FC Exchange Review

Overview

FC Exchange is an independent Forex company, just over 10 years old. In its relatively brief existence, FC Exchange has managed to build up a very satisfied, and thereby loyal, customer base. They charge no fees and commissions on trades worth over £10 000, and offer a wide variety of B2C and B2B services. But it is their one-broker-per-client service that sets them apart, allowing them to build long term relationships based on an understanding of each client’s needs.

Background

FC Exchange was founded in London in 2005, by Nicholas Fullerton and Martin Steenkamp, with the aim of providing an alternative to the inevitable losses associated with using banks for foreign exchange. They also recognised that by assigning one point of contact to each customer, they could provide a personalised service unrivalled by most other firms.

FC Exchange now services over 20 000 registered clients, from individuals, to SMEs, to multinational corporations.

Regular payment and risk management services

FC Exchange offers a variety of options outside of straight FX transfers:

Regular payments

Regular payments allow you to avoid the hassle of the administration of paying employees, clients or service providers abroad every month. It allows you to set up a payment system of your choice, over a time period of your choice.

Risk management

Forward contracts

Forward contracts let you lock in at a specific exchange rate for payments in the future. This means that if you can get a great exchange rate now, but expect it to drop in the near future, you can arrange to pay at this value at a later date even if your currency drops in value.

Stop loss order

This allows you to set a minimum exchange rate on a future purchase, so that you can speculate on positive fluctuations without risking big losses.

Limit order

This allows you to request your currencies are exchanged only when the rates reach a certain value.

Management

Nicholas Fullerton is the co-founder and CEO. He worked in foreign exchange for a number of years before founding FC Exchange, prior to which he worked in advertising at WPP Group. Some of his major clients were Jaguar, Nike, and BP.

Martin Steenkamp is the co-founder and CFO. He qualified as a Chartered Accountant with Deloitte in South Africa, before moving within the company to the US and working with American Electric Power and Columbia Gas. He then proceeded to work in the bond trading division at Deutsche Bank.

Financial reports

Size and reach

FC Exchange has over 20 000 registered clients, and transfers approximately £80-90 million each month. They trade in 37 currencies, in most countries. However, FC Exchange does not offer Forex from the US. They have traded over £4 billion in the past 10 years.

Revenue

In contrast to most Forex firms, details of revenue and return are not easily accessible. This is not to say that they are not publicised, as any authorised payment provider is required by law to report financial details to the FCA.

We can state that FC Exchange is not in debt. Any money transfer company in debt will have had its license revoked.

Public Stock Performance

FC Exchange is not a publicly listed company.

Licensing info

FC Exchange is authorised and regulated by the FCA and HMRC.

Reputation

Clients of FC Exchange are generally extremely happy with the one-broker-to-client service, and they have a 9.6/10 rating on reviews site Trustpilot. However, their fees of £10 for transfers under £10 000 are prohibitive for some.

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