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PureFX Money Transfer Review

Quick FactsPros and Cons

purefx

Established: 2006.


International Clients: ✗ UK Only


Currencies Offered: 25.


Minimum Transfer: None stated


Trading via: Telephone


Offices In: UK


Regulation: ✓ FCA (UK), HMRC (UK)


Fees: £15, £10 for receipt


Promotional Code: None


Client Reviews: Just below 200 at Feefo


Client Rating: 99% Positive


Website: www.pure.co.uk

Our Rating: 70%

“Worth a shot considering good client reviews but there are much better options in our opinion”

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Pros

Satisfied Clients

Operating for 10 years

Cons

High Fees

Small Company

Not Added Value Against our Top Selection

No Online Trading


Our Rating: 70%

“Worth a shot considering good client reviews but there are much better options in our opinion”

View Rating Breakdown


 

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Company Information and Credibility


Company size:  

PureFX has been operating since 2006, as a currency broker, and international money transfer provider. There is little we can say about the company.

– There is no mainstream media coverage of it, in the UK, or elsewhere.

– It has not won any industry awards.

– There is little information about the company on its website (compared to larger companies like MoneyCorp, UKForex, Currencies Direct, and World First, which are very comprehensive in their approach).

– In fact, if you are looking for more information about the company (in their own site or external site), you find results relating to other business with the same name like  PureFX aromatherapy and massage, PureFX lightning, or the PureFX gym.


Regulated By: 

FCA, HM Revenue & Customs (UK)


Conclusion: 

Bottom line is that being an FCA-regulated payment service provider must mean PureFX complies with the legal requirements, and good client reviews make us believe it provides a solid service, but it’s a small firm and as such not as credible as some  other companies in the market.

Credibility Rating

Client Feedback


Research:

 

We could find less than 200 reviews on one platform, Feefo. We like Feefo and based many of our ratings on it, but on the other hand we find it suspicious all clients decided to go this particular platform which is nowhere near as large as competitor TrustPilot. We can assume clients got there, as the company requested its satisfied clients to go there and share their experience with the public. It’s completely fair but we’re not sure if it gives us a wide enough perspective.

99% of the reviews are positive.


Positive The people who loved working with PureFX mentioned:

  • Good rates
  • Quality service
  • Smooth execution
  • Proficiency with the foreign exchange markets on the dealer’s behalf
Negative:We could litteraly find only on complaint:

  • Inability to supply Israeli Shekels quickly

Conclusion:

 

Glowingly positive reviews by almost 200 users. Nothing to say about the complaint as it’s highly specific. Bottom line clients love it.

We were still unable to give it the same rating as we did for Transferwise with 18,000 client reviews and superb media exposure.

User Rating

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Exchange Rate & Fees


Fees: Extremely high fees for transfers below the £50,000 mark, of £15, and an additional £10 if you want an invoice. Only Natwest bank was more expensive in fees than PureFX.

Exchange Rates: As with all Foreign Exchange firms, the exchange rates are not publicly presented. We assume, based on the client reviews that we read that they are better than banks. The question is how they compare with other FX firms, and we assume that they can’t beat the rates of large companies with tons of liquidity when it comes to large transfers.

Limits: Not advertisied.


Conclusion:

High fees, exchange rates that should be around average with other companies we tested, but since it’s a smaller firm we are doubtful they can operate on ultra-low margins like bigger companies do on larger transfers.

Exchange Rates & Fees Rating

Global Reach & Service


Research:

  • Dedicated Dealer: Yes.
  • Offices: UK.
  • Ways to approach: Email, Telephone
  • Translations: No
  • Accepts clients: UK Only.
  • Currencies Handled: 25
  • Client reviews: Highly positive

Conclusion:

 

Not the most global company in the world, dealing the least amount of currencies out of almost all companies compared on our research, and with a single UK office, accepting only UK clients.

On the other hand service is, from what we read, extremely helpful.

Global Reach Score

Additional Functionalities


PureFX advertises some of the usual hedging tools: Forward Contract, Time Option, and Stop Loss. Industry leaders will offer a lot more options, and custom structures based on the needs of their clients.


App:

None and the site isn’t even mobile friendly. Not to mention there’s no online trading app at all.


Conclusion:

Standard offering on hedging, poor functionality when it comes to technology offering no online platform, and no mobile app.

Special Features Score
 

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4 comments

  1. Larry O'neal

    I heard of purefx and they have a good name in the industry. I personally liked your top selections (already signed up with these companies), but I might try pure as well.

    Posted on April 30, 2015
  2. Colin Armstrong

    I have used pure fx on a number of occasions. I have always received excellent rates and the service has been above anything I have received from other companies. I would have no reservations in recommending them.

    Posted on March 27, 2016
  3. Martyn Meadows

    I’d signed up with other exchange companies but PureFX seemed to offer a better chance of dealing because their structures were less prescriptive, i.e. if there were small margins for them they would still deal. No other companies offered that.
    Plus, I wasn’t spoken to like an idiot.
    Plus, they made more contact letting me know what the markets were doing and their opinions about that.

    Posted on May 1, 2017
    • Compare - MTC Admin

      Thank you Martyn. Valuable feedback about a rather small company which we honestly don’t know that much about.
      Which companies that you have spoke to have treated you like an idiot? I’m surprised because I think the better known and recommended companies don’t mind dealing with knowledgeable clients and narrowing margins if the volume justifies it. In fact a lot of our readers here are quite knowledgeable about the market and the industry as a whole and they sign up with multiple companies and negotiate some great margins.

      Posted on May 1, 2017

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