What: We've implemented currency cloud phase 2, which gives clients a reduced FX rate when they swap funds between accounts with different base currencies. This new system also allows someone to create an account through the "transfer" tab in the "Payments" window in the hub.
Notes: Don't mention our solution (currency cloud) to clients
Launching When: It is scheduled to be rolled out next Monday worldwide, and after that, we'll have a small marketing push.
Q: What is the new transfer system?
A: The new transfer system is some new infrastructure we've put in place that helps us both reduce FX costs and allow for simple account creation. You can read more about it on our blog.
Q: How much cheaper are transfer fees than before with this new system?
A: The new transfer system is some new infrastructure we've put in place that helps us both reduce FX costs and allow for simple account creation. You can read more about it on our blog.
Q: How much cheaper are transfer fees than before with this new system?
A: This can vary depending on the pair, but from our internal audit we have found that our prices are extremely competitive in terms of spreads when comparing to reputable sources such as xe.com or even Google (who typically display spot price only). If you do have any concerns regarding the rates on offer, we’d love to hear from you.
Q: How can I create an account through the transfers tab?
A: Click on "Payments" in your Client Hub, then select "Transfer" at the top. Select an account you have funds in and a base currency account you don't have an account in, and you will see the option to "Create ______ account". You can click that, and you'll be asked to give your trading conditions, and your new account will be created.
Q: When can I use the new transfer system?
A: It is live now
Q: Can I do FX transfers without trading?
A: You may freely move your funds to different MT accounts, however, please be aware, Fusion Markets is not a currency exchange and funds should be only deposited with the intention to trade. If you repeatedly convert funds between accounts and we do not see sufficient trading activity, you may be flagged by our funding team whom are constantly monitoring for any activity that does not fall in line with our Ts & Cs.