Atriax in forex trade launch

Currently, there are around 12million in issue. The number of Bitcoins that can be found in the �mines� is designed to tail off over time, so the total number will be limited to 21million.
The fear is that Bitcoin will turn out to be a 21st century version of a long line of delusions, with a few who got in at the bottom making a fortune and many more losing their shirt, as with the original Gold Rush, Tulip Mania and countless others littered through history.

And for people who think they can read currency market movements, pre-paid cards also allow you to buy your currency early if you expect sterling to weaken. Those visiting India should definitely consider the ICICI bank rupee card (see above).




But travellers taking money out at High Street bureaux de change will be lucky to get more than �1.22 to the pound. It is currently trading at �1.268 and appears to be on the up as the eurozone crisis drags on and interest rates come down on the continent.

However, as the system has bedded in, banks have applied different limits to how much customers can pay in this way. Some, such as Santander, allow transfers up to �100,000. Others, such as Clydesdale and Yorkshire, apply limits of just �5,000.

If we had Bitcoins instead of sterling, there would be no Bank of England and no QE - and even the harshest critics concede the recession would have been far worse without the first bout of money printing in 2009.


Earlier the index dipped into negative territory in a nervous start to the week that wasn't even swayed by figures showing a rebound in production from factories in the eurozone.
Brenda Kelly, senior market strategist at IG, added that the continuing division between Democrats and Republicans was leading to a move to defensive stocks such as those involved in staple foods and utilities.
Output is still labouring well behind its pre-crisis peak. Germany's DAX and France's CAC 40 both slipped into the red. nGLOBAL MARKETS: Track the latest trends here
There was scant progress over the weekend, despite efforts at finding a compromise involving President Barack Obama and his Republican opponents. London stocks are little changed, up just 6.8 points at 6,494, as traders spend another day waiting for US politicians to hash out a deal to stop a debt default.

MICHAEL PAGE: The recruitment consultancy expects full year operating profit to be around �68million after a robust third quarter perfomance, although it expects the fourth quarter to be a challenging one.

Bill says: �Although port is very much a part of British history, people here don�t know about it any more. Dot and I have tasted more than 400 ports, but in a British supermarket you�d be lucky to find four.�

It could also be tricky to maintain them as a second account. nSome credit cards are better than others but there is one that stands out, so if you are going to get one, get the following specialist holiday card... The current accounts offered by Norwich & Peterborough and Metro Bank are best for overseas usage, charging no loading and no fees, but it�s probably not worth switching to them unless you are a very frequent traveller or fed up with your current provider. Consider getting a Halifax Clarity Card
You get a near-perfect exchange rate and are charged no fees with this card, making it the cheapest way to spend abroad - as long as you pay your bill in full at the end of the month to avoid interest charges.

But the Bitcoin �exchange rate� has risen to dizzying heights in recent weeks, breaking through the thousand-dollar barrier last month - despite the fact the crypto-currency is not legal tender, and is accepted by very few mainstream retailers and businesses.

The pound is 18.9 per cent up gainst the Polish zloty, 16.9 per cent against the Romanian New leu, 15.8 per cent versus the Czech koruna and 11.8 per cent against the Croatian kuna, Moneycorp said.
'The last year has been full of financial turmoil,' he says, 'which pretty much explains why sterling has found some easy gains against the European currencies.
This largely because eastern European currencies are risky, according to Richard Driver at CaxtonFX.

Still, if travellers pay off their balance promptly, this will work out cheaper than withdrawals with most debit cards. Unfortunately it is not permitted to preload the card with a credit balance for this purpose. The Clarity card also has no fees for ATM withdrawals, but interest will be charged immediately at the card�s standard rate of 12.9 per cent.

The downside is that it gives markets more time to worry and politicians more time to waste.'
Ishaq Siddiqi of ETX Capital said: 'Lawmakers in the US on Sunday battled again to hammer out a fiscal deal but to no avail - Republicans and Democrats remain divided on a number of issues.
'The upside from this is that it buys the US and markets a little more time. The Treasury has been doing so for a while now to ensure debt interest is prioritised. 'While this is a worrying prospect, we are not of the opinion that debt ceiling day equates to default day.
'With three days to go before the US Treasury technically runs out of cash to pay the bills, traders are now fearing the worst-case default scenario being played out. Although many dismiss it as unlikely with hopes that US lawmakers will strike an 11th hour deal, traders are showing reluctance to take risk as we head into the deadline on the 17th of October. There is likely room for some more juggling of payments.
However language coming from the White House was uncompromising, saying the president 'will not pay ransom' for legislators taking steps to pass bills on government spending and the government's borrowing limits. nGLOBAL MARKETS: Track the latest trends here Washington crisis: US government remains partially shut down and faces a first-ever default if it doesn't reach a deal by October 17
Meanwhile in New York, the Dow Jones Industrial Average was 0.5 per cent down in early trading though the losses were later narrowed after the announcement of talks between Barack Obama and congressional leaders spurred hopes of a breakthrough.

The second story has a more sinister ring. An operation called Sheep Marketplace on the �dark net� - a parallel online universe where users are anonymous, allowing drug dealers and other criminals to ply their trade - was shut down after more than �3m of Bitcoins were stolen.

nLatest foreign exchange rates (thisismoney.co.uk) If the business fails, the cash could be lost. The danger of not separating funds is that businesses could spend clients' cash, or circulate it, like a pyramid scam.

Travel agent Thomas Cook is building up a strong position in the corporate foreign exchange ahead of what it sees as a $1.3 trillion market in Internet trade within the next five years, 10 times bigger than today.

Effectively, this means that if Caxton went bust, the money would be protected.' 'I phoned Caxton and it explained the process, in particular that while the money was in its control it would be in a separate account.

This is Money rounds up the best ways to get your currency before you go abroad and where you get can get the most for your sterling.
Best deal: To get the best deal for currency, ordering online for collection or a pre-paid credit card is your best option

The world�s biggest experiment to date in creating a new currency, the euro, is buckling under the strain and many fear quantitative easing is debauching mainstream currencies and storing up inflation. Bitcoin was launched at a time when the crisis had shaken trust in the conventional financial system as never before.

Alternative currencies are not new. Second Life, a virtual reality world, has its currency, the Linden dollar, and in the real world, towns and cities have their own money, including the �Brixton pound� that can be exchanged for goods and services in that part of South London.

There are also concerns that the anonymity of Bitcoin will attract international money launderers, drug barons and other criminal users, though it must be said that big global banks, including HSBC, have been awash with dirty money for years.

Money for nothing: Unofficial Bitcoins created by a collector in the United States. The currency is not recognised by the UK Government
To its advocates, Bitcoin is a currency for an era of online trading without global borders, and one mercifully free of fee-gouging bankers, manipulative forex dealers, politicians and even central banks. To critics, however, it is a bubble waiting to burst.

It�s quick and easy.�
A cheque remains by far the slowest means of moving money. Bill, who with Dot is an enthusiastic ballroom dancer, says of Caxton�s service: �Once you�ve set the payments up the system stores details such as the supplier�s account details and your own debit card. If the day that a bank receives a cheque is thought of as day zero (say a Monday), then by day two (Wednesday) the bank must start paying interest, and by day four (Friday) you will be able to draw the money. Since 2008 the �2-4-6� rule has applied. nBut only on day six (the following Tuesday) can you be certain the money is yours, with no chance of it being reclaimed by the bank without your consent.

The FTSE 100 has crept up 4.4 points to 6,491.6 but traders remain wary after the apparent lack of progress on talks to prevent a US debt default over the weekend.
Speciality chemicals firm Johnson Matthey set the pace in the FTSE 100 Index, up 4 per cent or 121p to 2942p after an upgrade from JP Morgan Cazenove.
Banks were among stocks under pressure, with Royal Bank of Scotland off 9p to 367.9p and Lloyds Banking Group down 0.9p to 75.1p. This was after a ratings downgrade on RBS from Bank of America Merrill Lynch.

LLOYDS: The chief executive of Lloyds Bank has warned that the government's 'Help to Buy' mortgage scheme will risk creating a dangerous bubble in property prices unless steps are taken to boost the supply of new housing and free up planning restrictions, The Financial Times reported.

'Now because of an arbitrary figure the US politicians may have caused the main holders of Treasuries to rethink this basic belief. After all if you are the Chinese government you may now be asking yourself exactly what options you would have in the event of the US not paying you back in full.

In practice, most banks bettered this with a new system called Faster Payments - where money moves within two hours. From the start of 2012, new rules meant that standing orders, and payments made by phone or online, had to be completed by the following day at the latest.It does not protect customers by, for instance, ensuring funds are banked separately. Until then, money could be at risk. Although regulation is tightening, it will be two years before firms offering to move large sums across borders must be FSA-authorised. But this regulation exists only to deter money-laundering.


What will actually happen if the US defaults, and what does it mean for UK investors, savers, borrowers, and people approaching retirement?
Why is the biggest economy in the world on the brink of financial catastrophe? Read a This Is Money guide to the US budget wars. Read his take on the crisis here.
Among them was Associated British Foods, the Primark owner with a diverse portfolio that also includes a major sugar business. WHY IS THE US HEADING FOR DEFAULT AND WHAT WILL BE THE FALLOUT?The idea that we could be only days away from such an unmitigated disaster as a US debt default is frightening, writes Daily Mail City Editor Alex Brummer. Shares were up 38.5p to 1949.5p. Read a rundown by financial expert Mark Dampier of Hargreaves Lansdown. Water giant Severn Trent rose 15.5p to 1801.5p.
Mike van Dulken of Accendo Markets said: 'Another weekend and another disappointment from US politicians as they force markets to position themselves for a meeting with the debt ceiling.

At that point, Lynn could wait to transfer the money into sterling and Caxton would quote a 'spot rate', changing in line with the currencies. When she was in France recently she instructed Credit Agricole to pay the money - still denominated in euros - into the Caxton account. It arrived there on Wednesday. Caxton opened an account for Lynn, following procedures similar to opening a bank current account, several weeks ago.

The pound has fallen several cents against the euro over the last week and looks set to fall through the �1.10 barrier - levels that have not been seen since early last year. nAt the beginning of 2007 you would have got nearer the �1.50 for your pound, so travellers are now looking to save as much as possible when buying their foreign currency.
To get the most out of your holiday cash, don't leave it until the last minute to snap up currency at the airport, as you will get the poorest rates.

17.20 (close): Markets have been treading water after the apparent lack of progress on weekend talks to extend the US debt ceiling.
The FTSE 100 Index was up 20.5 points to 6507.6 while France's Cac 40 and Germany's Dax ended marginally down.
But as Thursday's deadline edged nearer with no agreement between warring politicians in sight, the potential catastrophe failed to spark major sell-offs with investors betting a last-minute deal was likely to be reached.

BEST FOR INDIA: THE ICICI RUPEE CARD This card allows you to load up with rupees before travel and withdraw fee-free from any ICICI cash machine in India. Even withdrawals from other ATMs incur only a small fee.

In one sense Bitcoin is no different from other modern currencies, which are �fiat money�, not backed by any physical store of value such as gold, but dependent on retaining the trust of users. But in a Bitcoin universe, anonymous and unaccountable software developers have usurped the role of the central bank.

By contrast, only about three million CHAPS payments are made each month, though they are for far bigger amounts.
The quick and easy way to pay in euros for our port A good year: Foreign exchange is key to Bill and Dot Penn's business
Retired hospital pathologist Bill Penn and his wife, Dot, are turning their hobby into a successful business.

Consider a pre-paid card
For dollars and euros, pre-paid cards - which you load with currency before travelling then use as a debit card abroad - mean you don�t have to carry around large amounts of cash.


The two-day performance means 690,000 ordinary investors who have each bought around �750-worth of stock have gained around �315 each.
But the main focus remains the countdown to a first-ever debt default by the US unless its politicians settle their differences and raise the country's borrowing limit. Investors were also focused on the performance of Royal Mail shares on their second day of conditional dealings. The stock, which was priced at 330p by the government and surged by more than a third to 455p on Friday, lifted another 3 per cent to 469p.

Now the couple, in their late 50s, have established db importo, a business shipping specialist ports from small producers to Britain, where they hope more drinkers will share their enthusiasm for a wider choice.

'They are particularly exposed to European debt and falls in equities.'
When put together with the low local cost of living in many areas of eastern Europe, the pound's strength could make for an extraordinarily cheap trip.
Those willing to pay for a long-haul flight will find even greater gains in Brazil (see table below), where the pound is 23 per cent higher against the real than last year, and in South Africa, where sterling buys 18.4 per cent more rand.The first is that the Royal Mint is holding talks with the Channel Island of Alderney over producing the first physical Bitcoin, a move that would appear to lend an air of official acceptance to the currency, which is not recognised by the UK Government.

�Exchanging soggy bits of paper and dirty bits of metal has already been replaced by electronic cash, credit cards and contactless payments. nMy Bitcoins have rocketed from �10 to �100 in four months, is it time to take this cryptocurrency seriously? It is a currency designed for today.� More...


There are a number of ways to make sure you get as good a return as possible when spending your sterling. Travellers� annoyance at getting bad deals on foreign currency and overseas card charges tends to rise as the pound�s exchange rate falls.
With sterling on the slide this year against the euro, dollar and a host of other currencies, British holidaymakers will be looking for ways to maximise the spending power of their holiday pounds - especially with finances tight at home.

nSafe: Lynn and David's Brittany house The sum was part of the money from the sale of their holiday home outside Retiers in August. They received just under �1 for every euro. Last week, Lynn and David Taylor switched 44,000 euros from their Credit Agricole account in Retiers, Brittany, to sterling in their NatWest account in East Grinstead, West Sussex. Lynn, 56, oversaw the transaction using Caxton FX.

Debenhams said this is because it would require customer's to register - a business model that has previously not worked for them. nThere is no minimum amount that can be changed back and loaded onto a card - but customers can only exchange currency in note form. As an industry wide rule gift cards are not protected.

Ninety% of the new market is likely to be business-to-business, said Cook, which is regarded in the City as a strong float proposition. nCook, which is co-owned by the German travel company Preussag, Westdeutsche Landesbank and US hospitality group Carlson, is pushing forward with Virtual Trading Desk, an online ordering system which allows companies to order foreign currencies for regular business needs.

At Yorkshire and Clydesdale banks, which belong to the same group, where the limits for Faster Payments are the lowest among current account providers at just �5,000 each day per customer, a spokeswoman said:

Thus the longer term damage to the US could already have been done. them all is the belief that they will be repaid fully and on time. 'Whilst a default will probably be avoided, the fact that it has been talked about at all might have introduced a concern in the minds of large holders of Treasuries that previously did not exist. There are many reasons why investors hold Treasuries but under...

nIn terms of market share, Google is still well ahead of rivals. Net profit was $1.31bn (�658.5m) on revenue of $3.70bn, well ahead of consensus forecasts of $3.59bn. It says favourable exchange rates pushed revenue $202m higher. Even without the forex effect, Google would have beaten forecasts. It captured 63% of internet queries worldwide in February, up from 62% in December, and accounted for 60% of US searches in March.

Both can claim to be regulated, but with the first sort the regulation barely extends to beyond checking that the firm actually exists. nThe crucial safety mechanism that you need to know is in place - and which wasn't with Crown - is that your money will be held in a separate client account, not put into a general business account. Segregated accounts are stipulated under the 'authorised' level of regulation.


The FTSE 100 closed up 56.70 points at 6,487.19 on Friday, building on a 1.5 percent jump the previous session and hitting its highest levels since the start of this month. The US also needs a budget deal to end a government shutdown, but this is regarded as a minor domestic matter compared to a default which would disrupt the world financial system and possibly trigger a new recession.


To be on the safe side, it is advisable to use a credit card on purchases over �100 and under �30,000 so you are covered by the Section 75 of the Consumer Credit Act. They offered very high rates on currency which raised eyebrows at the time: if a deal looks too good to be true, it most probably is. Although it was something of a one-off in the way it took orders for currency, the Crown Currency collapse last year highlighted some dangers in paying in advance for forex.

No large business has yet failed in this sector, but with transactions trailing off as fewer people buy property-abroad, smaller firms are feelingthe pinch, and industry observers fear the less scrupulous might dip into clients' cash to make ends meet.

The banks are applying different limits and charges to a range of transfer options and some are still taking days. ore than a year since a radical overhaul was supposed to cut the time and cost of moving money from your bank account, the system is as confusing as ever.nWhatever hedges the company made against this eventuality appear to have been insufficient and as clients' cash did not go into a separate ringfenced account, it seems those funds might have been used to keep the company afloat in the last few months. CCE took orders for up to a year in advance 'at todays prices', meaning that it risked selling currency at rates that could be crushingly expensive to the firm by the time it came to honour the order.

If a customer was to sell back �100 on to a Debenhams Buyback Giftcard they would get �78.37 - based on a currency buyback exchange rate of 1.276 - and then receive an extra 10 per cent on top, adding up to �86.21.


To get the card for free and to use for euros, you'll need to upload at least �60 worth of credit onto the card. Pre-paid travel card
Pre-paid travel cars offer a much better exchange rate than traditional bureaux de change on the High Street.
Get your FREE FairFX card here
At present, a �200 load will give you �217.50 - slightly less than the best deal on collection in London. They also offer a dollar card with a minimum load of $75 to get the card free and an anywhere card, which requires a �50 load.
The rate is fixed when you load money onto the card, so you know what you are spending every time you use it abroad
Unlike most credit and debit cards there is no foreign currency exchange rate fee and no till charge when paying in shops and restaurants
This is Money has an exclusive offer with pre-paid provider FairFX where you can get one of their Mastercards, which usually cost �9.99, for free.

Hargreaves Lansdown, the FSA-authorised stockbroker based in Bristol, offers forex services alongside its investment business. You could do a transaction where for a period a company controls �200,000 of your money, yet that firm is not FSA-authorised.' Its currency expert, Paul Dimambro, says: 'It remains worrying that regulation is so light in this area.

nThought you'd get free care if you fell sick in Spain? nA customer with $100 would get �60.79 based on a buyback exchange rate of 1.645, plus 10 per cent - a total of �66.87. It comes with a few catches, as money must be spent in-store or online. Britons held hostage by foreign hospitals Holiday blues: Debenhams has launched a gift card that gives customer's 10 per cent back on leftover currency exchanges.

However, they do charge a �2.50 postage fee for any amount up to �300. Online FX also have good rates. Ordering online for delivery
A company called Travel Budget will give you �213.02 for �200.

nWhile the domestic ad take is down, international expansion and a lower dollar have taken up the slack. For the first time most of its profits came from outside the US. Google stock slid 35% this year with fears that the economic slowdown in the US will take its toll on advertising revenue.

Regulation of foreign exchange firms falls to the Financial Services Authority, which distinguishes between smaller firms, known as 'registered payments institutions', and 'authorised payments institutions' - typically bigger ones.

nDitch your current account provider and switch to one of the best If you want to move bigger sums than your bank�s limit, you either have to make multiple Faster Payments (although some banks apply a daily total cap to limit these) or use a system known as CHAPS and pay a fee of �20 to �30.

nSpanish banks are in focus after sources said the lenders are considering ways to boost their capital amid fears the eurozone's imminent review of their balance sheets will force them to set aside even more cash for potential losses on loans. New China data is also rattling investors today as figures showed its export growth fizzled in September and posted a surprise fall. nStocks to watch today include:FINANCIALS: A court will this week consider two cases - one brought against Barclays - on whether attempted manipulation of the benchmark interest rate Libor can invalidate loans and other deals or show that banks mis-sold products that were based upon the rate. Meanwhile, inflation hit a seven-month high, limiting the scope for the country's central bank to manoeuvre to support the economy.

FairFX offers a slightly better rate at �1.133 but you will be charged for ATM withdrawals. ICE�s new Travellers Cash Card is completely fee-free, and is offering �1.128 today against the market rate of �1.158. Rates are good but not outstanding and some carry charges.


Faster Payments is increasingly popular. More than 14 million payments - worth �6 billion - were processed on Easter weekend alone. CHAPS - the Clearing House Automated Payment System - enables same-day transfers. However, customers must instruct their banks by the daily deadline, typically 1pm or 2pm, otherwise the transfer of funds will be completed only on the following day. As the end of the tax year on April 5 drew near, volumes of payments made this way reached a new high. About one billion payments are expected to be processed this way during 2013, according to the Payments Council, the organisation that oversees most payment processes.nFor accuracy of comparison, we obtained quotes within a 15-minute period on the same day. The Post Office's quote was �43,289. Financial Mail phoned several High Street banks and specialist forex dealers, including the Post Office's new service, to obtain allin costs in sterling to make a 50,000 euro payment. The most expensive was Lloyds TSB at �43,761 and the cheapest was World First's �43,066 - a difference of �695 or just under two per cent. Trust: Louise Johnstone uses the Post Office forex service to pay the mortgage on her Turkish apartment
The market for such transactions has become more competitive in the past decade as foreign home ownership has increased. But large price differences remain.

Another FSA-authorised firm is World First, of Battersea, south-west London. Director Jonathan Quin says: 'Before using any forex business to make a large transaction, demand to see confirmation from its bank that client monies are held in separate accounts and ask the firm for a copy of its own accounts as well.'

Rupert Lee-Browne of Caxton FX in Victoria, central London, one of the few specialist forex firms to be authorised, says: 'The real issue is whether clients' money is held in separate accounts from the business's own money. Unless a business is FSA-authorised-there can be no certainty that your money is being held in a segregated account.'

As financial insecurity over the eurozone crisis deepens, the U.S. Carnival cash: Travellers will get 23% more Brazilian reals to the pound than this time last year
But the pound is not faring well against all major currencies. dollar is becoming once more a safe-haven currency: sterling has fallen from $1.62 a year ago to $1.545 currently. It is also well down on the Japanese yen over the last year, by more than 5 per cent.

nWellesley admitted today that IFX's trading performance in foreign exchanges, still its major business, had fallen below expectations in the third quarter and would result in a second-half results 'substantially below market expectations'. Football pools business Zetters has been burned in the foreign exchange markets, substantially damaging its performance in the second half of the year.
Its shares plunged 51p to 134p on the news. nZetters staked its future on online gambling and global trading last year when it bought specialist currency and shares market maker IFX for �20.4m, installing IFX boss Graham Wellesley as chief executive.

This is standard practice - proper companies will readily comply. nFirst, ask whether client money is kept in a segregated bank account and ask for a letter from the bank operating the account as proof. nBut how do you choose a reliable and safe one? You could use a High Street bank to move your money, but if you do, expect to pay an uncompetitive rate that is likely to net you two per cent less than a specialist, standalone forex provider.

The buyback rates offered by Debenhams are possibly not as good as consumers might get from other High Street forex bureaux but the 10 per cent bonus - and the fact that small amounts of forex can be cashed back - will probably make up for this.


'Most of us have different currencies sat in jars and drawers that we�ve completely forgotten about. And if you change it back with Debenhams, you�ll get an extra ten per cent to spend in store. nGIFT CARDS ARE NOT PROTECTED
If you were to misplace your gift card, or in the worst possible scenario, Debenhams was to experience financial trouble, then you would lose any money loaded on the card. Head of Debenhams Personal Finance, Mike Hazell, said: 'There is a huge amount of foreign currency lying around in UK homes just waiting to be turned back into spendable, British money.

You will pay the balance only on the day the money is changed. Second, visit fsa.gov.uk and check in the company register to see that the firm is 'authorised' by the FSA. nThird, if you really want to sleep easily, ask for a copy of the firm's latest accounts to see that it is making a reasonable level of profit. A reputable firm will typically seek a ten per cent deposit to book a large forex transaction six months in advance. nNever lodge large sums with a company over long periods, even if you are ordering currency months in advance.

Be careful using your current debit and credit cards
The chances are your debit and credit cards will suffer from both fees charged on each withdrawal or transaction and a loaded exchange rate.

That is because under the current set-up, accounts are not protected by the UK depositor protection scheme but by the Irish equivalent as Bank of Ireland operates the accounts. The Post Office's savings business suffered recently as consumers worried about the safety of their money.

Together they provide finance deals in four areas - travel insurance and foreign exchange; lending via credit cards, loans and mortgages; insurance; and savings accounts. What we need to do is find new ways to encourage greater use of the branches to give them genuine financial viability.'
Waldron says: 'It's all very well to say let's keep post offices open, when they are not being used. But that's nostalgic.

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