The high and quick returns on investments through currency buying and selling has grabbed the attention of both first time and professional traditional equity market traders worldwide.
Did you know that Forex market has a daily turnover of 3.2 US dollars? Due to such an impressive turnover volume, Forex has been declared as the most liquid of all the financial trade markets. The FX arena is open for trade 24/7 and 5 days a week which enables investors to take open and close position whenever they see a profit multiplying opportunity.
If you are a novice trader wondering which financial instrument to invest in, then FX can be a good choice. Since FX trades are executed online, you can find plenty of trading platforms to get started. Over the years, FX brokers have introduced and incorporated some exciting features into their platforms which has made trading currencies much easy and simpler.
3 Different Platform Versions
FX trades can take place through three different versions. These include Webtrader, mobile version and downloadable software version.
1. Downloadable Version
To engage in buying and selling of foreign exchange through downloadable version, you will have to download the software on your computer which is usually time consuming and comes with plenty of limitations. If you create your account on a downloadable version you can’t access it from anywhere else but your computer which means if you are not at home and you want to trade and benefit from a good Forex trading opportunity, you can’t do so.
2. Web-Based Version
Webtrader is the web-based FX platform. This requires no downloads. For trades on this platform all you need to do choose a broker, create an account, make an initial deposit and get started. It’s that simple. In addition to this what makes it better than the downloadable version is that once you create your account, you can access it from anywhere you want at any time regardless of whether you are at home or not. This web based version does not restrict traders from engaging in trades and tapping on profit multiplying opportunities as they come.
Furthermore, on a web-based Forex trading version you can choose from a wide range of currency pairs plus you don’t have to make updates manually. It automatically makes updates of your trade activities.
3. Mobile Version
On the other hand, though the mobile version is more convenient then both of the versions discussed above, however, to use it you need to download it on your smart phone. And before you download, you first need to make sure that version is compatible and supports your mobile platform. There are some FX mobile versions that support iPhone but don’t support Windows.
So, far out of all the three versions webtrader is the most popular and widely used.
Advantages of Using a Web-Based FX Trading Platform
Here are some of the advantages of using a web based Forex platform:
The web-based version gives you the ability to engage in FX trades from around the world using the same FX account. You can access your account through a web-browser. There is no need to download software every time you switch computers.
Many web-based brokers offer this facility to traders to engage in risk free trades and practice in a simulated environment before they start FX trading live. This is an excellent way to learn basic FX strategies, experience real world volatility and understand the platform features in a better way.
Live Financial News Updates
On a web-based version, you can enjoy live financial news updates which is great as it enables you to make the right FX decisions at the right time thus allowing you to take advantage of the profit maximizing opportunity right away.
There are some web-based FX platforms that enable you to interact and communicate with other novice and professional investors. You can learn new strategies, gain knowledge and learn from the experiences of others.
Tips to Choose A Web-Based Version
When choosing FX web-based version, make sure the broker is reliable. Additionally, choose the platform that has a smooth and user-friendly interface and a sleek design with powerful charting tools for technical analysis.
Always create a demo account to evaluate the features of the service provider, before you engage in real money trading.