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Best UK Currency Brokers: Top 3

One of the key things of moving away from traditional banks into service-oriented fintech is finding out which service provider to use. It is twice as important when we’re talking about brokerages which are, in spite of being sometimes quite techy, first and foremost measured in their quality of service. When you seek out a currency broker for your international payments you should look into the following aspects:

Service:

Having someone who is both experienced and friendly is critical in order to maximise your value add as a result of using a broker. With the best brokers in the UK, you will get your own private dealer whom you can speak to directly, and over time – establish a real relation with him as he understands your, or your business’, needs.

Rates:

At the end of the day, the main reason for people to search for top bank alternatives in the form of brokers, is that banks are notoriously expensive and opaque when it comes to foreign currency exchange rates. They will hit you with insane numbers if you are exchanging large sums of money, and you won’t have even as much as clarity on what you’re paying until it’s too late. A decent broker will provide you with full clarify on what’s the net after all fees and markups, and will of course beat the bank’s rate WITH EASE.

Accessibility:

You’d optimally want to work with a broker who is readily available for your needs at extended workhours, with multiple offices around the world (so if you are located outside the UK you can still call them whenever it’s comfortable for you), and that of course has a fully functional online trading system so if you want to DIY you most certainly can.

Offering:

Gone are the days where the sole purpose of currency brokers was to exchange money into foreign currency or transfer money from point A to point B. I’d be the first to admit this is still their main functionality but there are others as well. You’d want to have an account to RECEIVE funds into. You’ll also want to be able to hedge your transfers if these are occurring in the future and you are looking to fix today’s rate, right? Lastly, you’d be wanting to be able to log in with ease from your phone so they would have to have a fully functional app or a very mobile-friendly site that you could log into using your browser.

Credibility:

When all is said and done perhaps the most important thing is that safety and security will be in place so that your hard-earned money won’t be at any risk (of fraud, brokerage collapsing leaving customers out of funds, or the like). That’s why you’d be looking at credibility as a leading factor – you’d be wanting to find a company that has been around for some time, have had overwhelmingly positive customer experiences and is properly authorised to act as a currency broker by the FCA. Additionally you choose to use more valid resources and make sure you cross-check everything you read.

Lack of red flags:

If it’s too good to be true, be suspicious! Other than the factors we mentioned above, you should also look out for deals that don’t make sense. If you could conduct an international money transfer or a currency exchange at a rate that is very close to the interbank rate without fees, then there are either hidden fees, or these are “honeymoon rates” i.e. rates that will be applied to your first deal and then dissolve into thin air on your next trades (because brokers have to make money at the end of the day as well), … or the broker is running an inefficient business and could be at risk of shutting down due to a poor business model.

UK’s Best Broker List

We have listed the top 3 brokers based on our industry knowledge and our own due diligence. Please note the link to moneycorp is a partner referral link that grants us a referral fee. This is how we make money and we only feature vetted brokers who have passed our tests.

moneycorp – helping clients move substantial sums of money since 1979

Our moneycorp review has concluded that the firm is one of the most trustworthy in the currency brokerage business. In fact, moencyorp established the non-bank currency transfer industry by being the first one to offer such service as early as 1979 (was corporation geared in this era, and they added private customers in the 1990s). The company has won several prestigious awards over the year for its excellence in service such as the World Banking awards for 2019 or The Sunday Times Top Track 250 in 2017.

The company’s selling point is first and foremost bespoke and caring service, with a very large diversity of hedging products, and of course highly competitive exchange rates.

Key Currency – Facilitating International Money Transfers

Key Currency is a trusted name in the currency brokerage industry, known for its dedication to providing cost-effective and reliable foreign exchange services. The company excels in offering competitive exchange rates and a range of hedging products tailored to meet the needs of both individual and corporate clients. Their focus on transparency and personalised service ensures that each transaction is handled with care and professionalism.
Key Currency helps clients manage their foreign exchange risks through bespoke solutions. Their team of experts offers guidance on market trends and currency fluctuations, making it easier for clients to make informed decisions. Key Currency’s commitment to customer satisfaction and clear communication has made it a preferred choice for many looking to transfer money internationally.

SpartanFX – Personalised Foreign Exchange Services

SpartanFX is renowned for its client-centred approach to foreign exchange, providing tailored solutions to fit the specific requirements of each customer. The company offers highly competitive rates and prioritises exceptional customer service to ensure a seamless transfer experience. SpartanFX’s comprehensive risk management tools and hedging options enable clients to effectively navigate the complexities of the foreign exchange market.
SpartanFX is committed to transparency, offering clear and upfront information about their services and associated costs. Their professional team provides ongoing support and advice, helping clients understand market dynamics and make well-informed decisions. This dedication to honesty and customer care has earned SpartanFX a solid reputation among both individuals and businesses.

Are currency brokers safe?

Yes, currency brokers are safe, if appropriately regulated. A currency broker must be authorised the Financial Conduct Authority, in which case – customer funds are segregated from the broker’s funds. Being registered with the Financial Conduct Authority and not authorised doesn’t really cut it, because the level of supervision will be much less (as compared to an authorised business).

Currency BrokerRegulated by FCAFCA Authorisation Number
Currency Solutions602082
TorFX517320
Moneycorp308919
AlphaFX770377
IFX Payments441886
Currency Index537691
Privalgo900887
Currencies Direct504360
SpartanFX816855
VFX Financial900530
Frontierpay577057
Smart Currency Exchange504509
PureFX612120
Key Currency902022
Garton Global Payments911867
CurrencyUK504592
Vorto Trading Money Transfers928541
Global Reach Group504315
Lumon Pay (Foreign Currency Direct)902022
Halo Financial900508
HiFX462444
Foremost Currency Group509778
RegencyFX716412
EasyFX612120
OptimalCurrency902377
CurrencyWave902597
kbr FX803681

It is even SAFER to deal with currency brokers who are regulated in multiple jurisdictions with multiple regulators supervising over them, such as the service providers appearing in the aforementioned best currency brokers in UK list.

Currencies Direct – Streamlined International Transfers

Currencies Direct offers competitive exchange rates and zero transfer fees, making it a cost-effective option for sending money abroad. With over 25 branches worldwide, the company provides personalised service and a range of transfer options, including spot and forward contracts. Customers appreciate the easy-to-use platform and dedicated account managers who provide expert guidance.
Regulated by the FCA, Currencies Direct ensures secure and reliable transactions, with a Trustpilot rating of 4.9/5 based on thousands of reviews. The mobile app enhances convenience, allowing users to manage transfers on the go.

VFX Financial – Expert Currency Solutions

VFX Financial is known for its bespoke currency exchange services, catering to both personal and business needs. They offer competitive exchange rates and a variety of financial products, including spot and forward contracts, to manage currency risk. Clients benefit from personalised service and detailed market insights, making informed decisions easier.
VFX Financial is regulated by the FCA, ensuring a high standard of security and compliance. The company’s commitment to transparency and customer satisfaction makes it a trusted choice for international money transfers.

Xe – Simplifying Global Payments

Xe, previously known as HiFX, is a well-established name in international money transfers, offering competitive exchange rates and no transfer fees for most transactions. The company provides a user-friendly online platform and mobile app, making it easy to transfer funds and track transactions in real-time.
Xe is regulated by the FCA and known for its reliable customer service and secure transactions. With a strong reputation and extensive experience in the currency exchange market, Xe remains a popular choice for individuals and businesses alike.

Corpay – Comprehensive FX Solutions

Corpay offers a wide range of foreign exchange services tailored to the needs of businesses and individuals. Known for its competitive rates and advanced hedging tools, Corpay helps clients manage currency risk effectively. The company’s platform is designed for ease of use, with options for both online and telephone transactions.
Regulated by the FCA, Corpay prioritises security and customer satisfaction, making it a reliable partner for international payments and currency management.