What is the spread?
The spread is the difference between what is paid by the broker or bank for the exchange and what is charged to the client. Banks often take around 4%, while brokers can vary this amount to suit the live market rates.
Once my quote has been submitted, what happens?
The clock starts and the brokers have 15 minutes to provide you with the best deal!
Once submitted, the brokers compete for your business. The broker with the best bid will be informed and given your details so that they can contact you. The unsuccessful providers will not receive any of your information.
How long does it take to get a quote?
No longer than 15 minutes!
Do you pass my details out to third parties?
Your details are safe with us. The broker with the winning bid will receive your information but no other third parties will be privy to them so no unwanted sales calls!
How can we secure you the best quote?
We only use live desks when searching the market to provide you with the best quote. Better still, our winning broker will honour this quote for 30 days.
How long is my quote valid for?
Our winning broker will lock in your spread for 30 days.
Do I need to register with WhichFX?
No registration is needed to retrieve a quote from WhichFX.
If you would like to receive news and information from us, then you can subscribe to this here.
Do I need to register my details with anyone else?
Once we have sourced the best deal for you, you will need to register your details with the chosen broker in order for you to complete your transaction directly with them.
What is the minimum I can exchange?
There is no minimum!
So how do WhichFX make their money?
We provide an opportunity for brokers to quote for your business. On a successful transaction, we are then paid a fee by the broker.
Whilst this is a strange business model because by finding you or your business the best deal, the less our payment will be, we are seeking to level the FX playing field. We want to help everyone to get the best deal, therefore the flow of enquirers will counteract the drive down in commission received.
Are WhichFX brokers?
No, we are not brokers. We scour the market for you, remove sales talk and save you time.
When you submit a quote, we alert the brokers who are then given 15 minutes to present their best deal in a bid to win your business.
Why should I use WhichFX?
We take out the unwanted hidden extras and provide you with the best deal available on the market. There are no unwanted surprises with WhichFX; we simply make the brokers work for you and give you control to get the lowest cost.
How do other foreign-exchange businesses make money?
There are a variety of ways that brokers and banks make their money on foreign exchange. This can include:
- Transfer fees
- Commission on spread
- Commission per trade
- All of the above!
What protection do WhichFX offer?
Through using WhichFX, you will only be contacted by the reputable broker with the best deal for your exchange. We never pass your details onto third parties.
WhichFX only work with registered FCA – Financial Conduct Authority – governed brokers that are authorised by the Financial Conduct Authority under the Payment Service Regulations 2009 for the provision of payment services. They also have HM Revenue & Customs Certificate of Registration for Money Laundering Regulation.
Further details are provided in your quotation.
Any other questions please contact us.
Want to know more?
The market is filled with ‘no hidden fees’ and ‘no commission’ statements but the reality is that there is no such thing. We will find you the lowest cost for your exchange, tell you exactly what you’re being charged and lock it in for 30 days. So what’s the difference? Simply put, the spread is a difference between the buying and selling price. What we do is find the broker who has the smallest margin on the spread for you.