International forex broker ThinkForex has announced that it has moved its global headquarters to Australia with offices in Sydney and Melbourne. The company has experienced a period of growth over the last two years, and as a result has made the decision to relocate its home base to deliver enhanced client support as an Australian forex broker.
All departments, including sales and client support have been included in the relocation to Australia, and the sentiment internally is that this transition from New Zealand to Australia will have a huge effect on ThinkForex’s corporate direction over the next few months.
“Our expansion into the Australian forex market with a global headquarters in Sydney and Melbourne represents a significant step forward for ThinkForex as a firm and will allow us to market our broad range of retail and institutional trading products,” said ThinkForex’s Managing Director, Nauman Anees. “We have an exciting portfolio planned and traders should stay tuned to our website for upcoming releases.”
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ThinkForex’s Australian operation uses the corporate moniker TF Global Markets (Aust) Pty Ltd, and is licensed and regulated by ASIC with AFSL number 424700.
In order to migrate existing account holders with minimal inconvenience, the company has established a means of automating the procedure. Clients can transition the live Forex accounts to ThinkForex Australia and begin placing trades under the ASIC licensed entity by logging in to the cPortal and accepting the terms and conditions. No active trading positions will be impacted by this transition.
This is a move which opens some further debate as to whether others may follow suit. The New Zealand FSP had become a popular vehicle for forex companies which were previously unaffiliated to any financial register or authority to register themselves as Financial Services Providers (FSP) in New Zealand. Being registered with the New Zealand FSP does not constitute regulation, and is purely a register of financial services providers who are based in New Zealand. It was until recently very easy to become registered, however this is now under review and new procedures have been established as reported by Forex Magnates recently.
The moot point surrounding the subject of the changing rules in New Zealand is whether this is beginning to influence decisions by forex companies in the region as to the viability of remaining in New Zealand, or if it is more favorable to relocate and license themselves with Australia’s better known ASIC instead. ThnkForex’s relocation is an example of one company which has made exactly this move.