Company

Spread

for EURUSD

Min.

Deposit

Platforms

Offered

Account

Types

Spread

Type

Funding

Methods

Customer

Support

Execution

Details

ThinkMarkets

Offers five ways to trade: Forex, CFDs, Spread Betting, Autotrade, Autochartist

 
ThinkMarkets
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$250Min. Deposit Learn More
  • MT4
  • WebTrader
  • Mobile apps
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  • Micro
  • Standard
  • VIP
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  • Fixed
  • Variable

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Trust Score:

B

Established in:

2010

Regulated by:

Financial Conduct Authority an...

Hargreaves Lansdown

Offers one way to trade:

Hargreaves Lansdown
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$0Min. Deposit Learn More
  • MT4
  • WebTrader
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  • Micro
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  • Fixed
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Trust Score:

A

Established in:

1981

Regulated by:

Financial Conduct Authority

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TrioMarkets

Offers two ways to trade: Forex, CFD

TrioMarkets
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$500Min. Deposit Learn More
  • MT4
  • WebTrader
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  • Micro
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  • Fixed
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Trust Score:

B

Established in:

2014

Regulated by:

CySEC

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Investors Intelligence

Offers five ways to trade: Forex, CFDs, Spread Betting, ETFs, Futures

Investors Intelligence
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$0Min. Deposit Learn More
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  • WebTrader
  • Mobile apps
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  • Micro
  • Standard
  • VIP
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  • Fixed
  • Variable

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  • Bank transfer
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  • Live chat
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  • Email support
Contact Details
  • Market Maker
  • DMA
  • ECN
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See Details
Your capital is at risk
CFDs are leveraged products and can result in the loss of your capital. Rankings are influenced by affiliate commissions. All information collected on 1/11/2017.

The Ultimate Guide to

Choosing a Broker
For Depth of Market

Not sure which broker is right for you?

Don’t worry - we’ve got you covered. In this guide, you’ll learn:

Ready?

Part 1

Why Choose ThinkMarkets
For Depth of Market?

ThinkMarkets scored best in our review of the top brokers for depth of market, which takes into account 120+ factors across eight categories. Here are some areas where ThinkMarkets scored highly in:

  • 7+ years in business
  • Offers + instruments
  • A range of platform inc. MT4, Mac, Web Trader, Tablet & Mobile apps
  • 24/7 customer service
  • Tight spreads from 0.5 pips
  • Used by + traders
  • Allows hedging
  • 5 languages
  • Leverage up to 1:400

ThinkMarkets offers five ways to trade: Forex, CFDs, Spread Betting, Autotrade, Autochartist. If you wanted to trade EURUSD through copy trading or other means, skip to part two.

The two most important categories in our rating system are the cost of trading and the broker’s trust score. To calculate a broker’s trust score, we take into account a range of factors, including their regulation history, years in business, liquidity provider etc.

ThinkMarkets have a B trust score, which is good. This is largely down to them being regulated by Financial Conduct Authority and ASiC, segregating client funds, being established for over 7 years, and much more. For comparison:

Trust Score comparsion

ThinkMarkets Hargreaves Lansdown TrioMarkets
Trust Score B A B
Year Established 2010 1981 2014
Regulated by Financial Conduct Authority and ASiC Financial Conduct Authority CySEC
Uses tier 1 banks
Company Type Private Private Private
Segregates client funds

The second thing we look for is the competitiveness of the spreads, and what fees they charge. We've compared these in detail in part three of this guide.

Part 2

Who ThinkMarkets is (& Isn’t)
Suitable For

As mentioned, ThinkMarkets allows you to trade in five ways: Forex, CFDs, Spread Betting, Autotrade, Autochartist.

Suitable for:

  • CFD Trading
  • Forex Trading

Not Suitable for:

To trade with ThinkMarkets, you'll need a minimum deposit of $250. ThinkMarkets offers a range of different account types for different traders including a mini account, vip account.

ThinkMarkets is also suitable for traders looking to trade with an ECN broker. ECN trading allows the trader to get access to the actual pricing of instruments as set by the banks and liquidity providers, rather than relying on the broker to set the price. To open an ECN account with ThinkMarkets you will need a minimum deposit of $2000.

Finally, ThinkMarkets isn't available in the following countries: AF, Yugoslavia, AO, GM, NG, AW, GH, KR, BY, GN, BO, GN, PK, BW, HT, PG, IR, PN Island, Burma MM, IQ, RW, KH, , SN, CF, JP, Sierra, Leone, TD, KG, SO, CI , LB, SZ, CU, LS, SY, of CG, LR, TJ, DJ, LY, Tanzania, EC, Laos, TG, ER, ML, TM, ET, MN, UG, Falkland Islands, NA, US of America, FJ, NI, YE, ZW.

Part 3

A Comparison of ThinkMarkets vs. Hargreaves Lansdown vs. TrioMarkets


Want to see how ThinkMarkets stacks up against Hargreaves Lansdown and TrioMarkets? We've compared their spreads, features, and key information below.



Spread & fee comparsion

The spreads below are illustrative. For more accurate pricing information, click on the names of the brokers at the top of the table to open their websites in a new tab.
ThinkMarkets Hargreaves Lansdown TrioMarkets
Fixed Spreads
Variable Spreads
EUR/USD Spread 0.5 1.4
GBP/USD Spread 1.2 1.4
USD/CAD Spread 0.90.4
USD/JPY Spread 1.00.3
DAX Spread 0.7
FTSE 100 Spread N/A 0.8
S&P500 Spread 0.4

Comparison of account & trading features

ThinkMarkets Hargreaves Lansdown TrioMarkets
Spread type Fixed A B
EUR/USD Spread 2010 1981 2014
EUR/GBP Spread Financial Conduct Authority and ASiC Financial Conduct Authority CySEC
Crude Oil Spread
Gold Spread Private Private Private
DAX Spread

Part 4

Depth of Market

In forex trading, depth of market (DOM) shows the levels of a particular currency that are being traded at different prices. This allows traders to understand the supply and demand, and therefore liquidity of the currency at each price point. A good depth of market means that there will be good liquidity. Where the market depth is low, or poor, there is less liquidity, and this means that a large order has the potential to affect the price.

Liquidity is important to traders who want to take advantage of short-term movements, and therefore want to be able to sell at a moment’s notice. Market depth data is therefore valuable for giving the trader an indication of how quickly they will be able to liquidate their position.

Pending orders are also included in the data, which is why it is also known as the order book. As an example of how the order book works; if the current price is $10, the order book will show how many orders are pending at $9, $11, etc. It doesn’t just show the bid and the ask prices, but also the volume of all bids and offers, in real-time, organised by price level.

Market depth is also an efficient way to check the activity of a particular currency, and traders can find out if there is enough depth and volume to complement their trading style at that given time.

Why it Matters

All the information that DOM provides can be useful for determining whether to place an order. Market depth data allows traders to understand whether the market is weighted towards buy orders or towards sell orders. If more buy orders are open than sell orders, for example, the share price may start to increase because of the increased buying support. However, when there are more sell orders, price tends to weaken due to the selling pressure.

Knowing these resistance and support levels can help traders to establish their entry and exit points.

Brokers that offer Depth of Market

The MetaTrader 5 trading platform displays depth of market data, and is available from regulated brokers such as Roboforex, Exness and Forex4You, amongst others.

Trading with a regulated broker is always preferable to using a broker that is not regulated, and therefore not bound by the high standards set out by regulators.

Conclusion

It is recommended to invest time into learning how depth of market works as this can provide traders with indications about market conditions. However, traders need to bear in mind that not all orders get reflected in an order queue. Some traders (usually who execute large volumes of trades) manage to hide the size so that other traders do not get alerted. Nonetheless, a study of depth of market can help spot support and resistance levels along with other useful information related to the market.


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