Foremost Currency Group
Choosing a Currency Exchange Company – Foremost Currency Group
Crown Currency Exchange Collapses
Crown Currency Exchange, one of the UK’s foreign exchange websites, has collapsed – blaming the downturn in the travel market. You can read more about this on the BBC website here.
They offered rates above market, and effectively were speculating on rate movements in order to profit. This is inherently risky, and it looks as if they have been caught out. If something sounds to good to be true, it usually is; thousands of clients are now in limbo not knowing if or when their funds will be returned.
As an FSA authorised payment institution, trading with the Foremost Currency Group very safe. An authorised firm must ‘safeguard’ your money – this means your money must be kept separate from Foremost Currency Group’s money. So in the unlikely event FCG were to get into financial difficulty, your money will be safe and will be paid back to you if it is wound up.
We don’t speculate on the markets. We simply offer an execution only service, where by we offer a live market price just under the mid market level. We make our profits on the margin we buy and sell at, and so at no time are funds at risk due to speculation.
As we have such a large turnover, the volume we trade allows us to offer rates significantly better than banks and other financial institutions, without the risk involved when companies try to profit by betting on the markets.
Read more about our guaranteed security on our Customer Charter.
So there you have it, if it looks too good to be true then it probably is. Using a regulated currency company and our currency specialist the Foremost Currency Group means that you are working with a regulated company who’s key objective is to offer a personal service to the clients of Ellisium Partners.
