ThinkForex is one of Australia’s premier Forex and CFD brokers. Founded in 2010-11 in New Zealand and commencing operations across the Tasman the following year, ThinkForex trades in Australia as TF Global Markets Pty Ltd and holds all the requisite Australian licenses and certifications.
Compare Forex Brokers conducted a ThinkForex review on the 09/03/2016 and found the multi award winning company to be highly competitive, offering one of the best forex trading platforms in Australia. ThinkForex are widely recognised for their financial market analysis and insight winning an award from FXSTREET in 2014.
Execution Speeds: How does ThinkForex Stack Up?
In our ThinkForex review, one of the main things we were looking at to determine whether the company could compete with others vying for the title of Australia’s best Forex trading platform, was execution speed. Every single trader, regardless of expertise, wants the confidence of knowing their trades or orders are settled fast and accurately. Compare Forex Brokers placed ThinkForex 3rd in our list of the top 5 brokers offering fast execution speeds in our forex broker comparison chart.
Where the company falls down in relation to Pepperstone and FXCM is in the area of Electronic Communication Networks (ECN). They do not seem to offer this service yet. However, the company outperform Easy Forex and Plus500 as it offers the more superior cTrader platform, which enables faster order initiation.
ThinkForex Trading Platforms Available
Similar to execution speeds, ThinkForex place middle of the road when it comes to the trading platforms offered. Our ThinkForex review is still quite glowing of the company. However, it is some way off offering the best forex trading platform in Australia due to a lack of software options in comparison with Pepperstone and FXCM.
ThinkForex does offer Meta Trader 4 and cTrader, which are among the two most popular Forex trading tools on the market. Yet, it does not offer the lightning Meta Trader 4 ECN or Meta Trader 5. ThinkForex offer clients more platform options than Easy Forex and Plus500 which is why we placed them just ahead.
ThinkForex Dealing Desk & Market Maker
In the world of Forex trading, not many traders understand the difference between a broker that acts as a market maker with dealing desk to one that boasts no dealing desk. In our analysis of the best forex trading platforms in Australia and in our specific ThinkForex review, we spent much time researching the benefits of no dealing desk. It is vital traders understand this salient aspect of currency trading. Forex companies with a dealing desk essentially trade against, or sometimes with, their clients. As Forex trading is a zero sum game, this can often be a conflict of interest. As they act as an intermediary between the liquidity providers and the traders, Forex brokers with a dealing desk often cannot offer their clients spreads as low as their competitors with no dealing desk.
While ThinkForex are quite appealing in some areas, acting as a market maker with a dealing desk, is an area they falter in relation to competitors such as FXCM and Pepperstone. Not all Forex companies can offer raw spreads from liquidity providers, which we understand. However, this is the main reason we couldn’t rank ThinkForex higher in our best Forex trading platforms review.
ThinkForex Review of Compatible Devices
ThinkForex offer traders the ability to trade from their iPhone or Android device. In the hustle and bustle of daily life, traders cannot always guarantee they will be seated at their computers all day. Smartphone compatibility gives traders peace of mind knowing they won’t miss out on that vital trade, even when on the go. Incredibly not all Forex trading platform providers offer mobile compatibility. Kudos to ThinkForex for getting it right!
Analysis of Spreads, Currency Pairs & Leverage
In our ThinkForex review we found their spread fee for majors like the AUD/USD start from 0.8 Pips. Again, this is not as competitive as Pepperstone or Think Forex but is significantly better than Easy Forex and Plus500. The company also only offer 37 currency pairs for trading which is the lowest of the 5 companies we reviewed in the quest to find Australia’s best forex trading platforms.
One area where ThinkForex stands out from the crowd is with leverage. ThinkForex incredibly offer traders leverage of 500:1. While increasing the risk profile of a traders Forex activity, once the trader knows what they are doing it can help their capital go further.
ThinkForex Minimum Deposit
ThinkForex requires users to transfer a minimum of $250 before trading for the first time. This is slightly more than the other top 5 competitors in our review.
No Promotional Bonus
Unfortunately at this time, ThinkForex does not offer any kind of promotional bonus. While this is not uncommon in the Forex industry, it makes it slightly more difficult to convince new traders to open an account with ThinkForex when others offer things like some trading credit or free brokerage.
At Compare Forex Brokers, we like ThinkForex as a company but if you’re after the best forex trading platform available in Australia its hard to justify choosing them at this time. An exclusive promotion or bonus might help traders change their mind about them perhaps, otherwise view our forex broker comparison charts to consider another broker.
About This Comparison
This comparison was finalised on the 9th of March 2016 based on information that came from the providers website including spreads, commissions, features and trading platform. The site doesn’t require any personal information of the user, rather it provides information to help you make your decision. When you press any of the ‘visit website’ features on any pages you are sent to the providers website. This is your chance to verify the information shown on this site (as it may have been updated since created) and join the forex broker. All fx brokers featured on this site must be Australian certified to be considered with a weighted reputation within Australia. This is to ensure forex traders have peace of mind and can trade with confidence. If you have feedback on our forex broker comparison or any other feature, please use our contact form.
ThinkForex offer perhaps Australia's best forex trading platform. Founded in New Zealand as TF Global Markets in 2010, they relocated their headquarters to Australia in 2012.
Reviewed by Noam Korbl