ThinkMarkets, a forex brokerage licensed in Australia and the UK, formerly known as ThinkForex, announced it is implementing the online verification solution of UK’s identity management specialist GBGroup (GBG). The goal of the broker is to enhance its account opening and anti-money laundering capabilities and minimize the risk of financial crime and terrorist financing.
GBG’s system is deployed across ThnikMarkets’ entire group of companies and allows its clients to apply for, receive confirmation and open a new trading account in minutes. The new process streamlines the current account opening procedures and reduces the number of interactions needed to open a trading accounts.
Furthermore, the GBG automatic verification system connects ThinkMarkets’ online application process to a number of recognized databases to meet guidance issued by relevant regulators and authorities. It is also integrated with the broker’s proprietary back-office solution, CRM and trading platform.
“During our review of solutions on the market, we assessed several providers and GBG proved to be the best fit for our overall strategy of offering cutting edge, secure, digital trading solutions to our clients, coupled with sound regulatory measures,” said Faizan Anees, Group Managing Director & Co-founder of ThinkMarkets.
“We are delighted to be working with ThinkMarkets to improve the experience FX traders have when opening an account. Enabling people to interact over the Web quickly, safely and responsibly is the essence of what we do at GBG and the ThinkMarkets team has taken careful steps to ensure that its digital on-boarding process is fully compliant without reverting to the need for manual document checks half way through,” commented Esther Sangkop, Global Account Manager at GBG.
ThinkMarkets is a trading name of TF Global Markets (UK) Ltd., regulated by the UK Financial Conduct Authority (FCA), and TF Global Markets (Aust) Pty Ltd., licensed by the Australian Securities and Investments Commission (ASIC). The broker has offices in Australia, where it originated from, the UK, Australia, Chile, and the UAE.
Recently it rebranded itself from ThinkForex and launched its proprietary trading platform ThinkTrader.
The broker offers trading in forex, CFDs, energies and precious metals. Besides ThinkTrader, ThinkMarkets provides trading on the MetaTrader 4 (MT4) platform. The maximum leverage is 1:400 and the minimum operating balance (for Standard accounts) is 250. The broker offers individual, joint and corporate trading accounts.
ThinkMarkets is yet another forex broker that makes effort to simplify and speed up the onboarding process and do away with lengthy paperwork. Recently Switzerland’s Dukascopy Bank announced it is introducing video identification of its new clients to cut the onboarding time to one hour.