Forex Sport-Some Important Points about This Broker

General Information

Forex Sport Pty Ltd (“Forex Sport”) is an Australian incorporated company. Forex Sport aims to provide a fast and easy way to move money for less. It is regulated by the Australian Securities & Investments Commission (AFSL No. 401379) and is also registered with Australian Transaction Reports and Analysis Centre (AUSTRAC).

This brokerage company offers a range of financial services tailored to individuals, businesses, and the sports industry. These services include currency exchange, international money transfers, FX risk management, and support for various financial needs. Clients can initiate transfers through their online portal or receive personalized assistance, and payments are made through electronic funds transfer (EFT). Forex Sport also provides comprehensive customer support via live chat, email, and phone, along with valuable resources such as live FX rates, economic news, historical FX charts, and free currency alerts. Please note that their website information is not provided, so it's essential to verify current details for those interested in their services.

Regulation

Forex Sport Pty. Ltd. is a regulated financial institution in Australia, authorized by the Australia Securities & Investment Commission (ASIC) under license number 401379 for Market Making (MM) activities. Operating from its address at Level 2, 100 Collins Street, Melbourne VIC 3000, with a contact phone number of 03 9008 1880 and an email address at admin@forexsport.com, the company's license, effective since April 29, 2011, prohibits license sharing. While the provided information lacks an expiry date and website details, it's essential to verify their current regulatory status and gather up-to-date information if considering engaging with Forex Sport Pty. Ltd. in financial activities.

Pros and Cons

Forex Sport offers a range of pros and cons for individuals, businesses, and the sports industry. On the positive side, they provide competitive exchange rates, support a wide array of currencies, and are regulated by ASIC, ensuring security. Their specialized services, including FX risk management and assistance for various client types, cater to diverse needs. Additionally, the user-friendly online portal and additional resources like live FX rates are advantageous. However, some cons include a lack of detailed fee information, variable transfer processing times, and limited website details. Forex Sport also doesn't accept cash, credit cards, or cheques, and contact options for customer support are limited. Further information on fees and license details could enhance transparency

Market Instruments

Forex Sport specialises in FX and global payments offering both spot FX, value today and tomorrow FX transactions and FX forward contracts.

Payment

To transfer funds to Forex Sport, you can follow these steps:

1. Receive Email Confirmation: After confirming your FX transaction, you will receive an email trade confirmation from Forex Sport. This email will contain detailed information, including the Forex Sport bank account details, specifying where and how much you need to send.

2. Check for Email Confirmation: If you do not receive the email confirmation within a few minutes, it's advisable to call Forex Sport at (03) 9008 1880 for assistance.

3. Access Online Client Portal: Alternatively, you can log in to your Forex Sport online client portal to view the details of the FX transaction. This portal will provide the necessary information for the funds transfer.

4. Initiate Electronic Funds Transfer: Once you have the required details, log in to your internet banking and initiate an electronic funds transfer to the specified Forex Sport bank account. Ensure that you transfer the correct amount as instructed in the confirmation.

It's important to note that Forex Sport does not accept payments in cash, credit cards, debit cards, or cheques.

For the timeline, spot FX transactions should ideally have the funds transferred to Forex Sport as soon as you lock in your FX rate. This ensures that your transaction can be settled within 48 hours. However, for same day, next day, and FX forwards, the settlement should occur by the specified settlement date. You can find more details in Forex Sport's Product Disclosure Statement.

FX Transactions

Forex Sport offers two types of FX Transactions: Spot Contracts and Forward Contracts. A Spot Contract is an FX Transaction where the Value Date is 48 hours after the time and date of entering in to the FX Transaction. A Forward Contract is an FX Transaction where the Value Date is more than 2 days but less than one year after the time and date of entering the FX Transaction.

Fee-Charging

When dealing with Forex Sport there are no hidden fees. Forex Sport derives a profit on FX transfers based on the difference between the rate quoted to traders and the rate it can negotiate with its own liquidity providers. This profit will vary according to the currencies involved and the arrangements that it enters with its liquidity providers from time to time.

Fund Transfer

Forex Sport does not accept cash, credit or debit cards or cheques. Once you have confirmed your FX transaction you will receive an email trade confirmation with the Forex Sport bank account details. This confirmation will clearly set out where you need to send the funds and how much you need to send. If you do not receive this email confirmation after a few minutes, please call Forex Sport on (03) 9008 1880. Alternatively, you can log in to your Forex Sport online client portal to see the details of the FX transaction. All you need to do then is login to your internet banking and make an electronic funds transfer to Forex Sport.

Length of Time

The length of time it takes for your FX transfer to reach the beneficiary will depend on what currency you are buying and the destination country. For most currencies, it will typically be within 24-48 hours of receiving your funds (depending on what time of the day your funds are received). From time to time there can be delays beyond control. For example, where intermediary or receiving banks hold funds up or take time to apply to the beneficiary account.

Accepted Countries

Forex Sport accepts traders from South Africa, the United States, Canada, China, Japan, Singapore, New Zealand, Australia, Switzerland, the United Kingdom, Norway and Sweden.

Customer Support

Forex Sport offers robust customer support services to assist its clients with worldwide money transfers. Operating from its headquarters in Melbourne, Victoria, the company provides multiple channels for customer inquiries, with an email contact at admin@forexsport.com. Additionally, they offer valuable resources such as currency alerts for free, keeping clients informed about exchange rate fluctuations. Forex Sport's commitment to keeping clients informed extends to social media platforms, including LinkedIn, YouTube, and Facebook, where customers can follow and engage with the company for updates, information, and assistance, ensuring a well-rounded and accessible support system for their global financial needs.

Summary

Forex Sport Pty. Ltd., a regulated financial institution authorized by the Australia Securities & Investment Commission (ASIC), offers a wide range of financial services to individuals, businesses, and the sports industry, specializing in cost-effective and secure international money transfers. Their services encompass currency exchange, international money transfers, support for education expenses and entertainers, assistance with migration and property investments, as well as facilitating savings and pensions. Additionally, they provide comprehensive support through live FX rates, economic news, and historical FX charts. Clients can initiate transfers via an online portal or receive personalized assistance from Forex Sport's dealers, and funds can be transferred via electronic funds transfer. Forex Sport's commitment to customer support is evident through multiple communication channels and the provision of free currency alerts. Overall, Forex Sport aims to simplify and optimize global financial transactions for its clients, ensuring competitive rates and efficient service.

FAQs

Q1: How do I register with Forex Sport for international money transfers？

A1: To register with Forex Sport, visit their website and follow the registration process. You'll need to provide some personal and contact information to create your account.

Q2: Can I send money to any country using Forex Sport's services？

A2: Yes, Forex Sport allows you to send money to over 100 countries worldwide, making it a versatile option for international transfers.

Q3: What are the fees associated with Forex Sport's currency exchange services？

A3: Forex Sport offers competitive exchange rates and typically charges lower fees compared to traditional banks. However, specific fees may vary depending on the currency pair and transfer amount. It's recommended to check their website or contact their support for detailed fee information.

Q4: How long does it take for an international money transfer to be completed with Forex Sport？

A4: The time it takes for your transfer to be completed may vary depending on factors like the destination country and the chosen transfer method. Typically, spot FX transactions should be settled within 48 hours, while same day, next day, and FX forwards need to be settled by the specified settlement date.

Q5: Is Forex Sport's service available to businesses and sports organizations as well？

A5: Yes, Forex Sport offers specialized services for businesses, including FX risk management and supplier payments, as well as services tailored to the sports industry, such as support for athletes and sports teams. They aim to address the financial needs of a wide range of clients beyond individuals.

Risks

The following are risks that you must consider before you enter into an FX Transaction with Forex Sport: counterparty risk, hedging counterparty, client funds, foreign exchange risk, operational risk, information technology, market information and charting.