Cambridge Currencies and TorFX are both UK currency brokers for larger international transfers. TorFX is a long-established, FCA-authorised provider with an online platform, app and dedicated account managers. Cambridge Currencies is a newer specialist that arranges every transfer by phone with a dedicated specialist, operating through its FCA-authorised partners, Currencycloud and ScioPay.
If you are moving a large sum — for a property purchase, emigration, a pension or a business payment — both are built for that job in a way the apps and high-street banks are not. The right choice comes down to how you prefer to deal and what matters most to you: an established name and a digital platform, or a phone-based relationship with one specialist. This guide compares them fairly on regulation, fees, service and risk tools.
Who this comparison is for. UK and international individuals and businesses choosing a currency broker for larger or recurring transfers, who want an honest side-by-side rather than a sales pitch.
Cambridge Currencies vs TorFX: at a glance
| TorFX | Cambridge Currencies | |
|---|---|---|
| Type | Established currency broker | Specialist currency broker |
| Founded | 2004 | 2023 |
| Regulation | FCA-authorised electronic money institution (FRN 900706) | Operates via FCA-authorised partners Currencycloud (FRN 900199) & ScioPay (FRN 927951) |
| Fund protection | Safeguarding (not FSCS) | Safeguarding via FCA-authorised partners (not FSCS) |
| How you transact | Online platform, app and phone; dedicated account manager | By phone, with a dedicated specialist (no self-service booking) |
| Transfer fees | None; margin built into the rate | None; margin built into the rate |
| Risk tools | Forward contracts (to 24 months), limit orders, stop-loss | Forward contracts, limit and stop-loss orders |
| Minimum transfer | £100 online; dealer call above £25,000 | Geared to larger, considered transfers; arranged with a specialist |
| Business FX | Yes | Yes |
| Track record | Excellent Trustpilot rating from 9,000+ reviews | Newer firm; smaller, growing review base |
| Best for | An established name with a digital platform plus an account manager | A phone-based specialist relationship for larger transfers |
Where Cambridge Currencies and TorFX are similar
Both are specialist currency brokers rather than apps or banks, and both are aimed at people moving meaningful sums. Neither charges an upfront transfer fee — each earns a margin built into the exchange rate, which is standard broker practice. Both safeguard client funds under FCA rules rather than relying on the Financial Services Compensation Scheme, and both offer the risk-management tools larger transfers often need: forward contracts to fix a rate ahead of a future payment, plus limit and stop-loss orders. Both also serve businesses as well as private clients.
Where they differ
Regulation and fund protection
TorFX is directly authorised by the Financial Conduct Authority as an electronic money institution, under firm reference number 900706, and safeguards client funds in segregated accounts. Cambridge Currencies takes a different structure: it is not itself FCA-authorised, but executes payments and safeguards funds through its FCA-authorised partners, Currencycloud (FRN 900199) and ScioPay (FRN 927951). In both cases your money is held separately from the firm’s own funds, and in both cases it is protected by safeguarding rather than the FSCS. You can verify any firm or partner on the FCA Financial Services Register, and our guide explains how FCA regulation works in the FX sector.
Service model
This is the clearest difference. TorFX offers a full digital experience — an online platform and app — alongside a dedicated account manager, so you can self-serve smaller transfers and call for larger ones. Its minimum is around £100 online, with transfers above £25,000 arranged by phone with your account manager. Cambridge Currencies is deliberately phone-based: there is no self-service booking screen, and every transfer is handled by one named specialist from quote to settlement. Neither approach is better in the abstract — it depends on whether you prefer the convenience of a platform or a single point of contact.
Track record and reviews
Here TorFX has a clear advantage of scale. Established in 2004 and part of the Currencies Direct group, it processes billions of pounds a year and holds an Excellent Trustpilot rating from more than 9,000 reviews. Cambridge Currencies was founded in 2023, so it is a much newer firm with a smaller, growing review base. If a long, independently verified history is your priority, that weighs towards TorFX; if you want a close working relationship and are comfortable with a newer specialist, Cambridge Currencies is built for that.
Rates and fees
Both brokers work the same way on cost: no upfront fee, with a margin built into the exchange rate. TorFX states its margin is typically modest and narrows on larger amounts; Cambridge Currencies likewise prices keener margins on larger transfers. Because rates move constantly and depend on the size and currency of your transfer, the only reliable comparison is a live quote from each on the day. We would always encourage you to do exactly that rather than rely on a headline claim.
“TorFX is a well-run, long-established broker, and for many people that track record is exactly what they want. Where we differ is focus: we deliberately kept Cambridge Currencies phone-based and specialist-led, so every client deals with one person who knows their transfer. It suits people who would rather talk than tap.”
Anthony Bull, CEO of Cambridge Currencies
Which should you choose?
Consider TorFX if you want a long-established provider with a large, independently verified track record, the flexibility of an online platform and app as well as an account manager, and the reassurance of a big, well-known name.
Consider Cambridge Currencies if you prefer dealing with one dedicated specialist by phone for larger or considered transfers, want forward contracts and limit or stop-loss orders arranged personally, and are comfortable with a newer specialist whose funds are safeguarded through FCA-authorised partners. Many people moving a large sum sensibly open accounts with more than one broker and compare a live quote per transfer; there is no rule that says you must pick only one. For context, see our guidance on large international transfers and whether currency brokers are safe.
Frequently asked questions
Is Cambridge Currencies better than TorFX?
Neither is simply better — they suit different needs. TorFX is long-established with an online platform, app and account managers; Cambridge Currencies offers a phone-based service with a dedicated specialist, aimed at larger or considered transfers. The best choice depends on how you prefer to deal.
Is TorFX FCA regulated?
Yes. TorFX is authorised by the Financial Conduct Authority as an electronic money institution under firm reference number 900706, and safeguards client funds in segregated accounts.
Is Cambridge Currencies FCA regulated?
Cambridge Currencies is a UK currency broker that operates with FCA-authorised partners, Currencycloud (FRN 900199) and ScioPay (FRN 927951). It does not hold client money in its own name; funds are safeguarded by those partners.
Do Cambridge Currencies and TorFX charge fees?
Neither charges an upfront transfer fee. Both earn a margin built into the exchange rate, which is standard for currency brokers. The only reliable way to compare cost is to request a live quote from each for your specific transfer.
Do both offer forward contracts?
Yes. TorFX offers forward contracts of up to 24 months, along with limit orders. Cambridge Currencies also offers forward contracts plus limit and stop-loss orders, arranged with your specialist.
Which is better for large transfers?
Both are built for large transfers. TorFX requires a call with an account manager for amounts above £25,000, while Cambridge Currencies handles large transfers by phone with a dedicated specialist throughout. Compare a live quote from each before deciding.
Is my money safe with either provider?
Both safeguard client funds under FCA rules, keeping your money separate from the firm’s own funds. Neither is covered by the FSCS, as that protects bank deposits. You can confirm authorisation on the FCA Financial Services Register before sending funds.
Can I switch from TorFX to Cambridge Currencies?
Yes. There is nothing stopping you holding accounts with more than one broker and comparing a quote each time you transfer. Knowing what happens if a broker stops trading is also worth understanding before committing funds anywhere.
Compare a live quote with a Cambridge Currencies specialist
The best way to compare any two brokers is on the day, for your actual transfer. Speak to a Cambridge Currencies specialist about your transfer and how a forward contract could fix your rate — every transfer is arranged by phone with a dedicated specialist. Request a quote to get started, then compare it against TorFX and decide for yourself.
Related guides: Wise vs a currency broker for large transfers · Best way to transfer large amounts internationally · How client funds are safeguarded
