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 [email protected]. Take advantage of our expertise today!