Freemarket is an authorised and regulated API​

Finding a banking provider can be hard when you are a dynamic business operating in what might traditionally be considered a high-risk venture. ​

Freemarket’s specialised knowledge combined with our rigorous compliance and due diligence helps unlock the global banking network. We make it effortless to open multi-currency accounts and send or receive money in over 30 currencies worldwide.​

FreemarketFX Limited is a limited company authorised by the Financial Conduct Authority (FCA) ​

Authorised Payment Institution

FreemarketFX Limited is an Authorised Payment Institution (API), authorised and regulated by the Financial Conduct Authority (FCA reference number is 585093). FreemarketFX Ireland Limited is an Authorised Payment Institution (API), authorised and regulated by the Central Bank of Ireland (Firm No. C456818).​

FCA approved activities

APIs can provide customers with a range of regulated payment services. The activities which APIs can undertake are based on their FCA permissions (which can be found in the FCA’s Financial Services Register.)​

Licensed

​The Central Bank of Ireland granted Freemarket a license as a Payment Institution pursuant to Regulation 18 of the European Union (Payment Services) Regulations 2018 (you can find more here).​

Payment services approved

​Freemarket’s permissions enable it to carry on payment services activities; this includes receiving bank transfers, processing withdrawals and conducting foreign exchange. Our clients can also access working capital and intraday loans, globally.

Safeguarding your money

As a condition of its authorisation as an API by the FCA, Freemarket is required to protect and keep safe its customers’ funds.

Specifically, Freemarket must comply with the Payment Services Regulations 2017 (PSRs).

Freemarket Ireland must comply with the Payment Services Regulations 2018 (PSRs). These regulations stipulate that APIs must have appropriate and well-managed safeguarding arrangements to ensure client funds are not subject to any other claim and that in the event of insolvency, are returned to the client in full, and in a timely and orderly way.​ This is set out in detail within PSRs regulation 23 and​ Chapter 10 of the FCA Approach Document​ (For Freemarket Ireland) within PSRs 2018 Regulation 17.

Freemarket is not a bank; your account with Freemarket is a payment account rather than a bank account. The funds provided to Freemarket for the purposes of making a payment are not eligible for depositor protection via the Financial Services Compensation Scheme (FSCS) and/or the Deposit Guarantee Scheme (DGS).​

Annual audit


Freemarket undertakes an annual audit of its compliance with the PSRs 2017 safeguarding requirements.


The audit must show that Freemarket (i) has an up-to-date safeguarding systems and controls manual, (ii) holds records which demonstrate and explain the rationale behind its safeguarding decisions, and (iii) fully discharges its safeguarding obligations as prescribed by the PSRs. As per our most recent audit in 2025, Freemarket are pleased to say we had 0 findings. ​

MORE INFORMATION ON OUR SAFEGUARDING PROCESSES

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