ThinkMarkets fintech enters SA and becomes first to offer $1m capital protection underwritten by Lloyds of London

28 May 2019 Nauman Anees, CEO and Co-founder at Think Markets

ThinkMarkets, an established provider of online trading in financial markets announces that it will offer bank-like level of safety of $1 million (over R14.4 million) for traders on its platform. It is the first SA provider to offer capital protection on funds invested in CFDs. This means that South African traders will benefit from up to $1 million protection on their monies in the case of going into administration.

The insurance is underwritten by Lloyds of London, one of the world’s oldest and leading insurance and reinsurance marketplaces.

Lloyds of London has been operational since 1688 and Thinkmarkets South African clients will benefit from dual protection under Lloyds of London’s Central Fund. This means that if both, ThinkMarkets and the insurance broker, were to default, Lloyds of London compensates the clients under its Central Fund.

Nauman Anees, CEO and Co-founder of Think Markets comments: “Our company’s ethos is built on sound regulations and the protection of our clients’ money and hence the $1 million cover reinforces that ThinkMarkets is one of the safest places for CFD traders.”

In addition to safety of funds, ThinkMarkets will offer a number of South African and international products including single-stock CFDs, stock indices, currencies and commodities on its award-winning trading platform.

The local business will cater to the needs of South African traders and offer ThinkMarkets’ wide product range. This will include a range of South African products including Rand based currency pairs such as USD ZAR, GBP ZAR and EUR ZAR as well as CFD indices and equity derivatives that are actively traded by investors on the Johannesburg Stock Exchange.

ThinkMarkets infrastructure includes an award-winning trading platform with the largest selection of indicators and technical analysis tools as well as in-depth and diverse product offering of major forex crosses, stock indices, commodities and single stock CFDs.

Faizan Anees, Co-founder and Managing Director adds: “We are very excited about our new operation in South Africa, we have been serving traders from this region for many years and have built strong and lasting relationships. And now, with the $1 million insurance and localised products on our platform, we are well positioned to become the preferred broker for traders.”

ThinkMarkets has been recognised as a leading, award-winning fintech provider. It was founded by two Chicago-based entrepreneurs nearly a decade ago that were keen to disrupt the legacy brokerage sector. The two believe in automation and digitisation to provide users with a seamless and hands-on trading solution.

The business is headquartered in Australia, with offices in the UK and Europe was recently awarded a licence by the Financial Sector Conduct Authority (FSCA) to offer electronic financial trading services to South African investors. It has been offering client money insurance in the UK which now extends to South Africa and Bermuda.

ThinkMarkets is a longstanding supporter of financial literacy and educational projects. It has sponsored British boxer Amir Khan and legendary Australian world cup winner Glenn McGrath. It also has a number of initiatives including Ring the Changes and Think2020 which will both be extended into South Africa to support financial literacy and women empowerment.

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