There are 7,700+ client reviews available on TrustPilot, netting the company a 2.9 / 5 rating.

Since we’ve been tracking the firm’s customer reviews since the beginning, we can see that they appear to have gone from strength-to-strength over the years, continually improving their level of service until 2021, with just a small drop off in 2022. Back when TrustPilot rated companies on a score out of 10, CurrencyFair scored 6.2 / 10 in early 2014. The firm then slowly worked its way up to a 9.2 /10 rating, equal to the 4.6 / 5 (Excellent) TrustScore the firm enjoyed in 2021. However, due to a minutely higher proportion of negative reviews in the last 12 months, the score fell to 2.9 / 5 by the end of 2022 .

The poor reviews in 2022 and 2023 appear to have a common theme – the initial registration has proved difficult. It does look like some reviewers have simply jumped the gun and criticised CurrencyFair for not opening their account a bit too soon – in some instances CurrencyFair has responded to the reviews to say they are still in the process of waiting for all required ID&V documents from the applicant before they can make a decision as to whether to open the account. This is completely standard practice for financial services companies who must obtain this information, prior to handling their money. Though it does perhaps indicate CurrencyFair has been a bit slow in the account opening process or has failed to keep its customers updated at each stage of the registration journey. There are other occasions where CurrencyFair has responded and admitted that due to an unexpectedly high volume of new applications, there has been slower response times.

Positive Reviews Discussed the following topics:

• Excellent online platform, very user friendly
• Great exchange rates
• Nice and simple
• Quick transfers to most destinations

Negative Reviews Discussed the Following Aspects of the Company:

• Unhelpful customer service
• Issues with registration, leaving customers in the dark
• Locked out of account without notice
• Withdrawal fees in some locations
• Service discontinued in some countries without prior notice

Conclusion:

The positive testimonials prove that CurrencyFair meets the goals it has set up in order to become an industry leader:

• Ability to achieve the best rates through the marketplace
• An innovative product which combines an eWallet with currency transfers
• Excellent online platform and overall client satisfaction from the experience

On the negative side there are some fairly justified complaints, for instance there is more than one user reporting of 25+ emails back and forth with CurrencyFair in order to resolve issues relating to the Know Your Customer process when registering for an account. The importance of KYC is obvious but we have to say this much back and forth sounds painful! It has to be said though, that with just 5% of reviews being negative, the vast majority are overwhelmingly happy with the service provided by CurrencyFair.