The UK remains one of the most important locations for brokers to establish themselves in, both for its local market and as a global springboard. Looking to differentiate itself in this crowded environment, ThinkForex has launched insurance protection of £1m per client, underwritten by QBE Underwriting Limited and other participating syndicates at Lloyd’s of London.
This plan comes on top of the £50,000 coverage that FCA-regulated brokers must offer as standard protection under the UK’s Financial Services Compensation Scheme (FSCS). The importance of broker’s insurance rose in the minds of traders recently with situations regarding the former clients of LQD Markets and Alpari UK.
Additionally revealed, ThinkForex has also launched a new spread betting offering on the MT4 trading platform to provide the market with a more localised offering. Spread betting is a term under UK law allowing traders to declare that they are in fact gambling, rendering their earnings tax fee.
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ThinkForex has just recently opened its new UK office, located in London’s financial district. The firm now says the London office will service clients across Europe, the Middle East, Asia, and Latin America, with a localised offering including local payment methods and localised support.
Faizan Anees, co-founder of ThinkForex, commented: “We take the protection of retail traders very seriously, which is why we have launched our FCA-regulated London office alongside £1m insurance protection. The group has experienced strong growth across the APAC region, and we see a lot of opportunity to provide traders across Europe, the Middle East, Asia, and Latin America with our award-winning offering and client service.”
Stefan Lucas, Group Head of Marketing, said: “Releasing £1m insurance protection and spread betting at the same time is a great way to penetrate the UK retail trading market. This is just the start of our upcoming product and technology releases, which we’re excited to release in the upcoming months.”
Nauman Anees, co-founder of ThinkForex added: “Our UK office will be a key building block in what promises to be a ground-breaking period for the group. We have also recently invested heavily in our next generation IT infrastructure in order to cater for our upcoming disruptive technology and product releases, with spread betting being only the beginning of things to come.”