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    CurrencyFair

    10-15 years
    |
    Regulated in Australia
    |
    Market Making(MM)
    |
    Non MT4/5 Software

    Rating

    0123456789
    .
    0123456789
    0123456789

     /10

    License Index

    8.11

    Business Index

    8.02

    Risk Management Index

    8.90

    Software Index

    7.30

    Regulatory Index

    8.08

    Licenses

    Australia Securities & Investment Commission

    Market Making(MM)

    ASIC Regulated

    Overview

    • Company Name:

      CurrencyFair Ltd
    • Company Abbreviation:

      CurrencyFair
    • Place of registration:

      CurrencyFairAustralia
    • Regulatory Status:

      Regulated
    • Customer Service Email Address:

      --
    • Customer Service Phone Number:

      --
    • Company summary

      GeneralInformation&RegulationofCurrencyFairFoundedin2009,CurrencyFairisanonlinepeer-to-peer(Peertopeer)currencyexchangemarketplaceheadquarteredinIrelandwithofficesintheUK,Singapore,HongKong,andAustralia,Greece,Poland,andSingapore,offeringinternationaltransfersin22globalcurrencies.Inearly2014,CurrencyFairbecametheworld'sfirstplatformtobreakthe$1billion(€916million)barrierforcurrencymatchingtransfers,andinApril2017,CurrencyFairrevampeditsplatformtoenablesmallandmedium-sizedbusinessestousetheservice.InJuly2018,CurrencyFairannouncedthatitstransactionvolumehadexceeded€7billion,andinDecember2019,thecompanyenteredintoapartnershipagreementwithBuy-World,aChineseonlinetradenetwork,tolaunchitsmarketplacepaymentproduct.CurrencyFairiscurrentlyregulatedbyASICinAustraliaandholdsitsfulllicenseunderitsauthorizationandlicense,regulatorynumber402709.OperationMethodsofCurrencyFairCurrencyFairoperatesthroughaP2Pplatform,whichmayresultincostsavingsoninternationaltransferscomparedtobanks.WithCurrencyFair,aslongasanotherusermatchesoracceptstheexchangerateonthatsideofthemarket,thentheusercanchoosetheirownexchangerateintheirpeer-to-peermarketplace.Iftheydon'twanttowaitforanotheruser,thentheycaninitiateatransfer,andtheentireexchangerateisusuallymatchedtotheinterbankormiddle-marketrate.TransferMethodsofCurrencyFairCurrencyFairofferstwotypesoftransfers:Moneytransfersandtop-ups.Ifyouwanttosendmoneyassoonaspossible,clickon“SendMoney,”andthisoptionwilltransferthefundsfromyourbankaccounttoyourCurrencyFairaccount,whichwillautomaticallyconvertandtransferthemoneyonceitisreceived.Thetop-upoptionallowsuserstodepositfundsintheirCurrencyFairaccountforanexchange.Fees&CostsofCurrencyFairCurrencyFairdoesnotchargeanyfeestotransferfundsfromauser'sbanktoCurrencyFair.However,iftheuserchoosesExpressDebit,thenafeewillapply.Ifauserchoosestomakeapeer-to-peertransferthroughthemarketplace,CurrencyFaircharges0.25%-0.3%ofthetotaltransactionamountwhenanothercustomermakesamatch.Iftheuserdoesnotwishtowait,CurrencyFairwillusetheirfundstomakethetransferandchargeafeeof0.4%-0.6%.AnotherpotentialcostisthatCurrencyFairmaychargemorewherethereisnolocalbankaccount,suchaswheretheusertransferslessthanafewthousand.TransferSpeedofCurrencyFairTransferspeedislargelydependentonlocationandcurrency,anditsoveralltransferspeedisthesumofthetimeittakestoreachaCurrencyFairaccount(1-2businessdays,usefasterpaymentsorCHAPSintheUK),processingandmatchingtime(mayvary)andtimetoreachtherecipient'saccount(1-2businessdays).SummaryThemaindisadvantagesofCurrencyFairare:1.InabilitytoregisterintheUnitedStates(buttheabilitytosendmoneytotheUnitedStates)2.Limitednumberofcurrenciessupported3.Onlytransferstobankaccounts(nosupportformobilewallets)4.Delayedcustomerservice About More
    Pyramid scheme complaint

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    Previous Detection: 2021.09.19 Risk: 1 Item

    • Current data shows that this broker is using Non MT4/5 Software

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    Last Updated Time 2021-09
    Australia Securities & Investment Commission

    Australia Securities & Investment Commission (ASIC)

    The Australian Securities and Investments Commission (ASIC) is an independent Australian government body that acts as Australia's corporate regulator, which was established on 1 July 1998 following recommendations from the Wallis Inquiry. ASIC's role is to enforce and regulate company and financial services laws to protect Australian consumers, investors and creditors. ASIC's authority and scope were determined by the Australian Securities and Investments Commission Act, 2001.

    • Licensed Institution :

      CURRENCYFAIR AUSTRALIA PTY LTD

      Effective Date :

      2011-08-03
    • Email Address of Licensed Institution :

      fintanbyrne@currencyfair.com

      License Type:

      No Sharing
    • Website of Licensed Institution :

      --

      Expiry Date :

      --
    • Address of Licensed Institution :

      SEAN BARRETT, Unit 201, 19 Honeysuckle Drive NEWCASTLE NSW 2300

      Phone Number of Licensed Institution :

      353876765394
    • Licensed Institution Certified Documents :

      CurrencyFair AFCA View Certified Documents CurrencyFair ASIC View Certified Documents

    CurrencyFair · MT4/5

    Identification Result

      CurrencyFair · Website

      Most visited countries/areas

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          CurrencyFair· Genealogy

          CurrencyFair · Clones

          CurrencyFair · Market Analysis

          The data are from WIKI Research    2021.09.19 updated

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          WikiFX·pyramid scheme complaint
          1  Know about pyramid scheme  >
          2  Pyramid scheme complaint   >
          3  Done
          1. What is pyramid scheme complaint?
          With the continuous development of the forex market, more and more Ponzi schemes have poured in, and global investors have suffered greatly. WikiFX has set up a complaint channel in order to ensure the funds security and prevent more scams. We sincerely invite foreign exchange investors to report such fraud platforms and jointly purify the market environment!
          2. 10 Features of Pyramid Scheme
          High Profit Promised Level Marketing Required Multi-level Marketing False Advertising Master Trader Awarded 'Datuk' Brainwashing-style training Fake Regulation Copycat of other platforms Marketing & PR campaigns
          Report immediately
          Report This Platform
          CurrencyFair
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          0086
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          CurrencyFair · Company summary

            General Information & Regulation of CurrencyFair

            Founded in 2009, CurrencyFair is an online peer-to-peer (Peer to peer) currency exchange marketplace headquartered in Ireland with offices in the UK, Singapore, Hong Kong, and Australia, Greece, Poland, and Singapore, offering international transfers in 22 global currencies. In early 2014, CurrencyFair became the world's first platform to break the $1 billion (€916 million) barrier for currency matching transfers, and in April 2017, CurrencyFair revamped its platform to enable small and medium-sized businesses to use the service. In July 2018, CurrencyFair announced that its transaction volume had exceeded €7 billion, and in December 2019, the company entered into a partnership agreement with Buy-World, a Chinese online trade network, to launch its marketplace payment product. CurrencyFair is currently regulated by ASIC in Australia and holds its full license under its authorization and license, regulatory number 402709.

            Operation Methods of CurrencyFair

            CurrencyFair operates through a P2P platform, which may result in cost savings on international transfers compared to banks. With CurrencyFair, as long as another user matches or accepts the exchange rate on that side of the market, then the user can choose their own exchange rate in their peer-to-peer marketplace. If they don't want to wait for another user, then they can initiate a transfer, and the entire exchange rate is usually matched to the interbank or middle-market rate.

            Transfer Methods of CurrencyFair

            CurrencyFair offers two types of transfers: Money transfers and top-ups. If you want to send money as soon as possible, click on “Send Money,” and this option will transfer the funds from your bank account to your CurrencyFair account, which will automatically convert and transfer the money once it is received. The top-up option allows users to deposit funds in their CurrencyFair account for an exchange.

            Fees & Costs of CurrencyFair

            CurrencyFair does not charge any fees to transfer funds from a user's bank to CurrencyFair. However, if the user chooses Express Debit, then a fee will apply. If a user chooses to make a peer-to-peer transfer through the marketplace, CurrencyFair charges 0.25% - 0.3% of the total transaction amount when another customer makes a match. If the user does not wish to wait, CurrencyFair will use their funds to make the transfer and charge a fee of 0.4% - 0.6%. Another potential cost is that CurrencyFair may charge more where there is no local bank account, such as where the user transfers less than a few thousand.

            Transfer Speed of CurrencyFair

            Transfer speed is largely dependent on location and currency, and its overall transfer speed is the sum of the time it takes to reach a CurrencyFair account (1-2 business days, use faster payments or CHAPS in the UK), processing and matching time (may vary) and time to reach the recipient's account (1-2 business days).

            Summary

            The main disadvantages of CurrencyFair are:

            1. Inability to register in the United States (but the ability to send money to the United States)

            2. Limited number of currencies supported

            3. Only transfers to bank accounts (no support for mobile wallets)

            4. Delayed customer service

          Risk Warning

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          Special Note, the content of the Wikifx site is for information purposes only and should not be construed as investment advice. The Forex broker is chosen by the client. The client understands and takes into account all risks arising with Forex trading is not relevant with WikiFX, the client should bear full responsibility for their consequences.