Question 1

How do I know if my exchange has been completed?

Accepted Answer

We will send you two emails detailing the exchange breakdown and when we start to process the payment order. The first email will inform you as we have started to process your instruction and you will receive another email when the exchange is complete. The second email from support@wearefreemarket.com will include a statement with the full transaction details, including a breakdown of the rate achieved for the transaction.

Question 2

How do I make payments from my account?

Accepted Answer

The option of creating a payment is straightforward when making a transaction from your account. If you have an account with us, you may transfer funds between accounts easily and at no extra charge. How you maintain funds to increase cashflow is a component of cash management.

You can use the platform at any time to make payments or transactions. However, because our banking partners don't work weekends and we don't make payments on the weekends, our settlement timeframes may be affected.

Question 3

How do I set up 2FA on my account?

Accepted Answer

Two-factor authentication (2FA) or multi-factor authentication adds an extra degree of protection, and all users have to provide this code in order to access their account and make cross-border payments.

A user is only permitted access to an application or website using the 2FA electronic authentication procedure after successfully showing two or more pieces of evidence, including knowledge, possession, and inherent characteristics. Here are a few examples of this:

Something you know - a password or a pin
Something you have - a smartphone
Something you are - a fingerprint or facial recognition

Each user must configure 2FA, you can't do this for others at your organisation.

With the two-factor authentication enabled on your account, you would require an additional 6-digit verification code for a successful sign in to Freemarket.

To create a time-based one-time password (TOTP) that will change each time you use it, we advise setting up two-factor authentication on an app. For this, we advise adopting a cloud-based application. The majority of applications available would support this. Below we've listed some of the options available to you.

You must enter a verification code if 2FA is enabled on your Freemarket account in order to sign in successfully.

After setting up 2FA, a 30-day window will open for your account. Otherwise, on the 30th day, you will be asked to perform 2FA during a period of activity. If you are unable to execute 2FA in order to pass the checkup, you must utilise the given shortcut to modify your 2FA settings and maintain platform access.

First time setup

Log into the platform here

2FA Screenshot 1

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/pXeX4Nv2Vt/2FA%20Screenshot%201.png (2FA Screenshot 1)

Once logged in, you will be presented with the page provided below. Please click on receive code to get the verification code depending on your current 2FA

2FA Screenshot 2

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/rrV9Wmzpr8/2FA%20Screenshot%202.png (2FA Screenshot 2)

If there is a phone number registered on the account, then a verification code will be sent to the registered mobile number as a primary option for 2FA
If there is no phone number registered on the account, the verification code will be sent to the registered email address as a primary option for 2FA

Type in the verification code you were supplied

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/Yx9AyMmDcs/New%20QR%20code.png (New QR code)

If you'd like not to be prompted for another 30 days, choose to remember the device
When you log in to your account, the next screen will appear
Download an authenticator app from the Google Play Store or the App Store that is compatible

Microsoft Authenticator for Android, iOS
Google Authenticator for Android, iOS

After downloading one of the authenticator applications, you have the option of manually entering the information or scanning a QR code
The authenticator app will display a 6-digit verification number after scanning the QR number; this code automatically refreshes every 30 seconds. You must enter this code in the verification code text box above and select verify
If everything goes smoothly the app's setup will be finished

Please note: If your current password does not meet the new complexity rules you will be prompted to change your password: once the password is updated, you will be sent back to the sign in page so you can log in with your updated credentials to sign in.

2FA Screenshot 4

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/frPNeQDAEc/2FA%20Screenshot%204.png (2FA Screenshot 4)

Signing into Freemarket using the authenticator app

Once you've successfully set up the authenticator app, subsequent logins will require the verification code it creates, so when you enter your credentials, the next screen you'll be provided with will ask you to input the verification code.

2FA Screenshot 5

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/kSw1rDStX8/2FA%20Screenshot%205.png (2FA Screenshot 5)

Open the authenticator app
Enter the the 6-digit verification code displayed on the authenticator app and click on sign in

Please email support@wearefreemarket.com to disable or resetting your authenticator app if you experience any difficulties logging in. This will enable you to install the authenticator app on either your current or new smartphone.

Question 4

How do I spot a fake, fraudulent or phishing email or website?

Accepted Answer

Phishing is a type of email attack in which a fraudster sends you an email while impersonating a person, business, or reliable website in order to obtain your passwords or other sensitive information or gain complete control of your computer.

The majority of phishing efforts take place via email, but fraudsters will use every method they can think of to get you to give them your information or money, including:

Fraudulent emails and other messages that look like they're from legitimate companies
Fake invoices saying you’ve missed a payment
Misleading pop-ups and ads that say your device has a security problem
Scam phone calls or voicemails that impersonate employees at companies
Fake promotions that offer free products and prizes

It’s best to be vigilant at all times, fraudsters want your personal details for a number of reasons. Freemarket will never ask you for any personal data. If you receive a message and are unsure it’s really from Freemarket, check to see if it does any of the following:

Uses generic, impersonal greetings like "Dear user" or "Dear [your email address]." We'll always refer to you in our correspondence by your first and last name or by your company name. Greetings like "Dear user" or "Hello Freemarket member" are never used by us.
Requests that you click on links that lead to phoney websites. Before clicking any links in emails, always double-check them. A link can have a secure appearance, such as www.wearefreemarket.com/SpecialOffers. To view the actual location, be sure to hover your cursor over the link. Don't click on the link if you aren't sure.
Has unidentified attachments. Open an attachment only if you are certain it is trustworthy and safe. Pay particular attention to invoices from businesses and contractors you are unfamiliar with. Some attachments contain viruses that install themselves when opened.
Projects a false feeling of urgency. Phishing emails frequently use alarmist language and urge you to update your account right away. They're hoping you'll be swayed by their haste and disregard red flags that the email is a scam. If there’s an urgent need for you to complete something on your account, you can find this information by logging into Freemarket directly.

You can find some more information, tips, how to spot phishing attempts and best practices from Apple, Santander, Microsoft, and Which.

Question 5

How do you reconcile funds?

Accepted Answer

Our operations team must manually reconcile any payments when the funds that you have added are missing a reference; this could lead us to be delayed with your exchange and payment. We can reconcile the funds if you indicate where they need to go, therefore please let us know.

We locate the funds that have been moved to the segregated account(s) and credit the account that you have verified to us as part of our internal reconciliation procedure. The funds will be accessible on the balances tab under the currency once the amounts have been reconciled.

Once cleared, you can continue to make B2B payments.

Question 6

How does Freemarket safeguard my money?

Accepted Answer

Freemarket holds clients’ money in safeguarding accounts with its banking partners. These funds are held separately from Freemarket’s own operational funds and working capital. Freemarket’s banking partners are required to warranty that the safeguarded funds will not be used to satisfy or offset any other obligation including those obligations imposed on Freemarket itself. This means that the funds can only be used to make payment for the underlying Payment Services User. If that instruction is unable to be complied with, Freemarket must return the funds to the original source.

Freemarket does not maintain a safeguarding account for each individual client. Rather, Freemarket holds pooled accounts in the name of “FreemarketFX Ltd Client Accounts” and “FreemarketFX Ireland Limited” in each currency for the purpose of providing payment services.

Individual clients’ funds in safeguarding accounts are identified through your Freemarket virtual payment account number and/or virtual reference number. These records are used to reconcile credit, debit and balance transactions each day such that (i) the recorded positions individually show what amount of the total balances held is attributable to you; and (ii) the individual amounts recorded in virtual accounts add-up to the total balance held in the real account. Freemarket also moves fees and charges out of the safeguarding account to its own account as it is required to do so at least daily.

Freemarket’s banking partners are credit institutions authorised in the UK and in the European Economic Area. For more information on our safeguarding processes please see our other articles on the subject here.

Question 7

How long does it take to get my currency once I have exchanged?

Accepted Answer

We make every effort to deliver the funds that you have exchanged on the same business day, so you can make frictionless payments in an instant. Nevertheless, on rare occasions, the exchange may take place at the close of business, in which case the funds may not arrive until the next business day. Of course, we will always keep you informed of any updates we may have. You can reach us by phone, email, and mail if you have any questions.

Question 8

How long does it take to register?

Accepted Answer

The registration process can vary per account, after we will conduct our mandatory compliance checks, once satisfied, an account can be created on the platform for you to use.

Question 9

How much do you charge?

Accepted Answer

Freemarket features variable pricing choices based on the volumes and currencies that you desire to deal. For deposits and FX, we are able to provide the best flat rate we can or tier our fees based on your volume projections.

The tiering will be based on the monthly values, and will encourage greater volume to be handled since the tiers will decrease proportionally. Each agreed-upon price is bespoke & tailored to each user, and factors risk and return into account. We aim to be able move funds all over the world cheaper, quicker and more secure.

Please email sales@wearefreemarket.com or support@wearefreemarket.com if you have any questions about our account or cost structure, and a member of our team will get back to you. If wish to register for an account with us, please do here.

Question 10

How safe is my money?

Accepted Answer

As a condition of its authorisation as an API by the FCA, Freemarket is required to protect and keep safe its customers’ funds. Specifically, Freemarket must comply with the Payment Services Regulations 2017 (PSRs). Freemarket Ireland must comply with the Payment Services Regulations 2018 (PSRs). These regulations stipulate that APIs must have appropriate and well-managed safeguarding arrangements to ensure client funds are not subject to any other claim and that in the event of insolvency, are returned to the client in full, and in a timely and orderly way.

This is set out in detail within:

PSRs regulation 23; and
Chapter 10 of the FCA Approach Document
(For Freemarket Ireland) within PSRs 2018 Regulation 17

Freemarket is not a bank; your account with Freemarket is a payment account rather than a bank account. The funds provided to Freemarket for the purposes of making a payment are not eligible for depositor protection via the Financial Services Compensation Scheme (FSCS) and/or the Deposit Guarantee Scheme (DGS).