One of South Africa’s largest foreign exchange (forex) intermediaries, ForexPeople, has launched ClickFX ? a new platform to transfer forex online.
“What’s great about ClickFX is that it brings the bargaining-power of several hundred regularly-trading importers and exporters to the man on the street, via a secure online service,” says CEO Richard Beddow.
ForexPeople says over the last decade, the personal foreign exchange allowance has increased from a once-off R350 000 to an annual amount of R10 million. As a result, more and more people are looking at how they can transfer funds offshore to mitigate the continued fluctuation of the rand.
“Currently, South Africans generally still deal with banks when it comes to forex transfers. However, internationally it has become the norm to trade forex using a specialist online broker.”
The intermediary says its clients have become more comfortable with technology and are now booking forex trades using e-mail, SMS, WhatsApp and Skype. ForexPeople identified an inherent need for a quick fix to forex trading and this is where the idea for ClickFX originated.
ClickFX services individuals sending their allowances out of the country as well as expatriates bringing offshore earnings back in. The company promises “sharp exchange rates, low fixed bank fees, smooth processes and professional, friendly support staff” via its secure online platform.
“ClickFX is a fully-compliant forex transfer service. It is not a speculative trading platform where people buy and sell forex for personal gain,” adds Beddow.
Once registered on ClickFX, the system checks FICA compliance within 24 hours. Then users can transfer funds to their own forex accounts, accept a rate and trade. Within two days, the forex arrives in the offshore account.
Established in 2003, ForexPeople is a Johannesburg-based, privately-owned and managed, independent foreign exchange intermediary. It is regulated by the South African Reserve Bank, the Financial Services Board and the Financial Intelligence Centre.