It is an easy to use registration process where the site will take you to the ‘create account’ page. You can then select your trading account type and put your preferred country of residence. You then put your full name and email address and create a password, and your account is made. They will send an email to you to verify your details through identification, and you will be sent your ThinkMarkets login details. The identity checks are through the standard KYC (know your customer) verification to ensure you are who you say you are. It reassures the customers of their safety on the platform that each individual can be accounted for.
There is no opening offer for new customers, but ThinkMarkets Australia and other locations have online facilities and trading tools to help beginner traders develop their techniques and strategies. The ‘Learn to Trade’ section also guides traders at higher levels to ensure everyone is catered to.
ThinkMarkets Australia provides a simple to use platform for beginner and more advanced traders. At wetten.com, we found that customers can trade forex, commodities, cryptocurrencies, shares CFDs and CFDs on the platform. ThinkMarkets has thousands of customers trading internationally, so they are often busy during peak trading hours. However, it doesn’t stop the online broker from providing an efficient, streamlined service to its traders.
It has three trading platforms on the website that are known to keep up with high demands in the market. These platforms include MetaTrader 4, 5 and their own brand ThinkTrader. The website design has excellent performance due to the high-quality technology ThinkMarkets uses. This performance is also translated onto the mobile app, where the quality is matched on the go.
In addition, in this ThinkMarkets review, we researched that the company is known for having incredibly tight spreads between the bid and ask prices and little to no commission fees, too, similar to other popular online brokers like those in our TMGM review or INGOT review.
ThinkMarkets offers a few account types to its customers when they decide to trade. They offer a demo account for individuals who want to practice their trading strategies first. Customers are given a limit of 25,000 AUD if they’re not ready to spend real money. It is helpful to trading beginners who are still understanding the financial market and don’t want to make errors. It is also valuable for experienced traders who might want to speculate trends and movements without losing anything first.
We also discovered the main account types in this ThinkMarkets review Australia:
- The Standard account
- The ThinkZero account
- An Islamic account
- The option to create a joint account
The Standard account is an excellent choice for newbie traders. It offers zero commission fees, although there are wider spreads. There is no minimum deposit, so if you want to start with a small amount and reduce the risk, the Standard account is perfect for this.
However, the ThinkZero account does charge commission fees, but as a result, you will be exposed to tighter spreads in the financial markets due to the liquidity. In Australia, the commission fees are 3.50 AUD per side of the trade. The account is better suited to more advanced traders as it can be seen as an ECN or Electronic Communications Network style trading account. It is because of the computerised system that automatically matches buy and sell orders for your chosen shares and stocks in the market. If you open a ThinkZero account, you have to deposit at least 500 AUD to trade.
The Islamic account type is available to Islamic customers if they follow Sharia law and, depending on the country they are trading from, on a swap-free account. In addition, you can also request the joint account if you want to share your access to ThinkMarkets with two or more individuals.
Fees – Several minimal fees are charged to customers
In this ThinkMarkets review, we looked into the potential fees customers could be exposed to. One fee for all customers and account types is the inactivity fee, which charges you for leaving your account idle for a specific time. However, the broker does not charge deposit fees, although your bank or a third party may incur their own. It could depend on what payment method you choose to use, so it’s essential to check the options before you deposit any funds.
As mentioned above in this ThinkMarkets reviews Australia, commission fees are not charged on Standard accounts. Still, they are on ThinkZero, specifically in the forex markets and if you decide to trade metals. It’s also good to be aware of hidden fees that may occur. For example, if you decide to change or cancel your order, you could be made to pay the commission fee because the broker is supposed to make a return on the transaction.
If you decide to open an account with ThinkMarkets, you may be pleased to know they offer three very reliable online platforms to trade on. MetaTrader 4 (MT4), MetaTrader 5 (MT5), and the brokers own ThinkTrader.
MetaTrader 4 (MT4)
MT4 is a widely popular platform that allows customers to trade with ultra-fast executions. It is used on platforms like those in our AxiTrader review and Fusion Markets review. It is available on both the online website and mobile apps, including Apple and Android phones. MT4 also has incredible features such as their advanced charting types and technical indicators to help investors and traders improve their trading skills. It has a simple interface that is suitable for traders at all levels. It is an industry favourite platform that is highly praised because of all it has to offer, including its large trading community, minimal slippage and autochartist (automated market scanning software), to name a few.
MetaTrader 5 (MT5)
Similar to MT4, MetaTrader 5 is the new and improved trading platform. It increases ThinkMarkets rating because of the more significant number of features and changes to better the quality of trading for customers. Some of these features include more advanced charting tools, more technical indicators, a good range of trading signals and the economic calendar. It is also available to download on mobile apps. If you need some assistance or customer support, they also have expert advisors to guide you through your specific market and asset.
The final platform ThinkMarkets offers its customers is ThinkTrader. It is the next generation mobile trading app that has been specifically designed to incorporate the best of the previous trading platforms and the best of the broker as a whole. It has a user-friendly trading environment and has seen numerous excellent reviews to back its success.
It’s a good idea to look at all the ways to deposit and withdraw funds and choose the best option for you and the region you’re trading in. There are several payment methods available in Australia, such as bank transfer, debit or credit card, Skrill, Neteller, BitPay and PayPal, to name a few.
Thankfully, if you live in Australia, the option to pay using PayPal is only limited to this country. It is known to be reasonably reliable as you don’t have to give away your card details or be subject to bank fees. But, it is not as quick as the other methods to deposit funds. We looked at the different processing times, and bank transfers took the longest 1 – 3 business days. Skrill, Neteller and BitPay, however, only take about 10 minutes to process a transaction, and a debit or credit card is the quickest and processes your funds instantly.
We mentioned earlier in this ThinkMarkets review that there is no minimum deposit required for Standard account holders. You can deposit your funds in the chosen currency depending on where you choose to trade from. Currencies include AUD, GBP, EUR, USD and CHF.
We wanted to confirm that ThinkMarkets’ safe for customers through our research. Their customer support team is on hand at all hours of the day. Compared to other popular brokers like Trade Nation, ThinkMarkets provides a generous amount of customer care and proves they put the needs of traders first.
Traders can reach the teams through live chats, on the phone or via email. At ThinkMarkets, their team is multilingual, which is extremely useful for customers from a wide range of nationalities. If you need an immediate response, you can submit a support ticket or choose to communicate through the live chat where their advisors are known to respond within 30 seconds. The live chat is available on both online platforms and mobile apps.
ThinkMarkets phone lines are incredibly efficient, where customers’ calls are answered in less than 5 minutes on some occasions. The advisors are skilled to answer your questions in different languages and make sure that your problems are solved or that you find a quicker way to come to a solution with their help.
ThinkMarkets is regulated by several top financial authorities worldwide, which puts ThinkMarkets ranking of security above other online brokers in Australia like our Capital.com review. Some of the global regulators include the Australian Securities and Investments Commission (ASIC), the Financial Conduct Authority (FCA), the Financial Sector Conduct Authority (FSCA) and several TF Global Markets.
ThinkMarkets’ rules and ways of operating can change depending on what country individuals are trading in. For example, in Australia, the broker services are found in Melbourne and regulated by ASIC. The TF Global Markets (Aust) Limited have to make sure the customers’ funds are held in separate accounts. It is important to note that investor protection of funds is not legally required for ThinkMarkets to uphold. Still, they promise the safety of clients’ money as a key company value.
ThinkMarkets is a top-quality broker that was founded back in 2010. It has over a decade of experience and impressive growth as it is known to have won awards as time has progressed. One of the awards was the Best Value Broker in Asia at the 2020 Global Forex Awards. And more recently, ThinkMarkets won the Best CFD Provider in 2021 at the City of London Wealth Management Awards (COLWMA).
Its success is also due to the range of countries it reaches globally and the 12 languages available to different nationalities. Each trading week, there are a vast amount of transactions on the platform, and it’s able to keep up with peak time trades and not have delays or lags.
ThinkMarkets specialise in meeting the needs of their clients. Their core values are maintaining a high standard for each client, whether they are new to trading or more advanced.
At this time, there has been no record of a ThinkMarkets scam or security breach issue, which is positive when looking at online brokers, and as a result, it now has a significant number of clients. As we said in this ThinkMarkets review, the regulators don’t legally require brokers to provide investor protection. But this feature, along with other security measures, keeps ThinkMarkets above the others in the financial markets.