Some Important Points about the Broker AquireFX

General Information& Regulation

AquireFX, established in 2017 and headquartered in Australia, offers a currency conversion service with a distinctive focus on transparency and accessibility. The platform aims to provide users with direct access to wholesale foreign exchange (FX) rates, claiming to eliminate the opacity often associated with traditional currency conversion services. Founded with the goal of simplifying the FX process, AquireFX caters to both individual and corporate clients engaged in higher-value transactions, requiring a minimum of AUD 1,000 (or its equivalent).

Regulated by the Australian Securities & Investment Commission (ASIC), AquireFX positions itself as a straightforward and cost-effective solution for international money transfers. The platform's approach involves presenting users with the wholesale buy or sell rates from their FX provider, supplemented by a transaction fee determined by the converted amount. While the company asserts control over certain bank fees, it transparently communicates that it cannot absorb charges imposed by international banks beyond its control. AquireFX's commitment to simplicity, coupled with regulatory oversight, positions it as an alternative for those seeking clarity and access to wholesale FX rates in their currency transactions.

Is AquireFX Legit？

AquireFX is regulated by the Australian Securities & Investment Commission (ASIC). The current status indicates that AquireFX holds regulatory approval from ASIC. The license number provided is 500818. Regulatory oversight by ASIC is a significant aspect of ensuring the legitimacy and compliance of financial service providers operating in Australia. It implies that AquireFX is subject to regulatory standards and is required to adhere to specific guidelines and rules set forth by ASIC to protect the interests of traders and maintain the integrity of the financial markets.

Pros and Cons

AquireFX, as a currency conversion service, has both advantages and drawbacks to consider. On the positive side, the platform emphasizes transparency by offering access to wholesale foreign exchange (FX) rates, allowing users to verify rates independently. Its regulatory approval by the Australian Securities & Investment Commission (ASIC) adds a layer of legitimacy and oversight. AquireFX caters to both individual and corporate clients, and its straightforward fee structure, although not explicitly detailed, claims to cover certain bank fees under its control. However, the platform also acknowledges that it cannot absorb fees imposed by international banks beyond its control, introducing an element of uncertainty. The absence of specific information on account types and detailed fees may be a limitation for users seeking comprehensive details before engaging with the service. The following table summarizes the concise pros and cons:

Pricing

AquireFX‘s fees are based on the amount of currency uses send and which currencies they are changing. Their fees are based in Australian dollars which convert at their transaction’s exchange rate. Here are some points that clients need to pay attention to. One is the minimum amount a user can send is 2,000 AUD, and another is this company pays the fees its bank charges them to transfer users funds. The third point involves the bank users are sending money to may charge additional fees, and this companys fee is charged in Australia dollars.

Bank Transfer Time

Most major currency transfers arrive within 1-2 days (from the time AquireFX receives usersfunds). The time for a bank to bank transfer depends on factors including:

1. Whether there are any bank holidays or weekends. For instance, a transfer made on Friday might take until Tuesday to arrive;

2.The currencies involved in the transaction. Major currencies like the Euro, Sterling and the US Dollar that are traded on foreign exchange markets and are quicker to transfer. Exotic currencies that are traded less, can take longer to exchange and transfer.

3.Whether clients order is pre-funded or funded after conducting the currency trade. Most banks will take between 2-5 business days to make an international payment.

Account Types

AquireFX offers two types of accounts: Personal and Corporate. These accounts cater to businesses and individuals involved in higher-value transactions, with a minimum requirement of at least AUD 1,000 or its equivalent in other currencies. The Personal Account is designed to accommodate the needs of individual users, while the Corporate Account is tailored for businesses. However, the details regarding specific features, benefits, or distinctions between the two account types are not provided, keeping the description concise and neutral in tone.

How to Open an Account ？

To open an account with AquireFX, follow these steps.

1. Visit the AquireFX website. Look for the “Get started” button on the homepage and click on it.

1. Choose account type and sign up on websites registration page.

1. Receive your personal account login from an automated email

2. Log in

3. Proceed to deposit funds to your account

4. Download the platform and start trading

Fees

AquireFX outlines its fee structure with a focus on transparency. The platform indicates that the exchange rate offered to users is derived from the wholesale buy or sell rate provided by its FX provider. AquireFX then applies a transaction fee based on the amount of money being converted. The company emphasizes that it covers the bank fees that it can control, ensuring that users are aware of the fees they might incur during the currency conversion process.

However, AquireFX also acknowledges that there are instances where international banks may impose fees that are beyond its control. In such cases, the platform explicitly states that it does not absorb or cover these fees. This information is presented to users to set clear expectations regarding the fees associated with currency conversions and to provide a level of transparency in the overall cost structure.

Customer Support

AquireFX facilitates customer support services through both email and telephone channels. Users can reach out to the support team via email at hello@aquirefx.com, providing a written platform for communication. Additionally, customers have the option to contact AquireFX by telephone at +61 2 9157 0292, offering a direct and more immediate means of addressing queries or concerns. These contact methods serve as essential communication links, enabling individuals and businesses to seek assistance, resolve issues, or inquire about various aspects of the currency conversion and international payment services provided by AquireFX. The description maintains a neutral tone, presenting the contact details without expressing a positive or negative sentiment.

Educational Resources

AquireFX provides a range of educational resources accessible through its blog, covering various topics related to international money transfers and foreign exchange. The blog serves as a platform for users to gain insights and knowledge on subjects such as FX compliance, guides to international money transfers, reasons for transferring money abroad, and understanding the impact of FX volatility on businesses. The content also delves into issues like how banks profit from FX margins, strategies for protecting businesses from currency volatility, and tips on avoiding fees through platforms like PayPal by using AquireFX. Additionally, the blog offers information on evaluating foreign exchange dealers, insights into beating the interbank exchange rate, and considerations when choosing a money transfer company. These resources aim to inform users about the intricacies of the foreign exchange market and empower them with knowledge for making informed decisions, presented here in a neutral and factual manner.

Conclusion

In conclusion, AquireFX positions itself as a currency conversion service with a focus on transparency and accessibility to wholesale foreign exchange rates. While it holds regulatory approval from ASIC, providing a level of legitimacy, the platform lacks detailed information on account types and specific fee structures. AquireFX allows users to verify rates independently, emphasizing simplicity and cost clarity. However, the acknowledgment of potential fees imposed by international banks beyond its control introduces an element of uncertainty. The platform caters to both individual and corporate clients, but users may find a limitation in the absence of comprehensive details on certain aspects. As with any financial service, individuals should carefully consider the available information and their specific needs before engaging with AquireFX.

Accepted Currencies

AquireFX supports international payments in many currencies. Along with some major global currencies, AquireFX also have a wide range of exotic currency. Standard currencies includes AED, AUD, CAD, CHF, CNY/CNH, DKK, EUR, GBP, HKD, HKD, JPY, NOK, NZD, SEK, SGD, THB, USD, ZAR, and exotic currencies covers FJD, INR, KES, MUR, QAR, XPF, HUF, ILD, etc. More detailed information, please see AquireFX website.

FAQs

Q: Is AquireFX regulated？

A: Yes, AquireFX is regulated by the Australian Securities & Investment Commission (ASIC), with the current status indicating regulatory approval.

Q: What types of accounts does AquireFX offer？

A: AquireFX provides two types of accounts: Personal and Corporate. These cater to individuals and businesses making higher-value payments.

Q: What is the minimum transaction amount for AquireFX？

A: AquireFX mentions a minimum transaction amount of at least AUD 1,000 (or equivalent) for businesses and individuals making higher-value payments.

Q: How can users contact AquireFX customer support？

A: Users can reach AquireFX customer support through email at hello@aquirefx.com or by telephone at +61 2 9157 0292.

Q: Does AquireFX offer educational resources？

A: Yes, AquireFX provides educational resources through its blog, covering topics related to international money transfers, FX compliance, and more.