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ThinkForex UK launches spread betting, offers £1m account protection

Nov 02 2015

ThinkForex, a UK-licenced forex broker, said it has launched an additional GBP 1 million insurance protection per client. The insurance protection is underwritten by QBE Underwriting Ltd and other participating syndicates at Lloyd’s of London. 

The broker has also just released its new spread betting offering on the widely-used MetaTrader 4 trading platform. 
The moves are part of the broker’s strategy for penetrating the UK retail trading market. The broker will release other new products and technologies in the upcoming months. 
“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,” Nauman Anees, co-founder of ThinkForex, said. 
ThinkForex‘s new London office, located in the heart of the financial district, is set to service clients across Europe, the Middle East, Asia, and Latin America. The UK office will be a key building block in what promises to be a ground-breaking period for the group. The broker will offer there tight spreads on gold and forex, local payment methods, and localised support.
ThinkForex said it takes the protection of retail traders very seriously, which is why it has launched the FCA-regulated London office alongside GBP 1 million insurance protection.
Most brokers regulated by UK’s FCA offer the industry-standard Financial Services Compensation Scheme (FSCS) coverage of GBP 50,000. 
Earlier this year, German-based social trading network ayondo started using additional customer insurance protection as well. It now offers up to GBP 500,000 in addition to the regular FSCS insurance of GBP 50,000. The broker also provides its clients with negative balance protection.  
Other brokers that use such customer insurance protection include ActivTrades, which is also FCA-regulated. It teamed up with Lloyd's of London in April 2013 to provide customers a protection for GBP 500,000 of their investment. Also in 2013, FXDD, regulated by USA’s NFA at the time, launched in collaboration with US Bank, one of the largest banks in the country, an insurance programme which covers up to USD 250,000 for each account.


TAGS: thinkforex  account protection  account insurance  spread betting 

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