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ThinkMarkets Broker Review

  1. ThinkMarkets is a regulated forex and CFD broker which, originally gaining licenses from the UK and Australia, has now expanded its offices and has gained a trading license from the Financial Services Conduct Authority (FSCA) of South Africa. Due to their newly received South African license, ThinkMarkets is planning to set an office in Johannesburg and offer Rand-based currency pairs.

    Officially, ThinkMarkets will be available to South African traders starting April 2019.

    So, can ThinkMarkets be trusted? Read our full ThinkMarkets review and final conclusion below.

    ThinkMarkets: The 4 Account Types

    ThinkMarkets has four account types South African traders can choose from, depending on prior experience and personal preference: two main accounts (Standard Account, ThinkZero Account) and two other accounts (Islamic Account, Joint Account).

    The minimum deposit to begin trading with ThinkMarkets is $250, which is the most common amount required from most forex and CFD brokers.

    Tip: Trade with IQ Option instead, the best regulated broker for South African traders with a minimum deposit of only $10!

    Each ThinkMarkets account type is listed below.

    Standard Account

    • $250 minimum deposit
    • 500:1 maximum leverage
    • From 0.4 pips (forex spreads)
    • 2 pips (average FX spreads)
    • 0 lot size
    • No commission
    • MT4 platform, Trade Interceptor
    • 50 lots maximum tradeable size
    • 24/6 live support
    • Free VPS service

    ThinkZero Account

    • $500 minimum deposit
    • 500:1 maximum leverage
    • From 0 pips (forex spreads)
    • 1 pips (average FX spreads)
    • 0 lot size
    • $3.5 per side (100,000) commission
    • MT4 platform
    • 100 lots maximum tradeable size
    • 24/6 live support
    • Free VPS service
    • AutoChartlist
    • Account manager

    Islamic Account

    ThinkMarkets provides traders of the Islamic faith a separate, Islamic Account that is swap-free and complies with Sharia law. To gain access to an Islamic Account, you will need to request it directly.

    Joint Account

    South African traders will also have the option of opening an account which they can share with two or more investors. This is what ThinkMarkets refers to as their Joint Account.

    Demo Account

    Finally, ThinkMarkets offers South African investors the chance to practice their trades entirely risk-free through a free demo account. Demo accounts are an excellent choice for complete beginners, who want to test their skills before they invest their first money. A demo account can even be used by an experienced trader, who wants to check the broker’s trading platform or tools before deciding whether to invest or not.

    ThinkMarkets Trading Platform & Assets

    ThinkMarkets gives South African investors the chance to trade CFDs in forex, cryptocurrencies, shares, indices, metals and energies. Being newly regulated in South Africa, ThinkMarkets announced they will also be offering trading in Rand-based currency pairs, which include USD: ZAR, GBP: ZAR and EUR: ZAR. In addition, South African traders will be given access to equity derivatives which are traded by investors in the Johannesburg Stock Exchange.

    The forex and CFD broker has two trading platforms available, which South African traders can choose from depending on experience and personal preference: the classic MetaTrader 4 (MT4) and the Trade Interceptor platform.

    Take a look at each ThinkMarkets trading platform below.

    MetaTrader 4 (MT4)

    The MetaTrader 4 platform is the most recognized forex trading platform online. Due to its user-friendly interface, ultra-fast trade execution and extra tools, many CFD brokers offer MT4 to investors. If you are a complete beginner, maybe MT4 is not the better choice though – as it may appear a bit complicated for newbies.

    ThinkMarkets offers MT4 through Android, IOS and Windows.

    Trade Interceptor

    ThinkMarkets offers South African investors a second trading platform, known as Trade Interceptor. This is not a web-based platform, so it will need to be downloaded onto your mobile or desktop.

    Trade Interceptor is not as simple as other trading platforms, but moves a bit closer to MT4. This may be a disappointment for complete beginners in trading, who are looking for a more simple and straightforward trading platform.

    Tip: IQ Option has created one of the best, user-friendly and easy-to-navigate trading platforms, which can be used by both complete trading newbies and experienced traders.

    ThinkMarkets Customer Support

    ThinkMarkets offers several contact methods traders can try to get in touch with them. The ThinkMarkets customer support team is available 24/6 via email, live chat and the contact form on their website.

    The broker also offered several phone numbers to contact them with, none of which were for South African traders – which is a bit of a disappointment, especially when it comes to their newly-obtained South African license. We assume they will add a South African number when the office in Johannesburg is set.

    The ThinkMarkets live chat would be the most advisable contact method, as it is fast and professional.

    Company Info & Payment Methods

    ThinkMarkets has its headquarters in Australia, operated by the company TF Global Markets (Aust) Pty  Ltd. Their company address is Level 12, 636 St. Kilda Road, Melbourne, VIC, Australia 3004. ABN: 69158361561.

    The broker also has offices in the UK, under the company TF Global Markets (UK) Limited.

    The payment methods available are bank wire transfer, credit/debit card (Visa, MasterCard) and alternative deposit methods such as Neteller, Skrill and Bitpay.

    Conclusion: Is ThinkMarkets a Scam?

    Through our thorough review of ThinkMarkets, we did not find any evidence that this broker could be a scam.

    However, ThinkMarkets is not fully tested so we never like to recommend companies we are not 100% sure about and have properly tested to see if they are a scam or not.

    This is why we always recommend trading with the best regulated, award-winning and fully-tested broker IQ Option – our top choice for South African traders.

    You can also check out our lists of more fully-tested forex, crypto and binary options brokers below:

    Top Forex and CFD Brokers for South African Traders

    Top Automated Trading Robots for South African Traders

ThinkMarkets articles