What Platform Options Does Think Forex Offer?
Our Think Forex review found the forex broker offers two platforms. The first one is Metatrader 4 which is widely considered an excellent tool for beginners and intermediate brokers with the ability to trade a number of ways and with various forex strategy options. MetraTrader 4 (MT4) is also well known for its ability to execute automated forex trading strategies with a sandbox option to test them first. The Think Forex API goes directly to the Metatrader 4 server to provide high speed trades at scale.
The other option for traders is the cTrader which offers traders more control (for those that don’t like automation). Forex traders who prefer cTraders over MT4 find the graphing and order functionality to be improved with this software. There is also an option to use cAlgo with cTraders which allowed traders to setup and run their own trading robots and indicators for those who require added sophistication.
As the forex platform comparison table below highlights, MetaTrader 4 offers more features then cTrader but as explained above, the functionality of cTrader makes it many traders first choice. That said, MT4 has a dominance in the market.
The platforms offered are available on mobile devices including apps for android, windows, iPhone, iPad and even blackberry devices allowing traders to execute orders while on the go.
Spreads Available On Major Currencies
ThinkForex offer tight spreads which the minimum spreads shown below (originally published on their website). It should be noted these are the minimum spreads (not maximum) which may change due to market forces. In our 2017 Think Forex review we found these spreads over February were competitor against the main players although at times some currency pairings were higher then other brokers. Based on this, the spreads were overall viewed as acceptable but not the lowest in the Australian forex brokers market.
Deposit Options With Think Forex Australia
One of the key advantages found during our Think Forex Review was the way you can fund your account from the standard bank transfers, Bpay and credit cards through to skrill (formally Moneybookers), Neteller and Web money. As explained early, as an AFSL Forex Broker the deposits will remain in Australia (a domestic trust account). The minimum deposit size is $250 in Australia.
What Leverage Is Available?
As the forex comparison table below highlights, Think Forex has the highest leverage available in Australia. While there are some other brokers that also offer levels of 500:1, no broker exceeds this number which internationally is viewed at extremely generous. If leverage is critical for your trading strategy, then this ThinkForex review should help ensure the company is heavily considered as your fx broker.
It’s critical to highlight that while leverage may increase the opportunities to make money on the currency markets, it also increases your risks. If currency markets move in the opposite direction of what you predict you may lose your whole deposit. It’s therefore critical to only use leverage once you are confident on the fx markets and using stop-gap strategies should be considered to minimise the risk of volatile markets.
Regulation of Think Forex
Our Think Forex review found that the company is licensed as TF Global Markets (Aust) Pty Ltd in Australia under the financial services licence 424700.
As Think Forex is Australian regulated it meets the requirements of Australian forex brokers such as the need to hold deposits within a local trust account and ensuring an adequate dispute resolution process exists.
About Compare Forex Brokers
The authors of compare forex brokers have independently reviewed Australian forex brokers based on price signals (eg fees and pips) and features such as leverage. When the wording ‘Australian forex brokers’ is mentioned it means that they are regulatory approved to operate in Australia. These companies may be a subsidiary of an international currency trading company as is the case with Think Forex. You can see the full Australian forex brokers comparison table. There are other forex broker comparison tables throughout the site focusing more on other areas such as leverage. All forex broker comparisons were created manually over 2017. The latest update to this page was made on the 30/01/2017.
Think Forex Review
Think Forex is an Australian regulated subsidiary offering currency trading (forex) solutions.
Reviewed by Justin Grossbard