ThinkMarkets, formerly ThinkForex, is a forex and CFD brand of an Australian group controlled by Nauman Anees. TF Global Markets (Aust) Pty Ltd holds an ASIC licence and owns TF Global Markets (UK) Limited, which the FCA authorises; TF Global Markets (Europe) Ltd (CySEC) and TF Global Markets Int Ltd (Seychelles FSA) also trade as ThinkMarkets.
Research-based assessment This profile has not completed TTI’s on-site verification and 30-day platform review. How TTI verification works
| Regulator | Licence | Legal entity | Register status | Source |
|---|---|---|---|---|
| Australian Securities and Investments Commission (ASIC) | AFSL 424700 | TF Global Markets (Aust) Pty Ltd | Authorised Checked 4 Oct 2026 | Register entry for TF Global Markets (Aust) Pty Ltd (opens in a new tab) 2 |
| Financial Conduct Authority (FCA) | 629628 | TF Global Markets (UK) Limited | Authorised Checked 4 Oct 2026 | Register entry for TF Global Markets (UK) Limited (opens in a new tab) 1 |
| Cyprus Securities and Exchange Commission (CySEC) | 215/13 | TF Global Markets (Europe) Ltd | Authorised Checked 4 Oct 2026 | Register entry for TF Global Markets (Europe) Ltd (opens in a new tab) 4 |
| Financial Services Authority Seychelles (FSA) | SD060 | TF Global Markets Int Ltd | Authorised Checked 4 Oct 2026 | Register entry for TF Global Markets Int Ltd (opens in a new tab) 5 |
Each licence was matched on the regulator’s own register on the date shown. Unverified claims are listed under Regulation and legal entities.
ThinkMarkets’ UK, Australian, Cyprus and Seychelles companies are on their regulators’ registers, and international clients deal with the Seychelles company unless told otherwise. Official filings are clear on ownership: the UK company’s audited accounts show that TF Global Markets (Aust) Pty Ltd owns it, that Nauman Anees controls the group through Think Financial Group Holdings Limited, and that UK client money is held in segregated accounts. The Seychelles terms offer leverage of up to 2500:1 and make clients liable for any deficit, and refer unresolved complaints only to the regulator; the EU site shows that 78.72% of retail accounts lose money. ThinkMarkets lists an industry association among its regulators. The regulatory record is light: a 2024 Brazilian stop order against the Australian company and an Indian alert-list entry. Trade press reported a 2024 court order requiring two ThinkMarkets companies to put USD 4.28 million back into client money during a dispute with a former client; we could not see the order or an outcome, so it does not affect the score.
The international site says clients deal with TF Global Markets Int Ltd, licensed in Seychelles, unless told otherwise, and the EU site names TF Global Markets (Europe) Ltd and its CySEC licence; the Seychelles agreement names its company and regulator.
The UK company’s audited accounts say it holds client money in segregated bank accounts under the FCA’s client money rules (£2.3 million at the end of 2025), and the Seychelles agreement pays client money into segregated client bank accounts, although it may pass it to brokers or exchanges.
The UK company’s audited accounts name Mr N Anees as the ultimate controlling party, through his majority shareholding in the ultimate parent, Think Financial Group Holdings Limited (Australia); Companies House registers Nauman Anees and Faizan Anees as having significant influence or control.
The four licences we could check are current, with no suspension or restriction shown.
The Seychelles complaint handling policy gives an email and postal address, acknowledgement within 7 business days and a final response within 30, at most 60, business days.
Reduced the enforcement dimension by 10 points (moderate severity, 2.2 years before the review).
Reduced the enforcement dimension by 2 points (low severity, 0.9 years before the review).
Partly met We matched TF Global Markets (UK) Limited on the FCA’s list of investment firms, TF Global Markets (Aust) Pty Ltd on ASIC’s licensee data, TF Global Markets (Europe) Ltd on CySEC’s register and TF Global Markets Int Ltd on the Seychelles FSA’s list. TF Global Markets (STL) Limited, which has its own client terms, holds no licence we could find, and we could not check the South African, Mauritius, Dubai and Cayman licences ThinkMarkets lists.
Not met The Seychelles agreement places client money with approved banks or payment providers, and the UK accounts and funding page refer to segregated accounts, but none names the banks.
Partly met The licences ThinkMarkets claims for its UK, Australian, Cyprus and Seychelles companies match the registers, but we could not check the South African, Mauritius, Dubai and Cayman licences it lists, and its list of the bodies that regulate it includes the New Zealand Financial Markets Association, an industry association.
Each dimension is scored from its criteria, then weighted. Dimensions without enough evidence are left out and the remaining weights are rescaled. Open a dimension to see every criterion, our rationale and the sources.
Whether the firm’s licences exist, are current and cover what it offers.
Client-facing entities appear on the regulator’s register 1234567
We matched TF Global Markets (UK) Limited on the FCA’s list of investment firms, TF Global Markets (Aust) Pty Ltd on ASIC’s licensee data, TF Global Markets (Europe) Ltd on CySEC’s register and TF Global Markets Int Ltd on the Seychelles FSA’s list. TF Global Markets (STL) Limited, which has its own client terms, holds no licence we could find, and we could not check the South African, Mauritius, Dubai and Cayman licences ThinkMarkets lists.
Permissions cover the services offered 12458
ASIC authorises the Australian company to issue, deal in and make a market in derivatives and foreign exchange contracts for retail and wholesale clients, and the FSA lists the Seychelles company as a securities dealer. CySEC authorises the Cyprus company to receive, transmit and execute orders but not to deal on own account, and we could not read its documents to see how it executes client trades. The FCA’s published list does not show the UK company’s permissions; its accounts say it matches client positions with its liquidity provider.
Regulatory claims on the website are accurate 124567
The licences ThinkMarkets claims for its UK, Australian, Cyprus and Seychelles companies match the registers, but we could not check the South African, Mauritius, Dubai and Cayman licences it lists, and its list of the bodies that regulate it includes the New Zealand Financial Markets Association, an industry association.
Clients can tell which regulated entity serves them 6910
The international site says clients deal with TF Global Markets Int Ltd, licensed in Seychelles, unless told otherwise, and the EU site names TF Global Markets (Europe) Ltd and its CySEC licence; the Seychelles agreement names its company and regulator.
Criteria and their weighting are explained in the methodology.
Whether you can find out who owns and runs the firm.
Legal entity details are published 6910
The international site gives the names, registration numbers and addresses of the Seychelles, Saint Lucia, UK and Australian companies, but the EU site’s footer gives no company number for the Cyprus company, and the Seychelles agreement gives a different registered address from the site.
Ultimate ownership can be identified 811
The UK company’s audited accounts name Mr N Anees as the ultimate controlling party, through his majority shareholding in the ultimate parent, Think Financial Group Holdings Limited (Australia); Companies House registers Nauman Anees and Faizan Anees as having significant influence or control.
Group structure is explained 456811
Official records show that TF Global Markets (Aust) Pty Ltd owns the UK company and is part of a group headed by Think Financial Group Holdings Limited, and the international site lists the group companies, but ThinkMarkets does not explain how they are related or which serves which clients beyond the default Seychelles company.
Criteria and their weighting are explained in the methodology.
What protects client money if something goes wrong.
Client money segregation is disclosed 810
The UK company’s audited accounts say it holds client money in segregated bank accounts under the FCA’s client money rules (£2.3 million at the end of 2025), and the Seychelles agreement pays client money into segregated client bank accounts, although it may pass it to brokers or exchanges.
An investor compensation scheme applies 14101314
As an FCA-authorised firm, the UK company’s eligible clients may claim from the FSCS (up to £85,000 for investments), and the Investor Compensation Fund covers clients of Cyprus investment firms such as TF Global Markets (Europe) Ltd. We found no scheme for clients of the Seychelles and Saint Lucia companies.
Withdrawal terms are disclosed 1015
The funding page sets out withdrawal methods, processing within 24 hours, arrival in 1 to 7 business days, the absence of ThinkMarkets fees apart from bank charges, and a USD 100 minimum, and the agreement sets the conditions, such as returning funds to the original method.
Criteria and their weighting are explained in the methodology.
Regulator warnings, enforcement actions and final legal findings on record.
Starts at 100 and loses points for each substantiated adverse finding by severity and age. Allegations, complaints and clone warnings never count. Total deducted: 12 points.
Named on the Reserve Bank of India’s alert list of unauthorised forex platforms 17
19 Nov 2025. Reduced the enforcement dimension by 2 points (low severity, 0.9 years before the review).
Former client’s lawsuit over debited funds; trade press reported a court order to put USD 4.28 million into client money 28
19 Jan 2024. Shown for context. This type of finding never changes the score.
Criteria and their weighting are explained in the methodology.
How the firm handles complaints, and what independent records show.
Independent dispute resolution is available 241920
UK clients can take complaints to the Financial Ombudsman Service, which has published decisions on the UK company, EU clients to the Financial Ombudsman of Cyprus and Australian clients to AFCA, but clients of the Seychelles company can only refer complaints to the regulator, which is not an independent dispute body.
Independent complaint outcomes show no adverse pattern 20
The ombudsman published three decisions on TF Global Markets (UK) Limited in three years and upheld two; that is too few to show a pattern.
Complaint data is disclosed 1221
We found no complaint statistics for ThinkMarkets: its UK company is below the thresholds for the FCA’s and the ombudsman’s firm-level tables, and its legal documents pages include none. AFCA publishes complaint figures for its members, but its data site refused our requests, so we could not check the Australian company.
Criteria and their weighting are explained in the methodology.
Whether costs, execution and risks are disclosed before you sign up.
Costs are disclosed before account opening 1022
The account page gives spreads from 0.4 pips and commission-free Standard accounts, and the Seychelles agreement sets an inactivity fee of up to USD 30 after 6 months and describes swaps and currency conversion, but we found no swap rates or conversion charge on the pages we could read.
An order execution policy is published 102324
The Seychelles agreement says the company is the counterparty to client trades and sets out the execution factors, and its conflicts of interest policy explains how conflicts are managed, but we could not read a current copy of its fair execution policy.
Leverage and margin terms are disclosed 222326
The international account page gives maximum leverage of 500:1 on Standard and 2500:1 on ThinkTrader accounts, and the margin call policy closes positions at 50% of the margin used, but we could not read the UK, EU and Australian companies’ leverage terms.
Criteria and their weighting are explained in the methodology.
Whether public claims hold up and the firm communicates openly.
An address and working contact channels are published 456910
ThinkMarkets publishes addresses, email addresses and live chat, and the Seychelles address on its site matches the FSA’s register, but the Seychelles agreement gives a different registered address, and the EU site’s address for the Cyprus company differs from CySEC’s register.
Criteria and their weighting are explained in the methodology.
What our visit confirmed in person: a real, staffed office of the assessed entity, not a ghost address.
We have not checked this firm’s office in person, so this dimension scores zero. We check offices through our on-site verification programme.
Real office at the stated address, not a ghost address
Office of the assessed entity
Staffed and operating
Criteria and their weighting are explained in the methodology.
What our on-site checks and 30-day platform testing found.
We have not completed an on-site assessment of this firm, so this dimension does not count and its weight is shared among the others.
Company identity
Regulatory claims
Office visit
Account opening
Platform usability
Costs and disclosures
Customer support
Deposits and withdrawals
Trading functions
Complaints process
Criteria and their weighting are explained in the methodology.
A brand can trade through several companies, each licensed in a different place with different protections. Check which entity your account would be with.
Australian Securities and Investments Commission (ASIC) · Reference AFSL 424700 2
Issuing, dealing in and making a market in derivatives and foreign exchange contracts for retail and wholesale clients
Licence start date 18 September 2012.
Financial Conduct Authority (FCA) · Reference 629628 1
Cyprus Securities and Exchange Commission (CySEC) · Reference 215/13 4
Reception and transmission of orders, execution of orders and portfolio management; not dealing on own account
Financial Services Authority Seychelles (FSA) · Reference SD060 5
Securities dealer
The register does not show licence numbers; SD060 is the number ThinkMarkets gives.
No licence recorded for this entity.
No licence recorded for this entity.
No licence recorded for this entity.
Warnings, enforcement actions, legal findings, allegations and complaint records are labelled separately. What each label means.
The Reserve Bank of India’s Alert List, updated as on 19 November 2025, includes Think Markets (www.thinkmarkets.com) among entities that are neither authorised to deal in forex under the Foreign Exchange Management Act nor authorised to operate a forex trading platform in India. The list warns residents but does not allege fraud.
On 7 August 2024 the CVM said TF Global Markets (Australia) Pty Limited, which uses the ThinkMarkets brand and the website www.thinkmarkets.com, was seeking clients resident in Brazil without authorisation. By Ato Declaratório 22.390 of 5 August 2024 it ordered the company to stop offering securities intermediation services, under a daily fine of BRL 1,000 for non-compliance.
FX News Group reported on 19 January 2024 that the London Circuit Commercial Court had made an interim mandatory injunction requiring TF Global Markets (UK) Ltd and TF Global Markets (Aust) Pty Ltd to pay USD 4,280,818.88 into the UK company’s segregated client money account. The order arose from a claim by a former client from Turkey whose account ThinkMarkets had debited, citing misuse of a swap-free account; the client also said his accounts were moved to a ThinkMarkets company in Bermuda against his objections. We could not see the order and found no published judgment or outcome, so this is recorded for context and does not affect the score.
Firms can respond to their profile and to any finding. No response has been published for ThinkMarkets. How firms can respond.
| Review date | Result | Methodology | Status |
|---|---|---|---|
| 7 Oct 2026 | Trust score 79 out of 100 Sound | 1.2 | Current |
No corrections have been made to this profile.
Shows TF Global Markets (UK) Limited (FRN 629628), first authorised 23 January 2015, with status Authorised.
Lists AFSL 424700 held by TF Global Markets (Aust) Pty Ltd (ABN 69158361561), Melbourne, from 18 September 2012. The licence covers general advice on, and issuing, dealing in and making a market in, derivatives and foreign exchange contracts for retail and wholesale clients.
Active Australian private company (ACN 158 361 561) based in Victoria. Registered business names: thinkforex (from 6 November 2012), ThinkMarkets and ThinkPrime (from 7 September 2022) and ThinkMarkets (Aust) (from 12 September 2025).
Licence 215/13 granted on 20 September 2013, company registration 321503, formerly A-Conversio Capital Ltd, address Office 301, 3rd Floor, Pamelva Court, Griva Digheni 1 and Anastasi Shoukri 2, 3105 Limassol. Approved trade name ThinkMarkets; approved domains include www.thinkmarkets.com and www.thinkmarkets.com/eu. Services: reception and transmission of orders, execution of orders on behalf of clients and portfolio management, with safekeeping as an ancillary service. Dealing on own account is not listed.
Lists TF Global Markets Int Ltd among licensed securities dealers at CT House, Office 9B, Providence, Mahe, with the trade name ThinkMarkets and the email compliance@thinkmarkets.com, and Nauman Anees as a securities dealer representative accredited with it. The register does not show licence numbers.
An archived copy, taken on 7 September 2026, of www.thinkmarkets.com/en/. The footer says clients deal with TF Global Markets Int Limited (FSA SD060, company 8424818-1, CT House, Office 9B, Providence, Mahe) unless told otherwise, names TF Global Markets (STL) Limited (Saint Lucia, 2023-00272, Rodney Bay, Gros-Islet), which has its own terms, and the UK companies TFG (Payments) Limited (10537331) and Think Capital Services UK Ltd (11054653), and says the site is owned and operated by TF Global Markets (Aust) Pty Ltd (Level 14, 333 Collins Street, Melbourne). Every page carries a risk warning without a share of losing accounts. The page claims 10 licences and 24 awards and names four awards with their organisers and years, and offers contact by live chat. ThinkMarkets’ own sites refused our automated requests, so we read the copy kept by the Internet Archive.
An archived copy, taken on 14 March 2026, of ThinkMarkets’ company page. Under the heading that it is regulated by some of the world’s most trusted financial bodies, it lists ASIC, the FCA, the FSCA, the Seychelles FSA, CySEC, the Mauritius FSC, the DFSA, CIMA and the New Zealand Financial Markets Association, which is an industry association rather than a regulator. ThinkMarkets’ own sites refused our automated requests, so we read the copy kept by the Internet Archive.
Audited accounts for the year to 31 December 2025, filed on 30 September 2026. The company describes itself as an execution-only broker for spread bets, forex and CFDs whose client positions are matched with its liquidity provider; its revenue is a cost-plus fee charged to its parent for UK services. At the year end it held £2,307,558 of client money in segregated bank accounts under the FCA’s client money rules. TF Global Markets (Aust) Pty Ltd owns 100% of the company, and the ultimate controlling party is Mr N Anees, through his majority shareholding in the ultimate parent, Think Financial Group Holdings Limited (Australia).
An archived copy, taken on 4 May 2026, of www.thinkmarkets.com/eu/. It warns that 78.72% of retail investor accounts lose money when trading CFDs with this provider, says TF Global Markets (Europe) Ltd (CySEC 215/13) serves retail and professional clients from 9 Aiolou and Panagioti Diomidous, Katholiki, 3020 Limassol, and refers to a costs and charges document. ThinkMarkets’ own sites refused our automated requests, so we read the copy kept by the Internet Archive.
An archived copy, taken on 21 January 2026, of the client services agreement of TF Global Markets Int Ltd (FSA SD060), dated May 2024, which gives the company’s registered address as Global Gateway 8, Rue De La Perle, Providence, Mahe. The company is the counterparty to client trades and executes on the usual best execution factors; client money is paid into segregated client bank accounts with approved banks or payment providers, which it does not name, and may be passed to brokers or exchanges; the risk warnings say a client whose positions are liquidated at a loss is liable for any resulting deficit; an inactivity fee of up to USD 30 applies after 6 months without trading; complaints are acknowledged within 7 business days and answered within 30, at most 60, and may then be referred to the FSA; and amendments are notified in writing or on the website. ThinkMarkets’ own sites refused our automated requests, so we read the copy kept by the Internet Archive.
Incorporated on 15 May 2014. Registered office 35 New Broad Street, Unit G07, c/o Think Capital Services UK Ltd, London EC2M 1NH. Directors: Faizan Anees, Nauman Anees and Mohammed Adil Siddiqui. TF Global Markets (Aust) Pty Ltd (Australian company 158361561) holds 75% or more of the shares, and Nauman Anees and Faizan Anees are registered as having significant influence or control. Accounts are filed up to 31 December 2025.
An archived copy, taken on 24 January 2026, of the international legal documents page. It links TF Global Markets Int Ltd’s client services agreement, margin call policy, fair execution policy, complaint handling policy, conflicts of interest policy, risk disclosures and privacy and AML policies, and the terms of TF Global Markets (STL) Limited (July 2023). It includes no complaint statistics. ThinkMarkets’ own sites refused our automated requests, so we read the copy kept by the Internet Archive.
Describes the Investor Compensation Fund for clients of Cyprus investment firms that are not credit institutions. Covered non-professional clients can claim the lower of 90% of their covered claims and EUR 20,000 if a member firm cannot meet its obligations.
For investment firms that failed after 1 April 2019, the FSCS pays up to £85,000 per eligible person, per firm. The £120,000 limit, from December 2025, is for deposits.
An archived copy, taken on 14 March 2026, of the international funding page. It says withdrawals are processed within 24 hours (typically within 4 hours, 24 hours a day on weekdays) and take 1 to 7 business days to arrive, or 3 to 5 by bank wire; that ThinkMarkets charges no deposit or withdrawal fees, although banks may, typically USD 25 for an international wire; that the minimum withdrawal is USD 100; that funds are returned to the original payment method; and that client funds are held in segregated customer accounts. ThinkMarkets’ own sites refused our automated requests, so we read the copy kept by the Internet Archive.
Market alert published on 7 August 2024: TF Global Markets (Australia) Pty Limited, which uses the ThinkMarkets brand and the website www.thinkmarkets.com, was seeking clients resident in Brazil without CVM authorisation. By Ato Declaratório 22.390 of 5 August 2024 the CVM ordered it to stop offering securities intermediation services, under a daily fine of BRL 1,000.
Lists entities not authorised to deal in forex or operate forex trading platforms in India. Entry 81 is Think Markets, https://www.thinkmarkets.com.
On 4 and 5 October 2026 we searched CySEC’s 1,173 board decisions, the FCA’s list, ASIC’s licensee data, the CVM’s declaratory acts, the National Archives’ Find Case Law service, KNF’s lists and the Indian, Securities Commission Malaysia and Bank Negara Malaysia alert lists, and ran web searches for actions by ASIC, the FCA, CySEC, the FSA, the FSCA and others. The findings on this profile are what we found.
An archived copy, taken on 21 January 2026, of the complaint handling policy, dated December 2023. Complaints go to the compliance officer by email or post, are acknowledged within 7 business days and receive a final response within 30, at most 60, business days, after which the client may refer them to the FSA, the regulator. ThinkMarkets’ own sites refused our automated requests, so we read the copy kept by the Internet Archive.
Between 4 October 2023 and 4 October 2026 the ombudsman published three decisions about TF Global Markets (UK) Limited, upholding two.
Neither dataset includes TF Global Markets (UK) Limited; both publish firm-level figures only above minimum complaint volumes.
An archived copy, taken on 14 March 2026, of the international account comparison. The Standard account has no commission, spreads from 0.4 pips, a USD 250 minimum deposit and maximum leverage of 500:1; the ThinkTrader account has spreads from 0.4 pips, a USD 50 minimum deposit and maximum leverage of 2500:1. ThinkMarkets’ own sites refused our automated requests, so we read the copy kept by the Internet Archive.
ThinkMarkets’ websites, the document links on them and its help centre (support.thinkmarkets.com) refused our automated requests on 4 and 5 October 2026 with a Cloudflare check page. We read archived copies of its pages and documents instead, but the UK and Australian sites and documents and a current copy of the fair execution policy were not available.
An archived copy, taken on 21 January 2026, of the conflicts of interest policy, dated December 2023, which sets out how the company identifies and manages conflicts of interest. ThinkMarkets’ own sites refused our automated requests, so we read the copy kept by the Internet Archive.
An archived copy, taken on 20 January 2026, of the EU legal documents page, which lists TF Global Markets (Europe) Ltd’s client terms and policies for download. ThinkMarkets’ own sites refused our automated requests, so we read the copy kept by the Internet Archive.
An archived copy, taken on 21 January 2026, of the margin call policy, dated December 2023. Positions are liquidated when equity falls to 50% of the margin used, and ThinkMarkets aims to announce margin changes at least a week ahead. ThinkMarkets’ own sites refused our automated requests, so we read the copy kept by the Internet Archive.
Records Ato Declaratório 22.390 of 5 August 2024 against TF Global Markets (Australia) Pty Limited, published in the official gazette on 7 August 2024.
Reports that in January 2024 the London Circuit Commercial Court made an interim mandatory injunction against TF Global Markets (UK) Ltd and TF Global Markets (Aust) Pty Ltd requiring them to pay USD 4,280,818.88 into the UK company’s segregated client money account, in a dispute with a former client from Turkey whose account ThinkMarkets had debited over alleged misuse of a swap-free account. The client also said his accounts were moved to a ThinkMarkets company in Bermuda against his objections.
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