With the ever-growing popularity of currency trading from home there is a corresponding growth in the number of currency trading platforms which one can take advantage of.
Clearly there are a number of key factors to take into consideration such as stability i.e. maintaining a 100% connection with your data feed, information i.e. up to date and relevant news feeds on factors which could affect your currency movements and tools i.e. basic charts and applications which will prove the basis on which you will enter and exit the market.
What Do They Come Wish?
Most platforms will come with software that will cover a whole host of indicators such as moving averages, Bollinger bands and the ever popular Fibonacci sequence. In fact it’s quite likely that there will be too many indicators and information for you, but then again you can never have too much information and can always grow into the platform over time!
Another main factor will be the commissions that the currency trading platform will charge for using their service, which will likely be based upon a percentage of the bid/ask spread. Other factors which you may want to take into account will be the minimum deposit amounts required for meeting margins and the availablity of currency pairings that the platform will allow you to trade in.
It can also be quite useful if you are an amateur to currency trading, to have a practice of trading account which will provide all of the benefits and resources for you to test drive, but also allow you to use play money while you are getting to grips with all the new tools and information available to you
Alternatively you could sign up to a few different brokers software and utilise their free trial periods in order to make an informed decision as to which currency trading platform would be best for your needs.
It is often quite needed to forget the leaps and bounds made in modern computer technology in the last few years. The fact that anyone can now sit at home and login to an incredibly advanced currency trading platform and immediately start placing potentially money making trades is really quite amazing.
It was not that long ago that a trader would have telephoned his broker and give specific instructions on a trade before the actual order was placed, in which case the price would almost definitely have moved either for or against him.