Commonly Asked Questions

Q. How do I sign up?

A. 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.

 

Q. Are there any hidden charges?

A. No. We don’t charge you to send your international money transfers.

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.

 

Q. How is my exchange rate calculated?

A. 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

 

Q. Security of Funds

A. When buying or selling currency with us, your funds are held either in client segregated bank accounts or are held at one of our counterparty brokers as cash in transit or collateral to meet our obligations relating to clients’ trades. Funds can be used to fulfil the contractual obligations of our clients but will never be anywhere other than:

  • In the segregated client accounts
  • With our banking counterparties.
  • In transit i.e. being sent.