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Methodology

How we know the rate your bank
was actually trading at.

Your bank gives you one exchange rate. Built into it is the bank's own mark-up, called the margin. This page takes the two apart.

Where the margin comes from.

Banks trade currencies with each other in the interbank market, the wholesale market where the real price is set. Your company cannot trade there directly, so you buy through a bank. The gap between that real price and the rate your bank gives you is the margin. Illustrative. Daily FX turnover: $9.6tn, BIS Triennial Survey, April 2025.

Seeing more than a quote

You saw a few quotes.
We measure continuously.

The real market price is built from many live sources, not from any single bank. It is a rate you could actually have traded at, not the "mid" (the midpoint between the buy and sell price), which nobody can deal on.

Tradable prices: the rate you could really have dealt at, for your trade size and direction.
Forwards: trades that settle on a future date, standard or not, out to 3-4 years.
Comparing you to peers

How your costs compare to similar companies.

We compare you only to companies genuinely like yours, matched on trade size, currency pair, how far ahead each trade settles, the type of trade, how many banks you use, and where you trade. A ranking appears only when enough similar companies exist to make it fair. Illustrative.
Green · fairAmberRed · overpaying
Hundreds
of companies
Millions
of trades compared
$2tn+
total trade value measured
$75M+
saved for customers

Companies: businesses with trades in our benchmark. Trades compared: individual customer trades checked against the real market price. Total value: the combined US dollar size of those trades. Saved for customers: documented savings across every customer, to date. As of mid-2026, across the Just benchmark network.

The evidence

One trade, taken apart.

Here is exactly how we separate the real market rate from the bank's margin on a single trade.

One tradeillustrative
buy USD / sell SEK · 12-month forward
Spot rate, for delivery now10.5000
Forward points (12-month adjustment)+0.0420
Real market rate your bank could trade at10.5420
Bank's margin, added on top+0.0145
All-in rate you were quoted10.5565
real market ratemargin
13.8 bps
the bank's margin
SEK 1,380 per million traded.
Red zone · vs peers
Measured against the real market rate, never the "mid". One basis point (bp) = 0.01%; here, 13.8 bps = 0.138%.

Every number comes from
records you already have.

For each trade, we take the confirmation your bank already sent you and compare its rate to the real market rate at that exact moment. The difference is the margin.

app.gojust.com / tradesillustrative data

Every row is rebuilt from your own trade confirmation. Margin shown in PPM (parts per million): 1 basis point = 100 PPM. Names are fictional.

FX Global Code · Principles 14 & 36

The FX Global Code is a voluntary standard signed by most major FX banks. It commits them to fair, reasonable mark-ups (Principle 14) and accurate, timestamped records (Principle 36). We never contact your bank; we only read the records you already hold.

How a saving is measured.

For a company trading EUR 300 million of currency a year:

What you actually paid in margin last year, minus what you pay this year, measured on your real trades. No estimates.

A subscription, backed by a guarantee.

Just is a yearly subscription, paid upfront. If the savings we can document in your first year do not exceed what you paid us, the guarantee covers the difference.

Paid by you, never the bank, so our only incentive is your result.
If your banks are already pricing you fairly, confirming it costs you nothing.

Prove your costs are fair.

If they are, it's on us.

30 minutes, on your own trade data, no obligation.