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Great question! We hold rates for customers for up to an hour and customers can only hold one rate at a time, so the risk is minimal - but we do price that risk

Great question! We hold rates for customers for up to an hour and customers can only hold one rate at a time, so the risk is minimal - but we do price that risk into our business model.

londons_explore 5y ago
So I can shuffle $1M between £ and $, costing £6/hour, and earning guaranteed money whenever the rate moves by more than 0.00003 in a half hour period? Sounds open to abuse!
- Corinthian 5y ago
  Why would that be guaranteed? Do you have a magic formula that tells you exactly what the exchange rate is going to do at any given moment? If so, can I see it?
  - Keyframe 5y ago
    That's fairly standard, even among banks. I have a bank account and account with their FX desk, when I need to do conversions. They give me a spot rate real close to what you'd "seen on google", but I have to close the offer within the hour or it's not valid anymore. It's a big european bank.
  - londons_explore 5y ago
    If the rate moves in my favor, I complete the trade and earn money (minus the £6 fee). If the rate moves in the opposite direction I cancel the trade and retry in half an hour.
- opportune 5y ago
  It costs 6 quid to enter a reverse iron butterfly with like a 30m expiry on $1M of underlying. I don’t know enough about forex to determine whether that’s a reasonable premium, but it seems like a pretty good deal at its face
  - callamdelaney 5y ago
    They don't offer leverage.. and if you actually have £1m cash are you really going to break your balls for a couple of Great British Pounds?
  - londons_explore 5y ago
    You only pay the £6 if you complete the deal. If you cancel midway, it's free. Oh - and it's £3.
    - opportune 5y ago
      3 quid per leg, 6 for the reverse iron butterfly position which is both legs
- Icko 5y ago
  you can win literally dozens of pounds!
- caffeine 5y ago
  You can do it once or maybe a few times. If you are majorly adversely selecting their liquidity provider, they will just shut you off. It’s not an exchange. Their overall risk to an individual account is a few 100, and very few accounts will try to do this.
- blunte 5y ago
  "Standard delivery takes just a few days. And we’ve got instant delivery when you need it." So you will tie up your 1MM for a day or more to earn a small few pounds? Surely you can do better with some other investment scheme. Also, chances are instant delivery costs (much) more than 3 pounds.
- pjerem 5y ago
  I don't have $1M so maybe I'm not an expert, but it looks like there are plenty of better (and safer) ways to earn money by investing your $1M on traditional investment. I wouldn't like to be banned and lose access to my $1M (even temporary) but you do what you want with your millions. Imagine if you buy apartments and rent them for thousands $. Haha, sounds open to abuse!
- renewiltord 5y ago
  Save yourself the trouble. I’ll write you the contract myself. Just give me the million quid and I’ll pay you the £12 a day. No need to actually move anything.
  - vineyardmike 5y ago
    I'll do £13

Great question! We hold rates for customers for up to an hour and customers can only hold one rate at a time, so the risk is minimal - but we do price that risk into our business model.

londons_explore 5y ago

So I can shuffle $1M between £ and $, costing £6/hour, and earning guaranteed money whenever the rate moves by more than 0.00003 in a half hour period? Sounds open to abuse!

Corinthian 5y ago
Why would that be guaranteed? Do you have a magic formula that tells you exactly what the exchange rate is going to do at any given moment? If so, can I see it?
- Keyframe 5y ago
  That's fairly standard, even among banks. I have a bank account and account with their FX desk, when I need to do conversions. They give me a spot rate real close to what you'd "seen on google", but I have to close the offer within the hour or it's not valid anymore. It's a big european bank.
- londons_explore 5y ago
  If the rate moves in my favor, I complete the trade and earn money (minus the £6 fee). If the rate moves in the opposite direction I cancel the trade and retry in half an hour.
opportune 5y ago
It costs 6 quid to enter a reverse iron butterfly with like a 30m expiry on $1M of underlying. I don’t know enough about forex to determine whether that’s a reasonable premium, but it seems like a pretty good deal at its face
- callamdelaney 5y ago
  They don't offer leverage.. and if you actually have £1m cash are you really going to break your balls for a couple of Great British Pounds?
- londons_explore 5y ago
  You only pay the £6 if you complete the deal. If you cancel midway, it's free. Oh - and it's £3.
  - opportune 5y ago
    3 quid per leg, 6 for the reverse iron butterfly position which is both legs
Icko 5y ago
you can win literally dozens of pounds!
caffeine 5y ago
You can do it once or maybe a few times. If you are majorly adversely selecting their liquidity provider, they will just shut you off. It’s not an exchange. Their overall risk to an individual account is a few 100, and very few accounts will try to do this.
blunte 5y ago
"Standard delivery takes just a few days. And we’ve got instant delivery when you need it." So you will tie up your 1MM for a day or more to earn a small few pounds? Surely you can do better with some other investment scheme. Also, chances are instant delivery costs (much) more than 3 pounds.
pjerem 5y ago
I don't have $1M so maybe I'm not an expert, but it looks like there are plenty of better (and safer) ways to earn money by investing your $1M on traditional investment. I wouldn't like to be banned and lose access to my $1M (even temporary) but you do what you want with your millions. Imagine if you buy apartments and rent them for thousands $. Haha, sounds open to abuse!
renewiltord 5y ago
Save yourself the trouble. I’ll write you the contract myself. Just give me the million quid and I’ll pay you the £12 a day. No need to actually move anything.
- vineyardmike 5y ago
  I'll do £13