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Rate that we use to complete bank trades

Before reading this article, please bear in mind that it applies only to bank trade when buying! 

When you create a bank trade, our system will show you an informative exchange rate - i.e. meaning this rate will likely differ from the actual rate used due to price fluctuations. The reason we cannot lock the exchange rate of a bank trade is that we cannot know if the trader will complete it by sending a bank transfer or not. Therefore, we are not able to secure the amount to receive at the time when the order is processed.

After we have received your transfer, we must prepare your trade for processing. Any issues that increase your order’s processing time* will have an effect on the final exchange rate used for your trade. When your trade is ready, we process it and lock in the exchange rate. 

Because of fluctuations in the exchange rate, sometimes you will receive more - if the rate has dropped and sometimes less - if the rate has gone up in relation to the quote you received when you placed the trade. We complete bank trades regardless of the price at the moment of processing.

Important: Processing times are usually increased due to the following issues:

  • The trader forgets to include the Trade ID in the bank transfer as a ‘message to the receiver’.

  • The trader send a bank transfer from a bank account that is not in his name.

  • Pending Proof Of Source Of Funds request

  • You can read more on the bank trade processing time here 

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Published Date = 12/02/2018
Last Updated Date = 24/04/2020
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