Thinkmarkets broker review: Is this the best broker for you!
Thinkmarkets broker review
We will discuss the thinkmarkets broker review in this article. ThinkMarkets is a 2010-founded Forex broker with offices in the Asia-Pacific, Middle East, North Africa, Europe, and South America. It keeps a watchful eye on regulatory matters in four countries: the UK, the Seychelles, Australia, and South Africa. It keeps the trading environment secure and makes sure that its primary trading environment is powered by cutting-edge technology. To manage their portfolios, traders have access to three trading platforms, three trading tools, and more than 1,500 assets. A top-notch teaching portion is available to new traders, and their blog provides daily market comments. According to data for the UK unit, 75.43% of retail traders at ThinkMarkets lose money.
Features of ThinkMarkets:
Negative Balance Protection
Imagine a broker buys the AFTERPAY share for $2000 using a 5:1 leverage ratio. The broker’s position is worth $10,000. The price decreases by 8% beyond your margin call close-out barrier due to an unanticipated event. Due to leverage, the broker will lose 30% of his investment, totaling $3,000 in losses.
If the leverage on your account is 500:1, the client can trade up to 500 times as much base currency in your account. Understanding leverage and being aware of the hazards involved with exploiting it are essential. It’s also vital to keep in mind that your country’s regulations determine how much leverage you can use.
ThinkMarkets offers 24/7 customer support. According to ThinkMarkets review, their customer care service is excellent. ThinkMarkets’ committed customer service team can reach out to any problems a client encounters and immediately provide a solution. Also, brokers can live chat with them and talk about any issues. They are able to immediately assist the broker. Also, you can express your worries to them. They have a response crew on call at all times.
In the UK, they are authorised and governed by the Financial Conduct Authority (FCA) under FRN 629628. They are subject to Australian Securities & Investments Commission regulation, which upholds the Companies Act 2001. ThinkMarkets holds licences from both the Japan Financial Services Agency (JFSA) and the Cyprus Securities & Exchange Commission (CySEC), both with licence numbers of 215/13 and 0250, respectively.
For clients whose underlying assets are above the FSCS’s threshold, ThinkMarkets has purchased Excess of FSCS Insurance; an individual policy from ThinkMarkets offers investors extra safety and compensation rights. These safeguards amount up to £1,000,000. Moreover, it has won numerous London Wealth Management Awards. The Investor Compensation Fund, which can reimburse clients up to €20,000 if the broker is unable to fulfil its financial responsibilities, protects ThinkMarkets’ European customers.
The clients on the platform are spread out over a wide geographic area. Visit the contact us page to get in touch with the knowledgeable consultants directly if you want to learn more about the clientele. If you have any questions, they will address them and give you all the client information they are legally permitted to share.
- Small market spreads starting at 0.0 pips;
- The Basic account requires no minimum deposit;
- Governed in nations that have strong control over the operations of Forex brokers;
- ZuluTrade, a social trading platform, allows users to mimic the trades of successful traders.
- No cent accounts exist;
- There aren’t any bonuses, competitions, or promotions held for its customers;
- Trade platforms frequently freeze;
Safe or a scam?
ASIC, FCA, FSCA, Cysec, JFSA, and FSA are two of the strictest and most demanding regulatory and authorization bodies that ThinkMarkets is subject to. ThinkMarkets maintains segregated accounts for client funds with reputable financial institutions like Barclays, National Australia Bank, and Commonwealth Bank of Australia.
ThinkMarkets is not permitted to use customer funds for any operational or other purposes under this requirement and protocol. In the event that ThinkMarkets is ever deemed bankrupt or unable to make payments, the UK FSCS, of which ThinkMarkets is a member, may compensate customers up to £85,000. Clients may make a claim through the Investor Compensation Fund (ICF) within the broker’s business in Europe for up to €20,000 in the event that ThinkMarkets fails.
The UK FSCS offers UK clients insurance that is classified as a “investments” claim type.
ThinkMarkets offers a wide range of account types, a huge number of markets, and three leading trading platforms to accommodate customers with all levels of trading experience, from novice traders to seasoned investors. Scalping, day trading, and the development of automated trading strategies would all benefit greatly from a ThinkZero account type that offers ECN-style trading and pricing. The simplicity of the ThinkMarkets regular account, which has no additional commission fees, may benefit new traders.