Key Currency Money Transfer Review

Company Information and Credibility

Company size:  

KeyCurrency is a relatively new contender in the FX space. The firm was established in 2015, and is privately owned by the company’s directors: Clive Cooke, James Pinkney, Jon Pinkney and Andrew Gibson, all of which have extensive background in foreign exchange. Clive Cooke, the chairman of the firm, was previously the CEO of City Index, one of the better known forex trading firms in the world.

The company has 20 employees at the moment, and boasts “respectable” trading volumes considering they were only recently established in 2015.  It is nothing comparable to the big players in this field like World First, Currencies Direct, Moneycorp, HiFX, XE, or Transferwise, but if they maintain their current trajectory, they might be able to get there in a matter of years.

What separates Key Currency from its competitors is the fact they boast a straightforward “no minimum” policy, which means no trade is too small for them to handle, and each and every trade inquiry goes directly to the dealer, rather than the on-boarding team (like larger firms do for smaller-value transfers).

Regulated By: 

Financial Conduct Authority (UK)

Awards: 

Key Currency has won more awards than the industry average, as follows:

• Key Currency has won more awards than the industry average, as follows:
• Best Currency Provider at the 2016 Online Personal Wealth Awards
• Best Currency Provider at the 2016 Online Personal Wealth Awards
• Best Currency Exchange Service in 2018 at the ADVFN International Finance Awards
• Best Currency Exchange Service in 2019 at the ADVFN International Finance Awards

Conclusion: 

All in all KeyCurrency is  a new company with not much of a track record, and smaller  trading volumes in comparison to the largest competitors, but they do show great potential for growth.

The fact they are completely transparent about their ownership and operations towards both clients and towards MoneyTransferComparison.com’s reviewers, makes us wholeheartedly believe  they are representing something “else” that this industry might have been missing – a new, hungry and motivated, service oriented company with a sincere approach to business, led by people who know the ins and outs of foreign exchange trading.

Client Feedback

Research:

There are a lot more Key Currency client reviews online than there were when we firstinserted their review into the site circa early 2017. The number of Trustpilot reviews has grown steadily from 50 to over 400. We could not locate any online reviews of the firm outside of TrustPilot whether on forums or blogs. The reviews have remained very highly positive giving us a very good feel about the company. 400 online reviews is impressive but still hard to compare with bigger companies that have thousands of positive reviews accumulated over a period of 10 years + like World First.

Conclusion:

Over 400  current and past clients think Key Currency is a great company to work with. These clients were extremely positive about every dealing with the company. We are looking for additional reviews, though.

Exchange Rate & Fees

Research:

Fees: There are no fees on trades, regardless of the amount of currencies used.

Exchange Rates: Key Currencyoperates in the same fashion as almost any other company in this industry, with the exception of Transferwise and Currencyfair, which means they do not have fixed margins they use. The bigger the trade is, and less exotic are the currencies involved, the better the rate a client would receive.

Limits: There are absolutely no minimums.

Conclusion:

A no fee policy is what we like to hear. It is difficult to comment on the expected exchange rates at the current moment, but if we were to rely on the few client reviews we have discovered online, they generally appear to be competitive.

Global Reach & Service

Research:

• Dedicated Dealer: Yes, for all trades
• Offices: UK, Representatives in Spain and Netherlands
• Ways to approach: Email or telephone (UK number).
• Translations: None.
• Accepts clients: From UK, EU, Australia.
• Currencies Handled: 39

Conclusion:

KeyCurrency have only one UK office in Cornwall, as well as two representative offices in Spain and Holland. There is  no website translation or international phone number that would indicate they really do appeal to international clients.On the other hand, based on its client reviews, they appear to be providing excellent service, and appear to have a team with longstanding experience in the foreign exchange industry.  Every single director, as well as the head of trading, and the head of corporate FX, appears to have an extensive background in this industry: from a GM of a large import-export company, through wealth management, forex trading, banking and of course – currency payments. We have reasons to believe the type of guidance they provide is top-notch.

Additional Functionalities

• Rate alerts.
• Market updates.
• Limit orders.
• Forward contract.
• Regular transfers.

App:

Key Currency does not offer an app for the time being.

Conclusion:

A rather plain vanilla offering on that end. All the basics are there, but nothing out of the ordinary.