FX trading is a virtually 24×7 market and fx trading platforms have to be able to handle the work load. At almost any time of the day there is a currency market open for trading. This constant trading window makes for some very attractive profit opportunities (particularly when market opening times overlap) but it does place a heavy strain on traders.
After all, no matter how dedicated a forex trader you are, you can’t be glued to a computer screen 24 hours a day. Your FX trading platforms need to be reliable, fast and able to handle preset entry and exit points for when you’re not around to do this manually.
FX trading platforms come in a variety of shapes and sizes. Some on-line brokers have developed their own proprietary fx trading platforms. The relative merits of these are difficult to judge as there is no set group of functions to measure. Some proprietary fx trading platforms have more features than others. They all try to perform a similar set of functions, but as these are not open platforms, without actually opening accounts with the brokers it’s difficult to judge these platforms objectively.
Factor in the relatively small user base of these proprietary fx trading platforms and the fact that if you did happen to move to a different broker with a different platform, you would have to learn the features of a new forex platform. Not the best possible scenario.
I’ll concentrate more on fx trading platforms which could easily be termed cross-broker. These forex platforms are used by a large number of brokers, have very large support resources and for most of these, independent trader communities exist on-line. It’s much easier finding a solution to a problem or even just some tips and tricks with these fx trading platforms rather then proprietary software.
Proprietary FX Trading Platforms
One of the most popular fx trading platforms is the MetaTrader series of applications. MT, as it is usually referred to, was developed by the MetaQuotes company. MT4 is currently the platform of choice for a very large numbers of traders in forex, futures and CFDs. Some of the main features of the MT4 fx trading platform are outlined below:
- User-Friendly interface
- Live Quotes and Data
- Real-Time charting
- Built-in Indicators and chart studying tools
- Accepting Expert Advisors
- Built-in programming language (MQL4)
- Built-in user guide
- Multilingual interface
- Multiterminal for accounts managers
One of the limitations of MT4 is it’s inability to interact in an ECN (Electronic Communication Network) forex environment. To work as an fx trading platform for ECN, MT4 requires a bridge.
This lead to the development of a rival platform, Currenex. Currenex is rightly considered cutting-edge and operates particularly well in ECN environments. In fact, Currenex has become the industry standard for ECN fx trading platforms. Currenex has a number of advanced features including:
- True ECN/STP setup
- User defined One-Click execution
- Live executable Quotes
- Fast order Execution
- Advanced Charting tools
- Accessing deepest liquidity pool
- View the depth of the market
- Wide range of order types
- Trade directly from the chart
- Advanced reporting
Mobile FX Trading Platforms
Technological advances over the past few years and in particular mobile telephone advances and increased internet speeds, have led to a new generation of fx trading platforms designed especially for mobile trading. Some of the most popular applications are geared toward use on the hugely popular iPhone and iPad. The FXCC iTrader is one such mobile fx trading platforms and is available as a free download from the developer’s website.
- Display your account status, and track your open positions
- Real-time quotes and historical charts
- Trade using different types of orders
- Review your closed orders, removed pending orders and deposits/withdrawals
- Receive live news and a calendar of economic events
- Receive broker internal mails directly on your mobile
iTrader works on the MT4 framework. The same account login details work both for MT4 and iTrader, making the iTrader an ideal solution for busy traders who need to manage their forex trading accounts on the go or even for the seasoned road warriors who probably spend more time travelling than in an office.
Any broker worth their salt will offer their fx trading platforms as free downloads. Installation of any of the platforms mentioned above is a simple procedure that anybody who has ever installed a piece of software on a computer will be immediately familiar with. In the unlikely event that there are any problems during installation, the broker will be there to provide support. For MT4 and Currenex, the huge number of users means there are numerous user-communities on-line where potential users of these can find solutions to any and all questions they may have.
One of the benefits of Currenex for example is the ease of use in an ECN Forex environment. Ecn forex is one of the fastest growing trends in the world of forex trading and Currenex is the bench-mark for ECN fx trading platforms.