Key Currency Reviews

This review would be a zero star if there was such a category listed.

I did a very large fx deal with Key Currency Limited “KCL” in May 2024 following a sale of my property in Ireland. KCL took extortionate commission which was hidden in the fx rate and which thereby drastically reduced the rate I got. I found that competitors, currency exchanges and banks were Offering significantly better fx rates and there was no movement whatsoever in the Euro-GBP market at the time of checking and also there was no change the following day. KCL refused to reverse the FX deal as, in my opinion, their interest was only in commission and which they categorically refused to divulge.

Subsequently and after a number of discussions KCL offered £2,200 settlement which I turned down as this offer was derisory in comparison to what was owed to me because the company helped themselves to extortionate undeclared commission. KCL also included a caveat that I take down my online reviews but I felt I had a moral obligation to alert others as to what can happen if they do not receive commission rates in writing. I have noticed that some negative KCL reviews disappeared from online and in my opinion the glorious reviews are not all genuine so misleading.

The reviews here show a clear pattern: the satisfied customers do not mention a pricing for the services received, and the unhappy ones are aware of the prices.

When asking a quote, I received a proposal subject to how the currency markets behave at the time of exchange. The quote, as a difference between the mid-rate and the offered rate, was average. However, when doing the actual trade, the pricing went to a rip-off point, worse than what any bank would do. When I asked what happened, that was ‘an error’ – yes, of course, naturally, it must have been an error, would you believe it. It took quite a lot of bargaining, including asking to cancel the deal, to finally obtain a half-decent quote.

Let us also pass on their ‘advice’ about how FX rates were going: content-free, undocumented waffle, aimed at reassuring the client, and providing little or no information. Morality: dangerous firm of sharks, never ever believe anything from them, rather use Thomas Crook or other Travellersex. We can wonder how FCA leaves the public unprotected from this type of daylight robbers.

My star rate is Zero.

I exchanged a very large amount of Euros to GBP following sale of property in Ireland. I am not familiar with doing fx trades. I agreed an fx rate with Key Currency Limited ” KCL” only to find shortly afterwards that there was a huge disparity in the rate given and that I could have achieved from other brokers, currency exchanges and banks at the same time and date the deal was done. KCL refused to confirm commission taken which is hidden in FX rates. They also did not offer to reverse the fx deal even though I made it perfectly clear that I was unhappy with the fx deal. Additionally there was no Euro-GBP market fluctuation between the evening the fx deal was done and the following morning when I complained about the fx rate/commission taken. It would therefore have been easy to reverse the deal with no loss. The focus was totally commission based. Shocking experience and a lot of money lost. Read the negative reviews.

Pros:

Staff are very helpful

Cons:

none

Pros:

Exchange rates

Cons:

online platform

Pros:

Customer service

Cons:

nothing

Pros:

Overall service

Cons:

consistency

Pros:

Rates