What Leverage Does Think Forex Offer?
Think Forex offers the equal highest leverage of any premium Australian forex brokers at 500:1.
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 500:1 you can effectively trade 500 times your deposit. So for example a $250 deposit could allow you to effectively trade $125,000. Leverage increases forex trading risks so ensure you find a level that suits your trading needs. If your new to trading you may want protection from large losses such as guaranteed stops or a broker that offers ‘no negative balance’ such as Pepperstone.
Spreads & Commission Think Forex Review
ThinkForex offers fair spreads and commissions for the average Australian forex trader with only high volume traders receiving the best rates.
As the ThinkForex account table below highlights, only at the VIP level are both spreads and commissions low. It is for this reason that those who want the best forex broker for low fees, should consider IC Markets. Unlike this Think Forex review, IC Markets don’t have different tiers based on spend/account size.
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.
2) cTrader (Sometimes referred to as Speed Trader)
cTrader is Think Forex’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 demo account offered for the public that lasts for a month. ThinkForex Australia though does differ an unlimited demo account for members which can be useful for testing forex trading strategies and other tactics.
ThinkForex 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.
ThinkForex 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 an 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.
ThinkForex 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 Forex Australia are held in a trust account at the Commonwealth Bank of Australia (CBA).
As a relatively new Forex broker 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.
Overall Conclusion Of Think Forex
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.
About This Think Forex Review
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 2017 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.