Leading Foreign Exchange Company Online FX, Issues Reassuring Facts After Crown Currency Disaster

Oct. 12, 2010 - PRLog -- Over 13,000 holiday makers were struck with sheer panic as the foreign exchange company Crown Currency went into administration on the 4th of October 2010. To add to their fury customers have also been told that it could take six months before any kind of refund can be distributed (if any). The currency exchange firm also stressed that they were not covered by Financial Services Authority (FSA) which meant that customers were not able to approach the service for compensation.
The business that started five years ago, allowed individuals and business customers to pre-order foreign exchange at a set price up to a year in advance, with amounts between £300 and £10,000 available.
Crown Currency has demolished its own reputation and ineffectively tarnished the trust for many whom use online foreign exchange services. Experts have said it is safer to deal with someone face to face and ensure that money transfers of larger amounts are produced via authorised institutions.

Despite the negative press, many forex organisations are still fighting strong and reassuring the public that their services are safe and legitimate.
Online FX foreign exchange services, issued the following facts to reassure holiday makers and travellers, that exchanging currency online remains a safe and secure option.
Ensure that your Forex supplier:

•   Is registered with the Banking regulations for international money transfers
•   Is registered with FSA as a small payment institution ensuring that none of the individuals responsible for managing the business have been convicted of offences relating to money laundering, terrorist financing or other financial crimes.
•   Is licensed by HM Customs and Excise as a Money Services Business
•   Safeguards your funds by holding your currency in a separate client account
•   Has a long standing reputation for delivering funds promptly.
•   Does not offer Speculative trading or engage in speculative trading

More info at http://www.onlinefx.com