Online forex trading platforms are nothing but small software clients which could be either downloaded to the desktop or online client which doesn't require you to download. These forex trading platforms are secure- if you purchased it from reputed sources- and are seamless in their connectivity speed and operation.
Let's take a look at some of the popular platforms that are available, although each broker has his own custom software which is given to the traders' use.
1. MetaTrader for desk top computer and MetaTrader for mobile. There are several versions of this client.
2. The next popular platform for online forex trading is ForexTrader.
Both the above platforms and several others, whose names didn't figure here, claim that their platforms are stable and secure and feed in real time data apart from providing countless number of analytical tools and with an up time connectivity promise of 99.99%. Well, they almost mean what they say. (This article is not a product review.)
Key Features of Online Forex Trading Platforms
The online trading clients offer a host of features which are truly essential for a trader. Some of them are listed out here.
1. Real time price display for quite a few currency pairs
2. Bundled in charting kit (some advanced versions allow customization) integrated into the main platform for making technical analysis and decision making.
3. Place and execute market orders by filling a simple form
4. Choice of a number of order types. This is useful to execute the strategical orders and minimization of risk.
5. Some platforms provided by reputable and long standing companies give access to their proprietary research reports for your reference.
6. You can maintain an order book and monitor profit & loss, set open position alerts etc.
7. Seamless connectivity to multiple brokerages without clashing complications.
Practice Accounts
Why do you need a practice account in the first place? The straight answer is till you are confident you are insulated from market risks as you play with fake money. Brokers offer free practice account in the hope of winning your trust and eventually a trading account. Many brokers don't extend your practice account once they expired. If you feel you need more practice, you can look around for another broker for a new practice account sign-up.
The online forex trading platform the brokers provide with practice accounts usually expire with the account.
Let's take a look at some of the popular platforms that are available, although each broker has his own custom software which is given to the traders' use.
1. MetaTrader for desk top computer and MetaTrader for mobile. There are several versions of this client.
2. The next popular platform for online forex trading is ForexTrader.
Both the above platforms and several others, whose names didn't figure here, claim that their platforms are stable and secure and feed in real time data apart from providing countless number of analytical tools and with an up time connectivity promise of 99.99%. Well, they almost mean what they say. (This article is not a product review.)
Key Features of Online Forex Trading Platforms
The online trading clients offer a host of features which are truly essential for a trader. Some of them are listed out here.
1. Real time price display for quite a few currency pairs
2. Bundled in charting kit (some advanced versions allow customization) integrated into the main platform for making technical analysis and decision making.
3. Place and execute market orders by filling a simple form
4. Choice of a number of order types. This is useful to execute the strategical orders and minimization of risk.
5. Some platforms provided by reputable and long standing companies give access to their proprietary research reports for your reference.
6. You can maintain an order book and monitor profit & loss, set open position alerts etc.
7. Seamless connectivity to multiple brokerages without clashing complications.
Practice Accounts
Why do you need a practice account in the first place? The straight answer is till you are confident you are insulated from market risks as you play with fake money. Brokers offer free practice account in the hope of winning your trust and eventually a trading account. Many brokers don't extend your practice account once they expired. If you feel you need more practice, you can look around for another broker for a new practice account sign-up.
The online forex trading platform the brokers provide with practice accounts usually expire with the account.
