To find the top fx brokers
, the team here at ForexBrokers.com collected over 6,000 data points during a seven month review of the forex industry. In this fx broker comparison, we will compare FXOpen vs ThinkMarkets.
To assess both of these forex brokers, we will begin with cost. Comparing two fx brokers on cost is not easy. First, not every broker publicizes their average spreads. And, for the brokers that do publish their data, the formulas used to calculate average spreads can vary. Furthermore, the currency pair you are trading can impact cost, as well as the execution policies of the broker. Dealing desk or no dealing desk? The list goes on and on. To make comparing cost easy, we have a star rating that takes everything into account. Both FXOpen and ThinkMarkets share a rating of 3.5 stars.
Next to commissions and fees, regulation and currency availability are important to take into consideration. You want to trust and have confidence the forex broker you choose. FXOpen alongside ThinkMarkets are regulated in a major hub. Neither FXOpen and ThinkMarkets are publicly traded companies. And, when it comes to total currency pairs available to trade, a quick comparison is helpful. FXOpen offers its clients access to 95 different currency pairs while ThinkMarkets has 40 available pairs, a difference of 55.
To round out our comparison of FXOpen vs ThinkMarkets, let's look at the tools and features most used by forex traders. For trading platforms, traders are all familiar with MetaTrader. FXOpen and ThinkMarkets both offer Meta Trader. With a platform picked out, looking at charts is a must so they should be of high-quality. As part of our research, we count the number of drawing tools and total technical indicators available. Both FXOpen and ThinkMarkets provide clients with access to 31 total charting tools. Both brokers offer clients access to the same number of indicators (eg, moving averages), 51.
Overall, ThinkMarkets comes out on top with 3.5 stars over FXOpen's 3 stars. And, when it comes to individual category awards, neither FXOpen nor ThinkMarkets were rated Best in Class - Platforms & Tools, Best in Class - Research, Best in Class - Customer Service, Best in Class - Active Trading, Best in Class - Mobile Trading and Best in Class - Investor Education.