ThinkMarkets launches copy trading platform ‘ThinkCopy’
Melbourne-based broker, ThinkMarkets has introduced ThinkCopy, a copy trading platform that aims to provide clients with access to experienced traders and a range of social features.
ThinkMarkets’ new tool allows everyday investors to search and compare the performance of hundreds of proven traders and mirror their trades automatically. Simultaneously, the platform helps investment talents bring their results to light by competing with other traders in an equally fair environment.
Commenting on the announcement, ThinkMarkets co-CEO and co-founder, Faizan Anees said, “Copy trading is very popular for clients just starting out on their trading journey. ThinkCopy provides the ability for clients to follow and copy experienced traders via our dedicated mobile app. Clients will have the ability to see the performance of top traders, allocate funds, and set auto-copy trades.”
ThinkCopy allows less-versed users to automatically copy the trades of experienced traders on the platform, thus creating a P2P asset management solution. In return, the copied trader earns a decent share of the follower’s equity profit just for automatically replicating the trades.
Through the platform’s mobile app, clients can conveniently set up auto-copy orders and benefit from the insights of successful traders. The app offers an intuitive interface, allowing users to filter traders based on specific criteria and utilize risk management tools like take-profit and stop-loss orders. Additionally, ThinkCopy enables clients to join a global community where they can engage in discussions and exchange trading ideas.
ThinkMarkets has made significant strides in 2023, including the recently-announced plans to go public through a merger with Canadian blank-check firm FG Acquisition Corp. The merger will value ThinkMarkets, which generated $62 million in revenue in 2022, at $160 million on a pre-money basis.
Once the transaction closes sometime in the second half of 2023, the combined company will operate as ThinkMarkets Group Holdings Limited and is expected to be listed on the Toronto Stock Exchange.
Upon completion of the merger, the existing management team of ThinkMarkets will continue in their respective roles within the new corporation. In addition, the broker unveiled plans for a private placement, aiming to raise up to $20 million through the issuance of convertible debentures.
The purpose of this private placement is to provide funding for the new company’s growth strategy, working capital, and general corporate needs. These funds will complement any remaining funds available from FGAC’s escrowed funds, which currently amount to approximately $117 million.