Forex Trading Platforms

If you were looking into forex trading platforms, it means that you are interested in the foreign exchange market for some reason. Whatever it is, the reason is a good one – Forex is a great way to make money. Interestingly enough, even people who do not know what Forex is want to make money out of it. Of course, no normal person would be willing to start trading without any experience. For this reason, many novice traders prefer to get trading platforms, on which they can practice with virtual money.

Forex is the most liquid market in the world, which makes it very attractive for investors. It is active 24/7, with the exchange reaching several trillion dollars on any given trading day. Online brokers are offering a wide variety of trading platforms for different types of users, which they keep improving. If you do not want to take a big risk at the outset, a good option for you would be a Mini Forex account. With it, you can trade with less than 100 dollars. Other platforms come with higher limits and are good for seasoned traders.

You need a number of things before you can work with an online trading platform. The most important component is a high-speed Internet connection. It will reduce the risk of slippage, which can incur losses. If you do not have a good Internet connection, you will just lose money. Forget about trading online.

The second point to consider is the brokerage company you will be working with. This company should be reliable and dependable. They are the ones who will give you a Forex trading platform, which is to be downloaded and installed on your computer. You must be comfortable with the platform and its features. It should provide accurate and up-to-date information and should be stable and secure. The platform should provide updated info on at least sixteen currency pairs, as the main idea of Forex is to trade currencies against one another. You should be equipped with charting tools for carrying out technical analysis. In addition, the trading platform should allow easy and simple execution of orders and should have a special feature recording your trading history.

As a beginner, do not go for Forex platforms that are complex and difficult to understand. Do not familiarize yourself with the platform of choice only in theory – get some hands-on experience.

Examples of trading platforms are eToro, Askobid, Forexyard and Finexo. With the last trading platform, for example, newbie traders get a free demo account with $100,000. The welcome bonus is in the amount of $2,000.

Trading platforms are not intended for individual users only. A number of top international banks have joined forces to create a global trading platform, accessible to banking institutions only. This piece of news has been reported by the Wall Street Journal. Their decision has come as a reaction against that of the hedge funds and other non-bank establishments, which joined to create a platform, to which banks have no access. As a result, banks lost power in the sector, with their Forex trading dropping by 35 percent.