Forex Trading Platforms
Forex trading platforms are a place where you can sell and buy currency. This can also be called the forex-trading station. All forex trading financial companies, banks, traders and brokers will provide their own trading hub.
These forex trading platforms or currency trading hubs use sophisticated software's, which can perform various kinds of technical analysis. Some may also provide for fundamental analysis, but they all generate data, which is numeric and provides statistical base such as graphs, pies, regression data etc.
In most cases the forex trading platform stations have real time streaming ticker line. This ticker line is being constantly updated and gives the buy / sell currency rate of major currencies in pairs.
Forex dealers or traders also maintain fixed spreads on major currencies across the world, which are constant irrespective of the changing financial markets. Most of the trading stations will provide the following Real time streaming of the major currencies in pairs
1) Pricing which is competitive
2) Fixed spreads in 3-5 pips for major pairs
3) Certainty of price for the currencies in buy and sell position
Another factor in the forex trade is that the more creditworthiness an institution or a forex trader has (the more money in a trading account), the better access they have to market information and competitive pricing.
They would have better access to interbank prices and therefore the cost of the execution for the trade in currencies would be better. In most cases the following forex trading platform software's will provide;
Real time streaming currency pair rates, one can click the suitable boxes provided to confirm the buy (purchase) or sell (sale) of the desired currencies.
They allow the linkage to currency margin account, which means that you can have more purchasing power with less of an investment.
Immediate confirmation of the sell (sale) and buy (purchase) of the currencies. The cost would be debited to your account. This is done almost simultaneously and in real time.
These forex trading platforms will also show you the real time profit / losses that you have made in the currency transactions.
There are options provided whereby one can also limit (take profit) or stop (limit a loss) the open orders. These can also be cancelled or modified at a later stage in these forex trades.
Reports on all forex and currency transactions can also be generated. These reports can be in the form of daily, weekly and or monthly reports. One can print these records or download them for later.
A Trader/Investor must make sure that when they subscribe to these forex trading platforms, that they read the terms and conditions as many trades may be subject to regulations, and the agreement that may be drawn between the client and the websites / currency trading companies.
There are many combinations and permutations, which are possible. Depending upon forex trading packages that each forex trader or financial company may provide, the forex trading platform stations may differ in features provided.