The main alternatives to Argentex for UK business and institutional currency clients are Cambridge Currencies, IFX Payments, and Moneycorp. All three are FCA-regulated UK providers offering forward contracts, spot transfers, and dedicated specialist support for corporate FX. The right choice depends on transfer size, currency pair coverage, whether you need a multi-currency virtual IBAN platform, and how the service model fits your treasury workflow.
Following the special administration of Argentex LLP in July 2025, businesses and institutions have been looking for replacement FX providers. This comparison covers three leading FCA-regulated alternatives suited to business and institutional clients. Each is profiled with its regulatory status, service model, target client, and key strengths.
Why look for alternatives to Argentex?
Argentex LLP entered special administration under the Payment and Electronic Money Institution Insolvency Regulations 2021 on 21 July 2025, following a Voluntary Requirement (VREQ) agreed with the FCA on 26 June 2025 and a further VREQ on 17 July 2025 that placed restrictions on its regulated activities. The firm ceased all client trading on 17 July 2025. Joint Special Administrators from FRP Advisory were appointed to manage the wind-down and return of client funds.
We’ve covered the regulatory background, the timeline of events, the failed IFX Payments rescue acquisition, and what existing Argentex customers should do in our Argentex special administration update. This guide focuses specifically on which UK FCA-regulated brokers are most appropriate for businesses looking to set up a new provider.
Argentex served approximately 2,000 institutional and corporate clients before entering administration — corporate treasurers, fund managers, importers and exporters, listed companies, and other businesses with regular foreign exchange needs. The three alternatives below are the most relevant FCA-regulated UK providers for that audience.
Argentex alternatives compared: at a glance
| Broker | Founded | FCA Status | Service model | Forward contracts | Multi-currency platform | Best for |
|---|---|---|---|---|---|---|
| Cambridge Currencies | 2023 | Via FCA-authorised partners (Currencycloud FRN 900199, ScioPay FRN 927951) | Phone-based, dedicated specialist on every trade | Yes | No | Businesses wanting a named specialist on every trade and large bespoke transfers |
| IFX Payments | 2005 | FCA-authorised EMI (FRN 900517) | Platform-led with dealer support | Yes | Yes — ibanq (40+ currencies) | Businesses needing a virtual IBAN platform, mass payments, and API integration |
| Moneycorp | 1979 | FCA-authorised PI (FRN 308919); FX options via Moneycorp FRM (FRN 452443) | Online platform plus dedicated account manager | Yes | Yes | Long-established corporate FX with FX options, global offices, and large operational scale |
All three providers hold client funds in segregated, safeguarded accounts at tier-one banks under the Payment Services Regulations 2017 or the Electronic Money Regulations 2011. None is covered by the Financial Services Compensation Scheme (FSCS) — that limitation applies to UK currency brokers as a whole, not to any single firm. We’ve covered how safeguarding works and what happens if a broker stops trading in our guide to what to do if your UK currency broker stops trading.
The three alternatives in detail
Cambridge Currencies
Founded: 2023. Headquarters: Cambridge, UK. Regulation: Operates via FCA-authorised payment partners Currencycloud (FRN 900199) and ScioPay (FRN 927951). Service model: Phone-based, dedicated specialist on every trade.
Cambridge Currencies is the newest broker in this comparison, established in 2023 specifically to serve clients making larger international transfers — particularly businesses with regular overseas payments, importers and exporters, and corporate clients displaced from broker failures. The service model is phone-only: every transfer is booked and executed with a named currency specialist, with no online self-service platform.
For businesses transitioning from Argentex, the closest service parallel is the dedicated dealer model. Argentex was known for institutional-grade personal service with named dealers and active hedging support. Cambridge Currencies operates in the same style: every trade goes through a specialist who knows the client, the underlying commercial position, and the timing pressures involved. There is no platform layer to navigate.
Cambridge Currencies operates through FCA-authorised payment partners (Currencycloud and ScioPay), which means client funds are safeguarded at tier-one credit institutions under the same Payment Services Regulations 2017 framework as direct FCA-authorised brokers. The partnership model is common among newer UK brokers and allows the firm to focus on client service rather than infrastructure.
No transfer fees on amounts over £5,000. Forward contracts available up to 12 months for FX risk management. Same-day or next-day execution on major currency pairs. Onboarding for business clients typically completed within one to two working days. Best for: businesses that want a dedicated UK specialist on every trade, particularly for large international transfers and business foreign exchange where service quality matters more than self-service tooling.
IFX Payments
Founded: 2005. Headquarters: London, UK. Regulation: FCA-authorised Electronic Money Institution (FRN 900517). Service model: Platform-led via the ibanq multi-currency virtual IBAN, supported by dealer access for FX trades.
IFX Payments is a London-based fintech that pivoted from a traditional FX brokerage into a Banking-as-a-Service provider built around its proprietary platform, ibanq. The platform allows corporate clients to hold, send, and receive funds in 40+ currencies from a single virtual IBAN account, and to make bulk payments in 60+ currencies. The firm reports more than £378 million in total assets and 168 employees as of its 2024 financial year. Client funds are safeguarded at Barclays Bank.
For Argentex clients, IFX Payments has a direct connection to the situation: in April 2025, IFX Payments agreed to acquire Argentex for approximately £3 million. The deal was approved by Argentex shareholders in June 2025. However, after Argentex entered special administration in July 2025, IFX Payments invoked the Insolvency Condition in the scheme document and the acquisition was terminated on 7 August 2025. IFX Payments did not ultimately take on Argentex’s business, clients, or client funds.
IFX Payments offers spot and forward contracts, limit and stop-loss orders, and passive hedging tools for business clients. The ibanq platform is particularly suited to businesses with high-volume payment requirements, multi-jurisdictional operations, or treasury management needs that benefit from API integration. The firm does not operate a mobile app, and pricing is quotation-based rather than displayed publicly.
Best for: corporate clients who need a multi-currency virtual IBAN, mass payment functionality, API integration, or a platform-led approach to international payments alongside FX services.
Moneycorp
Founded: 1979. Headquarters: Zig Zag Building, 70 Victoria Street, London SW1E 6SQ. Regulation: FCA-authorised Payment Institution (TTT Moneycorp Limited, FRN 308919) for payment services; FX options offered via Moneycorp Financial Risk Management Limited (FRN 452443). Service model: Online platform plus dedicated account manager and dealer access.
Moneycorp is the longest-established broker in this comparison and one of the largest non-bank UK foreign exchange providers. The firm reports 2024 trading volume of £79 billion across 130+ currencies, serving more than 32,000 clients with offices in the UK, USA, France, Ireland, Spain, Hong Kong, and Brazil. It holds 63 financial services authorisations globally, including banking licences from the Gibraltar Financial Services Commission and the Central Bank of Brazil, plus an EMI passport via the Central Bank of Ireland.
Moneycorp is one of the few non-bank UK FX providers offering full FX options alongside spot and forward contracts. The options product is a meaningful capability for corporate hedging programmes where forward contracts alone are too restrictive. The firm is also a member of the Federal Reserve’s Foreign Bank International Cash Services (FBICS) programme, giving it direct access to Federal Reserve US dollar currency services — a structural advantage for clients with significant USD payment flows.
Service is delivered through a hybrid model: an online platform and mobile app for self-service transactions plus a dedicated account manager and qualified dealers for larger trades, hedging strategies, and bespoke needs. Moneycorp’s scale and operational maturity are particularly relevant for businesses that need robust compliance infrastructure, multi-jurisdictional service, or complex hedging instruments beyond standard forward contracts.
Best for: larger businesses with multi-jurisdictional needs, treasury teams requiring FX options alongside forwards, and clients valuing a 45+ year operating history with global infrastructure.
A note on the IFX Payments / Argentex connection
It’s worth understanding the IFX Payments and Argentex situation in full. IFX Payments was the only firm to make a formal acquisition offer for Argentex during its liquidity crisis, agreeing a £3 million deal in April 2025. The Scheme Document was published on 21 May 2025 and approved by Argentex shareholders on 11 June 2025. However, the deal was conditional on Argentex remaining out of insolvency. When Argentex LLP entered Special Administration on 21 July 2025, IFX Payments invoked the Insolvency Condition and formally terminated the acquisition on 7 August 2025.
For former Argentex clients now considering IFX Payments as an alternative, there is no continuity between the two businesses. Argentex client funds remain under the control of the Joint Special Administrators (FRP Advisory) and are subject to the special administration process. IFX Payments operates entirely separately with its own client base, its own ibanq platform, and its own safeguarded accounts at Barclays.
IFX Payments remains a credible institutional FX provider — but choosing IFX is a fresh decision, not a transfer of any existing Argentex relationship.
How to choose the right alternative for your business
The three brokers above are credible Argentex alternatives. The right choice depends on your business model, the volume and frequency of your international payments, and how you want the service delivered.
If you want a named specialist on every trade
Cambridge Currencies is the closest service-style parallel to the Argentex model. Every transfer is booked with a specialist who handles your account end-to-end, in the same dealer-led style Argentex was known for. Moneycorp offers a dedicated account manager but the platform is primarily for self-service. IFX Payments is platform-first with dealer support available. For businesses where the relationship and the specialist conversation are central to the service, Cambridge Currencies is the natural fit.
If you need a multi-currency virtual IBAN platform
IFX Payments’ ibanq platform is the strongest fit for businesses needing virtual IBAN functionality, mass payments, or API integration. Moneycorp also offers a multi-currency online platform with similar capabilities. Cambridge Currencies does not operate a platform — for businesses where platform-led infrastructure is a hard requirement, either IFX Payments or Moneycorp will fit better.
If you need FX options alongside forwards
Moneycorp is the only firm in this comparison authorised to offer full FX options. Cambridge Currencies and IFX Payments both offer spot and forward contracts, which cover the majority of corporate hedging needs. For more sophisticated hedging programmes requiring options-based instruments, Moneycorp is the appropriate choice.
If you make large bespoke transfers (£500k and above)
All three firms handle large transfers, but the service experience varies. Cambridge Currencies handles every trade through a specialist regardless of size, which is well-suited to bespoke high-value transfers where the dealer-client conversation drives the execution. Moneycorp routes larger trades through its account managers. IFX Payments combines platform execution with dealer support for trades that need it.
If your priority is operating history and scale
Moneycorp is the longest-established firm in this comparison (1979) with £79 billion in 2024 trading volume and a global footprint. For businesses where multi-decade operating history, banking licences, and global infrastructure are weighted heavily, Moneycorp is the clear choice on those criteria alone.
What to consider when switching from Argentex
Moving from Argentex to a new provider isn’t simply a matter of opening a new account. The special administration process has specific implications for forward contracts, client funds, and ongoing payment arrangements.
- Argentex client funds remain frozen. Safeguarded funds held by Argentex LLP are under the control of the Joint Special Administrators (FRP Advisory). Customers will need to submit claims through the special administration process. Recovery timing and amounts are not yet confirmed.
- Argentex forward contracts cannot transfer. Active forward contracts with Argentex remain legal agreements between you and Argentex LLP, now managed by the JSAs. They cannot be moved to a new broker. If you need a replacement forward contract, it will be priced at current market rates with the new provider.
- Onboarding takes time. All FCA-authorised brokers must complete identity verification, anti-money laundering checks, and corporate account approval before you can transact. Business onboarding typically takes 1-5 working days depending on complexity. Plan ahead if you have time-sensitive payments.
- Mass payment and API setups need rebuilding. If you used Argentex for bulk payments or had an API integration, this will need to be re-established with the new provider. For businesses with material technical setups, this is often the longest part of the transition.
- Verify FCA authorisation directly. Check any broker on the FCA Financial Services Register before opening an account. The three brokers above are all currently authorised at the time of writing (May 2026).
“For businesses moving on from Argentex, the priority is getting an alternative provider onboarded and ready to transact before time-sensitive payments come up,” says Anthony Bull, CEO of Cambridge Currencies. “Argentex’s special administration process will play out on its own timeline, and your funds there are managed by the JSAs. That’s separate from your need to keep moving currency for payroll, supplier payments, hedging, or property completions. The two timelines don’t sync up — so the practical step is to get a new account live now, even if you don’t yet need to use it heavily.”
Speaking to a Cambridge Currencies specialist
If Cambridge Currencies is on your shortlist of Argentex alternatives, the easiest first step is a conversation. We don’t operate an online platform — every account starts with a phone call to discuss your business’s specific FX requirements, payment patterns, and timeline. There is no obligation, and we’ll be straightforward about whether Cambridge Currencies is the best fit for your business or whether IFX Payments or Moneycorp would suit your needs better.
Business onboarding is typically completed within one to two working days. You can request a call or quote to start the process. For more on how the service works in practice, see our guide to how Cambridge Currencies handles international transfers.
The best alternative depends on your business needs. For dedicated specialist service on every trade in the style Argentex was known for, Cambridge Currencies is the closest match. For a multi-currency virtual IBAN platform with mass payment functionality, IFX Payments is the strongest fit. For FX options, banking licences, and a global operating footprint, Moneycorp offers the most established corporate FX infrastructure. All three are FCA-regulated UK currency providers.
No. IFX Payments agreed to acquire Argentex in April 2025 for approximately £3 million, and the deal was approved by Argentex shareholders in June 2025. However, after Argentex LLP entered Special Administration on 21 July 2025, IFX Payments invoked the Insolvency Condition in the scheme document and formally terminated the acquisition on 7 August 2025. IFX Payments did not take on Argentex’s clients, contracts, or client funds. Argentex remains in Special Administration managed by Joint Special Administrators from FRP Advisory.
No. A forward contract is a legal agreement between you and the broker that issued it. Argentex forward contracts remain agreements between you and Argentex LLP, now managed by the Joint Special Administrators. They cannot be transferred to a different broker. If you need a replacement forward contract for the same commercial purpose, you’ll need to enter a new contract with the alternative broker at current market exchange rates.
FCA-authorised brokers typically complete business onboarding within one to five working days. This includes identity verification, beneficial ownership checks, anti-money laundering checks, and account approval. Simpler corporate structures can often complete onboarding within one to two working days. More complex structures — partnerships, trusts, multi-jurisdictional groups — may take longer. If you have time-sensitive transfers, start the onboarding process before you need to transact.
No. The Financial Services Compensation Scheme (FSCS) covers bank deposits up to £85,000 per person per banking group. It does not cover currency brokers regardless of whether the client is a business or individual. UK currency brokers are authorised as Payment Institutions or Electronic Money Institutions, and client funds are protected through safeguarding rules requiring segregated accounts at tier-one banks — not through the FSCS compensation framework.
There is no fixed timeline for the return of safeguarded funds in the Argentex Special Administration. The Joint Special Administrators are working through the reconciliation of customer balances and will report progress to creditors. As a reference point, a comparable PESAR case (Rational FX) took approximately 18 months from administrator appointment to a court-approved distribution plan, with customers expected to recover 7.7p per £ of their claims. The Argentex outcome may differ materially — clients should engage directly with the Joint Special Administrators at the contact details provided by FRP Advisory.
This comparison reflects publicly available information as of May 2026. All three brokers listed are currently FCA-authorised at the time of writing. Cambridge Currencies has no commercial relationship with IFX Payments or Moneycorp and presents this comparison for informational purposes. The information provided is for general guidance only. Businesses should verify regulatory status, fees, and service details directly with any broker before opening an account. Cambridge Currencies operates via FCA-authorised payment partners Currencycloud (FRN 900199) and ScioPay (FRN 927951).
