Types of Trading Platforms

To be able to trade the forex market, the trader needs access. This access is derived from the various trading platforms that brokers in the market provide. There are several types of trading platforms in use in the forex market. It is important that traders are aware of which platform that the broker that they have chosen will present to them, as there are differences in layout, order placement, currencies provided for trading and even the type of market access provided. Here are the platform types in use in the market.

a)      Desktop Clients

b)      Mobile Platforms

The desktop platforms will include trading platforms of the following types:

–          The MT4/MT5 platforms

–          Ninjatrader

–          Actforex

–          Currenex

–          ECN platforms

Of all the desktop clients mentioned above, the MetaTrader platforms (MT4 and the newer but less popular MT5) are the most widely used, praised for their simplicity and ease of use, as well as their support of third-party plug-ins. Other market-maker platforms exist, but these are not as popular as the MT4 platform. The ECN platforms are for traders who want to trade in the professional, direct market access environment.

With the advent of smartphones, it is now possible to trade forex on your iPhone, iPad, and Android devices, thus removing the portability limitations that traders had in years gone by.

The type of platform that you choose to trade forex plays a very huge role in your eventual profitability. You need a platform that you can understand, allows you to add plug-ins and trade tools that will enhance your success, and make it easy for you to analyze currencies and place orders without complicating the process. So choose your platforms carefully so you can enjoy your trading experience. If you need help choosing, check out http://www.fxprotrading.com/, they do quite a good job in helping you to find the best solution for your needs!




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