A Forex trading platform allows you to make investments in foreign currencies without having to visit a Forex exchange. While this market used to be a closed market, the internet has opened it up to anyone. Today, it’s one of the largest and most liquid markets in the world. It also offers a wide variety of features that make it easy for investors to trade in foreign currencies.
When you open a forex trading platform, you’ll notice a series of windows on the screen. These windows show information about the currency pair you’re trading. You can see the current price, high, low, volume, and indicators. You can also click on a symbol or an instrument to change its data.
In the US, it is important to choose a forex trading platform that complies with regulations governing the industry. US-based Forex brokers are required to adhere to more strict regulations. They must meet stricter rules and are subject to more scrutiny. The NFA also monitors brokers’ conduct and ensures that their clients’ funds are not stolen.
Pepperstone is a popular online broker. Founded in 2010, Pepperstone aims to provide the world with a simple way to access the Forex market. With low fees, advanced trading technology, and excellent customer support, this broker helps investors trade more effectively. The company also offers a wide range of educational resources to help new traders succeed.
Forex brokers make their money through commissions and spread markup, which is the difference between the bid and the ask price. Because of this, it can be difficult to compare various brokers. Some of them charge you a monthly fee, and some even charge per-transaction fees. While these fees are usually minimal, the amount of money you spend will depend on how active you are.
When choosing a forex broker, it is important to decide what’s important to you. Some investors prefer automated investments, while others prefer a platform that provides account managers and trade experts with technical assistance. Some people may want help interpreting forex trading charts. They may also be looking for a system that has comprehensive risk management tools.
Interactive Brokers’ mobile app is another good option for trading on the go. Available for Android and iOS devices, the app offers advanced features and is designed specifically for forex traders. The app includes a dashboard and two forex watchlists. It also offers a forex calendar and alerts. The platform has a good reputation and is highly regulated.
IG offers a wide variety of currency pairs, and their spreads are very reasonable. For example, their EUR/USD spread is just 0.16 pips, and their GBP/USD spread is 0.40 pips. There is a $50 inactivity fee if your account is inactive for a year. The company also offers a free demo account.