Beware! Thinkmarket247 is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
At first glance, the interface of Thinkmarket247 looks attractive enough to lure some unsuspecting potential traders. Wouls trading with this broker lead to financial success or would it present risk exposure for your hard-earned funds? We look at some key features on this broker’s website to find out the truth.
Thinkmarket247 Regulation and safety of funds
The first and foremost thing is to find out whether this broker is registered and legit. From the information available on the website, we find out that the address of the company is in the Marshall Islands which is an offshore zone for forex trade. What we know about this jurisdiction is that there is no financial regulator for forex brokers and practically anybody can register a company on the Internet without having to go there. This means that practically any scammer can use this to fleece you.
Forex brokers from offshore zones cannot provide protection for your funds and if something goes wrong your money will be gone without a trace. If you read carefully Clause 11.vi in the Terms and Conditions of Thinkmarket247, you will understand that its website may at any time be off-line for any reason temporarily or indefinitely at no liability to the company. As you can see, the sign is on the wall and engaging in any trading activities with this broker will present a risk for losing your money.
Furthermore, the Italian government body regulating forex trade (CONSOB) has issued a warning regarding this unauthorised company (image below).
If you want to look for a reliable and legit broker, one of the best options is to find a forex broker from the EU or the UK where, in our option, the best conditions for forex trade exist. First of all, forex brokers in these jurisdictions are strictly regulated and they must jump through various hoops in order to get their license. For example, brokers must deposit an initial capital of no less than 730,000 EUR which among other things serves as a barrier against scammers as they won’t invest this much money for the benefit of looking legit. Other measures include keeping clients’ funds separate from broker’s with tier-1 bank establishments, provide protection against negative balance and report their transactions regularly for the sake of transparency.
One of the best perks is that there are compensation funds and schemes set in place from which clients of a broker who has declared bankruptcy can be compensated. If the broker is regulated by FCA in the UK and deducts funds towards the local Financial Services Compensation Scheme, its clients will be reimbursed up to 85,000 GBP per client in case of insolvency. In the EU, brokers regulated by CySec and participating in the local Investor Compensation Fund will be able to provide compensation of up to 20,000 EUR per client.
Thinkmarket247 Trading software
Thinkmarket247 is a forex broker trading in stocks, forex and commodities. The trading software which its clients can use consists of a web trader (image below). On the left-hand side is the menu for placing orders and in the top horizontal bar are the trading instruments. In the middle of the screen is displayed the chart of one of the trading products, EUR/USD, with the fluctuation in its price in a given time frame. On the far left is the information about this currency pair showing the leverage, maintenance margin, trading volume, etc. From the bid/ask price for this pair, we find out that the spread is 3.8 pips which is higher than the industry average of 1.5 pips. The implications for traders are that the cost of transactions will be high and they won’t be able to make a sustainable profit. Also, as brokers derive their revenue from the spread, clients money will go to fatten the broker’s pocket.
Another worrisome fact is that the leverage is very high. For this pair, the leverage is 1:100. However, if you look at the account types information in the last image, you will see that the leverage can actually reach 1:400. Trading with high leverage is extremely risky as it amplifies the exposure to risk and traders may suffer a great financial loss increased by the high leverage. It is not by chance that for legit brokers the leverage is capped at 1:30 in the EU and the UK and at 1:50 in the US. This is one of the measures to prevent traders from entering risky and reckless transactions.
Thinkmarket247 trading platform
You may have noticed that the web trader is a rather simplistic and cheap trading software that does not offer much in terms of trading experience. On the other hand, there are far more superior platforms to this one and they consist of MetaTrader 4 and MetaTrader 5 which are highly reputed and are choice number one among 80% of the brokers. This is not by chance as both platforms are equipped with an amazing package of trading tools and instruments among which we can mention the auto trading option, the app market, the financial calendar, VPS, trading signals and code base with customs scripts. In addition to that, the many charting options and technical analysis indicators help traders predict the future direction of exchange rates and make a profit.
We strongly recommend selecting a licensed broker that offers either of these platforms for your enhanced trading experience.
Thinkmarket247 Deposit/Withdrawal methods and fees
Thinkmarket247 offers 4 trading accounts – Bronze, Silver, Gold and Platinum (image below). The minimum initial deposit for the Bronze account is $250. The other accounts start at $1,000, $10,000 and $50,000 respectively.
A trading account that stays inactive for 6 months will be considered dormant and will be charged $250 for every 6-month period during which it stays inactive.
Thinkmarket247 trading accounts
If you take another look at the image with the trading accounts information, you will notice that for the Gold and Platinum accounts the broker offers 10% and 20% bonus respectively. We looked very carefully at the information regarding bonuses on this broker’s website. However, we did not find the conditions under which thing bonuses are given. You should be aware that bonuses are funds that belong to the broker, not the trader and they have some conditions attached to them. Most of the time, these conditions are hard to fulfil and our advice is to never accept bonuses as they may mess up your funds and withdrawal options. Also, please be aware that legit brokers do not offer bonuses or other incentives and this is another way to differentiate them from the dodgy ones.
How does scam work?
Scam works in different ways. It could be either that you receive an unsolicited telephone call or you see one of these flashy ads on the Internet or the social media promising you a quick and easy profit. Scammers will promise you the sky and the earth until you give way to temptation and deposit money. Once you give them money you get caught in the scammers’ mousetrap and the cheese in the shape of a big fat money fall is gone! It may take some time before you realise that you are being scammed. Scammers are smooth talkers and they are masters of deception. They will give you some excuses as to why the big profit hasn’t come yet and will try to lure you to make even a bigger investment because according to them, the more you invest, the more you profit. After you have been waiting for a while and you finally come to your senses, you realise that you are being scammed. All you want now is to get your money back and get out of there. However, the scammers won’t make it easy for you! They will try to delay you so that you miss the deadline for applying for a chargeback.
What to do if scammed?
There are a few things that you must do immediately – file for a chargeback if you have paid using a VISA or MasterCard. Those two payment providers allow you 540 days time frame within which you may file for a chargeback.
However, the chances are grim if you have used bank transfer or Bitcoin as a payment method. There is no chance you’ll be able to recover your money.
In such a desperate situation, some so-called ‘recovery agents’ may approach you with offers to recover your money for a fee. Be cautious as you may be dealing with another type of scammers. Always check the information about the recovery agency – make sure it is legitimate and transparent in the public eye. Also, some scammers publish personal comments after our review about how they have been scammed and how they found a recovery agent who helped them get their money back. Do not trust such comments and do not use the published contact info in them as it will lead you to another scammer!
And lastly, a reminder to cancel your credit card if you have given your CVV code to the scammers and erase any software from you PC that gives the scammer access to your personal data.
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