ThinkMarkets opens in South Africa
ThinkMarkets, a United Kingdom and Australia-based financial broker has announced that they’ve begun operations in South Africa. The company will now be offering contracts-for-difference and foreign exchange, specifically the company plays to provide international products to the continent. These products include stock indices, single-stock CFDs, commodities and currencies through their trading platform.
ThinkMarkets has implemented new currencies pairings for their South African clients. These pairings are mixed with the South African Rand (ZAR). The available pairings include the EUR/ZAR, GBP/ZAR and USD/ZAR. The Johannesburg Stock Exchange will provide ThinkMarkets with the equity derivatives and the CFDs.
The company announced that they are providing their South African Traders with capital protecting capped at $1 Million USD or $14.4 Million ZAR. This means that should the company fall under a recession and cannot re-open their exchange, clients will have a maximum of $1 Million USD in funds protected.
The CEO at ThinkMarkets, NaumanAnees, commented on the company’s announcement by saying: “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.”
Additional Capital Protection from Lloyds of London
ThinkMarkets is the first crypto exchange in South Africa to provide capital protection to their clients. The protection just doesn’t come from ThinkMarkets but it also comes from Lloyds of London, a banking firm in Great Britain. What this means is that if ThinkMarkets cannot afford to reprehend their clients, Lloyds of London will through their Central Fund.
The Managing Director and Co-Found of ThinkMarkets, FaizanAnees commented on the company’s growth by saying, “We are very excited about our new operation in South Africa, and 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,” added FaizanAnees, Co-founder and Managing Director.