Compare ForexChief vs ThinkMarkets
What is ForexChief? What is ThinkMarkets?
ForexChief is a forex broker that was established in 2010 and is licensed by VFSC as Dealer in Securities. It offers trading on over 40 currency pairs, cryptocurrencies, indices, commodities and stock CFDs on the MetaTrader 4 and MetaTrader 5 platforms. It also provides investment accounts, promotions, bonuses, turnover rebates and an affiliate program.
ThinkMarkets is an award-winning broker that was founded in 2010 and is regulated by FCA, ASIC and FSCA. It offers trading on over 40 forex pairs, cryptocurrencies, indices, commodities, metals and share CFDs on the ThinkTrader, MetaTrader 4 and MetaTrader 5 platforms. It also offers investing in shares and ETFs with HIN ownership.
ForexChief vs ThinkMarkets Regulation Comparison
| Broker | Regulator | License Number | Client Protection |
|---|---|---|---|
| ForexChief | Vanuatu Financial Services Commission (VFSC) | 14777 | Segregated accounts |
| ThinkMarkets | Financial Conduct Authority (FCA) | 629628 | Segregated accounts, Financial Services Compensation Scheme (FSCS) up to £85,000 |
| ThinkMarkets | Australian Securities and Investments Commission (ASIC) | 424700 | Segregated accounts, National Guarantee Fund (NGF) up to $20,000 |
| ThinkMarkets | Financial Sector Conduct Authority (FSCA) | 49835 | Segregated accounts |
ForexChief vs ThinkMarkets Trading Assets Comparison
| Broker | Forex Pairs | Cryptocurrencies | Indices | Commodities | Metals | Share CFDs |
|---|---|---|---|---|---|---|
| ForexChief | Over 40 majors, minors and exotics | Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, Dash, Monero, Zcash, EOS, Stellar and more | US30, SPX500, NAS100, UK100, GER30, FRA40, JPN225 and more | Oil (WTI and Brent), Natural Gas, Coffee, Sugar and more | Gold, Silver, Platinum and Palladium | Over 100 US stocks |
| ThinkMarkets | Over 40 majors, minors and exotics | Bitcoin, Ethereum, Litecoin, Ripple and Bitcoin Cash | US30, SPX500, NAS100, UK100, GER30, FRA40, JPN225 and more | Oil (WTI and Brent), Natural Gas and more | Gold, Silver, Platinum and Palladium | Over 3,000 global stocks |
ForexChief vs ThinkMarkets Trading Fees Comparison
| Broker | Spreads | Commissions | Swap Rates |
|---|---|---|---|
| ForexChief | From 0 pips on ECN accounts; from 0.3 pips on cent accounts; from 0.4 pips on standard accounts | $15 per lot round turn on ECN accounts; $3 per lot round turn on cent accounts; no commission on standard accounts | Based on market conditions and account type |
| ThinkMarkets | From 0 pips on Zero accounts; from 0.4 pips on Standard accounts | $3.5 per lot round turn on Zero accounts; no commission on Standard accounts | Based on market conditions and account type |
ForexChief vs ThinkMarkets Account Types Comparison
ForexChief offers five account types: Cent-MT4.DirectFX, Cent-MT4.Classic+, MT4.DirectFX, MT4.Classic+ and MT5.DirectFX. ThinkMarkets offers three account types: Standard, Zero and ThinkZero.
ForexChief has lower minimum deposit requirements than ThinkMarkets for most account types. ForexChief’s minimum deposit ranges from $1 to $100, while ThinkMarkets’ minimum deposit ranges from $0 to $1000 depending on the regulator and the account type.
ForexChief vs ThinkMarkets Deposit Options Comparison
- ForexChief offers more deposit and withdrawal options than ThinkMarkets. ForexChief supports bank wire transfer, credit/debit cards, Skrill, Neteller, Perfect Money, Bitcoin, FasaPay, Epayments, QIWI Wallet, WebMoney and Yandex.Money, while ThinkMarkets supports bank wire transfer, credit/debit cards, Skrill, Neteller, PayPal and BitPay.
- ForexChief does not charge any fees for deposits and withdrawals, while ThinkMarkets may charge fees for some methods depending on the currency and the amount. ThinkMarkets charges a 2.5% fee for credit/debit card deposits in GBP and EUR, a 1.5% fee for credit/debit card withdrawals in GBP and EUR, a 1% fee for Skrill deposits in GBP and EUR, a 2% fee for Skrill withdrawals in GBP and EUR, a 1% fee for Neteller deposits in GBP and EUR, a 2% fee for Neteller withdrawals in GBP and EUR, a $25 fee for bank wire transfers in USD and AUD, and a $35 fee for bank wire transfers in GBP and EUR.
- ForexChief has faster processing times for deposits and withdrawals than ThinkMarkets. ForexChief processes deposits instantly or within 24 hours depending on the method, while ThinkMarkets processes deposits within 1-3 business days depending on the method. ForexChief processes withdrawals within 24 hours or up to 5 business days depending on the method, while ThinkMarkets processes withdrawals within 3-5 business days depending on the method .
ForexChief vs ThinkMarkets Trading Platforms Comparison
- ForexChief and ThinkMarkets both offer MetaTrader 4 and MetaTrader 5 as their main trading platforms. These are popular and user-friendly platforms that support multiple order types, technical analysis tools, automated trading systems and trading signals.
- ForexChief also offers ForexChief App, a mobile application for managing the personal area of the broker. It allows users to open and verify accounts, deposit and withdraw funds, claim bonuses and credits, contact support and more.
- ThinkMarkets also offers ThinkTrader, a proprietary platform developed by ThinkMarkets. It has an intuitive design and easy trade management. It also offers a powerful suite of analytical tools and a consistent trading experience across mobile, desktop and web devices.
ForexChief vs ThinkMarkets Analytical Tools Comparison
- ForexChief and ThinkMarkets both offer technical analysis tools on their trading platforms, such as indicators, charts, drawing tools and customisable templates.
- ForexChief also offers a library of educational materials, such as articles, books and videos, that cover various topics related to forex trading, such as the history of forex, trading strategies, trading indicators and trading sessions.
- ThinkMarkets also offers trading guides, expert insights and market news on its website, that provide useful information and tips for traders of different levels and interests. ThinkMarkets also has a trader’s calculator that helps users calculate margin, pip value, swap and profit/loss.
ForexChief vs ThinkMarkets. Which forex broker is better? Which forex broker should you choose?
There is no definitive answer as to which forex broker is better or which one you should choose, as different brokers can suit different traders depending on preference, their goals and strategies. However, here are some factors that you can consider when choosing between ForexChief and ThinkMarkets:
- Regulation: ThinkMarkets has more reputable and stringent regulators than ForexChief, such as the FCA and the ASIC. ThinkMarkets also offers a compensation scheme for UK clients in case of insolvency, while ForexChief does not. If you value security and protection, you may prefer ThinkMarkets over ForexChief.
- Trading assets: ThinkMarkets has a wider range of trading assets than ForexChief, especially in terms of cryptocurrencies and share CFDs. ThinkMarkets also offers investing in shares and ETFs with HIN ownership for Australian clients. If you value diversity and flexibility, you may prefer ThinkMarkets over ForexChief.
- Trading fees: ForexChief has lower trading fees than ThinkMarkets on some account types, especially on cent accounts and ECN accounts. ForexChief also does not charge any fees for deposits and withdrawals, while ThinkMarkets may charge fees for some methods. If you value cost-efficiency and affordability, you may prefer ForexChief over ThinkMarkets.
- Account types: ForexChief has more account types than ThinkMarkets, which may cater to different trading styles and preferences. ForexChief also has lower minimum deposit requirements than ThinkMarkets for most account types. If you value variety and accessibility, you may prefer ForexChief over ThinkMarkets.
- Trading platforms: ForexChief and ThinkMarkets both offer MetaTrader 4 and MetaTrader 5 as their main trading platforms, which are popular and user-friendly platforms that support multiple order types, technical analysis tools, automated trading systems and trading signals. ForexChief also offers ForexChief App, a mobile application for managing the personal area of the broker. ThinkMarkets also offers ThinkTrader, a proprietary platform developed by ThinkMarkets that has an intuitive design and easy trade management. If you value convenience and functionality, you may prefer either broker depending on your platform preference.
- Analytical tools: ForexChief and ThinkMarkets both offer technical analysis tools on their trading platforms, such as indicators, charts, drawing tools and customisable templates. ForexChief also offers a library of educational materials, such as articles, books and videos, that cover various topics related to forex trading. ThinkMarkets also offers trading guides, expert insights and market news on its website, that provide useful information and tips for traders of different levels and interests. ThinkMarkets also has a trader’s calculator that helps users calculate margin, pip value, swap and profit/loss. If you value learning and research, you may prefer either broker depending on your information source preference.
Ultimately, the choice between ForexChief and ThinkMarkets depends on your personal needs and preferences as a trader. You may want to try out their demo accounts or compare their live accounts before making a decision. You may also want to check out other reviews and ratings from other traders who have used their services.
