XE Review byCurrencyComparison.co.uk
4 out of
XE has been voted 4/5 or 91% out of 981 recommendations. CurrencyComparison.co.uk has researched their Foreign Exchange Business and we can also give them a thumbs up for Currency Transfers Online.
Who are XE?
So who are XE? XE calls itself ‘The Worlds Trusted Currency Authority’ on the strength of the currency calculator founders Steven Dengler and Beric Farmer developed- not on the Canadian company’s services. Launched in 1993, the first-wave internet company was initially Xenon Laboratories, providing internet services for business clients. Developing a ‘universal currency converter’ in order to make their own website appear more dynamic, the tactic drew visitors who utilized the free live currency calculator. Dengler and Farmer didn’t focus full time on currency transfer and exchange until 2000. Headquartered in New Market, Ontario, xe.com has more than 30 employees.
Two products are featured, the first isn’t currency exchange, it’s XE web application-programming interface (API) available for business applications. Free online currency tools are offered, such as xe’s currency converter. The calculator draws a great deal of traffic to XE’s site, as visitors check live exchange rates of any world currency, and a small percentage of those visitors will use xe’s exchange services. Free rate tables and historical charts also draw visitors. XE’s mobile apps (the company’s speciality) are also free.
Independent local media haven’t scored XE’s services, but would appear to have given them the same rates other reviewers have, which are low. No reviews are posted to XE’s website, which isn’t in keeping with current industry standards. Customer satisfaction doesn’t seem to be a priority for XE.
I was disappointed by the rates once I was in and entering my first trade. As mentioned, the exchange rate I was getting had a much larger spread than what the front page advertises. I tend to transfer large amounts and the little extra add up when I compare with others. I should have read the FAQ as it explains the rate but it would be nice to know the rates before you go through the process of getting setup.
The World's Trusted Currency Authority
In Vancouver, I use the Vancouver Bullion & Currency Exchange, VBCE for short, and it provides much better rates. Their advertised rates are actually the rates you pay. And better than that, if you exchange relatively large amount, you get an extra penny on your dollar.
The issue with featuring the ‘mid-market’ rate so prominently on xe’s website is that it appears to be the rate their clients can expect to receive on transfers and exchanges. This has led independent local Forex reviewers to complain and comment about the institutions that beat XE’s exchange rates.