4X Currency Corporation, the world’s first online currency exchange company, has launched a new facility to offer its customers the opportunity to buy foreign currency up to twelve months before all the money needs to change hands, therefore removing any worries of fluctuations in the volatile currency market.
The new forward trading service will provide small businesses, which trade overseas, an easier way to predict and manage their cash flow more efficiently. The service has been developed as an enhancement of the company’s 4X Dealer platform. The new facility accurately updates the user with currency rates every five seconds.
Helen Scott, managing director of 4X comments: “We have had our developers working on this project for some time and it means that if a business knows in six months that it will be receiving $200,000 from one of its American customers, it doesn’t have to worry about exchange rates anymore. Rather than take a chance on what $200,000 will be worth in six months time the business can decide to sell the dollars forward by six months.
“The business will then know exactly how many pounds it is going to receive for its dollars. It also works the same way if a business knows it has to pay for materials in a foreign currency. A business can buy the currency now on a forward contract and then it knows exactly how many pounds it has to pay, no matter what happens to the exchange rates in that time.”
The future date for the trade is agreed at the time of the forward contract. 4X offers its customers forward contracts of between one week and a year.
Helen adds: “The main benefit of our system is that clients can actually watch the changing rate themselves and when they are happy they click their mouse and that’s the rate they get. Forward rates are actually calculated by taking the current spot rate and applying a premium or discount to it, which is based on the interest rate difference in the two currencies. Customers just need to place a small deposit of 10% when the contract has been agreed and then the remaining 90% is still available to the business as capital to help it grow.”
4X is able to offer competitive rates because it developed the first unique online foreign exchange system (4X Dealer) which provides the end user with live dealing rates, and the ability to complete the currency purchase themselves. It’s free and easy to use and it allows the user to instantly make currency purchases without the need for long, complicated and costly phone calls to banks or other providers.
Notes to editor:
• 4X operates in a unique and price transparent way, providing exchange rates that customers can actually obtain at that particular time, rather than rates that are merely indications based on the bank’s interbank rate
• 4X is a registered overseas money provider with HM Revenue and Customs
• 4X Dealer™ is a registered trademark of 4X Currency Corporation
• 4X Dealer™ can process 2,000 trades per second and transfers can be made to any worldwide bank
• 4X Dealer™ has been designed especially with the business market in mind to enable companies to receive live, up-to-the-minute, market rates so that they select the most favourable ones available before making a transfer.
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