At first sight, ThinkMarkets broker looks just ideal. Several regulations, proper trading platforms, nice-looking website. Everything seems as it should. However, we didn’t stop there.
Read our profound ThinkMarkets review and check everything yourself.
|Broker status:||Regulated Broker|
|Regulated by:||FCA, ASIC, FSCA|
|Operating Status:||Alleged Forex Scam Broker|
|Blacklisted as a Scam by:||N/A|
|Broker Owner:||TF Global Markets Pty Ltd|
|Headquarters Country:||Australia / UK|
|Trading Platforms:||MT4, MT5, WebTrader|
|Crypto Assets:||Yes (BTC, ETH, LTC)|
|Available Trading Assets:||Cryptocurrencies, Forex (FX), Commodities, Indices, Shares|
|Free Demo Account:||Yes|
|Accepts US clients:||US traders are not accepted|
ThinkMarkets Regulation and Licensing Details
ThinkMarkets is a brand of TF Global Markets Pty Ltd located in Australia. The broker has two other entities, in the UK and South Africa. Of course, we’ve checked everything about the company.
Questions to License and Regulation – Reputation Problems
Yes, ThinkMarkets has regulations from the UK FCA, Australian ASIC, and South African FSCA. However, it also has a lot of complaints against it. According to those, a broker does not allow clients to withdraw funds, and those who deposit “low” amounts are not even worth a phone call or any explanation. Their account is simply never activated.
So yes, ThinkMarkets regulations look good, but its reputation definitely doesn’t.
ThinkMarkets Trading Platform Review – Trading Software
Broker trading platform offer is rather satisfying. The broker has available MT4, MT5, and a WebTrader, making the trading process more straightforward. Everyone can choose suitable software for themselves and maximize the experience.
ThinkMarkets MT4 – MetaTrader 4 Platform
One of the platforms, ThinkMarkets MT4, is the most reputable platform on the market. According to research, over 80% of market traders use MT4 since it has the most significant features and indicators. ThinkMarkets is no exception with the comprehensive features offered.
ThinkMarkets MT5 – MetaTrader 5 Platform
Besides MT4, MT5 brings trading to a higher level. For all those investors that prefer the newer MetaTrader version, MT5 is available with all the features it can possibly have. Fast trade execution and a vast number of indicators are just some of the perks MT5 offers.
ThinkMarkets App – Mobile Trading via ThinkTrader
Besides MetaTrader, there’s a ThinkMarkets app called ThinkTrader. It’s a proprietary app available for both Android and iOS devices. Previously, the broker had a similar app, Trade Interceptor, that was improved into ThinkTrader.
Links for downloading are available on the broker’s website.
In Which Countries Does This Broker Work?
Since the broker has offices in the UK, Australia, and South Africa, these are legitimate grounds for providing financial services. However, according to ThinkMarkets reviews, they accept traders from Russia, Lithuania, UAE, Egypt, Malaysia, and more.
The only prohibited areas are:
ThinkMarkets Australia and South Africa Traders
Thanks to its offices in the area, the largest number of ThinkMarkets forex broker traders is from Australia and South Africa. However, that’s why we’ve gotten most of the complaints from this area related to ThinkMarkets spreads.
Before we go any further, we will give you just one of the examples:
Thinkmarkets advertise tight spreads and no commissions for their CFD shares. The reality is the spreads for shares can be $5-15 per share. The execution price for buy orders can be $5-15 above the daily high for the stock.
On some stocks the share order can altered to higher volume like 100 times higher. For example, if you place an order for 2 Xiaomi shares, upon execution you purchased 200 Xiaomi shares not 2 shares.
The stocks they offer for trading DO NOT pay dividends.
BE WARNED, Thinkmarkets is deceitful.A trader who was cheated by a broker
ThinkMarkets USA Traders
For now, company does not provide financial services to USA traders. Most likely, it’s because the USA has a rigid regulatory body, and the scam they are conducting wouldn’t last long in this specific area.
Assets You Can Trade With a Broker
Here is the complete list of assets you can trade:
- 40 currency pairs – all the majors and some exotics such as ZAR/USD
- 5 cryptocurrencies
- 10 commodities, including metals and energies
- 16 regular indices and an additional 6 priced in AUD
- Allegedly 2,500 shares from ASX and Chi-X market
However, clients need to open a special Share account where the broker promises dividends for trading shares. According to reviews, once you start such an account, you’ll be provided with leverage by default, and you will never receive any kind of dividends. It’s online trading as any other with fixed leverage of 1:200.
ThinkMarkets Spreads, Leverage & Fees
ThinkMarkets spreads are often the reason for complaints. According to the website, the broker offers trading from 0.0 pips variable, while the average spread for EUR/USD pair is 0.5 pips respectively. However, once you start trading, it turns out not everything is as bright as listed.
On the other hand, ThinkMarkets leverage is too high and definitely not regulated. The broker offers up to 1:500 for the Forex market, while regulators are limiting the leverage to 1:30 and 1:50.
As a result, it makes us think of the ThinkMarkets trading scam, which is similar to TradedWell forex scam.
If you decide to start trading with a ThinkZero spread account, a commission is $3.5 per 100,000 units. On the other hand, ThinkMarkets fee for shares account is $8 up to 200,000 units and 0.05% per trade above 200,000 units.
ThinkMarkets Account Types – Trading Accounts
There are a couple of account types, including:
- Standard account
- Share Investing account
- ThinkMarkets Pro
As you can guess, the main difference is in the amount of funds necessary as well as the spreads and commissions.
Additionally, ThinkMarkets minimum deposit for a Standard account is $0, which again sounds like a fraud. Making money from nothing is impossible, so we believe this broker chose to show itself as low demand, just for clients to hook up and extort more money later.
ThinkMarkets Demo Account
Besides regular accounts, the broker offers Islamic swap-free accounts, a joint account for couples or relatives, and a ThinkMarkets Demo account. Once you register, you will get a Demo with $25,000 in virtual money for testing out the platform. However, having such a large amount of money will not give you an entirely accurate trading experience since you won’t start with nearly as much.
ThinkMarkets Deposit and Withdrawal Methods
There are several payment methods broker accepts, including:
- Wire transfer
Similarly, all of these methods are available for withdrawals as well. The only difference is in the fees you’ll have to pay.
ThinkMarkets Withdrawal Issues – Unable to Withdraw Funds
So far, we can tell this broker has such a bad reputation. We were not surprised to see clients complaining about ThinkMarkets withdrawals. According to them, the broker doesn’t care too much about clients that want a payout. In fact, it goes that far as to even block clients’ accounts and prevent them from accessing their funds. As mentioned, if you started with a lower amount, you will never even have access to the platform since the broker will consider you not valuable.
Have You Been the Target of ThinkMarkets Scam? – We Can Help You!
Finally, if you have been scammed by ThinkMarkets or similar bogus brokers, let us know. Global Fraud Protection recently received numerous complaints from victims of the forex trading scam. You are alone in this. Tell us your story, and let’s find the solution together.
Book your free consultation, and let’s get your money back!
Don’t Let the Scammers Go Away for Free!
What is ThinkMarkets, and Should I Invest Money in it?
It is a regulated online broker with a terrible trading reputation. It’s certainly not worth your funds.
Is ThinkMarkets regulated and licensed?
Broker is regulated by ASIC, FCA, and FSCA for providing financial services.
Does ThinkMarkets Offer a Demo Account?
Yes, this brokerage company offers a Demo account with 25,000 virtual units for trading on the market.
What products does ThinkMarkets offer?
Broker offers currency pairs, commodities, indices, shares, and cryptocurrencies.
Is ThinkMarkets Available in the United States?
No, ThinkMarkets does not provide financial services in the USA, Canada, and Japan.