ThinkMarkets operates a client qualification policy that is intended to ensure that new Australian resident clients are adequately qualified to trade in any product offered through ThinkMarkets.
In order to be deemed sufficiently qualified to trade with ThinkMarkets, potential clients must prove that they are able to satisfy one of the three following criteria:
Have sufficient trading experience; or
Pass a multiple choice quiz designed to test the extent of their knowledge in trading and financial markets; or
Complete a training course that meets the minimum requirements.
1. Sufficient Trading Experience
In order to establish that an individual has had sufficient trading experience, potential clients must prove all of the following. That they:
1 Have operated, within the past (1) year, an OTC margin forex or CFD account, through an **ASIC regulated provider similar to ThinkMarkets*; and
Have had at least two months of trading experience; and
Operated as an active trader**.
If a potential client fails to completely satisfy all three of the above criteria, then they either attempt the quiz (part 2) or attend a training course (part 3)
2. Multiple-choice quiz:
In order to qualify as a potential client for ThinkMarkets, you must record a pass score (of 70% or greater). The quiz consists of 10 (ten) multiple choice questions, with at least one correct answer required from each of the following sections:
Previous experience in investing in financial instruments, including securities and derivatives.
Understanding of the concepts of leverage, margins and volatility.
Understanding of the nature of CFD trading.
Understanding of the processes and technologies used in trading.
Preparedness to monitor and manage the risks of trading.
ThinkMarkets has a large pool of suitable questions for each category from which the quiz questions are selected. These questions are altered each time the quiz is taken.
If a mark of 70% or greater is achieved, you will be deemed qualified to trade through ThinkMarkets. If a pass grade is not achieved, then you will be required to complete a training course, as per part 3.
3. Training Course:
To be deemed eligible to trade with ThinkMarkets, an individual must undertake and complete a training course that satisfies the following criteria:
A duration of 8-16 hours
If the course does not meet the minimum time required, then it will be deemed an insufficient qualification
Regulated by **ASIC
The provider must operate under an **AFSL that allows them to provide general financial product advice.
Provides ongoing support and coaching for a minimum 6 (six) week period.
You must provide ThinkMarkets with a copy of your certificate of completion.
If a training course fulfills all three of the above requirements, then an individual will be deemed qualified to trade with ThinkMarkets.
If you cannot fully satisfy one of the aforementioned elements, then you will not be considered qualified to be a client with ThinkMarkets.
* Call ThinkMarkets for clarification regarding the eligibility of your provider.
** To be considered ‘actively operating’ as a trader, you must have made at least 20 trades during the time that your account has been open, and you must be assessed for compliance by providing your trading statement to ThinkMarkets.