According to researchers, the biggest market place on the globe is the Forex market; in fact, many believe that its growth is unstoppable. Leaps in technology and expertise is making it possible for Forex traders from all corners of the globe to access currency data in real-time from the comfort of their trading spaces or homes. Consequently, Forex trading platforms are the hottest trending technology in the marketplace today.
A trading platform is software that acts as a channel for information exchange between a trader and a broker. It provides information such as charts and quotes, and includes a user interface for inputting orders. These platforms allow dealers to trade faster and simpler. A Forex platform is a piece of software that is able to trade currencies automatically and independently in the internet without the involvement of a human being.
It is just as well that such technology exists because it is impossible for anyone to monitor a chart for hours on end without the loss of concentration. New traders should use the free trading platforms available, rather than spend money on a trading platform. In fact, most successful traders started by using the free online training platforms. For example, www.usgfx.com offers a free demo account to people who want to practice trading under real market conditions.
Today, many Forex trading platforms are coming up claiming to be the best. For a newbie, the process of choosing the best one can be nerve–racking. Fortunately, there are certain features to look for when choosing a reliable platform.
Traders should go for software they can use flawlessly without hitches. The Forex market is a 24-hour business; therefore, traders must choose a reliable platform that will monitor the markets continuously. Efficiency is another important factor to consider. If a trader chooses a slow platform, the prices quoted might be wrong; hence, traders should choose software that updates in real–time.
When buying a Forex platform, the issue of safety should be at the top of the list. Traders should always ask the broker for information about the platform's security. Decryption of personal information and trading data by unauthorised people must be impossible. This will ensure that one's money and portfolio stays safe in the event that one is receiving or remitting payments to an online account. Brokers must also provide information and guidance on how to improve their clients' online security. In addition, a good broker will frequently update the backups of stored information.
• Single Click Trading
Traders should choose a fast platform that offers single click trading, which will allow them to take advantage of any price changes. If it is prone to disturbance or is slow and unpredictable, chances are that a trader will miss the vital changes in price that may affect his/her results.
In addition to the features above, traders should choose a platform that is compatible with their trading style, or one that features a built–in alert system to alert them in the event of an important price movement. The list of features to look for is endless; however, it is important to adhere to the guiding principles listed above.