FX brokers partnered with the Money Cloud

Currency brokers

White knights of currency markets

Firstly, let’s explain exactly what a foreign exchange broker (also known as an FX or forex broker) is. They’re part of non-bank Money Service Businesses, which means they don’t offer speculative trading. Instead they provide money remitting and currency exchange services for individuals and corporations. These are usually done on the spot market with average global daily transactions of $1.49 trillion.

Money Service Business (MSB) services can include one or more of the following:

  • currency dealing/exchanging
  • cheque cashing
  • money remitting
  • issuing, selling and redeeming stored value instruments (money orders, travellers’ cheques) and monetary instruments (coins, notes).
MSBs carrying out any money remittance services have to be on Financial Conduct Authority’s register. This is required by law, under the Payment Services Regulations 2009.They can be authorised payment institutions, small payment institutions or agents of them.

All our foreign exchange brokers are authorised payment institutions, unlike Bureaux de Change and money transfer organisations (MTOs). Our brokers also aren’t limited to remittances. Their focus is on helpingindividuals and corporates make a wide variety ofinternational paymentsas cost-effectively as possible.

We carefully screen all the companies we work with. As an absolute minimum, they all:

  • are FCA authorised
  • are regulated by relevant governmental authorities in the country of operation (if not UK-based)
  • offer bank-to-bank money transfers
  • operate client segregated accounts
  • are qualified to provide expert advice on the currency market


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Alex Larsen

I've been struggling to find a way to make regular transfers to my Norwegian account from the UK (where I work). Finally I've at least got some pointers for where to start, so I won't have to pay a fortune every time I transfer!

Chloe Rogers

Your site is top, thank you. I was going to use my bank and but came across you on Forbes site, I am glad I did. I went on and used Torfx very good service got the rate right, saved me money compared to many others you list, they even helped me get an aussie bank account. Once again thank you for help!
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