Once we have received and approved your application, we will contact you and confirm your ability to purchase a foreign exchange contract from us. You may then instruct us by calling, emailing, or faxing us your instructions.
What communication method will suit you best?
Interbank foreign exchange markets are constantly fluctuating. Unlike a bank’s “blackboard” exchange rate for the day, the exchange rates we provide to clients constantly change. We can provide you with the best exchange rate by off setting your trade as close to our interbank rate as possible. We then take less spread income than a bank. Because of our reduced spread, our exchange rate needs to constantly change to reflect our constantly changing interbank rate. You need to understand the risks associated with the methods of communication available, and use the method that best suits you.
Because our exchange rates fluctuate constantly, dealing by phone is often preferred. Where possible we will digitally record our phone conversation with you. If a discrepancy later arises, we will go back to the taped records to verify the transaction.
However you are free to instruct us by email. Most clients choose to instruct us by email. At market orders sent this way will be executed at the prevailing exchange rate available when your instructions are received. When placing and cancelling orders, emailed instructions from you are not considered to have reached us until we respond.
Sometimes the cancelation of an order by telephone or email may reach us after your order has been completed. This may be because of the time taken to process emails, and the time it may take to contact you to confirm an order has been completed. This is irrespective of whether or not we have responded to confirm we have received your initial order instructions.
You may email us and ask for an indicative at market rate. However, this rate may not be available if you subsequently instruct us to transact an at market order, even if this is immediately after receiving our indicative exchange rate quotation. This is because our exchange rates are constantly fluctuating.