At Pure FX we also have the Stop Loss Order contract available to our clients. Using this type of contract, you will have the benefit of a fixed foreign currency exchange rate. It will prevent you from any losses over a 24-hour period and any quotations made on a fixed rate are valid until cancelled.
The Forward Time Option will allow you to do a money transfer to us, set a specific foreign currency exchange rate and have delivery of the funds at any forward time ranging from one week to two years.
Other types of contracts we have available are a Spot Contract which enables you to send funds almost immediately. We confirm your foreign currency exchange rate on the phone in the live market. You then need to send us the full settlement amount within two working days.
The Stop Loss Order is where you agree to buy or sell currency at a specific foreign currency exchange rate. A stop loss does what it says in the sense that it offers 24-hour protection from negative market movement, whilst giving you the opportunity to benefit should exchange rates improve. It is free of charge and good until cancelled.
The Limit Order is an order where you agree to buy or sell currency at a specific foreign currency exchange rate that is not currently available. With a limit order, you are waiting for exchange rates to improve, and like a stop loss it is free of charge and good until cancelled.
Lloyds TSB is our principal Bank and we have a dedicated ‘client account’ to make sure your money transfers are handled in the most efficient way possible.
