Data from Glyde reveals how Forex companies quietly pocket millions from European football transfers.
Liverpool hit hardest with £3.6m in hidden currency costs despite record spending spree.
Premier
League clubs got stung for more than £22 million in hidden foreign exchange
(FX) fees during this summer's transfer window, according to new analysis that
exposes how currency brokers quietly skim millions from European player
deals.
The data
from financial platform Glyde tracked 71 permanent transfers between June 16
and September 1, focusing on moves where English clubs had to convert pounds to
euros to sign players from leagues like the Bundesliga, La Liga and Serie
A. What they found was a systematic pattern of brokers adding hidden
markups that clubs likely never noticed.
Liverpool Leads Premier
League in Hidden FX Transfer Costs
Liverpool
took the biggest hit, losing over £3.6 million to inflated exchange rates after
spending nearly £280 million on players from Germany, Italy and Spain. But
it wasn't just the traditional big six getting burned. Sunderland,
fresh off promotion, ranked second with more than £2.2 million in hidden
costs – a significant chunk for a club without the financial muscle of
Manchester City or Chelsea.
Ellis Taylor, CEO and Co-Founder of Glyde
“Football
transfers are negotiated down to the last detail, but what clubs don't see is
the hidden cost eating away at their budgets when they move money across
borders,” said Ellis Taylor, CEO and Co-Founder of Glyde. “That
is money that should be going into performance on the pitch, not lining
the pockets of brokers.”
The worst
individual transfer for hidden fees was Liverpool's £116 million capture of
Florian Wirtz from Bayer Leverkusen, which cost an extra £1.5 million in FX
markups. Hugo Ekitike's £79 million move from Eintracht Frankfurt to
Liverpool added another £1 million in hidden costs.
The
practice, known as “skimming” in financial circles, works by
brokers adding small percentage markups to exchange rates. A 1.3% fee
might sound trivial, but when applied to a £100 million transfer, it quickly
becomes serious money. The analysis shows brokers consistently added these
hidden costs across deals involving British pounds, which got hit harder
than euro-based transactions.
The top 10
worst-affected clubs collectively lost nearly £17 million, with Arsenal (£1.7
million), Chelsea (£1.6 million) and Tottenham (£1.4 million) all taking
substantial hits. Even smaller spenders like Nottingham Forest and Wolves
lost over £1 million each to currency markups they probably didn't know they
were paying.
Manchester
United's £73.7 million signing of Benjamin Šeško from RB Leipzig generated
£958,000 in hidden fees, while Newcastle's capture of Nick Woltemade from VfB
Stuttgart cost an extra £897,000. These amounts represent money that could have
been invested in squad development or infrastructure instead of disappearing
into broker profits.
The
analysis used Glyde's exchange rate calculator, which has examined
over 3,400 global transactions over three years to identify how brokers
add undisclosed markups. The tool reveals costs that often exceed what
organizations expect to pay for currency conversion services.
Forex Industry Practices
Under Scrutiny
The
Financial Conduct Authority (FCA) has
previously criticized hidden FX markups by traditional brokers as poor
practice, yet the analysis shows the problem persists across different
industries and transaction sizes. Transfers involving British pounds face
average hidden costs of 1.3% compared to 0.9% for euro-based deals, despite the
euro being Europe's most actively traded currency.
With
Premier League spending significantly outpacing other European leagues,
English clubs face particular exposure to these practices. Currency
fluctuations and opaque broker methods compound costs without clubs necessarily
understanding the full impact. For example, the summer 2024 transfer window saw
record Premier League spending exceed £1.7 billion on European players alone.
Premier
League clubs got stung for more than £22 million in hidden foreign exchange
(FX) fees during this summer's transfer window, according to new analysis that
exposes how currency brokers quietly skim millions from European player
deals.
The data
from financial platform Glyde tracked 71 permanent transfers between June 16
and September 1, focusing on moves where English clubs had to convert pounds to
euros to sign players from leagues like the Bundesliga, La Liga and Serie
A. What they found was a systematic pattern of brokers adding hidden
markups that clubs likely never noticed.
Liverpool Leads Premier
League in Hidden FX Transfer Costs
Liverpool
took the biggest hit, losing over £3.6 million to inflated exchange rates after
spending nearly £280 million on players from Germany, Italy and Spain. But
it wasn't just the traditional big six getting burned. Sunderland,
fresh off promotion, ranked second with more than £2.2 million in hidden
costs – a significant chunk for a club without the financial muscle of
Manchester City or Chelsea.
Ellis Taylor, CEO and Co-Founder of Glyde
“Football
transfers are negotiated down to the last detail, but what clubs don't see is
the hidden cost eating away at their budgets when they move money across
borders,” said Ellis Taylor, CEO and Co-Founder of Glyde. “That
is money that should be going into performance on the pitch, not lining
the pockets of brokers.”
The worst
individual transfer for hidden fees was Liverpool's £116 million capture of
Florian Wirtz from Bayer Leverkusen, which cost an extra £1.5 million in FX
markups. Hugo Ekitike's £79 million move from Eintracht Frankfurt to
Liverpool added another £1 million in hidden costs.
The
practice, known as “skimming” in financial circles, works by
brokers adding small percentage markups to exchange rates. A 1.3% fee
might sound trivial, but when applied to a £100 million transfer, it quickly
becomes serious money. The analysis shows brokers consistently added these
hidden costs across deals involving British pounds, which got hit harder
than euro-based transactions.
The top 10
worst-affected clubs collectively lost nearly £17 million, with Arsenal (£1.7
million), Chelsea (£1.6 million) and Tottenham (£1.4 million) all taking
substantial hits. Even smaller spenders like Nottingham Forest and Wolves
lost over £1 million each to currency markups they probably didn't know they
were paying.
Manchester
United's £73.7 million signing of Benjamin Šeško from RB Leipzig generated
£958,000 in hidden fees, while Newcastle's capture of Nick Woltemade from VfB
Stuttgart cost an extra £897,000. These amounts represent money that could have
been invested in squad development or infrastructure instead of disappearing
into broker profits.
The
analysis used Glyde's exchange rate calculator, which has examined
over 3,400 global transactions over three years to identify how brokers
add undisclosed markups. The tool reveals costs that often exceed what
organizations expect to pay for currency conversion services.
Forex Industry Practices
Under Scrutiny
The
Financial Conduct Authority (FCA) has
previously criticized hidden FX markups by traditional brokers as poor
practice, yet the analysis shows the problem persists across different
industries and transaction sizes. Transfers involving British pounds face
average hidden costs of 1.3% compared to 0.9% for euro-based deals, despite the
euro being Europe's most actively traded currency.
With
Premier League spending significantly outpacing other European leagues,
English clubs face particular exposure to these practices. Currency
fluctuations and opaque broker methods compound costs without clubs necessarily
understanding the full impact. For example, the summer 2024 transfer window saw
record Premier League spending exceed £1.7 billion on European players alone.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Retail Trading & Prop Firms in 2025: Five Defining Trends - And One Prediction for 2026
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
