On the 12/03/2018 Compare Forex Brokers completed a Think Forex review.
The broker was viewed as the 3rd best forex broker in Australia.
There are two accounts available for forex trading, CFDs and metals. The first is the standard account which is a spread only account. Generally this account is taken up by a small number of new to forex traders. The second is the most popular account, terms the pro account. This is considered the ECN forex broker account which direct market access available. This ThinkMarkets review focuses on this account type which requires an operating balance of $2,000.
The Pro account has spreads from 0.1 pips which are largely determined by the market (as is the case with other ECN forex broker accounts). The issue though is the commission of 2.5 units per side. This is higher than some of the other ECN forex brokers reviewed.
What Leverage Does Think Markets Offer?
ThinkMarkets (formally ThinkForex) offers the second highest level of leverage available in Australia at 400:1.
This high leverage level was only recently increased and the broker also allows a minimum deposit of $250 and trade size of 1,000. At 400:1 you can effectively trade 400 times your deposit. So for example a $250 deposit could allow you to effectively trade $100,000. Leverage increases forex trading risks so ensure you find a level that suits your trading needs.
What Forex Platforms Are Offered?
Metatrader 4 is the Forex industry standard platform and one of the most popular. The interface is easy to use with terminology easy to pick-up for beginner traders. It allows a number of trading strategies to be implemented with no trading desk execution.
Trade Interceptor is Think Market's proprietary web platform which has some great features including real time forex trading reports, on-chart interactive chart trading and single one-click execution.
Our Think Forex review found something unique to the broker with a multi-account manager (MAM) solution available. This is for forex traders who have several accounts and trade them at the same time with API solutions available for both their platforms (MT4 PHP API and MT4 FIX API). This is only for very advanced traders who have programming skills and want to execute very advanced forex trading strategies.
Like more other traders, there is a free ThinkMarkets demo account offered for the public that lasts for a month. ThinkMarkets Australia though does differ an unlimited demo account for members which can be useful for testing forex trading strategies and other tactics.
ThinkMarkets has similar payment methods to the other brokers including BPay, Bank Transfers and Credit Card. It also offers a few unique options such as Skrill, Neteller and AllCharge but these payment options are rarely used by Australians traders looking for the best Forex broker.
ThinkMarkets has very strong education material available online. This is complemented by free seminars, webinars and training events. They have an FX university offering interactive education modules and forex videos on a plethora of topics.
The brokers call centre is open 24 hours every day except for Saturdays. When you open a pro account an account manager will call you and will be your dedicated account representative for the future.
They offer live chat support, phone support and e-mail support. A local Melbourne number (since their office is located in St Kilda) is available for Australians but overseas numbers also exist which can be handy of a forex trader holiday's overseas. Pro account holders also get a free VPS service to help improve execution speeds when trading.
ThinkMarkets trades under the subsidiary TF Global Markets Australia Pty Ltd and is known as one of the most open and transparent brokers. As part of being certified to operate under Australian law, the company go through an annual audit conducted by accounting firm Grant Thornton. All deposits for Think Markets Australia are held in a trust account at the Commonwealth Bank of Australia (CBA).
As a relatively new Forex broker (founded in 2010) they focus on providing advanced, nimble solutions for clients that allow their traders to hedge, scalp and high speed trade on their platform. In our Compare Forex Brokers Think Forex review we noticed the outstanding trading environments they have on offer for small time retail traders with advanced infrastructure, tight spreads and strong customer service as explained below.
The Forex broker is a privately owned and based at 636 St. Kilda Road. Melbourne, VIC, Australia 3000. The company is relatively new to the Forex broker space commenced in 2010. They support Unicef Champion for Children and also support several other charities with a commitment on social responsibility.
Another element we liked when conducting our Think Forex review was the frequent webinars that the company runs. These seminars are run online and occur each week. They're a great way for new traders to learn the ins and outs of the Forex industry as clients can ask industry experts any questions they might have. During out Think Forex review we didn't sit in on one but from all reports these online seminars are a fantastic way for traders to keep abreast of the FX industry. Each session is different but typically webinars address new developments, policy changes and regulation.
Our Think Forex review found the broker had some key strengths including leverage and the choice of the best forex broker platforms (cTrader & MetaTrader 4). There biggest weakness though is their spreads and commissions (fees) which are higher then competitors such as IC Markets and Pepperstone. This can be avoided for VIP traders who have very high trade levels and receive more favourable fees then everyday traders.
This review compiled by our staff was conducted without any affiliate relationship with this broker at all. Our writers spent time closely analysing the broker and compiled this review based on the key strengths the company demonstrated. The company features prominently across this website as a trusted Australian regulated FX broker.
As of March 2018 Compare Forex Brokers does not have any relationship with this broker and get nothing in return for promoting them across the website. All data was pulled in from the broker's website. If you notice any mistakes please get in touch with us. We update these reviews frequently to ensure all information is accurate and up to date.