Pure FX Logo arrow Reviews On Feefo Pure FX Logo Exemplary Service In-Depth Knowledge We're Jargon Free Same-Day Transfers Better Exchange Rates No Commission 0 Personal Transfers Business Transfers FCA Authorized Personal Service Trusted Brokers Get A Quote Register With Us Make A Transfer Seller Transfers Contract Definitions Read Our Top Tips What Influences Exchange Rates Glossary Frequently Asked Questions Contact Us

How You Can Steer Clear Of The Foreign Exchange Cowboys

Turn back the clock about 12 months, and you might remember hearing about the collapse of a business called Crown Currency.

It was a foreign exchange firm, which had gone into administration having gambled huge sums on the foreign exchange market, and lost.

The trouble of course is that the owners of Crown Currency didn’t gamble their own money, but that of thousands of customers, promising them exchange rates that weren’t available and getting caught out.

To this day, there exists a Crown Currency action group, comprised of former customers who’re still fighting to get back their funds.

How To Choose A Reputable Foreign Exchange Firm

Crown Currency is and was an example of a foreign exchange cowboy: it was run by dishonest people who didn’t care about risking the savings of their customers.

Fortunately then there are things you can look out for, to make sure you don’t wind up in exactly the same boat, and keep your savings secure.

Perhaps the number one thing – the thing that is like keeping your savings in a lead-lined safe surrounded by guards on a 24/7 basis – is to choose a foreign exchange firm regulated by the Financial Services Authority.

Foreign exchange brokers that are FSA regulated do exactly the equivalent of keeping your funds in Fort Knox, creating designated client accounts that are rock solid.

If an FSA regulated business goes bankrupt or disappears from the face of the planet one morning, your funds are safe.

Peace Of Mind For Your Foreign Exchange

Crown Currency as an example of an unregulated foreign exchange business. It was registered with the Financial Services Authority but not regulated, meaning it didn’t have to provide any safeguards.

This enabled its unscrupulous owners to gamble their client funds and, when things took a turn for the worse, there was no safety net to keep people safe.

But if you make sure to choose a regulated foreign exchange firm when you change currencies, you’ll have nothing to worry about.

You can look forward to a superior exchange rate, guaranteed to save you thousands compared to your high street bank.

You can look forward to personalised service, from people that are ready and waiting to help you maximise your foreign exchange gains.

To get in touch with an FS regulated foreign exchange broker, visit us at Pure FX. In addition, you can phone us on +44 (0) 1494 671800 or email enquiries@purefx.co.uk. Take advantage of our expertise today!

Get A Free Quote
I’d like to exchange...
GBP
EUR
Because I want to...
And I would like it...
Pure FX awarded Feefo Gold Trusted Merchant 2016PureFX's Product Rating on Feefo

What Our Clients Say

Read all the reviews at Feefo.com

Why Us

FCA Authorised

Directly authorised by the UK's Financial Conduct Authority, so your money is highly secure.

No Hidden Fees & 0% Commission

So you get our biggest possible saving when you exchange currencies.

Same Day Transfers

Receive your money in your destination bank account the same day you send it, for most mainstream currencies.

Outstanding Exchange Rates

Get bigger savings, with Pure FX's best exchange rate guaranteed!

Dedicated Personal Service

To guide you through the transfer process, and keep you up-to-date with the changing exchange rates.

Trusted Foreign Exchange Broker

Since we were established in 2006, we've transferred money for thousands of satisfied clients.

How It Works

  • Quote

    Use our form to get a free exchange rate quote, and find out how much you could save with Pure FX.
  • Register

    We'll be in touch to give you your exchange rate quote, ask you any further questions and tell you how the transfer process works.
  • Transfer

    From buying a property abroad, to making business transfers, or online selling - we have you covered.