ThinkForex, the renowned International Forex broker has announced its plans of moving the global headquarters to Australia. The broker will have offices in Melbourne and Sydney. The company has seen a good amount of growth in the last couple of years and hence, the officials have decided to shift base to Australia for a better client support and overall growth as a forex broker.
It is expected that this transition from New Zealand to Australia will have large impact on the corporate direction of the company in the next few months. All of the ThinkForex’s current departments including client support and sales will be relocated to Australia.
The Managing Director of ThinkForex, Nauman Anees stated that they plan an exciting portfolio and in their website, soon new updates will be posted. Nauman added that as they are expanding to Australia, this marks a huge step forward for the company in its quest to become a firm and the institutional and retail products of the company are expected to find a bigger market.
The Australian operation of ThinkForex will be using the corporate moniker TF Global Markets Pty Ltd. This is regulated and licensed by ASIC and the AFSL number is 424700.
The procedure of migrating all the existing account holders was expected to be a complex one. However, the company has established an automated way to achieve this. It will be possible for the clients to make transition of their Forex accounts to the ThinkForex Australia and they just need to login to the cPortal and accept the terms & conditions. The active trading positions will not be impacted in this entire procedure.
This decision of ThinkForex opens up a debate whether the other companies should follow it or not. The New Zealand FSP, incidentally, has become a populate vehicle for previously unaffiliated forex companies to register themselves as Financial Service Providers in the country. The registration was pretty easy earlier, however, sensing some abuses, the review procedure has been made tougher by the regulators of New Zealand, recently. Because of the tougher rules in New Zealand now, many forex companies are attempting to shift base to Australia. The ASIC of Australia is better known as well and hence many prefer it as the more suitable option. Apart from ThinkForex, many companies have made similar transitions in recent past as well.