Financial Technology

Financial Technology

October 27, 2016

Trading Forex: The Technology Behind Today's Market

By Special Guest
Veronica Hanks, Senior Business Analyst, Algoworks ,

Many people are looking to the Forex market today, and for good reason. It offers advantages that other markets simply can't. There are no commission fees with this market. Most retail brokers are actually compensated with the bid/ask spread instead. The transaction costs are fairly low, too.

Moreover, the market is open 24 hours a day because you can trade in any currency around the world. Perhaps the best part about this market, though, is the fact that almost any technology in the world helps you get a piece of the action.

One Market, Many Devices

Depending on where you trade, you may have the option to utilize a variety of different devices to trade from., for example, offers access to MetaTrader 4, MetaTrader 5, and a binary trader.

  • MetaTrader 4 is the world's most popular Forex trading tool. It offers traders a huge selection of charting tools and customization options that just aren't available with other software choices. It's even possible to build in your own indicators and strategies to help make it wholly yours. It runs on any Windows system released after XP, and you can typically use it directly from your Web browser without having to download or install additional software.
  • MetaTrader 5 is growing fast, and may soon rival version four for the best in the industry. The added features here are the real attraction. It offers optimization tools that aren't available with four, and you can select entry and exit points with more than 75 tools. It, too, has a built in programming language that allows traders to create something amazing.
  • Binary Traders are very popular, and many companies offer them. Today, there are more than 400 different platforms out there, and most offer fairly simple user interfaces as well as browser compatibility. Binary traders, though, aren't overseen by any regulators, and that's led to a real increase in the accessibility of these platforms. Because of that increase in activity, the chances are good that regulations may appear over the next few years on these platforms. If you do go with a binary trader, you'll likely want to choose one that is within your home country for best results. Before you select one, make certain you've chosen one that is fully secured and encrypted to help protect your funds.

The Forex market is unlike any other choice in the world today. The smartphone you keep in your pocket can typically be used to power your trades on a daily basis, but only if you work with the right company. Think hard about the technology you want to use to trade, and then select a platform that is specifically designed for that. For example, if you want to trade using your iPad, ensure you've selected a platform like MetaTrader that has an iPad interface to help ensure your trades go through as they should.

Technology is nothing short of amazing today. As you begin trading Forex, make sure you choose a platform that uses the technology you love most.

Edited by Alicia Young

blog comments powered by Disqus

FREE eNewsletter

Financial Technology Industry News