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Step-by-step guide to using TorFX

28 December 2011, 13:03 CET
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Guidance on how to use TorFX, the EUbusiness.com partner for providing foreign exchange services.

Step 1

Set up your account

We need to register you as a client in order to open a trading facility, enabling you to instruct a dealer to purchase or sell currency over the telephone. We will also send you regular market updates allowing you to keep up to speed on currency movements.

Step 2

Discuss your foreign exchange requirements

Your dealer will provide you with up-to-date views on market trends, and suggest strategies to meet your objectives and optimise your potential savings. The strategy you agree with your dealer will depend on your time frame and your risk profile. This may, for example, involve trying to achieve a target exchange rate (Market Order) or simply transacting at the current market rate.

It is important that you understand that the currency markets can be volatile. If, for example, the market improves, you cannot amend the agreed contract. Any decision to proceed is yours alone. TORFX can only act upon your specific instructions. 

Step 3 

Buy and transfer your currency 
 
Having discussed your requirements the dealer will offer you an exchange rate. If you are happy with the rate offered, you should instruct your dealer to proceed with the transaction. All our phone calls are digitally recorded to ensure that your verbal instruction has been accurately executed. Please note that your verbal instruction to buy currency is a legally binding contract between you and TORFX. The Contract Note we send you is simply a confirmation of your transaction. 

Step 4 

When you receive your contract note 
 
In part 2 of your contract note you will have details of TORFX segregated accounts held within BARCLAYS, you initiate the transfer from your end and return the contract note back to your dealer with part 3 completed showing the deposit account of your purchased currency. TORFX accounts will inform you by e-mail when your funds arrive and when they send your currency out. 

Step 5

Buying and Selling Currency - Your Options 

 
Whatever your situation, it is important to identify and minimise the risk that the market may move against you. Unlike your high street bank, TORFX gives you access to a number of currency options to ensure you stay on budget and firmly in control.

Source: TorFX
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