FREQUENTLY ASKED QUESTIONS

Looking for answers?

How do I sign up?

Opening a Effective FX foreign exchange account is quick and easy and can be done 24 hours a day. It carries no obligation to trade and you’ll also get access live customer rates, monitor your key currencies and make international payments.

How can I make international payments?

You can either call us, email your dedicated broker or log in online and take care of everything yourself.

Are there any hidden charges?

No. We don’t charge you to send your international money transfers. There are no transfer fees and no commission charges.

This does not include the cost of you transferring the funds to Effective FX and any charges incurred where the funds being sent are in a different currency to the destination bank account. As part of the service, Effective FX provides one free transfer per trade.

How is my exchange rate calculated?

Trade with your dedicated broker on our online platform to exchange 140 currencies globally.
The rate you are offered by your dealer will be dependent upon a number of factors including:

  • The amount you’re transferring.
  • The currency you’re buying.
  • The exchange rates at the time of purchase.
  • The exchange rate levels at the time of purchase.
  • The interest rate differences between the two currencies you are transacting.

Are my funds safe?

When buying or selling currency with us, your funds are held either in client segregated designated bank accounts with our high street bankers. We follow and adhere to a very strict set of safeguarding rules by the FCA who are there to protect you.

Your funds will only ever be in these accounts or en route to the beneficiary details you provide via the SWIFT network.

How do I pay for an international payment?

We accept bank transfers for all your currency exchange. Once you book a trade, you will be sent a trade confirmation with the sold currency client segregated account details for you to wire funds to. Once they are in, you will be notified.

What about my privacy?

Protecting our clients data is very important to us. Please see here for a copy of our privacy policy.

Can I check Effective FX’s company information?

Effective FX Limited is company registered in England and Wales No: 08167620

Authorised and Regulated by the Financial Conduct Authority as an Authorised Payment Institution No: 590535

Effective FX Ltd is registered with the Information Commissioners Office: ZA454813

Registered and supervised as a Money Service Business with Her Majesty’s Revenue & Customs: XGML00000133380