Forex Trading, just like every other industry has rapidly evolved over the last decade. The internet has opened up trading opportunities, unleashing the financial acumen of a large number of individuals and bringing down the entry barrier of trading via conventional means. From individual investors to full-fledged traders, accessing global markets, making real-time decisions, and, more importantly, being abreast of what’s really happening in the market has been streamlined, thanks to the internet.
And as this has happened, Forex or Foreign exchange has become the leading market in the world in terms of the trading volume. From large international banks to governments, forex is a hot favorite among the traders, thanks to its characteristic of being the most liquid trade in the world.
Online trading platforms today account for more than 59% of the industry revenue in the United States. Unlike other conventional trading markets, forex trading is not supervised by a centralized clearing center and is mostly streamlined via brokers and dealers negotiating with each other. Since the 21st-century traders and investors are millennials, it is obvious that the demand for online trading platforms is a need rather than a want.
As trading technology platforms advance and mature, it becomes imperative to dig deep within the specific applications of forex traders to identify what they want from their trading technology platforms. As custom technology solutions find a place in everyday lives, it is essential that trading technology platforms also alter and offer features that the forex traders want!
Let’s have a look at the top 5 things forex traders want from their technology platforms:
Accessibility on mobileThe first and foremost requirement put forth by forex trading houses from their trading technology platform is to be mobile-friendly. Today’s modern traders demand flexibility more than anything else and need to have the accessibility to their trading platforms with a touch or a tap. Mobile trading is rapidly replacing desktop trading and this trend will continue to grow. Hence, for any trading platform, it is critical to be ‘mobile-enabled’ if they are not ‘mobile-first’ already. This gives the traders the freedom to be location-independent and not bound by the desktop-setup to get in the game.
Automated tradingTrading strategies have ripened significantly, and every trader has strategies of their own. Habitual traders have moved past the traditional trading strategies and look for automated trading capabilities, which frees their time from constantly looking at the market figures. Forex traders now are looking for automation within their trading platforms. They seek to automate buying or selling of orders when certain conditions are fulfilled.
Charting tech for analyzing market
Charting and analysis are the key prerequisites for any trader- forex or otherwise. Charting tech helps traders visualize a strategy, understand, and analyze the market and make informed, well-calculated moves with their trading. The modern forex trading platforms need to have forward-looking charting technology to help with tech analysis, and technical indicators to help out with better trading decisions.
Charting tech helps in simplifying the analysis of different markets across the globe and making regular trading decisions simpler. These include real-time market analysis, tick-chart options based on time/trade history, customizable alerts and automated trades, charts and graphs for improved analysis.
Making use of Big Data analytics for charting tech gives the trading technology platforms the much-needed edge.
Speedy, low-latent transactionsThe prime driver for anything, including trading, to be online and on mobile is speed. The key demand for online trading is the speed in placing, routing, and executing orders. Every millisecond delay in transactions can cost the trader thousands of dollars, not to mention the ensuing frustration. Forex traders look for fast responses from their trading platforms, to ensure they do not lose due to latency. Fast exchange servers, right hardware + software combinations, and a strong internet connection all contribute to determining the latency of the product and it is critical for the trading technology platforms to offer low-latency order processing systems.
Consolidated dashboard and superior customer experienceForex traders spend an enormous amount of time on the trading technology platforms. To ensure that the experience is not overwhelming, the platforms need to offer consolidated dashboards to monitor the account activity across users, make use of customizable layout for better navigation, have quick access to data via shortcuts and customizable menus and provide an enhanced user experience. An easy-to-use platform paves the way for better user interaction and an increase in transactions using the trading platform, a win-win for the platform as well as the forex traders.
The current trading platforms are refining their features and capabilities to offer an elevated user and customer experience along with improved functionality. As these platforms gear up to add more and more usability, the online forex trading market is expected to become even more attractive to the global trader community than before. Traditional is good, but new is way more exciting!