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Trading FOREX is a highly sophisticated industry; as a kind of internet trading, it necessitates a thorough understanding of currencies, geopolitics, business, and other topics. Even with all of this knowledge, it is tough to develop a lucrative business and maintain profitability while trading currencies.
However, if you decide you want to start trading FOREX, one of the first things you’ll need to do is establish a personal trading account (this might be a live or practise account, depending on how you want to get started). So, where do you go to create an account?
That is not the first thing you should ask; rather, you should inquire as to what form of trading account best suits your trading style and what is accessible (before choosing a provider to set up your FOREX account with).
There are various sorts of online FOREX trading platforms where you may establish an account, so here’s a short summary of how they differ.
The first criterion used to classify forex trading platforms is whether or not they may be downloaded. Downloadable trading platforms are essentially apps (or software) that can only be accessible on the device on which they were downloaded and installed (this could be a mobile device or a computer).
Non-downloadable platforms are web-based and may be accessed from any device with internet connectivity. All you have to do is access the site and input your log-in information.
When selecting a downloadable or cloud-based platform, it is a matter of preference as to how and where you trade (accessibility should be a key question alongside functionality requirements). Keep in mind that some software will only run on local devices they are installed on, such as FOREX trading software installed on a PC.
- Many FOREX platforms employ complicated programming languages that enable users to create and deploy trading algorithms or execution vehicles (although this functionality is not used by the majority of users, depending on your level of programming expertise). Online forex trading platforms are categorised into three types based on their programming language:
- MetaTrader 4 and MetaTrader 5: Arguably the most popular trading platforms among FOREX traders.
- ActTrader: Offers both downloadable and non-downloadable versions.
- Currenex: Has a complicated version for pros, Currenex Viking, and a simpler version, Currenex Classic, for less experienced users.
- TradeStation: TradeStation is a Lua-based platform.
- cTrader: This gives you direct access to the currency trading market. Because they are also an Electronic Communications Network platform, they have this access.
Forex trading may be a very profitable business, but it is also a very hazardous kind of trade. If you decide to trade FOREX, you should take your time, study as much as you can, and never risk more than you can afford to lose.
Hopefully, this has provided you a fast overview of the many types of trading platforms available and what distinguishes them.
Before selecting a platform/provider, you should conduct more study on each kind and select the one that you believe will provide you the highest chance of success in forex trading.