Become An Informed Client By Evaluating This Comprehensive ThinkForex Review
ThinkForex is a global Forex broker that has its branches located in the UK and Australia. ThinkForex clients can take part in a wide range of financial markets and are offered different financial products such as spread betting, FX trading, precious metals trading, commodities, and CFDs. Although spread betting is only legal in the UK and considered to be sketchy in several parts of the world, the broker does customize its services to clients according to their specific requirements and the existing local regulations. Traders in the UK can take advantage of the spread betting product by enjoying tax-free profits, along with the eradication of stamp duty on all financial transactions involved in spread betting. Spread betting is indeed one of the most popular trading products in the UK due to its obvious tax benefits, but the company has ensured that its products are well-received by traders from other parts of EU, Africa, and Asia-Pacific as well.
Best and most trusted forex brokers in July 2020
All the brokers below are available in:
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker, DMA
Platform for trading Forex, analysing financial markets and using expert advisors.
Multi-asset platform for trading Forex and CFDs.
Trade online without downloading any software.
Wire Transfer, Bank Transfer, Credit or Debit Cards, PayPal
ThinkForex regulation is carried out by two different regulatory agencies from the UK and Australia. Both the Financial Conduct Authority (FCA) of the UK and the Australian Securities and Investments Commission (ASIC) play their parts in ensuring that the broker stays honest by acting in the best interest of their clients. The FCA and the ASIC have various regulatory guidelines that are considered to be some of the best frameworks designed to protect investors against consumer abuse or financial frauds. Client funds are supposed to be kept in segregated accounts, which should be protected against any irregular financial transaction from the broker’s part. FCA provides further security of funds by making it mandatory for all brokers to offer protection to their traders under the Financial Services Compensation Scheme (FSCS). Traders can recover up to £ 50,000 of their trading capital if a broker shuts down due to insolvency or bankruptcy procedures. ThinkForex has an independent legal department that handles all aspects of regulations, licensing, and client dispute resolution. The broker offers great insights into a bunch of their company policies that are designed to provide complete peace of mind to their traders.
ThinkForex Accounts Designed For Everyone
ThinkForex has four different types of trading accounts, which are designed according to the minimum deposit. ThinkForex deposits start from just $50, which gives access to a spread betting account that provides a maximum leverage of 1:200. Since spread betting is a unique product that is reserved for traders from the UK, conventional Forex traders can open a Standard account for a minimum deposit of $250. Even though the Standard Account is the second type of account on the list, it is considered to be the most basic Forex trading account that is currently on offer to clients. The Standard Account is a market maker account that has a maximum ThinkForex leverage of 1:500 and spreads starting from 0.8 pips. ThinkForex seems to have got it wrong with the pricing, especially since they have introduced a minimum deposit of $250 for a regular market maker account. Some of the leading FX brokers are willing to offer a Micro or Standard account with market maker conditions for as little as $1. Nevertheless, the other two types of accounts are based on the ECN model, which starts with a minimum balance of $2000 for the Pro Account and a minimum balance of $25,000 for the Premium Account. Both of these ECN accounts have a maximum leverage of 1:500, while the ThinkForex spreads starts from 0 pips. Of course, an ECN account does charge a premium for trading, which in most cases involves a commission per trade. The ECN commissions start from 3 units per single turn lot, which can be reduced to a lower amount for the Premium account upon request. 3 units may be considered to be a higher commission, as there are brokers that offer anywhere between 1.5 to 2.5 units on average for accounts that have significantly lower minimum deposit requirements. If you are interested in a ThinkForex trading account, the Pro Account should be the wise pick among the rest, especially due to the attractive spreads, comparatively lower minimum deposit requirements, and the host of trading services offered for a Pro account. ThinkForex offers free daily analysis for all account holders, but Pro and Premium accounts receive additional benefits such as free Autochartist access, RanSquawk and Reuters live feeds, Free VPS service, and a dedicated account manager. Premium account holders are also offered additional FIX 4.4 API Connections for advanced traders and programmers to customize their terminals according to their requirements. Overall, we believe that there are similar brokers out there that offer the same services for a fraction of the deposit requirements imposed by ThinkForex.
What Is The ThinkForex Platform Option?
ThinkForex has taken the safe route of adopting MT4 as their primary trading platform. MetaTrader is incredibly popular among modern retail traders and is one of the most widely adopted trading platforms, which does sound like a good reason for ThinkForex to prevent spending any additional resources on developing a proprietary ThinkForex trading platform. ThinkForex mobile traders can access the MT4 on their smartphones and tablets by accessing the iOS and Android versions from the app stores. ThinkForex supports all versions of the MT4 interface, which includes dedicated desktop platfofrms, web traders, and mobile trading platforms.
What Are The Financial Assets?
ThinkForex provides access to 12 CFDs and Metals, which is supplemented by access to around 35 currency pairs. With a total number of financial assets close to 50, ThinkForex could have done better to provide more financial instruments, in particular for the ECN accounts, which provides direct market access to their traders. Regardless, MT4 offers an excellent interface for trading the markets, and the ECN bridges, along with VPS access, ensures the lowest latency and the fastest order execution times during most market conditions. Free VPS is a great incentive for automated traders using EAs, as a VPS is considered to be a must for automated trading strategies. ThinkForex does take care of its customers through professional customer support departments, which can be contacted through the usual live chat feature, through email, by using the web contact form, or by calling the direct hotline phone numbers. Due to the FCA and ASIC regulation, ThinkForex is a safe broker that will look after your trading capital, but regarding the services offered, traders can receive more for their investments than what is currently being offered by ThinkForex.