2020 – Crypto Trading on ThinkMarkets
- Beginners-friendly with demo accounts
- $1 Million funds insurance
- 3 trading platforms
- Regulated and highly secure
- Already popular in UK/Australia
- No minimum deposit
- more products could be available
ThinkMarkets is a renowned and even award-winning broker based in the financial metropolis of London. The trading offer includes foreign exchange as well as CFDs on indices, commodities, metals and cryptocurrencies. ThinkMarkets was elected Best Value Broker in Asia at the 2020 Global Forex Awards. 2017 the experienced CFD trading broker was even elected “Best Forex Trading Innovation” & “Best Forex Trading Experience” by the UK Forex Awards as you can find on their website.
The broker is regulated by the British FCA and offers deposit protection of up to one million pounds. In addition to the popular MetaTrader 4 and next-generation MT5, the in-house platform ThinkTrader is also available for trading.
The most important facts about Forex and Bitcoin Broker ThinkMarkets:
- London-based Forex and CFD Broker
- Regulation by British, Australian and South African financial regulators
- Narrow spreads starting at 0.1 pips
- No minimum deposit
- Trading Platforms: MetaTrader 4, MetaTrader 5 and ThinkTrader
A look at the retail offer reveals that there is still some catching up to be done. The product portfolio is limited to currencies, indices, commodities (energy sources and metals), but fortunately we also find cryptocurrency CFD trading. Surprisingly, equity CFDs are not part of the broker’s product range.
According to our ThinkMarkets experience, the focus is on Forex trading. With 40 currency pairs, the selection in this area is quite appealing. In addition to the well-known majors such as USD, EUR, GBP or JPY, there are also some more exotic currencies available. These include, for example, the Canadian Dollar and the Norwegian Krone.
CFDs on various indexes are added to the trading offering. The broker concentrates on the most important global indices such as:
- Dow Jones
- FTSE (UK)
- S&P 500
With commodities, the trading platform offers a third category of underlyings. The selection here is also not too extensive. Commodity traders will find gold, silver, copper, oil and natural gas here. The most important underlyings are thus available, but soft commodities such as wheat or coffee are missing from the range.
But let’s come to the point which is most important to us: Cryptocurrency trading on ThinkMarkets. In this area we even find 5 different crypto coins to trade in the form of Contracts for Difference. The cryptocurrencies you can trade on ThinkMarkets.com are:
- BTC (Bitcoin)
- XRP (Ripple)
- ETH (Ethereum)
- LTC (Litecoin)
- BCH (Bitcoin Cash)
The international Forex broker even allows Bitcoin deposits – a feature that is not yet a standard among Forex brokers. Regarding fiat money, deposits can be made via Credit Card, Debit Card, Skrill, Neteller and Bank Wire Transfer.
The Maximum Leverage for Cryptocurrency trading is 1:5 for traders who signed up for ThinkMarkets under FCA (UK) and ESMA (Europe) regulation. Under ASIC (Australia) and FSCA (South Africa) regulation other leverage values apply.
Thinkmarkets Review – Experience With Their Trading Conditions
As far as the conditions are concerned, the ThinkMarkets experience is overall quite positive. There are generally no costs for opening and maintaining a trading account, which is the rule with Forex brokers, however. When trading, the broker waives commissions, only the spread is incurred.
In cryptocurrency trading, spreads are especially low with ThinkMarkets.com, with Ethereum CFDs (ETHUSD) spread is only 1.5, with Ripple trading (XRPUSD) we see 0.005. Bitcoin against the Dollar (BTCUSD) has only 10 USD of spread.
In Forex trading, traders benefit from tight spreads from 0.1 pips. These are primarily used for major currency pairs such as EUR/USD. In the case of exotics, on the other hand, spreads are much higher, which is normal in Forex trading. According to our ThinkMarkets experience, the broker is also absolutely competitive in this area.
Commodity traders can also look forward to favorable conditions. The price range here already starts at 0.03 points. When trading commodities, the conditions always depend on the underlying and the trading time. The same applies to the indices that can generally be traded from 0.25 pips on thin markets.
Thinkmarkets Review – 3 Trading Platforms Available
MetaTrader 4 & MetaTrader 5
For experienced traders who have already traded Forex, the MetaTrader trading platform should be nothing new. After all, it is the clear market leader in Forex and CFD trading, which is offered by almost all brokers. The MetaTrader enables comprehensive technical analysis based on numerous indicators and charts. With the help of Expert Advisors, automated trading systems can be set up.
In addition, ThinkMarkets has equipped MetaTrader 4 and MetaTrader 5 with additional functions. For example, the MT4 Super feature provides an even better trading experience. The package includes 27 different apps and indicators. Also noteworthy is the speed with which data is processed and orders executed. The FX Wire Pro tool provides in-depth economic commentary on a wide range of market events. The Autochartist was specially developed for technical analyses. The autochartist constantly analyzes the markets and reports any previously defined market opportunities.
With the ThinkTrader, the broker offers another powerful trading platform. Positions can also be placed directly from the chart. The usual order additions such as stop loss, limit or take profit can be added directly. Users have access to more than 100 indicators and an economic calendar.
ThinkMarkets Mobile Trading App
Mobile trading is now standard for all brokers. ThinkMarkets are no exception. The smartphone can be used to call up securities account balances, analyze prices and open positions. According to our ThinkMarkets experience, a mobile version is available for both the MetaTrader programs and the ThinkTrader. The applications can be downloaded free of charge for Apple and Android.
Some of the most important features of the mobile applications are:
- 1-click trading
- Wide range of charting tools
- Define values with a simple thumb movement
- Comprehensive technical indicators for chart analysis
- Live streaming
Only a few technical indicators, which are difficult to display in the mobile version, have to be omitted.
Regulation and Deposit Protection
As far as security is concerned, our ThinkMarkets.com experience is absolutely positive. Behind the broker is London-based TF Global Market, based in London. The British Financial Conduct Authority (FCA) is therefore responsible for monitoring and regulation. This already ensures a high degree of security. In addition, the broker operates another company headquarters in Melbourne. This is why they are also regulated by the Australian financial authorities. Furthermore, the online CFD broker is regulated by the South African Financial Sector Conduct Authority.
ThinkMarkets is a member of two security funds to protect clients’ funds:
- FSCS: The British government’s Deposit Protection Fund is binding for both banks and financial service providers. Private customers are covered by this with an amount of up to GBP 50,000. The fund takes effect if the broker is unable to repay customer deposits due to insolvency. However, this case is very unlikely.
- Additional protection: For the majority of private traders, the state fund should already be sufficient. In the case of higher deposits, the ThinkMarkets offers a further protection fund. Voluntary protection protects customer deposits of up to one million pounds.
The fact that no negative ThinkMarkets experiences are available so far also speaks for the seriousness. On the contrary, the broker has already received several awards. For example, ThinkMarkets received the “Best Forex” award for the company’s expert financial analyses. In the Blog on the web page analyses and financial messages are made available almost daily.
ThinkMarkets Review – Customer Support
Customers can either use the live chat window on the website or even call the hotline for free. During the trading week, the broker’s multilingual support team is available around the clock. Alternatively, inquiries can also be made by e-mail at any time.
As far as the quality of support is concerned, our ThinkMarkets experience is very positive. The employees are both friendly and competent. All questions are answered in great detail. In the case of written enquiries, an answer is often available after just a few hours.
Diverse Training Opportunities
If you want to trade successfully in the long term, you should continue your education regularly. ThinkMarkets supports its customers with different learning offers:
- Written advice: For most trading topics, comprehensive information can be found on the website. Among other things, these provide an introduction to trading and introduce the various trading platforms. In particular a risers can profit from this information.
- Videos: With videos the whole becomes still somewhat more descriptive. In the education sector, for example, there are video tutorials on technical analysis and a large number of other topics.
- Webinars: Webinars are also part of the educational offer. However, according to ThinkMarket’s experience, the offer has declined somewhat recently. Customers can find all dates on the website and register here free of charge.
Overall, ThinkMarkets’ educational offerings exceed those of many competitors. A view is worthwhile itself both for a risers and professional Trader.
Fast Account Opening
According to our ThinkMarkets experience, the opening of a trading account is done within a few minutes. Just fill out the online form on the website. The data is then legitimized by uploading an identification copy and a proof of residence.
As soon as the registration is completed, a first deposit can be made to the trading account. The Broker accepts the following means of payment:
- Bank transfer
- credit card
Bank transfers can take between one and three working days. With the other payment methods, the money is available on the trading account after about 12 hours. With exception of Bitcoin, which is usually available after couple of minutes when the network confirms the transaction on the blockchain.
Thinkmarkets.com Free Demo Account
If you don’t want to invest your real money in ThinkMarkets right away, you can start with a free demo account. According to our ThinkMarkets experience, the test account is available for an unlimited period of time. So even experienced traders have the possibility to test new strategies in advance with the demo account.
Fortunately, the broker provides all functions for his demo account. Users can also access a real trading environment with real prices. This is a prerequisite for realistic trading.
Conclusion on ThinkMarkets
In conclusion, ThinkMarkets is a serious and reliable broker. The provider scores particularly well with its favorable conditions and first-class customer service. However, there is still a certain potential for improvement in the trading bid. There is nothing wrong with the trading platforms. In addition to the classic MetaTrader platforms and the in-house platform ThinkTrader is also fully convincing. If you are looking for a reliable CFD and Forex broker, ThinkMarkets is the right place for you.