White knights of currency marketsFirstly, 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).
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