Australian online forex and trading platform, ThinkMarkets will be launching in South Africa, with services operating from 1 April 2019.
The group announced that it has been awarded a licence to trade from the Financial Sector Conduct Authority (FSCA) of South Africa, and will establish an office in Johannesburg.
According to the group, it plans to offer a range of South African products including rand-based currency pairs such as USD/ZAR, GBP/ZAR and EUR/ZAR as well as contracts for difference (CFD) indices and equity derivatives that are actively traded by investors on the Johannesburg Stock Exchange.
ThinkMarkets infrastructure includes a 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.
“Over the last 24-months, the firm has shifted its focus to emerging markets. This is due to the changing behaviour of investors and the use of technology. ThinkMarkets is one of the fastest growing brokers on mobile with South Africa boasting the largest number of smart phone users in Africa,” the group said.
In 2017 it launched its mobile-first corporate strategy with the acquisition of EU-based Trade Interceptor, a popular charting analytics mobile-app, and it aims to be the first full-service mobile-only brokerage firm.
“ThinkMarkets believes that its South African-centric product offering and financial education and literacy programme will encourage more retail investors to understand the risks and rewards of the global financial markets.
“The decision to extend ThinkMarkets’ global footprint to South Africa demonstrates the confidence we have in this region and is reflective of our long-term vision and plans to be a leading participant in South Africa’s growing financial services sector,” it said.