Investors who do not wish to purchase software programs can use forex online trading platforms. Many of these systems are white labelled, i.e. the same backend system such as MetaTrader, customised and branded with the logo of a forex brokerage. These systems may be available for use on several devices, including computers, mobile phones, and smartphones. Online platforms can also include instructional videos that explain the basics of forex investing for new traders and those who wish to increase their profit margin.
Forex trading software is available from several companies and is generally compatible with white label platforms. Trading software generally consists of a computer program that offers multiple investing strategies that have been tested extensively in the past. Software programs also include real-time market analysis, forex news, and information about currency rates. Some programs even provide automated trading, which means that users can instruct the program when to make a transaction in the market and the program will follow through automatically. Most providers charge a fee for downloading their software.
Forex trading platform users can take advantage of various resources to improve their trading success. Some platforms include membership of forex forum discussions. On these forums, users can get tips from more experienced investors and news about economic events that may affect the foreign exchange market each day. Other platforms use a forex robot, which is an automated trading system, to decide the best time to buy or sell currencies. These features can be extremely helpful to new and inexperienced traders who may initially feel overwhelmed by the forex market.