Think Markets, which was formally known as Think Forex until 2016, is based in Australia. The company which is owned by TF Global Markets (Australia) Pty Ltd, had its origins in in New Zealand in 2010, before moving its head office to Melbourne, Australia in 2012. It also has an office in London. The company is regulated by the Australian Securities and Investments Commissions (ASIC) in Australian, under the license number 424700. The company is also regulated as TF Global Markets (UK) Limited by the Financial Conduct Authority (FCA) in the UK, with FCA Number 629628. The benefit for end-users of Think Markets, is that the company enforced by regulations has to adhere to stress-testing. This implies that the company will be able to withstand adverse market conditions. In addition, clients’ funds are kept in trust accounts with leading banks, and these are apart from the company’s operating funds. However, in the event the company should go into bankruptcy, the clients are treated as unsecured creditors in the event to recovery of their funds.
Still, the company has won many awards, from Best Online FX Provider and Best Middle East Broker in 2011, Best Forex Customer Service (UK, 2013), Best New Broker (Australia, 2013).Plus, in 2014 its quality market analysis and research was acknowledged with the award for Best New Contributor at the Forex Best Awards with was hosted by FXStreet.
Opening an account is rather easy, may only take 5 minutes to complete. The ease is due to common funding methods that are available to clients, like wire transfers, global collect, Skrill, Neteller, BPay, Union Pay, and credit and debit cards. The same methods can be used for withdraws.
Think Markets offers 3 types of accounts, namely Standard, Pro and VIP. Opening balances start at $250, increasing to $ 2000, and $ 25 000 for VIP accounts. Commission is fee for Standard accounts, but Pro accounts attract a commission of 3 units per side. VIP accounts, the client can negotiate the commission with the company. A benefit of the VIP accounts, are that they have access to FIX API connections. Either sort of account can be opened as individual, joint or corporate accounts. Plus, all three accounts provides traders to use Expert Advisors and Robots. They also provide access to Autochartist, a new tool using algometric trade opportunities in the form of key levels, Fibonacci patterns and Chart patterns. It scans search engines, monitoring thousands of financial instruments 24 hours per day uncovering trade opportunities as they happen.
Muslim clients can benefit from the use of a swap-free version on the Pro account. This allows the clients to adhere to Sharia laws.
Although the company has no duration limits for trader, traders that scalp the markets will find this company’s fees to be expensive, however, traders with longer time-frames will not feel the difference between this company and its competition.
Think Markets offers clients 4 different trading platforms, such as MetaTrader 4, ThinkTrader, ThinkTrader Web trading (global access, excluding the US), and ThinkTrader Mobile trading apps for iOS, Android and Blackberry.
Think Markets offers a decent customer support, ranging from educational support in the form of a video library, trading guides library, webinars, and a glossary. In addition, 24/6 support via phone, email, and live chat is available. They also provide daily insights. Also, the company offers clients the use of demo accounts on any three accounts they have.