XE is a famous online provide for foreign exchange services and tools. It is a Canadian company founded by Steven Dengler and Beric Farmer in 1993. Previously XE was providing computer consulting and internet services to corporate clients. The potential of foreign currency market was soon realized by both the founders and an immediate need of an interactive financial solution was identified. As a result research was conducted in order to come out with a solution. A few interactive solutions were demonstrated leveraging on the internet technology that provided online facility for financial services.
In 1995 XE launched the first ever Universal Currency Converter which was dynamic in nature. It soon became popular for XE and became a standard currency converting tool by 1997. The focus of the business was shifted to currency services. The proprietary rate system and the website of XE were enhanced. In order to acquire multiple sources for converting currency rate and automatically detect errors the whole infrastructure of the XE website needed to be adjusted. This was necessary to generate an extremely reliable data feed that was accurate than any other feed. With this massive research and development XE soon became the bona fide currency portal.
With this history XE is most dominant currency tool. Many major corporations acquired the data feed service of XE to have access to currency rate for commercial purposes. Some major accomplishments include:
- XE trading of billions of dollars in currency trades
- Providing 35000 licenses to companies for Universal Currency Converter
- Providing currency data for commercial purposes to over 1000 clients
- Serving over 18 million users for currency services
XE’s global demand provided opportunities to launch more financial solutions for foreign exchange market. These products are fully associated with the currency market. XE currency tools are free to use and include the following:
- Universal Currency Converter
- Credit card charges calculator
- Personal currency assistant
- Travel expense calculator
- Foreign exchange charges calculator
Apart from these XE also provides currency analysis tools including:
- Current & Historical currency rate tables
- Currency charts
- XE currency encyclopedia
- Economic calendar
- Currency rate monitor
- Currency update and news service
The currency applications are also available for downloading on mobile including the iPad, Blackberry, iPhone and Android version. These can help track live rates in a portable manner.
In 2002 XE launched XE Trade Global Payments to send and receive international payments and even buy and sell foreign currency. XE trade proved to be a hassle free way to transfer money at competitive rates for businesses and individuals. Individuals can book transactions online and send the funds to XE for converting. XE delivers these funds through various modes of delivery.
XE trading works for most of the currencies of the world. Some might require providing some additional information for carrying out transactions. This service is available at any time of the day everyday which is making room for potential online trading and more opportunities for traders.
XE also deals with countries that have weak financial laws by communicating deeply with the authorities. In this way XE is set to provide business opportunities for cooperative financial institution like the high end economies. As the transactions take place XE offers reporting features so that individuals can track the status of their transactions online until it is complete.
XE is still continuing to provide an efficient currency service which is global in nature contributing to the global commerce environment. It is the hub for many financial experts and provides the latest details of the happenings in financial market. Using the XE tools the investors and traders can plan out their strategies for Forex trade. With the global presence of the company XE is also participating in improving quality of life by providing funds to organizations working for human development.
It is surely the world’s most popular foreign exchange service provider and with the consistency of the quality service XE is paving ways to enter into the untapped markets of the world aiming to become leaders in the global Forex industry.