The top 5 Forex trading platforms

Individuals, corporations and financial institutions speculate on international currency values before trading currencies on the Forex market – the world’s foreign currency exchange – using Forex trading platforms.

Read on for more on currency trading and the top 5 Forex trading platforms.

Why trade currency on Forex?

Traders speculate on fluctuations in international currency values to profit by exchanging currencies on the Forex market.
While currency values vary slightly throughout any given day, political or economic instability can cause currencies to rise or fall in value, allowing traders to benefit from exchanging a particular currency at times when it increases in value or buying currency when its value has depreciated.

Forex trading platforms

Forex trading platforms allow traders to trade currency on the Forex market and manage holdings using professional charting, research and order management tools.

Why use Forex trading platforms?

Most Forex trading platform agreements come with access to research and reports on the currency market, allowing traders to make informed choices when speculating on currency values – reducing the risk of making a loss and increasing the likelihood of making a profit.

Some Forex trading platforms can be accessed remotely using mobile devices, meaning currency can be traded on-the-go, allowing traders to profit from sudden fluctuations in currency value.

The top 5 Forex trading plaftorms by volume:

1. FXCM
2. Gain Capital
3. GFT
4. Oanda
5. Saxo Bank

The top 5 Forex trading platforms: explained

FXCM

FXCM provides trading platforms that are suitable for new traders and advanced traders. FXCM’s basic Forex trading platforms offer streaming quotes, order types and reporting tools, while FXCM’s advanced tools offer hedging, trading from charts, one-click trading and more. FXCM offers traders lower spreads and no trading restrictions.

Gain Capital

Gain Capital was named the FT Investors Chronicle Best Forex Platform 2010, the Best US Forex Broker 2010 and the MEOT Best Retail Services Provider 2010.

Gain Capital offers Forex trading platforms for desktop use, mobile use and website trading. Gain’s GTX trading platform is commonly used by individual investors, hedge funds and financial institutions.

GFT

GFT offers three award-winning Forex trading platforms – DealBook 360, DealBook Web and DealBook Mobile – to facilitate Forex trading from desktops, remote-access devices and mobile devices. Traders who use sign up to a GFT Forex trading account can access GFT’s Forex trading platforms as well as charted data and other free tools.

Oanda

Founded by a computer scientist and economist, Oanda’s Forex trading platforms are geared toward remote access and mobile trading. Oanda offers mobile Forex trading platforms via downloadable apps for Android devices as well as BlackBerrys, iPads and iPhones. Oanda’s full-featured desktop trading platform can be installed using any web browser without installing specialist software.

Saxo Bank

Saxo Bank was named Best Forex Broker in Northern Europe and Best White Label Solution Provider at the World Finance Foreign Exchange Awards 2011. Saxo Bank’s Forex trading platforms operate across Forex, FX Options, Spot Gold, Spot Silver, CFDs, Index Tracking CFDs, Stocks, ETFs and ETCs. Saxo Bank offers three Forex trading platforms – Saxo Trader, SaxoWeb Trader and SaxoMobile Trader – for use across desktops and mobile devices.

Metatrader and Forex trading platforms:

While Metatrader does not broker a platform for use, it does produce bid management software often licensed to brokers who provide Forex trading platforms to traders.

Author Bio: Clint is a part of the digital blogging team at cashzilla.co.uk who work with big finance brands and Forex trading sites. For more information about me, or to keep up to date with the latest in finance news, check out my posts at cashzilla.co.uk or visit my Twitter account, @cashzilla.