Forex markets (Forex or FX) are worldwide decentralized or over-the-counter (OTC) markets for buying and selling currencies. This market determines the exchange rate for each currency. It covers all aspects of buying, selling and exchanging currencies now or at a fixed price. Trading in forex have huge advantages such as its huge trading volume, it represents the largest asset class in the world leading to high liquidity and its continuous operation i.e. 24 hours a day except for weekends. It also gives an opportunity to use leverage to enhance profit and loss margins and with respect to account size.
If any trader needs to achieve success with inside the foreign exchange marketplace, one vital component that separates them from their buying and selling capabilities is the platform they use to trade. To trade on-line continuously, trader wants a quick buying and selling platform, real-time marketplace data, and superior easy-to-use charting tools. In this case, trader needs to have the best trading platform. There are three types of online trading platforms available:
- Mobile App: As the name suggests, it is a trading platform that can be operate through a Smartphone. The increase in usage of mobile devices worldwide over the years has made this trading platform the leading online trading platform. The main reasons are ease of use, portability and lack of physical barriers.
- Internet based: The browser-based trading platform is a platform accessible from web browsers such as Internet Explorer, Mozilla Firefox, and Google Chrome. This platform is very useful in scenarios where you don’t have access to smartphones and desktops. For example, if you are away from home and do not have a laptop with you, you can access your trading account through a web browser. In general, this type of trading platform was thought to be slightly slower than desktop-based trading platforms.
- Desktop based: This type of platform can be downloaded and installed on a desktop or laptop computer. If you are the type of trader/investor who prefers fast buy/sell orders, this is the best trading platform available worldwide.
Picking a Platform
When choosing a trading platform, traders and investors should consider both the size of the fee and the features available. Day traders and other short-term traders may need features such as level 2 quotes and market maker depth charts to aid in their decision-making, and options traders may need tools specifically designed to visualize options strategies. The fee is another important factor when choosing a trading platform. Traders who use scalping as their trading strategy, for example, target low-fee platforms. In general, low fees are always desirable, but trade-offs can be considered. For example, low fees may not be advantageous if they translate to fewer features and informational research.
Some trading platforms may be independent of specific resellers or brokers, while others may only be used when working with specific resellers or brokers. As a result, investors should also consider the reputation of the broker or broker before moving to a specific trading platform to execute trades and manage their accounts. Finally, trading platforms may have special requirements for their use. For example, day trading platforms require traders to have at least $25,000 in an account and be approved for margin trading, whereas options platforms may require approval to trade various types of options before using their trading platform.
Forex market’s leading trading software
Meta Trader is a very popular platform for Forex traders to trade a variety of assets. It is the gateway between you and the trading market. It provides traders the ability to perform a wide range of trading tasks, including charting and technical analysis, market monitoring, and trade automation using a multifunctional platform.
- MT4: MetaTrader4 (MT4) is by far the most popular platform for retail Forex traders. Over 95% of Forex Brokers offer this platform on their website. One of the most complete trading platforms with many features, indicators and more.
- MT5: MetaTrader 5 is a multi-asset platform suitable for trading in the Forex, Stocks and Futures markets. This platform provides all the necessary tools for financial trading, technical and fundamental analysis, algorithmic and copy trading, as well as development of custom technical indicators and trading robots.
However, with the wide variety of forex brokers, choosing a forex trading platform that suits your needs is not easy. To help you make your decision, whether you are a beginner or a seasoned forex trader, here is the example of best forex brokers in the industry. As one of the largest Forex Brokers in the world, Xtreamforex has a reputation for providing best-in-class trading experiences. They’ve been veterans in space since 2015.
Key features:
- Providing both MT4 & MT5 Trading platforms
- Access to thousands of trading instruments
- Negative balance protection
- Competitive spreads
- World-class customer support
For all Forex traders, it is important to know the factors, risks, and benefits of the entire process, as well as the best Forex broker options on the market. This informative article summarizes everything you need to know about the forex trading platform you should consider, the benefits of it. Therefore, after reading this educational article, you should be in a position to make informed decisions that can be of great benefit.
