Featured Startup Pitch: betterFX – Giving you the edge in the FX market
betterFX is a unique and totally independent business that negotiates the best possible foreign exchange rates available on the market for companies and individuals anywhere in the world.
Companies the world over are becoming more international in their operations, with customers, staff and suppliers spread ever more widely across the globe. This means that foreign exchange transactions are becoming an increasingly more important part of everyday life for companies.
However, most firms do not get the best FX rates or service available in the market. This can be for many reasons: being too busy to focus on it, not having enough knowledge of the market, not being aware of the spreads/margins that are being applied to FX transactions or not being aware of the range of solutions available.
This means that a huge number of companies are paying too much for their foreign exchange, sometimes to the tune of millions of dollars.
With the global foreign exchange market worth in excess of $5 trillion a day, there is a lot of money to be made by the key FX market providers and a lot to be saved by the companies whom these providers serve.
But what can betterFX do about it?
There is an unspoken rule in the FX market, which is quite simply “Take whatever margin you can get away with”. That means most companies who have not dedicated enough time and effort to managing their FX costs are paying more than they need to. Often much more.
It takes deep knowledge of the FX market, the key players, their price tolerance, their products and services and many other factors to be able to secure the most competitive rates available in the market.
betterFX will do that for you.
You get charged nothing other than a percentage of whatever we can save you.
This model means that betterFX is motivated to do one thing only. To save you as much as we possibly can. This is the complete opposite of what the banks and non-bank FX providers are motivated to do.
In some cases this will mean staying with your existing provider(s) or it may mean that the best option is to switch to another provider to get the best overall deal.
betterFX can also hope individuals in the same way. Perhaps you are buying or maintaining a property abroad, paying tuition fees in another country, or needing to send or receive funds in other currencies for any reason (please note betterFX does not assist where physical cash FX is concerned).
DIFFERENTIATORS VS. THE COMPETITION
That’s easy. There is no competition. Banks and Foreign Exchange firms are seeking to make as much money as they can from their customers. betterFX is the only firm doing the opposite in aiming to save you or your business as much as possible.
betterFX was founded in London (UK) in 2015 by Matt Richardson, a FOREX market veteran of more than 20 years. Previously Matt ran global FX divisions for JP Morgan Chase, Deutsche Bank and Travelex. JP Morgan is one of America’s and the world’s largest and most successful global banks, Deutsche Bank is Europe’s largest Investment and Global bank, and for more than 10 years has been the No 1 FX bank in the world. Travelex became the leading non-bank FX firm in the world.
Matt founded betterFX to use his knowledge expertise and relationships to help companies and individuals get a better deal in a market that is stacked very heavily against them.
YEAR FOUNDED: 2015