Forex Trading Platforms
Forex trading platforms are the general public’s gateway to the massive foreign exchange universe. When you think that everyday Joe and Sally Smith can trade world currencies at the click of the button, it is really exciting and amazing. And when you realize that you might be buying the same currency that CitiBank, General Motors, or the Swiss government just bought, it almost blows your mind. Forex trading platforms give people like me and you the ability to trade on the same level as these world powers.
But how do you know which software package to choose? Well, in many cases, foreign exchange broker provide their own proprietary platforms that you are required to use if you trade with that broker. For example, GFT uses Dealbook 360, AC Markets uses Advanced Trader, and CMS Forex uses VT Trader. So if you want to use one of these programs to trade with, you have to use the parent broker as well.
What this means is that you shouldn’t just choose a broker based on forex software because you get a lot more than just the platform when you sign up. You need to make sure that the broker itself is regulated, honest, and available when you need them. You also need to try each broker and their software through a demo account. This is the best way to make sure the trading platform gives you everything that you want. There is no charge for signing up with a broker and trying their application, and my suggestion is that you try several before you decide on one.
As I mentioned earlier, many forex brokers use their own proprietary platform, but there are plenty of other brokers that use the most popular forex trading platform – Meta Trader. Meta Trader is used by more currency traders than any other. The reason that Meta Trader is so popular is because of its extreme flexibility. People follow Meta Trader almost religiously and absolutely demand that the broker they trade with support Meta Trader.
So what makes Meta Trader so great? First of all, it is very flexible in that it can trade anything – forex, gold, stocks, etc. This is great for traders that trade multiple markets and don’t want to switch to a different program each time. It is perfect for the foreign exchange because it is simple enough for anyone around the world to use regardless of their technical experience. Just a click of the button buys and sells currencies immediately.
Meta Trader comes with many default indicators, but the best part is that it allows you to create your own indicators and automated trading programs. This means that if you have an idea that Meta Trader doesn’t support, you can write it yourself. With most proprietary platforms, you are limited to what they offer and that is all you get.
With Meta Trader, you can take this flexibility another step further. There are forums and online communities where people share indicators and trading programs that have been profitable for them. You can simply import these into your forex trading platform and use them immediately absolutely free. Contests are also held to see who can write the most profitable forex robot that trades the markets automatically.
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- forex brokers use their own platform