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:
Currencies Direct: Best Overall for International Money Transfers
Why Choose Currencies Direct?
- 96% Positive Feedback from Customers, Since 1996
- Service Oriented - Specialising in Large Transfers - Friendly Dealers
- Very Competitive Rates, No Wire Fees
- Global Leader in International Money Transfers - £10bn in Annual Turnover
- 20+ Global Offices
TorFX: Strong Guidance and Staff - Property Specialists
Why Choose TorFX?
- Headquarters Outside of London - Lower Staff Costs Rolled Over to the Client
- Quick Onboarding Process and Highly Professional
- Trading Desk with 100+ Years of Experience
- Excellent Online System
- Competitive Exchange Rates
Key Currency: Up and Coming Currency Broker with Local Presence UK/Spain
Why Choose Key Currency?
- Fastest Growing UK Currency Transfer Provider
- Strong Onboard Team, Get an Immediate Callback
- Recipient of Multiple Industry Awards
- Close and Personal Touch, Excellent Support
- Specialists in the UK-Spain Corridor with Local Offices
Xe: Biggest Name in Currency Exchange Since 1993
Why Choose Xe?
- Easy to Register With - Less Than a 2 Minute Process
- Global Company, Conglomerate Owned, Running Since 1993
- A Very Familiar Name (xe.com used to the biggest foreign exchange hub)
- A Combination of a Work-Of-Art Online System with Brokerage for Large Transfers
- Superb Customer Reviews
moneycorp: Oldest and Most Reputable Foreign Exchange Service
Why Choose moneycorp?
- Providing FX Services since 1979
- Very Recognisable Brand with Excellent Reputation - £36.9bn Transfers Annually with Offices in Every Continent
- Business Specialists
- Long-Term Forward Contracts Available, With Many Other Hedging Tools
- Sophisticated Payment Solutions
OFX: Known Provider - Specialising in eCommerce Customers
Why Choose OFX?
- Traded Publicly
- £20bn Turnover per Year
- Multi-Currency Collection Account for eCommerce Customers
- Global Presence
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.
As of September 2024 we have 1,385 reviews on TrustPilot by clients, with a rating of 4.8/5.
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 5,000 reviews, while Transferwise boasts more than 200,000 – 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: 22 currencies for money transfers and 14 currencies for the prepaid card.
- Client reviews: None we could find.
Conclusion:
EasyFX is a small brand, at least based on the very limited information supplied on its 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: EasyFX has an app that is available in both Apple and Google Play stores.
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 1,500 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.