The market for exchange trading for private traders is still a growing segment. This does not refer to long-term investments in stock exchange products of various kinds, but to the intensive trading of leveraged financial products. This development was made possible above all by the widespread use of fast Internet access and the availability of trading techniques that could previously only be used by professional traders. A growing number of providers are offering private traders the opportunity to participate in this type of trading at low cost. One such provider is the Australian Online Broker ThinkMarkets. With around 50 underlyings from the areas of commodities, currency pairs and indices, ThinkMarkets provides its customers with a small but very fine range of products for leveraged trading. Leverages of up to 1:400 can be used. The conditions, which are offered by ThinkMarkets for the trade, rank among the most favorable in the industry.
About all we see, however, the criterion of seriousness, which should be fulfilled in any case. In our review we would therefore like to report on how trading and the additional offers are implemented in practice and whether the broker is a reputable provider whom traders can fully trust. We would like to be able to rule out the possibility that customers will have to make experiences with fraud or rip-off.
Our experiences at a glance
Before we dedicate ourselves to the individual criteria that we have used for our ThinkMarkets tests, we would like to summarise our most important experiences in this chapter. In principle, we would like to say at the outset that, of course, the overall picture of a broker should ultimately form the basis for the decision as to whether an account should be opened or not. However, it is precisely this that makes the choice of the right broker sometimes very difficult. A quick glance at the offer is usually of little use, as the real advantages, but ultimately also the weaknesses of a provider only become apparent when the broker has been used intensively for a few months. In our experience, communication with the customer is important for successful long-term use. Many online brokers pursue the strategy of targeting an international clientele. ThinkMarkets, a broker based in Australia and Great Britain, has also set its sights on customers from many different countries. The German market is also part of ThinkMarkets’ catchment area.
It is gratifying that an Internet platform completely in German is also being made available for this purpose. Differently than some other on-line Broker, who translates only the starting side and the customers then with either badly or also not at all translated contents on the other sides alone leaves, offer themselves thus also for customers without foreign language knowledge best conditions. Our experience with ThinkMarkets shows that the market information and educational offerings can also be used in German. The same applies to support, where a separate number is available for German customers, which can also be used free of charge. The prerequisites for successful trading are therefore in place. And the trade itself can also be carried out under the best conditions. Although a rather small range of underlyings is provided, which only includes a little more than 50 individual securities.
However, this includes the most important global values from the areas of currency pairs, indices and commodities. Much more important is that you can trade permanently at very favourable conditions. This also has a long-term positive effect on the individual trading result. In order to settle the trade, the customer can choose between the MetaTrader 4 software and the ThinkTrader. Thus he also has the choice whether he wants to trade with a permanently installable software or with a browser-based variant. And, of course, all options are available to participate in mobile trading. Before entering into real trading, ThinkMarkets also makes it possible to extensively test the quality and technology of this provider. With the free demo account under real conditions with virtual capital the trade can be traded risk-free. All in all, the best conditions for trading prevail. Whether this offerer can be also fully and completely trusted, we would like to clarify in the now following section.
Check: Is ThinkMarkets serious?
At the beginning we pointed out that the market for private exchange trading is a growing segment in which new players are constantly positioning themselves. Unfortunately, it cannot be assumed per se that all providers have only the best intentions. It has always been the exception when individual online brokers have been convicted of fraud or manipulation. Nevertheless, it should of course be ruled out that such an agent could be found. In addition, there are providers who stand on feet of clay economically. Also this danger cannot be recognized for the individual Trader so easily. However, if the chosen online broker becomes insolvent, the trading capital may be completely lost under certain circumstances.
However, both cases can be largely avoided if the right broker is carefully selected. In any case, we did not come across any indications in the course of our test that this is a dubious provider. The conditions and settlement of the trade were as transparent as possible. The announced conditions were always adhered to and deposits and withdrawals were processed reliably. The fact that this provider is regulated by the relevant authorities at its two branches in Australia and Great Britain also speaks for the seriousness of this provider. Against this background, it is safe to assume that important basic standards in the area of customer protection and deposit security will be adhered to. All in all, we come to the conclusion that fraud or rip-off with this provider definitely does not have to be feared.
Offer: approx. 50 Underlyings at good trading conditions
Of course we always advise to take a close look at all facets of an online broker before deciding for or against a provider. Of course, it is also clear to us that the actual offer of underlying assets has a special significance in this decision. After all, traders should only trade in underlying securities that they are familiar with. It is therefore important that those underlying securities and segments are available that are to be traded in the long term. Many Online Forex Brokers offer a range of different account formats, in which different conditions and various additional services in the area of service and support prevail, mostly staggered according to deposit amount. In the case of ThinkMarkets, different account types are also available. However, it is only decided whether it is an account for an individual, a joint account or an account for an institution. For private traders, therefore, only a specific account version can be considered, through which the entire range of support and trading services can be accessed. Therefore, we would like to go into the offer of underlyings in more detail first and then present the support offer afterwards.
Underly values from three categories
The Online Broker ThinkMarkets clearly pursues the strategy of concentrating only on a small selection of underlyings in its trading offer, while at the same time offering the best possible conditions. The offer of a total of slightly more than 50 underlyings includes the categories currency pairs, commodities and indices. Equities, which in many cases are made available for trading as an additional category, are missing from the range of think markets. Nevertheless, we come to the conclusion that there are sufficient opportunities on the basis of the offer of ThinkMarkets to bet on a number of globally important regions and trends and to pursue different strategies in doing so. The broadest offer is in the area of currency pairs, of which 35 combinations alone can be traded.
The first presents are all the major majors, i.e. the US dollar, the euro, the Japanese yen and the British pound. In highly liquid euro-dollar trading, it is even possible to actually trade without a spread. However, this requires a premium status, for which higher volumes must be traded. Normally, however, a spread of only 0.8 points must be expected, which also represents a very favourable value. For the other major pairs, the spreads are in the range of one point (US dollar vs. Japanese yen) or 1.2 points (British pound vs. US dollar). In addition to the majors mentioned above, there are many other currencies available in various combinations, whereby quite favorable conditions are also offered. The currencies also available include Swiss francs, the dollar currencies of Australia, Singapore and Canada, the Norwegian krone, the Turkish lira and also the Chinese renminbi.
The indices category also offers a selection of underlyings reflecting a broad spectrum of the world economy. The most important global benchmark indices of the major economic nations and regions are available first, such as the Dow Jones, the Nikkei, the EuroStoxx or the DAX. In addition, there are the important indices of Great Britain, France and Australia. A total of eight indices are available. In the third category, commodities, both precious metals and energy stocks can be traded. Energy stocks can be chosen between the two oil types Brent and WTI. Trading in precious metals includes gold and silver, whereby mini contract versions are also available in each case. The levers that can be used in these areas are 1:400, as are the currency pairs. The indices are traded with a leverage of 1:200.
Substance support for trading
The availability of underlying assets for trading is one thing, the ability of the trader is another. While experienced traders orientate themselves exclusively on underlying assets and conditions, it is especially important for beginners to find a provider who supports them well in their first steps on the trading floor. With ThinkMarkets, we have tested a broker who is also very well positioned in this respect. The corresponding offer includes not only content for beginners, but also valuable features for advanced traders.
So beginners can inform themselves quite extensively about the concept of CFD trading and important terms. In addition there is the possibility to get to know the most important strategies and their application possibilities. Beside these contents there is also access to a wide range of videos. Traders can learn about trading techniques on the platforms offered. In advanced courses it is also possible to acquire knowledge and skills in the area of chart analysis. Webinars are also held at regular intervals. Whereby also special formats for German customers are available. The offer is flanked by a glossary in which the most important terms can be looked up. All in all, customers at ThinkMarkets can rely on a very well structured and substantially high-quality support offer that is tailored to the selection of the underlying assets.
No bonus for new customers in the offer
In view of the variety of different providers for trading in leveraged exchange products, it is not always easy for private traders to find the right representative. Many on-line brokers use this in such a way out, by trying to make attentive with high bonus possibilities on itself. At the same time, one cannot avoid the suspicion that deficits in the actual offer are to be distracted. Against this background, the lack of a deposit bonus does not have to be generally considered a disadvantage. So it is also in the case of ThinkMarkets, with which at present no additional commercial capital is made available to the deposit amount.
Deposit and withdrawal by credit card, e-wallet or bank transfer
With a view to the possibilities that are available for deposits and withdrawals, a decent range of variants can be accessed. The classical bank transfer is initially possible. Beyond that can be deposited however also by credit card and paid out. The Visa and MasterCard providers are available to choose from here. Last but not least, ThinkMarkets also cooperates with a number of Internet-based service providers. ThinkMarkets cooperates here with providers such as Skrill, Neteller, FasaPay or WebMoney. While the provider assures that it will not charge any fees for any of the transactions, there are of course differences in speed. The fastest way to get the money is to pay by credit card, where the credit can usually be traded immediately after the transaction has been completed. Even with most Internet-based providers, it does not take longer than an hour for the money to be available. Bank transfers, on the other hand, can take several days. Payouts are paid exclusively to the source with which they were made. Such orders are processed within 24 hours.
Security and regulation at an attractive level
An important point for the evaluation of an online broker is the question of regulation. Only with regulated CFD providers traders can also be sure that important standards are adhered to and that the money with the provider is also safe. With ThinkMarkets, customers can rely on the benefits of a regulated provider. Among other things, the provider has a branch in London, so that the local authority FCA is responsible. In this context, customer funds are stored exclusively on accounts of reputable banks, so that all security standards are met.
Support and customer service also available in German language
The standards that we learned about in our test in the area of support were also outstanding. If required, this can be achieved in different ways. In addition to the e-mail, which should be used for simple enquiries, a live chat is also available. In principle, this can be used around the clock. For traders, who look for the personal contact, besides different telephone numbers are offered. And also German customers find here a possibility to use the support in their national language. We made the experience besides that here on a competent as well as always friendly service can be set.
High user friendliness of the web page is given
The best offers within the range trade, service and support use little, if they are offered in the context of a badly conceived Internet appearance. But in this regard the Trader need not worry with ThinkMarkets any to make itself. The completely in German available Website offers a fast orientation due to its conception, so that also inexperienced visitors will find their way fast. In a FAQ range it is besides possible to make itself purposefully and effectively familiar with the most important criteria approximately around the offer of ThinkMarkets, without thereby the support to strive.
A firm component of each on-line Brokers is meanwhile the possibility at the mobile trade to participate. Also ThinkMarkets positioned itself accordingly and offers all appropriate possibilities to its customers. In principle, two different platforms are made available, in addition to the MetaTrader as a software-based version also the browser-based ThinkTrader. Regardless of which variant the trader chooses, a mobile version is also available, which can be downloaded free of charge from the ThinkMarkets website. The possibilities that are available with the mobile versions are very extensive and also with regard to the handling the traders hardly have to change compared to the main platform.
Fazit – ThinkMarkets offers a lot of support for effective trading
In our current test we took a closer look at the ThinkMarkets offer. All in all, we came across a convincing online broker who fully concentrates on leveraged trading in currency pairs, commodities and indices. Only a rather small range of underlying assets can be accessed, which can however be traded at very favourable conditions. However, we were particularly convinced by the support offer, which is fully geared to the trading offer. Especially beginners are provided with a lot of information in order to create a successful entry. A continuous advancement is possible besides with structure contents, among them regular Webinars, which are available also particularly for German customers. Also the support is offered in German language. The online broker is regulated by the British FCA, so that best conditions prevail also regarding security and reliability. Fraud or rip-offs definitely do not have to be feared.