Summary
ThinkMarkets holds licences from ASIC, the FCA, CySEC, the DFSA and South Africa’s FSCA, but its global website contracts with clients through TF Global Markets Int Ltd in the Seychelles, outside the main retail protection regimes. No enforcement action was found in the last eight years; in 2021 the Bermuda Monetary Authority publicly corrected a ThinkMarkets press release that had wrongly claimed a Bermuda licence.
- Grade
- AA
- Score
- 70/100
- Fieldwork
- 10 Oct 2026 to 10 Oct 2026
- Findings
- 2 medium1 low3 strength
Scorecard
| Pillar | Weight | Score | Grade |
|---|---|---|---|
| Regulation & Licensing | 19% | AA | |
| Corporate Structure & Ownership | 14% | AA | |
| Client Money & Payouts | 19% | AA | |
| Execution & Pricing | n/a | ||
| Conduct & Disclosure | 14% | AAA | |
| Operational Resilience | n/a | ||
| People & Community | 5% | C | |
| Overall | 71% | 70 | AA |
The overall score is the weighted average of the assessed pillars, with their weights scaled back up to 100.
This grade summarises the evidence we reviewed up to 10 October 2026. It is not a guarantee of the firm's safety or future conduct, and changes after that date are not reflected. Nothing here is financial or legal advice.
Findings
Regulation & Licensing
72/100The ASIC, FCA, CySEC, DFSA and FSCA authorisations were confirmed on the regulators’ own registers or licensee lists, and the Seychelles company appears on the FSA Seychelles register. Clients of the global website contract with TF Global Markets Int Ltd, licensed in the Seychelles.
- StrengthTF Global Markets (Aust) Pty Ltd has held AFSL 424700 since 18 September 2012. TF Global Markets (UK) Limited (FRN 629628) has been FCA-authorised since 23 January 2015 and may hold client money; its Dubai branch has held DFSA licence F004173, with a retail endorsement, since 15 September 2023. TF Global Markets (Europe) Ltd holds CySEC licence 215/13. TF Global Markets South Africa (Pty) Ltd is an approved over-the-counter derivative provider on the FSCA list.
- MediumThe global website states that clients engage with TF Global Markets Int Ltd, authorised by the Financial Services Authority of Seychelles (SD060), outside the main retail protection regimes. The footer also names TF Global Markets (STL) Limited, registered in Saint Lucia, without stating a licence or its role.
- ObservationThe global website offers leverage of up to 5000:1 through the Seychelles company. This is recorded but not scored.
- ObservationThinkMarkets also lists licences from the Cayman Islands Monetary Authority, the Financial Services Commission of Mauritius and New Zealand’s regulator without naming the companies that hold them. The Mauritius register lists TF Global Markets (International) Ltd as an investment dealer since 27 July 2020; the Cayman and New Zealand licences were not checked.
Corporate Structure & Ownership
70/100The group is privately held and does not publish group accounts or its owners. Audited accounts of the UK company, filed at Companies House, name its parent and ultimate controlling party.
- StrengthTF Global Markets (UK) Limited’s accounts for 2025, audited by Fisher, Sassoon & Marks, state that it is wholly owned by TF Global Markets (Aust) Pty Ltd and that its ultimate controlling party is Mr N Anees, through a majority shareholding in Think Financial Group Holdings Limited (Australia).
- ObservationNo accounts were found in public sources for the group as a whole or for TF Global Markets Int Ltd.
Client Money & Payouts
72/100Clients of the UK company may be covered by the FSCS and clients of the Cyprus company by CySEC’s Investor Compensation Fund. Clients of the Seychelles company have no compensation scheme, and its client agreement gives no negative balance protection.
- StrengthThe FCA register states that TF Global Markets (UK) Limited can hold and control client money and that its clients may be able to claim from the FSCS if it fails.
- MediumThe Seychelles client agreement provides for client money to be held in a segregated client bank account, but allows ThinkMarkets to pass client money to liquidity providers, exchanges or brokers as collateral, where it may be held in omnibus accounts, and states that clients are liable for any deficit if positions are closed at a loss. It contains no negative balance protection, and no compensation scheme applies.
Execution & Pricing
Not assessed in a desk audit. Spreads, slippage and fill quality can only be measured with live accounts.
Conduct & Disclosure
86/100No enforcement action against a ThinkMarkets company was found in the last eight years. In 2021 the Bermuda Monetary Authority issued a public warning to correct a ThinkMarkets press release that had wrongly claimed a Bermuda licence; the firm had already corrected it.
- LowOn 7 September 2021 the Bermuda Monetary Authority issued a public warning stating that a ThinkMarkets press release of 17 August 2021 had falsely claimed a licence from the BMA, and that it had not licensed any ThinkMarkets company, including Think Capital Limited. ThinkMarkets told the BMA the statement was an error and that it should have referred to a licence from the Cayman Islands Monetary Authority, and issued a corrected release on 21 August 2021. The BMA acknowledged the firm’s efforts to correct the error. Because this concerns the firm’s own disclosure rather than unauthorised business, it is assessed under conduct and disclosure.
- ObservationThe Reserve Bank of India’s Alert List (updated 19 November 2025) names Think Markets among entities not authorised to deal in forex in India. Such lists name many licensed groups and are not scored.
Operational Resilience
Not assessed in a desk audit. Uptime, incident history and security controls require evidence from the firm or live monitoring.
People & Community
0/100No Great Place to Work certification and no community programme were found in public sources. ThinkMarkets’ 2021 to 2023 Liverpool FC sponsorship was commercial.
- ObservationNo Great Place to Work certification or community programme was found in public sources.
Licences verified
Each licence was checked directly against the regulator's public register on the date shown.
| Entity | Regulator | Licence | Checked | Result |
|---|---|---|---|---|
| TF Global Markets (Aust) Pty Ltd | ASIC | AFSL 424700 | 10 Oct 2026 | ConfirmedChecked in ASIC’s current licensee data; licensed 18 September 2012. |
| TF Global Markets (UK) Limited | FCA | FRN 629628 | 10 Oct 2026 | ConfirmedAuthorised since 23 January 2015; company 09042646; can hold client money. |
| TF Global Markets (UK) Limited (DIFC Branch) | DFSA | F004173 | 10 Oct 2026 | ConfirmedLicensed 15 September 2023; retail endorsement; no regulatory actions listed. |
| TF Global Markets (Europe) Ltd | CySEC | 215/13 | 10 Oct 2026 | Confirmed with notesFormerly A-Conversio Capital Ltd; licence dated 20 September 2013; the register address differs from the office address on the firm’s EU website. |
| TF Global Markets South Africa (Pty) Ltd | FSCA | OTC derivative provider | 10 Oct 2026 | ConfirmedListed as approved on the FSCA’s OTC derivative provider list. |
| TF Global Markets Int Ltd | FSA Seychelles | SD060 | 10 Oct 2026 | Confirmed with notesListed as a securities dealer trading as ThinkMarkets; the public list does not show the licence number. |
| TF Global Markets (International) Ltd | FSC Mauritius | Investment Dealer (Full Service Dealer excluding Underwriting) | 10 Oct 2026 | Confirmed with notesLicensed 27 July 2020; not named on ThinkMarkets’ websites reviewed. |
Notes and sources
Sources
- ASIC: professional registers search
- FCA register: TF Global Markets (UK) Limited
- DFSA public register: TF Global Markets (UK) Limited (DIFC Branch)
- CySEC register: TF Global Markets (Europe) Ltd
- FSCA: entity search, OTC derivative providers
- FSA Seychelles: capital markets register
- FSC Mauritius: register of licensees
- Companies House: TF Global Markets (UK) Limited filing history
- Companies House: TF Global Markets (UK) Limited persons with significant control
- Bermuda Monetary Authority: Public warning, ThinkMarkets, Think Capital Limited
- Reserve Bank of India: Alert List
- ThinkMarkets: global website
- ThinkMarkets: Who we are
- ThinkMarkets: Client services agreement, TF Global Markets Int Ltd
- ThinkMarkets: Dynamic leverage tiers
- ThinkMarkets: Security
- ThinkMarkets EU: website
- ThinkMarkets: Past sponsorships
Evidence and scope
Scope
Desk audit of the group’s client-facing entities, using public sources only: regulator registers and announcements, court and company filings, and the firm’s own published documents, as available on 10 October 2026. No accounts were opened, nothing was tested live, and the firm was not asked for evidence.
Limitations
Absence of a public enforcement record is not evidence of good conduct. The Cayman Islands and New Zealand licences ThinkMarkets lists were not checked at those registers, and it is not stated which group company holds them. A Japanese company formerly named TF Global Markets Japan is now registered under another name, and its link to the group was not established. Private litigation involving group companies was not reviewed in full. The share of clients served through the Seychelles entity could not be measured from public sources.
Evidence reviewed
- ASIC AFS licensee data, October 2026
- FCA, CySEC, DFSA, FSCA, FSA Seychelles and FSC Mauritius register entries
- TF Global Markets (UK) Limited audited accounts for 2025 and Companies House PSC register
- TF Global Markets Int Ltd client services agreement
- Bermuda Monetary Authority public warning, 7 September 2021
- ThinkMarkets website disclosures
Version history
- Report published.
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