Are you happy…..?

Seemingly not, apathetic at best.

Having formerly been a currency broker for almost a decade, don't judge me. I was hoping to share some insight on this much maligned industry and how with technology it is finally evolving for the better.

Let’s face it, managing currency is a pain in the arse, rarely a core competency, a by-product of doing business internationally and more often than not guided by instinct, intuition, and guesswork (one and the same thing).

Firstly, credit where credit is due to the currency industry stalwarts. It takes a certain type of person to be willing to be told to f¥£k off in myriad ways and still keep smiling and dialing. Perhaps here lies the first problem…

They just won’t leave you alone. 

And why won't they leave you alone?

FX is a funny business.

Money is made or lost in most cases when currency changes hands. As if by magic! It is for this reason brokers are so numerous…these little crumbs, lost in exchange, all add up.

And the good folk behind the incessant calls, emails and linkedIn messages are out to get their hands on your crumbs. 

The model is simple, let me know if this sounds familiar?

• You are beaten, after the 20th call, into submission - Sign Up

• You book your first spot trade - Broker makes a small bit of money 

• You are hectored to book a forward - Broker makes more money

• You are badgered to book larger forward for longer - Broker makes even more money

• You enter the murky world of options……..

• Restructure Time - you are losing money, you are on a margin call, you are unhedged and your position might be closed out - At this point you don't know what is up or down.

The model hinges on obfuscation and complexity. The more complex the product the more money in it….. 

So what if I told you that you could have your cake, keep your crumbs and eat them both.

Currency volatility isn’t going anywhere, but the way in which companies manage it is…

Tech companies want a tech solution to a problem. Not an on-going war of attrition with numerous banks and brokers. None of whom can be kept honest for very long. 

Tons of venture-backed companies are using tech to effortlessly solve the challenge of managing currency.

And the best part is you never need to speak to another broker again.