Today, we welcome a very special guest named Daniel Webber, who is the managing director for Fxcompared, a trusted, independent, but also research-driven service that has the main purpose of ensuring that people from all around the world find it easier when making decisions about international money transfers. As this has represented a broadly-known issue in the past, today we will try our best to answer some important questions, which may be able to shed some light onto what it takes to find the perfect exchange and/or money transfer service and how companies such as Fxcompared are hard at work as an effort to ensure that the process is made significantly easier.
When did you establish FXcompared?
Fxcompared was established in the year of 2010.
What is it that your company wishes to provide people from all around the world with?
A trusted, independent, research-driven service to help individuals and businesses make smart decisions about their international money transfers.
How popular would you consider your site from a scale from 1 to 10?
We are not an exchange, more of a comparison service. Kayak for money transfer, so on a scale for 1 to 10, I would place it at 8.
What are your current thoughts on Bitcoin?
Bitcoin is in its very early stages. Individuals and businesses are still working out how to use Bitcoin, what it may mean for them and how it might replace more mainstream currencies they are using. At the moment, Bitcoin does not have the trust or understanding of the mainstream financial markets. Once it achieves this and becomes less volatile, there is great potential for Bitcoin to be a more commonly used currency.
Do you think that the cryptocurrency has the potential of becoming the world’s universal currency?
There are many reasons why countries will want and need to retain their own currencies. A single currency used by multiple countries, as we have seen with the Euro, requires a lot more integration to work that just all agreeing to use that currency. It is a political question – do countries want to share a currency and a monetary and fiscal policy issue too. Additionally, Bitcoin would have to replace the Dollar as the number one traded global currency and this does not seem likely to happen any time soon.
Do you plan on offering Bitcoin services over on FXcompared?
We are always looking at new currencies and products to add to the site.
Have you ever invested in Bitcoin? If yes, where you one of the lucky ones to have Bitcoin stored last year, when the value for one coin reached $1200?
No, I have not made any investment in Bitcoin so far.
What do you think that the perfect Bitcoin price is?
I’m an economist by background so for me, it has to be the price that is set in the market.
Do you currently pay for anything with the use of the cryptocurrency?
Not at the moment.
If you had to make a guess, why do you think that Bitcoin is not fully mainstream yet?
Bitcoin lacks the trust and understanding of the average consumer and business. It also lacks consistent regulation. One will likely support the other. Bitcoin’s volatility at the moment has also made it a very risky currency to do business in. The public collapse of various Bitcoin exchanges does not help either.
If you will start offering Bitcoin exchange services on your website, what would the security procedures be? How would you fight those money laundering and using Bitcoin for illegal activities?
We would not treat a Bitcoin exchange any different to any other provider on our site. They would have go through the same business, legal, financial, regulatory and product checks that we cover for all our partners.
Thank you very much, Daniel. That brings an end to our interview.
Based on everything that has been outlined so far, chances are that when services such as the ones provide by Fxcompared become more popular, transferring money internationally will be a better experience from all the points of view. Not only will fishy companies which live by scamming people and charging large taxes disappear, but they will also be replaced by firms capable of providing legit services, while also keeping a close eye on the security and privacy of their users.