HELP & SUPPORT

| Monday, August 3rd, 2015

HOW DOES FXCOMPARED ASSESS EACH MONEY TRANSFER PROVIDER LISTED?

FXcompared is proud to have the most detailed and comprehensive vetting procedures of any money transfer comparison site. We take very seriously the trust our users place in us to help match the user to the best possible money transfer provider for their specific needs. We are independent and transparent and are happy to explain the process of assessing and ranking brokers to our users.

Any new broker coming on to our site must first pass our thorough vetting procedures. All existing brokers are required to fill out our legal, financial and product review every year to ensure that they maintain the high standards required to feature on FXcompared.

We group our reviews of our providers into fifty-two key areas of which the major groupings are summarised below:

  • We review the financial statements confidentially of our broker partners.
  • We review all the regulatory listings of each broker and ensure that they are regulated by the relevant parties to be able to trade in the countries they designate.
  • We will not allow any broker on the site if they fail to meet the local market regulatory standards required, e.g. those of FCA,FinCEN, FinTRAC and ASIC. For more about what these regulations mean, visit our FAQs on each of these agencies.
  • We review all the countries and currencies which the broker can buy and sell and the specifics of their products such as fees, maximum and minimum ranges and local market services.
  • We review the data privacy and data collection policies to ensure these are all up to the legally required standards.
  • We require detailed reporting from our brokers so that they can be held accountable for providing the best possible services to any client that we introduce to them and we monitor the rates advertised on the site and the rates that are traded.
  • We ensure that we have a detailed understanding of the customer base and key strengths of each broker to help match up the right broker with the right clients.
  • We request details on specific corporate offerings and additional business specific products to help service our business user.

Overall, our goal at FXcompared is to take an independent, research led approach to ensure that we maintain the trust of all our users and set the gold standard as to the requirements for any money transfer provider to be listed on our site. We seek to do our best to bring the right client to the right broker, as every client’s money transfer needs are different.

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