There are a number of checks you can carry out before deciding on using Currency Index to handle your Foreign Exchange. Firstly, are they authorised by the Financial Conduct Authority (FCA)? If they are, they will have had to comply with Payment Services Regulations, along with the FCA’s own business conduct regulations and guidelines. Large companies who trade in excess of 3 million Euros per month have to be authorised by the FCA. They then have to make sure that their clients’ money is safeguarded should they get into financial difficulties, consequently preventing their creditors claiming your money. Smaller companies can register with the FCA, but this does not provide the same level of protection as being authorised by the FCA, meaning your Foreign Exchange is not protected if they find themselves in trouble. To register, a company has to be based in the United Kingdom and none of managers should have at any point been convicted of financial wrongdoing. You could also check on the size of the company and how long it has been trading. If they have direct access to the largest worldwide payment and settlement system, SWIFT, this ensures clients a quicker and more secure payment.
If you choose to use a specialist foreign exchange company, there may be several alternatives for your Foreign Exchange. If you have the funds available, then a spot contract may the right choice. This is most suitable if the exchange rate is favourable at the time, and you wish to make a quick Foreign Exchange. If you do not have the funds readily available, then a forward contract is more suitable: This allows you to make a purchase in the future, whilst fixing the exchange rate. You may be required to pay a deposit for a forward contract. Having selected the type of contract, spot or forward, you may then have the choice of two further options for the Foreign Exchange. One is a limit order. This is an order which allows the purchase of currency at a pre-determined exchange rate, which is better than the current rate. The second option is a stop loss order. This is most suitable if you are concerned the exchange rate will get too low before you buy. A minimum threshold is set at which the currency is automatically purchased when the market falls to this level.
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