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Foreign Exchange Platform

Our online foreign exchange platform provides you with live, real time currency exchange rates. It can assist with mitigating market risk and may increase profitability by allowing you trade with greater ease.

Features:
  • Live rate quotes and competitive pricing
  • Access to the platform on any device with an internet connection from Sunday at 5:00pm EST thru to Friday at 5:00pm EST
  • Get real-time results with Spot trading; buy or sell one currency in exchange for another
  • Utilize Forward currency contracts to eliminate currency risk and lock-in profits. Lock in a rate today to buy or sell one currency in exchange for another at a future date.

Benefits:
  • Easy-to-use foreign exchange trading platform - ideal if you conduct multiple large foreign transactions (over $5,000)
  • Limit foreign currency exposure
  • Cost-free settlement (no wires or drafts required)
  • Improve profitability of foreign transactions
  • Receive service and support directly from us! 

Ready to sign up? Contact us! Or email fx@cornerstonecu.com   

Already a user? Sign in here

FAQs

In order to get set up for this service, contact your Advisor. We’ll send you the required documentation and you will then receive a user ID and password to access the online service. Once you’re set up, you can login to https://cfxserviceapp.com/cornerstone. It is a secure platform that will require your username and password.
It will take two business days for the account to be set up once all the required paperwork is completed and submitted.
The different transaction types are explained as follows:
  • Spot transactions – a means to exchange one currency for another. Settlement is the same day for all spot transactions.
  • Forward Contracts – provides protection against future fluctuations in exchange rates by locking in the exchange rate today, and settling funds in the future.
There is no cut-off for booking transactions from Monday to Thursday. Because currency markets close from 5pm EST on Friday to 5pm EST on Sunday, trading is not available during those hours.
For spot transactions, an email notification is generated when the transaction is accepted. Both you and Cornerstone will receive copies of the email and staff at Cornerstone will settle the contract through your account. Transactions booked before 4:00pm will be processed the same day and transactions booked later than 4:00pm will be processed on the next business day. For forward agreements, the funds will transfer at the date specified in the contract (unless alternative arrangements to early settle are made).
The minimum transaction limit is $5,000 per transaction. The maximum limit is based on your individual authorized transaction limit - aggregate trades are allowed up to a maximum of your transaction limit. Your Financial Advisor will provide you with your approved transaction limit.
Please contact your Financial Advisor to request this change.
Unfortunately, because this is a live system, the transaction is booked the second it is accepted. If a transaction has been accepted in error, you can either accept the completed transaction or book an opposing transaction – you will be subject to any foreign exchange gain or loss that occurs. We strongly recommend that a maximum warning limit be set because if too many zeros are entered or accidentally you click to accept, it is a live system, so you will be required to honor any transactions that are booked (even if booked in error).
You can contact your Financial Advisor directly, or by emailing fx@cornerstonecu.com. You can also contact our Contact Centre at 1-855-875-2255.

Ways to Bank


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