You’ve probably heard the term “peer-to-peer” quite often in the last few years in relation to file sharing and torrent downloading. However, the development of Peer-to-Peer (P2P) has branched into the mainstream, and is today used by many legitimate and legal services and industries.
But what exactly is Peer-to-Peer? At its most basic form, it’s when a system is used to connect consumers directly with the creators of a product or service, or allowing users to connect to each other in a similar fashion. It cuts out the middleman.
Peer to peer has added a new type of company to the world of foreign currency exchange by allowing senders and receivers of different currencies to set their own rates and trade directly with each other, cutting out the banks’ fees and exchange rate margins in the process. Both CurrencyFair and TransferWise are examples of peer-to-peer money transfer providers and can be found on FXcompared comparison listings.
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FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended. FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.