Buckinghamshire, United Kingdom (07 December 2010): Leading foreign exchange broker Pure FX is advising people to distinguish between currency brokers that are directly authorised by the FSA and those that are simply FSA registered.
This distinction has been highlighted in the media recently with the collapse of currency exchange broker Crown Currency. Crown Currency were registered with the FSA and featured the Authority’s logo on their website yet were not subject to the same security standards as currency brokers that are directly authorised.
This caused thousands of Crown Currency customers to lose out when the company went bankrupt.
Companies that are directly authorised by the FSA – as opposed to only registered - offer a far more secure service.
FSA authorised currency brokers obey a set of strict standards when dealing with money transfers, including using segregated client accounts. FSA registered companies...