Frequently asked questions
Answers to common questions about our regulation, the clients we work with, onboarding and payments. If your question is not covered here, please contact us.
In shortCCYFX is a Canadian Money Services Business, not a bank. It serves companies, trusts and licensed businesses, uses EUR as its base currency, offers spot foreign exchange only, and requires every client to pass due diligence before transacting.
About CCYFX
Is CCYFX a bank?
No. CCYFX is a Money Services Business. We are not a bank, and funds we hold for payment are not covered by deposit insurance.
Which laws apply to CCYFX?
As a Canadian Money Services Business, we must comply with Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its regulations, and with Canadian sanctions legislation.
Where are you based?
Our head office is at Office 13B, Suite 290, 1275 Venables Street, Vancouver, BC V6A 2E4, Canada. Our Hong Kong sales office looks after client relationships across Asia.
What is your base currency?
EUR. We quote conversions between EUR and other major currencies, and between other currency pairs on request.
Eligibility
Which industries do you work with?
Licensed iGaming businesses, regulated CFD and FX brokers, adult entertainment businesses with age and consent controls, defence and security firms with export authorisations, offshore and holding companies, and import and export businesses.
Do you accept offshore companies and trusts?
Yes. Alongside onshore clients in Canada, the United States, the United Kingdom and the EU, we work with entities from the Cayman Islands, the British Virgin Islands, Nevis, the Cook Islands, the Isle of Man, Malta, Gibraltar and Curaçao, provided that we can identify and verify the beneficial owners.
Do you accept individuals?
Our services are designed for companies, trusts and other entities. We identify individuals as the owners, controllers or signatories of those entities.
Which clients do you not accept?
Sanctioned persons and countries, shell banks, unlicensed businesses in licensed sectors, anonymous structures, and any activity that is illegal where it takes place.
Onboarding
How long does onboarding take?
It depends on your structure and how complete your documents are. After you apply, we send you a document list and an estimated timeline specific to your application.
What documents do I need?
Corporate or trust documents, an ownership chart, identification for directors and beneficial owners, and evidence of source of wealth. Licensed businesses also provide their licences and evidence of sector controls. Our onboarding checklist shows the likely requirements for your structure.
Do documents need to be certified?
Yes. Identity documents and key corporate documents should be certified by a lawyer, notary, accountant or licensed registered agent.
Can my adviser apply on my behalf?
Yes. An adviser or introducer may submit an application with your authority. We carry out our own due diligence in every case.
Payments and pricing
How is pricing set?
Pricing depends on the currency pair, volume and the complexity of your account. We confirm every rate and fee to you in writing before you fund a trade.
Do you offer forward contracts?
No. We provide spot foreign exchange only. We do not offer forwards, options, CFDs or other derivatives.
Can I pay third parties?
Yes, to verified beneficiaries with a documented payment purpose. Funds must come from an account held in the client’s own name.
Do you process consumer or player payments?
No. We support business-to-business payments, treasury conversions and payouts to verified payees.
Tell us about your business
Apply online in about ten minutes. We will reply with the documents your structure requires and an indicative timeline for onboarding.