Compare ThinkMarkets vs IronFX
What is ThinkMarkets? What is IronFX?
ThinkMarkets is a global online broker that was founded in 2010 and is regulated by several authorities, including the FCA, ASIC, FSCA, FSA, and FMA. ThinkMarkets offers trading on over 4,000 instruments across six asset classes: forex, cryptocurrencies, indices, commodities, share CFDs, and metals. ThinkMarkets also provides access to 10 trading platforms, including MT4, MT5, and ThinkTrader.
IronFX is an online broker that was also founded in 2010 and is regulated by the FCA, ASIC, CySEC, and BMA. IronFX offers trading on over 200 instruments across four asset classes: forex, cryptocurrencies, indices, and commodities. IronFX also provides access to the MT4 trading platform.
ThinkMarkets vs IronFX Regulation Comparison
Both ThinkMarkets and IronFX are considered trusted brokers with high trust scores of 86 and 84 out of 99 respectively. However, ThinkMarkets has more tier-1 licenses than IronFX, which means it is subject to stricter regulatory oversight and higher capital requirements. ThinkMarkets holds five tier-1 licenses from Australia (ASIC), Japan (FSA), New Zealand (FMA), Singapore (MAS), and the United Kingdom (FCA). IronFX holds three tier-1 licenses from Australia (ASIC), the United Kingdom (FCA), and Bermuda (BMA).
ThinkMarkets vs IronFX Trading Assets Comparison
ThinkMarkets has a much wider range of trading assets than IronFX, offering more than eight times as many tradeable symbols. ThinkMarkets has 1,674 tradeable symbols, including 46 forex pairs, 14 cryptocurrencies, 25 indices, 19 commodities, 1,500 share CFDs, and 70 metals. IronFX has only 340 tradeable symbols, including 83 forex pairs, four cryptocurrencies, nine indices, and four commodities.
ThinkMarkets vs IronFX Trading Fees Comparison
The trading fees of ThinkMarkets and IronFX depend on the account type and the instrument traded. Both brokers offer different account types with varying spreads, commissions, and minimum deposits. ThinkMarkets has four account types: Standard (no commission, minimum deposit of $0), Pro (commission of $3 per lot per side, minimum deposit of $500), VIP (commission of $2 per lot per side, minimum deposit of $20,000), and STP Zero Spread (commission of $3.5 per lot per side, minimum deposit of $500). IronFX has five account types: Micro (no commission, minimum deposit of $100), Premium (no commission, minimum deposit of $2,500), VIP (no commission, minimum deposit of $20,000), Zero Fixed Spread (commission of $18 per lot round turn, minimum deposit of $500), and Absolute Zero STP/ECN (no commission or spread mark-up on forex pairs only).
The average spread for EUR/USD on the Standard account for ThinkMarkets is 0.8 pips, while the average spread for EUR/USD on the Micro account for IronFX is 1.2 pips. The all-in cost for EUR/USD on the Pro account for ThinkMarkets is 0.9 pips, while the all-in cost for EUR/USD on the Zero Fixed Spread account for IronFX is 1.8 pips. The all-in cost for EUR/USD on the STP Zero Spread account for ThinkMarkets is zero pips, while the all-in cost for EUR/USD on the Absolute Zero STP/ECN account for IronFX is also zero pips. However, it should be noted that the Absolute Zero STP/ECN account for IronFX only applies to forex pairs and not other instruments.
Both brokers also offer active trader or VIP discounts for high-volume traders who meet certain criteria.
ThinkMarkets vs IronFX Account Types Comparison
ThinkMarkets offers four account types: Standard (floating spreads from 0.4 pips on forex pairs; no commission; minimum deposit of $0; leverage up to 1:500; market execution; access to all instruments); Pro (floating spreads from zero pips on forex pairs; commission of $3 per lot per side; minimum deposit of $500; leverage up to 1:500; market execution; access to all instruments); VIP (floating spreads from zero pips on forex pairs; commission of $2 per lot per side; minimum deposit of $20,000; leverage up to 1:500; market execution; access to all instruments); and STP Zero Spread (floating spreads from zero pips on forex pairs; commission of $3.5 per lot per side; minimum deposit of $500; leverage up to 1:500; STP execution; access to all instruments except share CFDs).
IronFX offers five account types: Micro (fixed or variable spreads from 1.1 pips on forex pairs; no commission; minimum deposit of $100; leverage up to 1:1000; market maker execution; access to all instruments); Premium (fixed or variable spreads from 0.7 pips on forex pairs; no commission; minimum deposit of $2,500; leverage up to 1:500; market maker execution; access to all instruments); VIP (fixed or variable spreads from 0.5 pips on forex pairs; no commission; minimum deposit of $20,000; leverage up to 1:200; market maker execution; access to all instruments); Zero Fixed Spread (fixed spreads from zero pips on forex pairs and 0.4 pips on indices and commodities; commission of $18 per lot round turn on forex pairs and $23 per lot round turn on indices and commodities; minimum deposit of $500; leverage up to 1:200; market maker execution; access to forex pairs, indices, and commodities only); and Absolute Zero STP/ECN (variable spreads from zero pips on forex pairs only; no commission or spread mark-up on forex pairs only; minimum deposit of $500; leverage up to 1:200; STP/ECN execution; access to forex pairs only).
ThinkMarkets vs IronFX Deposit Options Comparison
ThinkMarkets accepts deposits and withdrawals via bank wire transfer, credit/debit card (Visa, Mastercard, Maestro), e-wallets (Skrill, Neteller, PayPal), and local payment methods (BPAY, POLi, FasaPay, NganLuong.vn). The minimum deposit amount is $0 for the Standard account and $500 for the other account types. The processing time for deposits is instant for most methods, except for bank wire transfer which may take up to three business days. The processing time for withdrawals is one business day for most methods, except for bank wire transfer which may take up to five business days.
IronFX accepts deposits and withdrawals via bank wire transfer, credit/debit card (Visa, Mastercard), e-wallets (Skrill, Neteller), and local payment methods (WebMoney, Dotpay, SafeCharge). The minimum deposit amount is $100 for the Micro account and varies for the other account types. The processing time for deposits is instant for most methods, except for bank wire transfer which may take up to five business days. The processing time for withdrawals is one business day for most methods, except for bank wire transfer which may take up to ten business days. IronFX charges fees for some withdrawal methods, such as 1.5% for Skrill, 2% for Neteller, and $50 for bank wire transfer.
ThinkMarkets vs IronFX Trading Platforms Comparison
Both brokers provide access to the MT4 trading platform, which is the most popular and reliable trading platform in the industry. MT4 offers advanced charting and indicator functionality, live forex rates, and exclusive trading tools such as Expert Advisors. MT4 is available in desktop, web, and mobile versions.
However, ThinkMarkets has an edge over IronFX in terms of trading platforms, as ThinkMarkets also offers access to two other platforms: MT5 and ThinkTrader. MT5 is an upgraded version of MT4 with more technical indicators and timeframes, improved strategy tester for EAs, and built-in economic calendar. ThinkTrader is a proprietary platform developed by ThinkMarkets with intuitive design and easy trade management, powerful suite of analytical tools, and consistent trading experience across mobile, desktop, and web versions.
ThinkMarkets vs IronFX Analytical Tools Comparison
ThinkMarkets and IronFX both offer various analytical tools to help their clients make informed trading decisions. These include market news, economic calendar, trading signals, technical analysis tools, webinars, trading guides, and expert insights. However, ThinkMarkets has a slight advantage over IronFX in terms of analytical tools quality and quantity.
ThinkMarkets provides access to Signal Centre, a reputable FCA-regulated analytical tool that delivers human and AI-based trading signals on multiple financial markets, such as forex, indices, commodities, stocks and cryptocurrencies. Signal Centre allows traders to stay a step ahead and receive up to 40 trading signals before the markets open, save hours of market research, make use of the detailed trading plan every signal offers, and filter trading signals by market and create a personalized dashboard.
ThinkMarkets also offers a comprehensive learning section that covers topics such as technical analysis, fundamental analysis, trading psychology, risk management, and trading strategies. ThinkMarkets also hosts regular webinars and seminars with industry experts and analysts to share their insights and tips on the market.
IronFX also provides access to Trading Central, a leading source of trading indicators and technical views on various instruments. Trading Central offers charts and analysis with technical insight, technical score, bullish, bearish or neutral indicators, and trading indicators based on chart analysis. Trading Central also has benefits such as more transparent risk management, educational approach, mobile friendly, and active trader or VIP discounts.
IronFX also has a learning section that covers topics such as forex basics, technical analysis, fundamental analysis, trading strategies, and market analysis. IronFX also hosts webinars and podcasts with market experts and analysts to share their views and opinions on the market.
However, ThinkMarkets has more analytical tools than IronFX, such as MT5 indicators, featured ideas, market buzz, economic calendar, financial news, trading videos, podcasts, VIP room, and market trends. These tools can help traders to access more information and analysis on the market conditions, trends, opportunities, and risks.
ThinkMarkets vs IronFX. Which forex broker is better? Which forex broker should you choose?
Choosing a forex broker is an important decision that depends on your personal preferences, trading goals, and risk appetite. There is no definitive answer to which forex broker is better, as different brokers may suit different traders. The best way to decide which broker is more suitable for you is to test them out by opening a demo account or a real account with a small deposit and testing their service and performance. You can also read online reviews and feedback from other traders who have used these brokers before.
