After spending seven months and hundreds of hours researching 43 different forex brokers
for trading FX, our team at ForexBrokers.com team collected over 6,000 data points. For this review, we will compare FXOpen vs ThinkMarkets.
To compare these two FX brokers, we will first take a look at the fees charged for trading (no easy task). Not every forex broker publicizes their average spreads, spreads data can vary, as can execution policies and how commissions are charged. Specifically, is the broker a dealing desk (market maker), no dealing desk (agency broker) or are both execution methods offered (dealing desk + STP/ECN)? To simplify this research, we assessed everything for you and provide a single star rating for cost. Both FXOpen and ThinkMarkets share a rating of 4.00 stars.
Commissions and fees aside, let's take a look at regulation and currency availability. Trust is critical, and you should highly consider choosing a broker that regulated in a major hub. FXOpen alongside ThinkMarkets are regulated in a major hub. Neither FXOpen and ThinkMarkets are publicly traded companies. As far as how many currency pairs are available for trading, here's the answer. FXOpen offers its clients access to 63 different currency pairs while ThinkMarkets has 33 available pairs, a difference of 30.
Next, let's look at the tools and features fx traders desire. With trading platforms, forex traders are all familiar with MetaTrader. FXOpen and ThinkMarkets both offer Meta Trader. Regardless of the trading platform you use, charting should be feature rich. To help compare these two brokers, we counted the number of drawing tools and total technical indicators made 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 boasts 4.00 stars versus FXOpen's 3.50 stars. And, when it comes to individual category awards, unfortunately, neither FXOpen nor ThinkMarkets received awards 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.