Using HiFX is easy and getting started will take no more than a few minutes of your time. Simply follow the steps below.
Registration is free and you are under no obligation to trade – but it does allow you to call us for help and guidance.
Step 1
Opening an account for Private Client Currency Services
We need to register you as a client of HiFX Ltd (our Australasian parent company and the counterparty to any FX transactions). Once registered you can instruct a dealer to purchase or sell currency over the telephone. We will also send you regular market updates allowing you to keep up to date on currency movements.
Step 2
Discussing your foreign exchange requirements
Your dealer will provide you with up to date views on market trends, and suggest strategies to meet your objectives and optimise your potential savings. The strategy you agree on, with your dealer will depend on your time frame and your risk profile. This may, for example, involve trying to achieve a target exchange rate (Market Order), securing an Exchange Rate Guarantee or simply transacting at the current market rate. When personal financial product advice (rather than general financial product advice) is given to our Retail Clients (as defined in the Corporations Act), we will give you a Statement of Advice (SOA). Personal financial product advice is advice that takes into account or could be reasonably be regarded as having taken into account one or more of your objectives, finiancial situation and needs. The SOA will contain the advice, the basis on which it is given and other important information.
It is important that you understand that the currency markets can be volatile. If, for example the market improves, you cannot amend the agreed contract. Any decision to proceed is yours alone. HiFX can only act upon your specific instructions.
Step 3
Buying and transfering your currency
Having discussed your requirements your dealer will offer you an exchange rate. If you are happy with the rate offered, you should instruct your dealer to proceed with the transaction. All our phone calls are digitally recorded to ensure that your verbal instruction has been accurately executed. Please note that your verbal instruction to buy currency is a legally binding contract between you and HiFX. The Contract Note we send you is simply a confirmation of your transaction.
Buying and selling currency - your options
Whatever your situation, it is important to identify and minimise the risk that the currency market may move against you. Unlike your bank, HiFX can give you access to a number of currency options to ensure you stay on budget and firmly in control.