A platform is a domain, web based or an amalgamation of online and offline modules that help traders buy and sell the foreign exchange investments in currency pairs. All financial companies, brokers and bankers provide such an environment to facilitate such exchange. These hubs comprise of sophisticated software developments which aid the trader by providing both fundamental as well as technical analysis apart from generating a numeric and statistical data base.
Most platforms have a ticker that comprises of the latest inputs describing the latest developments from around the globe. The characteristics of a good platform are as follows:
- Real time streams of all major currency pairs are provided instantaneously as they happen
- Provides an immediate confirmation upon selling or buying of a currency pair
- Market news updates, both domestic as well as international are provided along with expert opinions from different sources
- It is easily accessible, well laid out, responsive and secure
Some platforms also allow traders to make their own reports by using the charts and technical indicators. These reports can be either in the monthly or in the weekly format depending upon the trader’s convenience. Such reports help the trader in the near future while trading with currency pairs as they are an indicator of the volatility and risk association of the particular currency pair.
Investors must pay due attention to the fact that the terms and conditions must be read carefully and evaluated thoroughly before they subscribe to such currency trading software platforms, as most such platforms are drawn upon a set of conditions between the client and the currency trading company/ broker. A trader must ensure that no illegitimate condition is mentioned and the brokerage website running the platform is completely legit and not a scam ridden website.