If you have to buy or sell your goods or services in foreign currencies, you know what damage an exchange rate shift can do to you. Especially if there are long gaps between the deal, the delivery and the payment.

Large companies, those in the Footsie 350 say, have online trading systems and get favourable rates from their banks and brokers. Everyone else pays through the nose if they want to protect themselves against unwelcome fluctuations.

Well, no more. A company called 4X Currency Corporation plc has extended its existing 4X Dealer spot trading system to accommodate forward trades. Once enrolled, a customer can execute a trade online in a matter of seconds. Dealing rates are favourable, no commissions have to be paid and global transmission is free.

The amount delivered at the settlement date (up to 12 months ahead) is based on the rate of exchange at the time of the trade. A deposit (usually 10 percent) is required up front and this is refunded on settlement. (It’s there to help protect 4X in the event of a customer reneging on the trade.)

Once registered - you have to supply a letter on company letterhead - you get the access software. It installs fairly quickly and is so unobtrusive that 4X is even considering putting it onto mobile phones. It looks like this:

It’s more visible at full scale, of course.

You might enjoy this YouTube movie of Managing Director, Helen Scott explaining all. Or read her blog post.