Should I use EasyFX for money transfers?
Cons:
Pros:
Services Offered by EasyFX
Official Website:
EasyFX Review: Executive Summary
EasyFX was an online foreign exchange trading platform that offers users the ability to trade in over 50 different currencies. The platform was designed to be user-friendly and offers a variety of features that make it easy for users to navigate. At some point in time since our review of EasyFX it seems to have shifted focus into travel money and prepaid cards and neglected its money transfer service. Since its business shift, we have not updated this Easy FX review.
Where is EasyFX Available?
Our Top Rated EasyFX Alternatives
EasyFX is not that easy for you? Discover EasyFX competitors below:
- Supported Currencies: 120.
- Clients From: Globally with offices in UK, USA, France, Spain, Ireland, Australia, HK, UAE, Brazil, Gibraltar and Romania.
- Authorised? Yes, by the FCA.
- Guidance / Dedicated Dealer: Yes.
- Online System: Yes, including an app.
- Strong Point: Credibility, Reputation, Liquidity, Level of Service, Best Credit Rating among Peers.
- Operating Since 1979 and Maintaining Excellent Reputation Since. An Industry Leader.
- Rating:
4.6 /5 on Feefo
Editorial (Corporate): 99.4%
- Supported Currencies: 59.
- Clients From: Globally , with the exception of certain U.S states. Offices in UK, EU, USA, Canada, China, South Africa and India.
- Authorised? Yes, by the FCA.
- Guidance / Dedicated Dealer: Yes.
- Online System: Yes, including an app.
- Strong Point: Superb Service, Experienced Dealers, Batch payments, Forward contracts, Multi-Currency Wallets and Rate Alerts.
- One of the leading currency brokerages turning over £7.5bn annually.
- Rating:
4.8 / 5 on TrustPilot
Editorial: 97.8%
- Supported Currencies: 121.
- Clients From: Only accepts corporate clients & does not accept U.S businesses.
- Authorised? Yes, by the FCA.
- Guidance / Dedicated Dealer: Yes.
- Online System: Yes, including an app.
- Strong Point: Exchange Rate Margins of 0.25%-0.15% for Large Turnovers.
- Trading more than $7bn each year.
- Rating:
9.8 /10 on Feefo
Editorial: 91.4%
Is EasyFX Safe?
Company size:
EasyFX is an offshoot of VFX Financial. VFX owns several other companies in the remittances area, established in 2006, and its a self-proclaimed “leader in international payments” (but based on our research of the firm there is little known about it).
EasyFX also operates from a single London office to our best understanding. It was founded in 2011 to simplify the currency exchange process even more than industry competitors already had, and branded as the electronic payment platform of VFX.
The firm also has its own branded MasterCard for multiple currencies named “One Card”.
Regulated By:
FCA (UK) – Through its parent company VoltexFX
Conclusion:
It does not establish trust when the company you’re contemplating on using, for a sensitive purpose such as high-volume international money transfers, has little to no presence online, and its website is not comprehensive. Similar issue to its parent company VoltrexFX.
EasyFX Customer Reviews
Research:
Up until our 2019 review update of EasyFX money transfer, we were not able to find online reviews attesting for the quality of the firm, although it has been in operation since 2005. In 2019 we have finally discovered an amount of 240 reviews on TrustPilot by clients. The number by itself is still a drop in the ocean if you compare it to the volume of reviews that leading companies in this industry are getting, for example: Moneycorp, Currencies Direct, TorFX and World First all have a minimum of 2,000 reviews, while Transferwise boasts more than 20,000 – although it is operating for 7 years less than EasyFX.
Conclusion:
Here at MoneyTransferComparison, client reviews are the bread and butter of an editorial review. The industry itself is quite competitive and companies do not tend to reveal their exchange rates and other proprietary information about how they operate. We rely on client reviews to see what clients really think about a certain company, and with a small amount of reviews we unable to provide a good analysis.
EasyFX Exchange Rate & Fees
Fees: No fees (previously, £3 for transfers under 3,000).
Exchange Rates: Rates are not visible on the website, and there are no client testimonials online to verify whether the exchange rates are any good, so… we don’t know.
Limits: Min £100 per transfer.
Conclusion:
Big unknown.
EasyFX Global Reach & Service
Research:
- Dedicated Dealer: Yes.
- Offices: UK.
- Ways to approach: Email, Callbank form, Telephone and Online Platform.
- Translations: No.
- Accepts clients: Unknown.
- Currencies Handled: 50.
- Client reviews: None we could find.
Conclusion:
EasyFX is a small brand, at least based on the very limited information supplied on its website and on VoltrexFX’ website. The firm seems to be operating from a single office in the UK, and there is absolutely no information about whether international clients are accepted.
Additional Functionalities
For Businesses: EasyFX offers a wide variety of hedging options. Some of those are: Spot Contracts, Same Day/Next Day Orders, Forward Contracts, Limits, Stops, Time Options, and Value Date Swaps.
App: Great iPhone app with positive reviews and strong functionality (watch rates but also transact on the go).
Platform: EasyFX’s online money transfer system is its pride and joy, and the unique selling point highlighted across its website. Particularly for its International Currency Card which appears to be its primary focus now above bank to bank transfers. There are some nice screenshots describing the exact functionality of the online system, which seems to be on par with other online systems by larger operators.
Conclusion:
Good offering for both businesses and individuals.
Review Summary
Botton Line
EasyFX showed a great potential with good exchange rates, an easy sign-up process, and an intuitive system. Its only problem was the lack of user reviews and media exposure – there is no media exposure at all, and less than 500 client reviews online. Easy FX could have been potentially a great international payment solution. EasyFX stopped offering international payments and started focusing on travel money a few years ago and since then we have not updated this review.