The Forex trading platform is a place where you can sell and buy forex pairs. It can also be called a forex-trading station. All forex trading firms, banks, traders and brokers will offer their own trading hub. These forex trading hubs use demanding software's that can perform different kinds of analysis like technical and fundamental analysis. They can also generate data that is both numeric and a good statistical base for graphs, pies, regression data etc.
In the most cases trading stations or platforms have a real time streaming ticker line. This ticker line is being regularly updated and gives the buy/sell currency rate of the major currencies in pairs. Forex traders also keep fixed spreads on major currencies across the world that are constant despite of changing financial markets. Most of the trading stations will provide the following features:
- Real time streaming of the major currencies in pairs
- Pricing that is competitive
- Fixed spreads in 2-5 pips
- Assurance of price for the currencies in buy and sell position
Another factor is that the more solvency an institution or a Forex trader is the better access they have to market information and competitive pricing. They have better access to interbank prices and therefore the cost of the execution for a trade will be better. The currency trade software's offer the following features in most case:
- Real time streaming currency pair rates. You can click the suitable boxes which are offered to confirm the sale or the purchase of the desired currency pair
- They allow the linkage to a currency margin account; that means that you can have more purchasing power with less of investment
- Instant confirmation of the sale/purchase of the currency paris. Of course the cost would be debited to your account. This is done almost concurrently and in real time
- The currency trade software will also show you the real time profits/losses which you have made in the currency transactions
Traders must be sure that when they subscribe to these currency trade software's they read the terms and conditions as many trades may be subject to regulations and the agreement which may be drawn between the client and the websites/currency trade companies.
There are options offered by what you can also limit or stop the open orders. These can also be cancelled or modified at a later stage. Reports on all Forex transactions can be generated, too. These reports can be in the form of monthly/weekly reports. You can print these records or download them for later. Depending upon Forex trading packages which each Forex trader or financial firm may provide the Forex trading stations may differ in features which are provided.