thinkmarkets has been flagged by Financial Services Authority for "Unregistered/Unlicensed entity offering financial products or services". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
I referred a friend to thinkmarkets while looking for alternatives to my previous provider. We both deposited. The referral bonus never arrived. Support said we did not meet the terms. When we asked which terms they pointed to a clause that was added after we signed up. Shady.
Pros: Multiple order types|Two-factor authentication|Economic calendar
Cons: Account statements could be more detailed
I was contacted by thinkmarkets through social media. They promised guaranteed returns of 20-30% monthly. Being naive, I invested. The "account manager" pressured me to invest more and more. When I finally tried to take profit, my account was frozen and they stopped responding. Classic Ponzi/advance fee fraud.
Pros: Professional looking website
Cons: Cannot withdraw funds|Not regulated|Pressure tactics
After seeing ads for thinkmarkets online, I investigated. The company is listed in the IOSCO I-SCAN warnings database and has been flagged by Financial Services Authority. Their website looks professional but that means nothing - many scam operations invest heavily in appearance. Always check the regulatory warnings before investing.
Cons: Not registered with regulators|Unrealistic promises
The mobile app from thinkmarkets is dangerous. I placed an order that showed as pending, so I placed another. Both executed and I was overexposed. When I complained they said it was user error. The app design is misleading.
Pros: Real-time alerts|Regular updates
Cons: Would like more payment methods
Their two-factor authentication was optional when I joined. I enabled it. Later I lost my phone and could not log in. thinkmarkets recovery process took 3 weeks and required notarized documents. By then I had missed important trades. Their security is your inconvenience.
Pros: Professional team|Clean UI|Stable platform
Cons: Mobile app could be improved
I wanted to transfer my portfolio from another broker to thinkmarkets. They said they do not accept in-kind transfers for my asset type. I had to sell, withdraw, deposit, and rebuy - incurring taxes and spread costs. They did not tell me this before I signed up.
Pros: Tax reports included|Excellent charting|Two-factor authentication
Cons: Wish they had more educational resources
If you are reading this considering thinkmarkets - run. I wish I had read more negative reviews through a podcast recommendation. I thought the positive ones were real. Maybe some are. My experience over since early this year has been so bad I feel obligated to warn others. Do not make my mistake.
Pros: Transparent fees|Segregated accounts
Cons: Minimum deposit could be lower|Alert system is basic
thinkmarkets locked my account without warning and demanded documents I had already submitted. for about three months later I still do not have access to my funds. Their compliance team does not respond to emails. I am considering legal action.
Pros: Excellent charting|High security standards
Cons: No live chat on mobile|Alert system is basic
After doing some research AFTER the fact (I know, I should have done this first), I discovered that thinkmarkets is not authorized by any legitimate financial regulator. They are operating illegally. The website looks very professional but it's all a facade. Please check the regulatory warnings database before investing with ANY company.
Cons: Withdrawal fees demanded|Communication cut off|Not authorized
I requested my data from thinkmarkets under GDPR. They sent a partial export that was missing months of transactions. When I asked for the rest they said it was a technical issue. Still waiting. They do not take data rights seriously.
Pros: Wide product range|Good analytical tools
Cons: Inactivity fee applies after 12 months|Minimum deposit could be lower