Nigel Fox, TorFX Managing Director on what it’s like running a currency broker

Nigel Fox – Managing Director, TorFX

What do you think makes TorFX stand out above other currency brokers?

At TorFX our most unique selling point is our staff. We employ a team of highly-experienced currency experts to provide our customers with an unrivaled level of support and insight.

All of our customers are assigned a personal Account Manager to look after their requirements, and their Account Manager will be their direct point of call with us for as long as they use our services.

This approach means that our team are able to build genuine relationships with our customers and help them in a way other companies can’t match.

If a client asked you why should I trust you with my money, what would you say?

I would say, ‘that’s a great question’ and one that we encourage all our clients to ask. Undertaking proper due diligence on potential suppliers is absolutely vital. Our company was established in 2004 and over the last 16 years we’ve built a reputation based on trust, reliability and exceptional service.

However, a client wants factual evidence and so I would point to three critical factors. Firstly, we hold an e-money license with the Financial Conduct Authority and I would direct clients to verify this authorisation on the FCA’s website. In addition, we hold the highest credit rating with Dun & Bradstreet; we always hold several times the levels of liquidity required and our directors are affirmed as ‘fit and proper.’ Finally, we hold customer funds in secure, segregated accounts, much like solicitors do, which means that clients can be assured that their money is completely safe.

We hold an ‘Excellent’ five-star rating on Trustpilot (which demonstrates how highly our customers rate our service) and we’ve won a number of prestigious national awards over the years, including ‘International Money Transfer Provider of the Year’ (2016- 2020).

What’s the best thing about working for TorFX?

I’ve been with TorFX since 2008 and watching the company develop and grow over the last twelve years has been hugely rewarding. I love the fact that we can identify opportunities and act on them extremely quickly without the usual company bureaucracy and prevarication. In 2013 we saw an opportunity for a local office in Australia and within 3 months we were up-and-running.

While our team has increased significantly we’ve managed to retain a family atmosphere and being able to support such a great group of colleagues is definitely one of the best things about my role.

What’s the most challenging aspect of the currency transfer business at the moment?

The coronavirus pandemic has certainly created some significant challenges for currency transfer providers. After an historic spike in currency volatility and trading volumes in March the market has calmed and activity has slowed dramatically. People are understandably hesitant to purchase overseas property or emigrate in the current climate, and it will take time for confidence to return. As a result we’re seeing a shift in currency requirements and expect it to take until at least the end of the year for trading to return to pre-pandemic patterns.

What three online resources would you recommend people read to understand the currency markets better?

Having a knowledge of how exchange rates are performing can make a big difference when it comes to timing a currency transfer effectively, so we run our own news site to ensure customers have access to the latest information. At news.torfx.com we publish multiple articles a day, covering all the major currency pairs.

Future Currency Forecast is another good news site which we contribute to.

Financial services can be quite jargon-heavy, and complex terminology can be a real barrier to understanding. Investopedia provides digestible explanations for all key currency-related terms and phrases.

Nigel Fox is Managing Director at TorFX

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