Choosing an Online Forex Trading Platform
With today’s volatile economic climate and a consistently weak American dollar, the concept of speculating in foreign currency exchange is becoming increasingly attractive.
Yet many investors still are not very familiar with the practice, and taking time to learn the tricks of the trade is easier said than done. That’s where online trading tools come in: learning about and participating in foreign currency exchange online provides access to the markets which were only previously accessible to institutional users.
As with any form of speculation, the smartest and most financially responsible approach is to know what opportunities are available, and what different online forex platforms have to offer before jumping in.
Perhaps the most important factor of online currency exchange – especially for novices – is a user-friendly experience, a factor from which everything else trickles down.
Currency trading platform Easy-Forex™ (http://www.easy-forex.com/us), for example, is set up so that a customer of any skill set could reasonably begin trading within a few minutes of logging onto the site. With reliable internet access, you’re well on your way.
Unlike many online trading platforms, there’s no need for software downloads of any kind with Easy-Forex. Its web-based program makes no impact on your computer hardware and provides speed to trading for account users.
Not always the case in online trading platforms, new traders can begin trading immediately with Easy-Forex, with a minimum deposit of $200. Easy-Forex was at the forefront in the industry to accept credit card deposits in addition to more traditional payment options.
Obviously, one of online trading’s biggest advantages is the ability to eliminate the broker as a middle man. However, traders still often require real-time assistance, and the best online currency exchange platforms insist on establishing relationships with each trader. Easy-Forex offers support from Account Service Managers at all hours when the forex market is open—24 hours a day, 5½ days a week—via phone, email or advanced online chat.
Easy-Forex utilizes tools like guided video tours, training materials (http://en.easy-forex.com/US/eBook.aspx) and one-on-one training to ensure that investors are well-equipped to trade forex online, regardless of their experience level. You can visit its dedicated web training tools here.
Though brokers conventionally carry business hours, foreign currency exchange markets allow trading 24 hours a day over 5½ days a week. Since the internet never shuts down, traders using an online platform gain greater accessibility and flexibility.
As with all web sites that utilize credit cards and other private information, security should be a primary concern for every online trading application. Make sure that whatever platform you choose offers highly encrypted security measures.
Many over-the-counter online platforms are quite similar in terms of their offers and opportunities, but Easy-Forex remains an innovator in the field, with several unique tools available to every trader:
- The Inside Viewer™ is a proprietary tool that allows transparency so you know what others on the Easy-Forex platform are trading in real-time. View the popularity and direction of the buy or sell of a specific currency pair as well as their average entry, stop loss and take profit rates.
- The Trade Controller™ allows you to visually adjust the parameters of your open deals and check out alternative scenarios. This feature’s stop loss element is notable, which allows you to set your own risk parameters.
- The freeze rate capability, a unique feature where Easy-Forex allows you to hold an exchange rate constant for several seconds. Regardless of rate movements, the freeze guarantees your rate for that period of time with no commitment to trade.