Established in 2010, ThinkForex, is an Australian based company that was originally founded in New Zealand. They are an award winning, AFSL regulated forex broker and are one of just three brokers that offer highest leverage levels of 500:1. They’re a great choice for any trader keen to take risks. They offer:
What is ThinkForex’s Most Popular Feature?
Their technologically sound trading infrastructure, is one of the best in the world as are their tight spreads which are undoubtedly their most popular feature. They have won many awards since their inception in 2010.
What Forex Platforms Are Offered By ThinkForex?
Like most brokers they offer multiple trading platform options with Meta Trader 4 and cTrader the most popular choices. Meta Trader is a common trading platform where cTrader is not as widely used. However, it is a web based trading platform that allows traders the freedom to trade from the web if they’re not interested in downloading software to their PCs, laptops, tablets or smart phones.
cTrader offers tools like One-Click Execution which gives you quick access to the market, real time trading reports and on-screen interactive chart trading. Both the main platforms offered by Think Forex, although able to be accessed from the web exclusively, can be downloaded as well as installed to mobile devices. The downloadable versions are compatible with iOS and Android and have more features than the web platform. The ThinkForex MAM (multi-account manager) solution also enables Forex money managers to handle more than one trading account simultaneously affording you the freedom to observe and run several trading accounts at any one time.
Spreads Offered By ThinkForex
ThinkForex provides spread fees starting from 0.8 pips for the AUD/USD pair. This is considerably lower than GO Markets (1.5 pips) and a bit higher than CMC Markets (0.7 pips), IC Markets (0.4 pips) and Pepperstone which provides the lowest spread fees in the niche starting at just 0.1.
Leverage Offered For ThinkForex Forex Trading
The leverage levels of 500:1 as provided by ThinkForex is just as high as the margins provided by CMC Markets and IC Markets and slightly higher than the ratios provided by highly regarded brokers, Pepperstone (500:1) and GO Markets (300:1).
Having maximum leverage of 500:1 means you can trade 500 times the amount deposited in your currency trading account. ThinkForex requires a $250 minimum deposit initially which is not quite the lowest on offer. However, let’s say you deposit $250 and take advantage of their highest leverage (500:1). Your initial $250 investment would now become $125,000 and give you the ability to turn small pip trades into large profits. We do need to state that 500:1 leverage is incredibly risky and only for traders that are interested in and can afford to take high risks.
No Guaranteed Stop Loss Security
Unfortunately, ThinkForex doesn’t offer their clients guaranteed stop losses, which means that having high leverage levels can result in large losses. Guaranteed stops provide traders with the ability to mitigate disaster by ensuring you don’t lose your entire investment should markets dramatically turn against you. It is for this reason we recommend ThinkForex to those with a large risk appetites ONLY. While Pepperstone also doesn’t have guaranteed stop losses, they do have no negative balance protection. This means that unlike ThinkForex you can’t lose more than your deposit with Pepperstone wearing any additional losses caused by turbulent markets and sudden changes in currency pairings.
ThinkForex’s Customer Service
Our ThinkForex Forex Trading review found their customer support services to be on of the greatest in the industry. The company is available to help customers and traders on a 24/7 basis. Their customers can contact them for support through a number of channels like email, live chat or by phone.
Australian Financial Services Licence Holder
ThinkForex is a regulated broker that is governed in Australia. which means that traders can operate with peace of mind. Having a AFSL means a Forex trading Australia broker has a clean record and impeccable financial background. They meet capital requirements and comply with internal procedures that include risk management, protection of creditors, consumers and investors.
One feature that is not offered by any other broker is ThinkForex’s exclusive RG227 feature. In conjunction with AFSL regulation, ThinkForex is now able to assess the financial background of any potential clients. This includes testing their Forex knowledge before they are able to open a trading account, ensuring all clients understand the risky and volatile nature of Forex trading. This evaluation is done in three ways: In the form of an online quiz that requires a 70% passing grade; by showing a trading statement that details past forex trading history; or by simply showing evidence of successfully completing a trading course with a registered training provider.
ThinkForex Forex Trading Review Conclusion
In conclusion, our ThinkForex Forex trading review holds the company in high regard. We believe they are best suited to beginners interested in taking high risks ONLY. The company’s great educational resources and plethora of trading platforms are their best features. Those looking for safeguards when trading and low spreads/commissions may want to review our forex trading comparison chart and review some other providers before deciding on the forex broker to suit them.
This ThinkForex forex trading review and forex broker comparison was completed on 07/01/2016 based on information that was collected from different forex broker websites. If you have any suggestions and think that some changes should be made, please don’t hesitate to contact the author of this review through the contact form that can be found the website.