When we launched the LEOxChange, we said we would run the facility for a period to see how it performed and then undertake a review. We have been open for nearly 11 weeks and activity on the LEOxChange has been growing exponentially. As a result you, our valued Members, have tested out many aspects of the service and submitted your feedback. Thank you for doing that, we have learned a lot. Equally we have been reviewing the internal processes and procedures to see where we need to improve.
There are 3 important changes you need to know about.
Number of member accounts you can hold We are placing a limit on the number of accounts you can hold to one. Everyone who registers on the LEOxChange has to provide proof of identity for reasons of compliance with legislation (KYC and AML regulations principally). This limit should not be a problem for anybody but as we have had requests to open multiple accounts, which we have had to refuse, we thought we should make this rule clear.
Tier 4 withdrawals
The trading facility is working well and we have been delighted with the response our Members have made. We have been extending the facilities for trading, such as adding new currency pairs. One area of feedback to which we are responding is withdrawals. As more members register for Tier 4 it has become clear that the limits on withdrawal are too low. Members are having to make several withdrawal requests to satisfy their business needs. As a result we are responding by raising the daily limits to £2,500, €3,300 and $3,600. The increasing trading activity has meant that we have had to review the service charges for withdrawing payments. These charges have had to be revised, simply to cover the costs of running the exchange. The percentage charged will remain exactly the same, just the minimum has had to be raised. Those who are withdrawing to the maximum daily limit will find that the fees deducted will be the same as they have experienced to date. Full details can be seen on the Fees section of the web site.
Charges As a digital exchange we have to use the banking system to effect payments to and from member accounts. As you know, banks charge for every aspect of the service they provide. We must advise you that when we receive charges that relate to payment transactions you are making through the banking system we will have to pass these on to you. We have updated the Terms and Conditions document which is in the Legal section of the web site. Thank you for your continued support, the LEOxChange is going from strength to strength and we look forward to sharing more exciting news about its development in the next few weeks.