Offers two ways to trade: Forex, CFDs
Financial Conduct Authority an...
Popular for Monero Coin!
98 traders clicked on ThinkMarkets this month.
The Ultimate Guide to
Choosing a Broker
For Monero Coin
Not sure which broker is right for you?
Don’t worry - we’ve got you covered. In this guide, you’ll learn:
- Why ThinkMarkets scored high for monero coin (Jump to section)
- Who ThinkMarkets is (and isn’t) suitable for (Jump to section)
- An in-depth feature comparison of the top #3 brokers (Jump to section)
- An overview on monero coin (Jump to section)
What is the Best Trading Platform
for Monero Coin?
ThinkMarkets scored best in our review of the top brokers for monero coin, which takes into account 120+ factors across eight categories. Here's the full list of all the brokers we considered.
The following brokers allow monero coin on their platform:
Here are some areas where ThinkMarkets scored highly in:
- 8+ years in business
- Offers + instruments
- A range of platform inc. MT4, Mac, Web Trader, Tablet & Mobile apps
- 24/7 customer service
- Tight spreads from 0.1 pips
- Used by + traders
- Allows hedging
- 2 languages
- Leverage up to 1:400
ThinkMarkets offers two ways to trade: Forex, CFDs. If you wanted to trade MONERO 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 8 years, and much more. For comparison:
Trust Score comparsion
|Regulated by||Financial Conduct Authority and ASiC|
|Uses tier 1 banks|
|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.
Who ThinkMarkets is (& Isn’t)
As mentioned, ThinkMarkets allows you to trade in two ways: Forex, CFDs.
- CFD Trading
- Forex Trading
ThinkMarkets offer a wide range of instruments to trade including forex pairs, indices, and cryptocurrencies . In fact, they’re one of the few brokers to offer not only Bitcoin trading but also and many more. In the following section we’ve listed ThinkMarkets’s spreads for a range of popular instruments. You can also see a more detailed breakdown of how ThinkMarkets’s spreads compare in this ThinkMarkets review
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.
A Comparison of ThinkMarkets vs. vs.
Want to see how ThinkMarkets stacks up against and ? We've compared their spreads, features, and key information below.
Spread & fee comparsionThe 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.
|FTSE 100 Spread||N/A|
Comparison of account & trading features
|Accounts offered||Mini account, ECN account, Islamic account, standard account, VIP account|
|Platforms||MT4, Mac, Web Trader, Tablet & Mobile apps|
|Risk management features||Guaranteed limit order, limit order, one click trading, trailing stops and price alerts|
|Funding methods||Payoneer, Credit cards, Bank transfer, Neteller, BPAY, UnionPay, FasaPay, DebitCard,|
What is Monero?
Cryptocurrency advocates who particularly valued anonymity didn’t believe bitcoin’s system went far enough in protecting the identity or transaction history of users. Because a user always authorises transfers with the same key, analysis of the bitcoin blockchain could uncover details on the transaction patterns connected to a particular key. This would provide a level of information on purchasing trends of that user and could potentially be used to track down identity or mean future transactions involving the same key are blocked.
In answer to this demand for greater anonymity, several new cryptocurrencies were launched, among which was Monero. Monero launched in April 2014, built on a form of blockchain technology designed to obscure the identity of senders and recipients. This is achieved by through the use of ‘ring’ signatures which mix the real sender and receivers signatures with a random selection of others obtained from the Monero blockchain. This means that anyone analysing a transaction is unable to tell which of the signatures present belongs to that of the parties actually involved in a transaction.
A further level of anonymity was subsequently introduced which used the same ring approach to obscure the value of transactions. The system also employs ‘stealth addresses’ to further protect the identity of a recipient. Random one-time addresses are generated for each transaction, which is then redirected to the actual recipient address. Monero users can, if they wish, share transaction information selectively as every account has a view key. Anyone holding this view key can see all of the transactions in and out of the account.
Bitcoin vs Monero
A strength and weakness of Monero, in comparison to Bitcoin is that unlike bitcoin, where the transaction history of individual bitcoins can be seen in the blockchain, no two Monero coins can be distinguished from each other. Bitcoin’s system means that coins associated with theft or fraud can be shunned by the network but no one using Monero has any information as to the history of individual units.
This has been the basis of Monero’s success when it comes to adoption rates, with the cryptocurrency particularly popular as a means of payment on dark web marketplaces. At the time of writing, Monero is the cryptocurrency with the 13th highest overall market capitalisation, at $4,751,486,322. One Monero unit currently has an exchange value of approximately $303.65 (January 25th 2018).
Advantages of Trading Monero with a Regulated Online Broker
Cryptocurrencies, including Monero, can be traded either in the form of the asset itself, through buying and selling units on cryptocurrency exchanges, or through CFD derivatives. For those who wish to spend a cryptocurrency on goods and services, or hold it as a speculative long term investment, they will need to create an online or offline wallet to store cryptocurrency units. An account on an exchange will also need to be opened, through which the units will be purchased.
However, those more interested in trading shorter term price volatility in Monero, either long or short, can do so through one of the CFDs brokers that offer the cryptocurrency. When trading Monero through CFDs, it is important to do so with a regulated online broker. Using a regulated brokers mean that client funds up to a certain level are protected in the worst case scenario of the broker going under and also held in a separate account, segregated from the broker’s operational accounts. Price quotes and all other operations are also subject to regulatory supervision.
Using a non-regulated broker exposes traders to the risk of them losing their entire account balance if the broker runs into financial trouble. Non-regulated brokers are also regularly accused of poor business practice and sometimes even fraud, manipulating price quotes against the interests of the trader and attaching terms and conditions which make account withdrawals difficult.
The Fundamental Influences of Monero
Like all cryptocurrencies, the main influences on Monero’s value are related to adoption levels. Monero’s price has been particularly volatile, even by the standards of cryptocurrencies, which provides an interesting opportunity for traders, albeit also heightening risk. Over the past year, Monero’s adoption as the favoured cryptocurrency for many purchases made over the dark web has led to it gaining significant value after remaining relatively flat since its release.
Monero is accepted by many of the larger cryptocurrency exchanges and wallet providers but may see mainstream adoption hindered by its reputation as being used mainly for dark web transactions. However, continuing to establish itself as the dominant cryptocurrency on the dark web could see Monero’s value continue to rise in the future.
Monero Quick Facts
Launch date: April, 2014
Launch value: $2.47
Lowest and highest levels to date: Monero’s highest exchange value to date has been $144.5, achieved at the end of August 2017 and its lowest $0.45 in September 2015. As of November 25th 2018, Monero is trading at $303.65.
Daily exchange volume (as of January 25th 2018): $72,299,200
First brokers to offer Monero trading: Avatrade was the first broker to offer Monero CFDs and Monero can also now be traded via Etoro and Plus500, amongst others.
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