Crown Currency Exchange Liquidation

In response to this week's unfortunate news regarding the recent liquidation of Crown Currency Exchange, FTT Currency would like to reassure our customers that our market position and commercial sustainability is in no way comparable to that of Crown Currency.

We understand that the recent news may create concern regarding businesses operating within the foreign exchange markets, and for that reason FTT would like to highlight the distinct differences between our business model and that of Crown Currency.

There are a number of distinct factors that contributed to Crown Currency's commercial failing:

• Crown Currency were operating an "old school" telephone brokerage service to their customers and as such carried massive overheads.
• Crown Currency dealt in and supplied predominantly travel money, a service that carries far greater overheads due to the cash handling nature of the business.
• 95% of Crown Currency's client base was positioned within the travel and property markets.
• The operational funds of Crown Currency were intermingled with the client funds, which prevented clear division between those funds used to cover the day to day running costs of the business and those funds that were being held on account for clients.

By way of a comparison FTT's business model has always been and continues to be different and completely secure in the following ways:

• FTT's core business is based around our online payment platform that has been built on robust investment grade banking technology and as such gives us a very low cost business model.
• FTT only operates a transactional International payment service, which carries far lower overheads than cash facilities.
• FTT has an International client base of both Corporates and Individuals that are distributed across all market sectors and geographies.
• FTT holds funds on behalf of clients in ring-fenced Segregated Client accounts with Barclays, entirely protected. If FTT went into administration, our client funds would be held in full for clients with no loss.
• FTT holds insurance underwritten by 'A' rated Insurer for individual payments up to £1 million in the case of fraudulent or negligent activities by employees or directors.

We have been made aware by speaking to former clients of Crown Currency that they had been requesting 100% deposits to secure Forward bookings, citing volatility as an issue. Such request for deposits were clear indications that their business was in financial difficulty. FTT only requests minimum deposits from clients, but they are sufficient to give us full protection against market movement thanks to the unique way in which we hedge our risk. FTT never takes a position or gambles on Foreign Exchange. Every client deal is booked with our FX partners, Barclays to ensure we have NO risk in our business.

The demise of Crown Currency was largely due to an unsustainable and inefficient business model coupled with bad management practices, as opposed to foreign exchange fluctuation. Businesses that incorporate technology are by their very nature, low cost and high volume businesses that are far more streamlined and growth orientated.

FTT would like to reassure our clients and business affiliates that we are a thriving and secure business. FTT continues to experience annual growth rates of 40% year on year, based on our well-structured and sustainable business model.

As always our business mantra remains transparent and professional, as we continue to deliver low-cost, no nonsense International Payment solutions to our clients. We look forward to any comments, feedback or queries you may have regarding our business services. feedback@fttglobal.com

Choose a target rate for your currency exchange

FTT Currency is proud to be the only company that enables private individuals and small businesses to set a target rate for their currency exchange. The FTT system will monitor market movements 24/7 and fill your order at the target rate you set.

FTT underwritten by A-rated insurer

FTT Currency is now underwritten by A-rated insurer. This means that in the unlikely event that FTT did anything wrong with your payment then you could claim against our insurance policy.

Euro, US Dollar and Canadian Dollar payments settled same day

FTT Currency brings further efficiencies by sending Euro, US Dollar  and Canadian Dollar payments to most accounts in the world same day. This means that your payments are sent faster than any other method available.

NY listed Broker partners With FTT

Our clients tell us that we have the best international payments platform on the planet. Now the world's largest derivatives broker has launched a new business based on our platform. The New York listed company uses our platform for their own client base.