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. Meta trader for desk top computer and Meta trader for mobile. There are several versions of this client.
2. The next popular platform for online forex trading is Forex trader.
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.
Currencies tend to trend more and fluctuate less violently unlike stocks which behave pretty much the different way. The reason for this is not hard to understand. Currencies trend depending on the countries. foreign and economic policies which are macro economic in nature and the currency pairs take fairly long enough time to react to any change in policies. Where as stock movements are more or less determined by microeconomic factors and market sentiments.
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.
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