Online Platforms For Currency Trading
A Forex Platform is a piece of software that tells a broker of an impending order, and can show a trader information about the currency market. All you need to get going is access to a trading platform. The Forex brokers generally provide their own platform for their clients. All these different Forex trading systems eventually trade in the same Forex market, so the currency trading software can be considered as the medium a user uses for trading in the Forex market.
When trading shares such as General Motors, or McDonalds, or many other companies, usually an investor would go to their stock broker and verbally say something like “Buy 100 shares of GE”. The broker would log onto their platform and enter the trade for them. There are a bunch of different brokers, such as Fidelity, Scottrade, and Merrill Lynch to name a few. Each of these brokers supply their own “trading software” which is web based software for clients, to make trades. Forex trading platforms are easy to use.
The forex market is similar, in that a broker provides a software platform for traders to use, to trade currencies. The thing about forex, compared to stocks, is that the currency markets never close; you can trade day, night, and weekends; and, due in part to the nature of the currency markets, it is easier to implement a trading system connects with the broker platform and automates your trades; or runs on another server, and makes the trades for you, based on some algorithm designed to make money. Forex trading programs do not need sleep!
There are various platforms with various features. Charts, market analyses, trends, tools such as fibonacci and others, are some of the features. Different platforms have different charts and features, and the depth of the same chart can also vary depending on the platform. As an example, Meta Trader has sophisticated charting and analysis tools while eToro offers simpler charts and entry level analysis. This should give you the idea that not all trading platforms are equal. As an example, a beginner in Forex trading can start their trading career through eToro and then step up to a program like MetaTrader after learning a little more about currency trading. Most Forex trade software runs on Metatrader.
And since the world is moving towards smart phones, many platforms allow access via these devices. The usual set of Droid, iPhone, and blackberry are the common platforms for this. Through such mobile interfaces, traders can carry out basic Forex transactions such as buying currencies, selling currencies, and basic technical analysis of the market trends. When selecting a Forex trading platform, you can look at all the various features and costs for the platform and make an informed decision.
Android forex trading app