Delve deep into their offerings, from trading platforms and account types to customer support and trust factors. Whether you’re a beginner or an experienced trader, this guide will help you find which forex broker best suits your trading needs.
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ThinkMarkets and FXTM are two popular that traders often find themselves choosing between. In this comprehensive comparison, we’ll dive into various aspects of these brokers and share our own analysis based on our broker tests to help you make an informed decision.
When it comes to trading, pricing is a critical factor that can significantly impact your profitability. In this section, we’ll compare ThinkMarkets and FXTM across different pricing components, including standard account spreads, RAW account spreads, commission rates, deposit & withdrawal fees, and other fees to consider.
Both ThinkMarkets and FXTM offer competitive spreads when it comes to the forex markets Based on research getting the average spreads of all the brokers, ThinkMarkets has an average standard account spread of 1.2 pips, while FXTM stands at 2.12 pips. When we look at the “Top 5 Most Traded Average Spread”, ThinkMarkets leads with a lower spread in 5 out of 5 forex pairs.[1]September 2023 Published And Tested Data
Here’s a table showing the two brokers’ spread for each forex pair and the industry average for that pair:
| Forex Pair | ThinkMarkets | FXTM | Industry Average |
|---|---|---|---|
| EUR/USD | 1.1 | 1.9 | 1.24 |
| USD/JPY | 1.4 | 2.2 | 1.44 |
| GBP/USD | 1.3 | 2.0 | 1.57 |
| AUD/USD | 1.1 | 2.0 | 1.54 |
| USD/CAD | 1.2 | 2.5 | 1.82 |
| EUR/GBP | 1.1 | 2.4 | 1.66 |
| EUR/JPY | 1.2 | 2.3 | 1.95 |
| AUD/JPY | 1.2 | 3.1 | 2.21 |
Our head analysis, Ross Collins, tested the standard accounts and found that ThinkMarkets scored better overall with their standard account, which offered lower spreads and required no minimum deposit.
ThinkMarkets wins this section with lower average standard account spreads and better performance in the “Top 5 Most Traded Average Spread.” The broker’s competitive spreads make it a preferable choice for traders looking to minimise trading costs.
ThinkMarkets ReviewVisit ThinkMarkets
RAW account spreads are ideal for experienced traders who prefer tighter spreads and have short-term trading strategies.
According to our raw spread account comparison, ThinkMarkets has an average RAW account spread of 0.2 pips, while FXTM stands at 0.22 pips. In the “Top 5 Most Traded Average Spread”, FXTM has the edge with lower spreads on 3 out of 5 currency pairs. Although, ThinkMarkets offers an overall low average spread across the major pairs.[2]Raw account spreads published on each broker's website (updated monthly) plus our own testing
Here’s a table showing the two brokers’ spread for each forex pair and the industry average for that pair:
| Forex Pair | ThinkMarkets | FXTM | Industry Average |
|---|---|---|---|
| EUR/USD | 0.1 | 0 | 0.22 |
| USD/JPY | 0.1 | 0 | 0.41 |
| GBP/USD | 0.3 | 0 | 0.52 |
| AUD/USD | 0.2 | 0.5 | 0.46 |
| USD/CAD | 0.3 | 0.6 | 0.66 |
| EUR/GBP | 0.3 | 0.6 | 0.57 |
| EUR/JPY | 0.2 | 0.4 | 0.74 |
| AUD/JPY | N/A | 0.7 | 0.87 |
Ross Collins also tested the RAW accounts, and ThinkMarkets scored marginally better in terms of average RAW spreads across the major pairs compared with FXTM. However, from the tests, Ross found that FXTM had a lower RAW spread on EURUSD with an average of 0.32 pips (which ranked 4th overall on our tests) compared to ThinkMarkets, which averaged 0.46 pips.
ThinkMarkets takes the lead in this section as well based on its lower average spreads across the majors and better performance in the RAW spread accounts. Traders looking for competitive trading conditions in RAW accounts would find ThinkMarkets more appealing.
ThinkMarkets ReviewVisit ThinkMarkets
Commission rates are another crucial factor in forex trading. Let’s see how ThinkMarkets and FXTM compare.[3]Commission rates taken from broker's website monthly
Based on our commission rate comparison, ThinkMarkets charges a commission rate of $3.50 per side, while FXTM charges $4.00 per side. Here’s a table of the commission rates by base currency:
| Base Currency | ThinkMarkets Commission | FXTM Commission |
|---|---|---|
| AUD | $3.50 | $4.00 |
| USD | $3.50 | $4.00 |
| EUR | €3.00 | €3.50 |
| GBP | £2.50 | £3.00 |
Based on our tests to find which brokers had the lowest trading commissions, we found that $3.50 was the average for trading commissions offered by brokers. This placed ThinkMarkets in joint 6th place overall for trading commissions, and FXTM naturally was higher up the list with a commission of $4.00.
ThinkMarkets wins this section with lower commission rates across all base currencies. This advantage translates into reduced trading costs, making ThinkMarkets a more cost-effective option for traders.
ThinkMarkets ReviewVisit ThinkMarkets
ThinkMarkets does not charge any deposit or withdrawal fees, while FXTM charges a small fee for certain payment methods.
| Fee Type | ThinkMarkets | FXTM |
|---|---|---|
| Deposit Fee | $0 | $0 |
| Withdrawal Fee | $0 | $3 |
ThinkMarkets wins this section by offering fee-free deposits and withdrawals, providing traders with more flexibility in managing their funds.
ThinkMarkets ReviewVisit ThinkMarkets
Along with trading fees, deposit fees and withdrawal fees, there is one fee we like to look out for, and that is an inactivity fee. This is a fee that is charged to your account if you haven’t made a trade within a certain timeframe. This can be as low as 60 days, so it’s important to find out if a broker has this fee.
On a positive note, ThinkMarkets offers no inactivity fee, while FXTM imposes an inactivity after 6 months of no trades. The inactivity fee for FXTM after 6 months of inactivity is $5 per month, which is not ideal.
| Fee Type | ThinkMarkets | FXTM |
|---|---|---|
| Inactivity Fee (per month) | N/A | $5 |
ThinkMarkets also leads in this section with lower fees across these categories, further enhancing its position as a cost-effective broker compared with FXTM.
ThinkMarkets ReviewVisit ThinkMarkets
ThinkMarkets clearly stands out as the broker with the lowest fees across all categories. From standard and RAW account spreads to commission rates and other fees, ThinkMarkets offers more competitive trading conditions.
| Key Fee Differences | ThinkMarkets | FXTM |
|---|---|---|
| Standard Spreads | 1.2 pips | 1.4 pips |
| RAW Spreads | 0.4 pips | 0.5 pips |
| Commission Rates | $3.50 | $4.00 |
| Deposit Fees | $0 | $0 |
| Withdrawal Fees | $0 | $3 |
| Inactivity Fee (per month) | N/A | $5 |
Traders looking for a cost-effective trading experience would find ThinkMarkets to be the best choice.
Brokers need to hold regulatory licenses to offer financial services in different countries, and if a broker is regulated across multiple countries, then it is a good sign of trust. Below we’ll list the regulators for each broker and which trust signals you should look out for.
ThinkMarkets was established in 2010 and is regulated by top-tier authorities, including ASIC, FCA, and FSCA.
FXTM launched in 2011 and is regulated by CySEC, FCA, FSCA, and IFSC.
Both companies have been established for over ten years and are well-regulated by Tier 1 regulators meaning that both brokers can be trusted. However, ThinkMarkets has a slight edge with ASIC regulation which gives protection to Australian clients. FXTM, however, also maintains strong regulation.
| Broker | Regulation | Established |
|---|---|---|
| ThinkMarkets | ASIC, FCA, FSCA, CySEC | 2010 |
| FXTM | CySEC, FCA, FSCA, CMA, FSCM | 2011 |
As a trader you will interact with the Trading platform all the time, so it’s important to find a broker that has a platform you like. So, which broker offers better trading platforms?
Both brokers offer MetaTrader 4 and MetaTrader 5, with ThinkMarkets providing some additional features.
Neither ThinkMarkets nor FXTM offer cTrader or TradingView. However, ThinkMarkets does provide its own proprietary platform called ThinkTrader.
| Platform | ThinkMarkets | FXTM |
|---|---|---|
| MetaTrader 4 | Yes | Yes |
| MetaTrader 5 | Yes | Yes |
| cTrader | No | No |
| TradingView | No | No |
| Other Platforms | ThinkTrader | No |
FXTM offers FXTM Invest for social trading, while ThinkMarkets does not have a dedicated social trading platform.
Both brokers offer VPS services, but ThinkMarkets provides more trading tools like the Traders Gym that can help you backtest your strategies.
| Feature | ThinkMarkets | FXTM |
|---|---|---|
| Trading Signals | Yes | Yes |
| VPS | Yes | Yes |
| Trading Tools | Traders Gym | None |
Verdict: ThinkMarkets offers a more comprehensive trading platform experience, especially with the availability of cTrader and additional trading tools.
| Platform Features | ThinkMarkets | FXTM |
|---|---|---|
| MT4/MT5 | Yes | Yes |
| cTrader/TradingView | No | No |
| Proprietary platform | Yes (ThinkTrader) | No |
| Social Trading | No | Yes (FXTM Invest) |
| Trading Signals | Yes | Yes |
| VPS | Yes | Yes |
| Extra Trading Tools | Traders Gym | None |
ThinkMarkets has no minimum deposit requirement for its standard account. It does require a minimum deposit of $500 with the ThinkZero account, while FXTM starts at just $10 to open the micro account.
| Deposit Factors | ThinkMarkets | FXTM |
|---|---|---|
| Minimum Deposit | $0 | $10 |
| Payment Methods | 7 | 4 |
ThinkMarkets ReviewVisit ThinkMarkets
Both brokers offer a variety of payment methods, including credit cards, wire transfers, and e-wallets.
Payment Methods Comparison
| Payment Method | ThinkMarkets | FXTM |
|---|---|---|
| Credit Card | Yes | Yes |
| Wire Transfer | Yes | Yes |
| E-wallets | Yes | Yes |
ThinkMarkets offers more trading products overall with over 3,500 products, while FXTM offers just over 1150+ products. However, ThinkMarkets’ lion’s share of products is with share CFDs but does offer crypto CFDs, unlike FXTM, which has more forex pairs to choose from.
Verdict:
Between the two brokers, ThinkMarkets wins due to its larger range of products and offers more markets that are unavailable to FXTM, such as the crypto markets.
| Trading Product | ThinkMarkets | FXTM |
|---|---|---|
| Forex CFD | 46 | 58 |
| Shares CFD | 3670 | 1120 |
| Cryptos CFD | 27 | No |
| Commodities CFD | 4 Metals (3 x Golds) (3 x Silver) 3 Energies |
2 Metals (3 Gold crosses) 2 (Silver crosses) 4 Energies |
| Indices CFD | 16 | 13 |
| Bonds/Treasuries CFD | No | No |
| Spread Betting (UK only) | Yes | No |
| Other Products | No | No |
| Shares (underlying) | Yes | No |
Execution speeds are important, especially for scalpers that need to enter and exit the markets quickly. Based on our tests to find the fastest execution speed using MetaTrader 4, we found that ThinkMarkets had one of the fastest execution speeds.
| Broker | Limit Order (ms) | Market Execution (ms) |
|---|---|---|
| ThinkMarkets | 182 | 211 |
| FXTM | N/A | N/A |
Verdict:
When it comes to other trading factors, ThinkMarkets wins due to its faster execution speeds, a wider range of trading markets, and more payment methods available for you to deposit with.
Depending on your trading style, experience, and preference on paying trading fees you’ll want to choose an account that meets your demands. Luckily, both brokers offer a solid choice of accounts.
ThinkMarkets offers Standard, ThinkZero, and Islamic accounts. FXTM, on the other hand, provides Standard, Micro, ECN Zero, and ECN accounts.
ThinkMarkets offers accounts in 8 different currencies including USD, EUR, and GBP. FXTM provides a limited in comparison with only 4 available, which include USD, EUR, GBP, and NGN.
Account Types and Base Currencies Comparison
| Feature | ThinkMarkets | FXTM |
|---|---|---|
| Standard Account | Yes | Yes |
| ECN Account | Yes | Yes |
| Base Currencies | USD, EUR, GBP | USD, EUR, GBP, NGN |
Customer support can make or break your trading experience. Let’s see how these brokers stack up.
ThinkMarkets offers 24/7 customer support through live chat, email, and phone in multiple languages. FXTM, on the other hand, provides 24/5 support through the same support channels.
Customer Support Comparison
| Feature | ThinkMarkets | FXTM |
|---|---|---|
| 24/7 Support | Yes | No |
| Live Chat | Yes | Yes |
| Multilingual | Yes | Yes |
In my opinion, ThinkMarkets offers a more comprehensive package for both beginner and experienced traders. It offers a strong choice of trading products and is overall a more cost-effective broker as you’ll see in the table below. FXTM is a strong contender but falls short in a few key areas such as charging an inactivity fee and a withdrawal fee, you shouldn’t have to pay to withdraw your own funds.
Best For Beginner Traders:
ThinkMarkets
Best For Experienced Traders:
ThinkMarkets
| Comparison Points | ThinkMarkets | FXTM |
|---|---|---|
| Trust | 3 Tier 1 Regulators | 2 Tier 1 Regulators |
| Trading Platforms | 3 | 2 |
| Account Types | 2 | 3 |
| Avg. Spreads (Standard Account) | 1.2 pips | 2.12 pips |
| Avg. Spreads (ECN Account) | 0.4 pips | 0.5 pips |
| Commission (ECN Accounts) | $3.50 | $4.00 |
| Trading Products | 3500+ | 1100+ |
| Customer Support | 24/7 | 24/5 |
| Minimum Deposit | None | $10 |
| Additional Fees | None | Inactivity and Withdrawal Fees |
No commission account spread proprietary testing data and published website spread information, centralised on our standard account spread page..
Raw account spreads (no commission) published on each broker's website (updated monthly) plus our proprietary tests by Ross Collins.
https://www.compareforexbrokers.com/our-methodology/forex-fees/tightest-spreads/
Published commission rates taken from each broker's website (updated monthly) for each base currency rate.
https://www.compareforexbrokers.com/our-methodology/forex-fees/commissions/
