How best to protect our money using a foreign exchange broker?

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Question: I was wondering how best to protect our money using a foreign exchange broker. Presumably, this area is open to fraudsters?

GBG: do you mean for int money transfers?

Client: Yes. Euro to Sterling from an account in Austria back to the UK

GBG: That’s a good point and it’s also important to highlight that funds with currency brokers are not protected by the FSCS.

The best thing to do is do your research very thoroughly and if anything sounds too good to be true it probably is!

All the currency brokers in our comparison tables here can be trusted…

Client: I thought that was the case. How best can we protect ourselves then?

GBG: They also use segregated bank accounts that are separate from operational funds.
I would suggest reading my guide to large currency transfers here and also how to compare exchange rates here.

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Richard started the Good Broker Guide in 2015 and has been a broker for 20 years most recently at Investors Intelligence and previously acting as multi-asset derivatives broker at MF Global (Man Financial). Richard started his career working as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson) after interning on the NYMEX oil trading floor in New York and London IPE in 2001 & 2000.