RationalFX launches online FX platform for UK consumers

Source: RationalFX

RationalFX, an independent foreign exchange company is pleased to announce the launch of the UK's first ever online foreign exchange service.

Customers can buy and sell foreign currency in 'real time' using the online trading facility which offers competitive commercial exchange rates.

Rajesh Agrawal, CEO of RationalFX comments, "We are very proud to launch eTrade, it is something we have been developing for a while and are delighted to be the first UK company to offer this kind of online trading facility. Our customers can log on and know they will get competitive commercial rates that are better than the tourist rates which the high street banks offer. We all deal with foreign exchange more than we think we do and are directly affected by the exchange rate that we get. eTrade can help both private individuals and businesses save money in a variety of situations whether its buying a property overseas, emigrating, paying the tuition fees for studying abroad, making business payments for imports or paying salaries abroad."

Customers can open an account free of charge and are provided with a jargon free service with no costs. In addition, customers also get free international wire transfers. An eTrade account can be opened within 24 hours of registration, both private and business users alike will have access to a number of online trading options such as spot trade, forward trade, draw down (on a forward trade) and bid (also known as a limit order).

  • A spot trade is the most basic and most popular type of transaction allowing customers to transfer currency usually within 24 hours of receipt of payment by RationalFX
  • With a forward trade a customer can secure a rate for anything up to twenty-four months down the line and effectively take their risk out of the market. When customers buy forward they are required to pay 10% of the total selling amount within seven working days and the remaining 90% must be fully settled by its expiration date.
  • Customers can use the draw down to settle their forward contracts in advance of the expiration date by anything up to three months
  • A bid enables a customer to set up a desired rate in the market over a given period of time. If the bid is achieved then RationalFX will automatically purchase the currency. If the bid is not successful by the selected expiry date, it will disappear.

Agrawal adds, "All transactions are confirmed by email and eTrade users can also keep track of their active and historical currency transactions online, which is ideal for accounting purposes. We have made eTrade as user-friendly as possible and is an addition to our well established offline services which includes buying currency via the telephone. Every customer is assigned a dedicated account manager who looks after their currency requirements, providing one to one telephone reports on exchange rates and markets that could have an effect on personal or business decisions."

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