Pricing
TorFX quotes each trade.
No margin is published, so compare its quote with the mid-market rate and with a second provider's quote for the same amount on the same day.
- FX margin
- Quoted per tradeBuilt into the rate and lowered for larger amounts; no figure published
- Transfer fee
- None“we don’t charge transfer fees for business payments”; intermediary banks may charge
- Account fee
- Free
- Minimum payment
- None for business paymentsOnline up to £100,000; larger amounts through the account manager
Products
Spot, forwards and orders.
- Spot
- Yes
- Forward contracts
- Fixed and open (drawdown)Booked through the account manager only
- Limit and stop-loss orders
- YesAlso one-cancels-the-other
- FX options
- Not published
- Currency wallets
- Yes, pooled e-money
- Forward contract terms
- Up to 24 monthsDeposit: a security payment per contract unless a credit facility is agreed; no % published
40+ currencies, as TorFX states.
Who it serves
Who TorFX works with.
- Who it serves
- Businesses from start-ups to large companies, and private clients
- Company countries
- UK clients contract with Tor Currency Exchange Limited; EU and EEA clients with Currencies Direct Spain, EDE, SL
Your money
Where your money sits.
Pooled e-money wallets per currency, funded by paying into a TorFX bank account; no account details in your name
How it is protected
Safeguarded under the Electronic Money Regulations 2011 in segregated client bank accounts (banks not named). Not covered by the FSCS.
You still need an account
Payments to TorFX come from your own business account, and conversions are paid back to it or to your suppliers.
Need the account behind your FX? Your profile matches you with providers that take your company.
Find my optionsLicences
The companies behind TorFX.
FCATor Currency Exchange Limited
Authorised e-money institution, no. 900706
Register entry
Bank of SpainCurrencies Direct Spain, EDE, SL
E-money institution (serves EU and EEA clients; a Redpin group company), no. 6716
Opening
Getting started with TorFX.
- How to open
- Register online or by phone; an account manager is then assigned
- Stated time
- Registration takes a few minutes; verification time not stated
- Remote
- Yes
- Support
- Phone, 24/7 · Email · Dedicated account manager · English
Compare
Other FX providers with forward contracts.
- Amnis0.2–0.4% · forwards offered
- Bound0.25–0.75% · forwards offered
- CaxtonQuoted per trade · forwards up to 12 months
- Clear TreasuryQuoted per trade · forwards up to 12 months
- ConveraQuoted per trade · forwards up to 24 months
- CorpayQuoted per trade · forwards offered
- Currencies DirectQuoted per trade · forwards up to 24 months
- Currency SolutionsQuoted per trade · forwards offered
FAQ
Your questions, answered.
Does TorFX give my business an account in its own name?
No. You hold balances in pooled e-money wallets, funded by paying into a bank account TorFX nominates, and withdraw to your own bank account. There is no IBAN in your company's name.
How far ahead can TorFX fix a rate?
Up to two years, with a fixed or open forward contract booked through your account manager. TorFX asks for a security payment on each forward unless a credit facility is in place, and can ask for more if the rate moves (a margin call).
Is TorFX the same company as Currencies Direct?
Both brands belong to the Redpin group, and EU and EEA clients of both contract with Currencies Direct Spain, EDE, SL. UK clients of TorFX contract with Tor Currency Exchange Limited.