ThinkMarkets is an online broker that offers trading across different financial services, such as forex, indices, stocks, commodities, cryptocurrencies, ETFs, and futures.
One of ThinkMarkets’s most revered features is its ThinkTrader platform, a trading platform developed by ThinkMarkets. This platform is said to have advanced charting tools, real-time price alerts, and a mobile-friendly trading app.
Where is ThinkMarkets regulated?
Before choosing a broker, it is of utmost importance to check whether it is regulated.
ThinkMarkets is a global broker, which means it operates in multiple countries, including South Africa.
It is preferable that global brokers be regulated by multiple regulators in different jurisdictions. Fortunately, ThinkMarkets is licensed by multiple regulators in countries such as the UK, Australia, Cyprus, Japan, and South Africa.
Here is an updated list of ThinkMarkets regulators and their license numbers.
| Country | Regulator | License No. |
| Australia | Australian Securities and Investments Commission (ASIC) | 158 361 561 |
| United Kingdom | Financial Conduct Authority (FCA) | 629628 |
| Cyprus | Cyprus Securities and Exchange Commission (CySEC) | 684312 |
| Japan | Japan Financial Services Agency (JFSA) | 1536 |
| South Africa | Financial Sector Conduct Authority (FSCA) | 49835 |
| Dubai | Dubai Financial Services Authority (DFSA) | F003651 |
| New Zealand | New Zealand Financial Markets Authority (NZFMA) | 493926 |
| Seychelles | Financial Services Authority (FSA) | 842808-1 |
| Mauritius | Financial Services Commission (FSC) | GB20025294 |
| Cayman Island | Cayman Island Monetary Authority (CIMA) | 1447661 |
The FCA, ASIC, and JFSA are considered top-tier regulators with rigorous regulatory standards and comprehensive oversight of service providers within their jurisdiction.
For South African traders, it is of note that ThinkMarkets is regulated by the Financial Sector Conduct Authority (FSCA), the local financial authority in South Africa. While the FSCA is not recognized as a top-tier regulator, it is an added level of protection for investments.
If any issues arise between the trader and the broker, both parties have easier access to legal resources within the country.
ThinkMarkets Features
Trading Platforms
ThinkMarkets offers a selection of trading platforms that can accommodate various trading styles. These include MetaTrader 4, MetaTrader 5, and ThinkTrader.
MT4 is a highly customizable and automated trading platform that can be accessed by downloading the official MT4 software. It is best used for forex trading but can also accommodate other instruments.
MT4 can be accessed through Windows software and the iOS and Android apps for mobile trading. For MacOS users, MT4 can be accessed by installing third-party software called PlayOnMac.
On the other hand, ThinkMarkets also offers its own trading platform, ThinkTrader. This platform is available on the browser and can be installed as an application on desktop and mobile devices. It offers advanced charting tools, customizable layouts, and a range of features designed for active traders.
Most recently, ThinkMarkets has integrated with TradingView which can be accessed on the ThinkTrader Account.
ThinkMarkets Minimum Deposit and Account Types
The ThinkMarkets minimum deposit varies depending on the account type. For a standard account, ThinkMarkets requires a minimum deposit of $250.
For higher-tier accounts, such as the ThinkZero account, the minimum deposit is $500. This makes ThinkMarkets accessible to both beginner and more experienced traders.
Standard Account
The ThinkMarkets Standard Account requires a minimum deposit of $250 for South African traders. This account is popular among beginner traders because it offers zero commission and tight spreads as low as 0.4 pips.
The maximum leverage is 500:1, and traders can trade forex, commodities, indices, stocks, futures, and ETFs. Traders who choose MT4 have access to over 350 instruments, while those who opt for MT5 have access to 1,800 instruments.
ThinkTrader Account
The ThinkTrader account is among the more popular accounts because it offers up to 4,000 instruments available on the ThinkTrader platform and TradingView.
The ThinkMarkets minimum deposit for ThinkTrader is only $50, and there is zero commission, which is ideal for traders with little to no experience. Spreads start at 0.4 pips, and base currencies include USD, AUD, GBP, EUR, SGD, NZD, and CHF.
ThinkZero Account
This account is designed for more experienced traders and offers tighter spreads and lower commissions. However, the minimum deposit is $500, and ThinkMarkets charges a commission of $3.5 per side per lot traded in forex and metal trades.
This is a No-Dealing Desk account and offers raw spreads starting from 0.0 pips. Moreover, the ThinkZero trade execution is relative faster than the Standard Account’s, with a 99.9% fill rate.
Finally, the available instruments are the same as the Standard Account.
Islamic Account
This account type is available for traders who adhere to Islamic finance principles. It provides swap-free trading conditions and is exempt from overnight interest adjustments.
This option is available to traders of Islamic faith or non-Islam traders who prefer this type of trading.
Demo Account
ThinkMarkets also offers a demo account that allows traders to practice their trading skills and test strategies. However, the Demo Account should not be mistaken for the TradingGym feature on ThinkMarkets.
The TradingGym functions like a demo account, where traders can test strategies and review historical data. However, this feature is only available for all traders with live accounts.
Joint Account
A Joint account allows two individuals to share their trading experience on ThinkMarkets. This feature is available upon request.
ThinkCopy Account
The ThinkCopy account allows trades to copy the trades of other top-performing traders. This account automatically copies the trades of other experienced traders.
The fees are similar to that of the Standard Account but require a minimum deposit of $100. Additionally, signal providers set fees that traders can view before they follow the strategy. The signal provider charge is usually a 25-30% performance fee.
At present, there are 1,000 signal provider traders on ThinkMarkets from which beginner traders can copy.
Switching Accounts
If you want to switch between account types with ThinkMarkets, you can email their support team at [email protected]. You must email them using your registered email address. Provide your trading account number and the new account type you wish to switch to.
Alternatively, if you meet the initial deposit requirements for an account of the desired type, you can create an additional account through ThinkPortal.
Withdrawal Options
ThinkMarkets offers a variety of withdrawal options to cater to the needs of its diverse client base. Available methods include bank transfer, credit or debit cards, and e-wallets such as Skrill, Neteller, and FasaPay.
Withdrawals are typically processed within a few business days, though the specific time frame can depend on the method chosen.
While some traders have applauded ThinkMarkets’ fast withdrawal process, some have also reported that they were not able to withdraw funds after several requests. Some clients have reported almost a three-month delay in withdrawals.
Customer Support
ThinkMarkets offers 24/5 support available through live chat, email, and phone. The broker also has a comprehensive FAQ section that can assist traders with common inquiries.
However, some clients have complained about the delay in customer support. For instance, some traders required assistance after having their accounts frozen without prior notice. Upon requesting support, they were only redirected to automated chatbots and never escalated to live support.
Is it safe to trade with ThinkMarkets in South Africa?
Trading with ThinkMarkets in South Africa is generally considered safe.
As a trader, it is crucial to research any broker before conducting business with them.
While TradersUnited does its best to ensure that our broker reviews are reliable, traders are highly encouraged to practice due diligence!
Here are a few tips to make sure that your chosen broker is trustworthy so you can take care of your investments:
- Verify your broker’s license number through their regulator’s official website.
- Study FSCA legal and regulatory frameworks.
- If other authorities regulate your broker, make sure to study up on those too!
- Double-check fee structures and hidden charges, if there are any.
- Check other verified traders’ reviews of TDMarkets online. Make sure that the review platform is legit and that the traders giving the review are verified! Some platforms have manufactured reviews.
By taking these steps, you can protect your investments and make informed decisions.
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