Video courtesy of ForexCT – A leading Australian forex broker, liscensed by the Australian Securities & Investments Commission, offers the MetaTrader4 and PROfit Platform to retail traders. Other services include Segregated Accounts, Trading workshops, Tutorials, and Commodities trading.
The top 5 Forex Trading Platforms – Forex – Forex Trading
By Clint Starr, cashzilla.co.uk
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.
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 allow traders to trade currency on the Forex market and manage holdings using professional charting, research and order management
tools.
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.
1. FXCM
2. Gain Capital
3. GFT
4. Oanda
5. Saxo Bank
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 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 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.
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 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.
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.
FX and equity markets have been trading under conditions of extreme volatility this week and yesterday’s announcement by the Federal Reserve to keep the fed funds target rate exceptionally low through mid-2013 only compounded on this trading environment. The Fed statement had both markets fluctuating and in the last hour of trading the Dow closed up 4% and the dollar fell broadly in line with other safe haven trades.
In the accompanying rate statement the Fed downgraded its expectations for the US economy but left the door open for further quantitative easing which helped propel traders back into equities and other high yielding currencies. Given the turbulent trading environment since August 1st negative events stemming from the euro zone will likely continue weigh on the euro and lend strength to the faithfulness of the USD as a safe haven currency. However, with expectations for US rates to stay at ultra-low levels until mid-2013 and the possibility of QE3, this argues for a declining dollar in medium term.
The EUR/USD has made a couple attempts at the resistance of 1.44 and a break here will go on to test 1.4470 from the consolidation pattern that has been forming since early May. Looking a bit further down the road a breakout of the consolidation pattern suggests a rally at least to the 1.4700 area followed by the May high. Support is seen in a range between 1.4310-1.4290. Below here 1.4050 may be supportive.
The Swiss National Bank was back in the FX to weaken the Swiss franc and punish speculators from driving the CHF lower. The SNB will introduce liquidity via FX swaps with other European central banks along with increasing sight deposits in the SNB reserves in an attempt to push rates even lower. The reaction in the forex trading markets was an initial move higher in both the USD/CHF and the EUR/CHF but both pairs were quickly trading back at their pre-announcement levels. The move by the SNB comes on the heels of sharp gains for the CHF in risk averse trading from yesterday. While the move is quite large reversing the “massive overvaluation of the Swiss franc” as the SNB calls it will be a difficult task given the struggling euro and the market’s expectation for additional easing in the US.
Read more forex trading news on our forex blog.
Video courtesy of ForexCT – A leading Australian forex broker, liscensed by the Australian Securities & Investments Commission, offers the MetaTrader4 and PROfit Platform to retail traders. Other services include Segregated Accounts, Trading workshops, Tutorials, and Commodities trading.
Statements released by the Federal Reserve yesterday sparked a wave of pessimism in trading circles as no clear plans were put forth to address the financial weakness seen since S&P’s historic downgrade of the US credit rating.
The value of the US dollar (USD) versus several of its safe haven counterparts, like the Swiss franc (CHF), plummeted nearly 5% on the day Tuesday, hitting historic lows for the third straight session. Statements released by the Federal Reserve yesterday sparked a wave of pessimism in trading circles as no clear plans were put forth to address the financial weakness seen since S&P’s historic downgrade of the US credit rating.
Though analysts view the downgrade as overall bearish for the USD, a sharp downturn was held in check Monday by financial moves elsewhere. Tuesday’s rate statement by the Fed, however, unleashed the bears on dollar values as the official position appears to have changed to one which will keep rates near zero through 2013. With no plans were put forth to renew market support, many fled to other stores of value, primarily among them was the Swissie.
The most significant news to hit the economic calendar today will be a release of the Federal Budget Balance, which is forecast to show a severe widening of the deficit. Should such an estimate bear fruit, USD values will likely continue to suffer. Statements from world leaders regarding the S&P downgrade, as well as financial turmoil in Europe over Italy and Spain will likely be released today and throughout the week, causing portfolio shifts that traders will want to be on guard against.
The Swiss franc (CHF) was seen trading with strongly bullish results yesterday following shifts away from the US dollar (USD) and euro (EUR) after both regions failed to produce an adequate response to the current crisis. Against the dollar, the Swissie was trading significantly higher by early morning hours Wednesday, climbing 5% since Tuesday. The euro witnessed similar losses as traders clamped down on regional investments due to heightened risk aversion.
Traders are looking for a way to balance a renewal of risk appetite with continued shakiness in global markets. A strongly pessimistic sentiment towards investing in the US dollar at the moment, due to the S&P downgrade, has many investors on edge. An embattled euro zone, fending off market bears amid turmoil in its peripheral nations, also looks to be losing ground in financial markets as safe haven assets such as the Swiss franc make gains.
Sentiment across the region has turned negative, with many analysts and economists expecting moves towards safety by traders this week. Any more bearishly-leaning news out of any major global economy will likely push up on the CHF as investors flee risk. Going long on the Swissie may appear favorable this week so long as risk aversion dominates the global market outlook, but a rebound should be forming on the technical charts sometime in the near future.
The Australian dollar (AUD) was seen trading significantly lower versus most other currencies this morning after poor housing data drove the appeal of the Aussie even lower. Being linked to the value of commodities, the Aussie experienced an unexpected downturn during a period when shifts away from the US dollar should have helped drive its values higher. The Aussie has been experiencing several wide swings lately from the various shifts into and away from riskier assets, which could explain this week’s unpredictable behavior.
The latest moves have helped to push down on the AUD as traders pulled away from commodity-linked assets as a result of the plummeting Dow Jones index. Coupled with the pessimistic housing reports from last week, the Australian economy appears to be contracting this quarter, particularly in the housing sector. If that is indeed the case, the Aussie will likely continue to take losses this week despite a move away from the US dollar.
The price of Gold met resistance over the past week despite the plummeting strength of the US dollar, the currency in which such assets are valued. Gold has been trading with rather mild price action since June, but traders have been awaiting price resurgence due to the rampant increase in risk aversion due to rising tensions from Italy and Spain and a recent downgrade of US debt by S&P’s ratings agency.
As investors seek safety, the value of gold, which has been seen trading with mixed results, was expected to rise, but a selloff in commodity futures pulled down on precious metals Wednesday morning. A sudden flop in dollar values due to this week’s uncertain environment is expected to do little to suppress this price movement. Should risk sentiment continue to bounce in sporadic directions this week, the price for this precious metal may continue to experience similar swings in value.
An opening gap higher on Monday morning took the pair above its current downward sloping channel that contained the EUR/USD since late July. Selling into EUR/USD gains may be the right play as the pair has been unable to hold a bid above the 1.45 level. Initial resistance comes in at 1.4540 though a break above the June high of 1.4700 would likely reverse the negative technical tone. To the downside support comes in initially at last Friday’s low of 1.4050 followed by the 200-day moving average at 1.3940 and the rising trend line from June 2010 which comes in at 1.3840.
Cable looks to be supported after moving lower and receiving a bounce at 1.6220. This level holds the 55-day moving average and a 38% retracement from the mid- July low to the late July high. Resistance is found at 1.6475 followed by 1.6550. A break here and sterling could test the April high of 1.6750. 1.6220 is initial support followed by the 200-day moving average at 1.6085, 1.6000, and the July low of 1.5780.
The spike higher in the value of the USD/JPY due to Japanese government intervention was short lived as the 80 yen level was eagerly sold into. The pair has retraced 68% of its move from the August low to the post intervention high and may continue to move lower. A previously broken trend line from the late July move lower may be supportive but most likely only a short term pit stop on the way back to the all-time low at 76.25. Resistance is found at 79.50 and the post intervention high of 80.22. An additional round of FX intervention could take the pair to the long term trend line off of the 2007 high which comes in at 82.00.
Even measures undertaken by the Swiss National Bank to weaken the Swiss franc have failed to give the USD/CHF a bid. On Monday morning the pair gapped lower to a new all-time low. Momentum is steadily falling and traders may want to continue to hold their shorts. Initial resistance stands at 0.7800 followed by 0.8080 and the downward sloping trend line from the February low at 0.8270.
After a collapse in the carry trade the Aussie dollar fell to its lowest level since mid-March before recovering. Tuesday’s low for the pair coincides with a 38% Fibonacci retracement level from the move spanning from May 2010 low to the July 2011 high. The pair has encountered initial resistance at 1.0400. Forex traders should note that any increase in risk sentiment will likely boost the AUD/USD. Additional resistance is located at 1.0525 followed by 1.0800.
Forex Market Analysis provided by ForexYard.
© 2006 by FxYard Ltd
Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading.
The Hong Kong Monetary Authority held its base interest rate unchanged at 0.50% following the decision of the US Federal Reserve to leave the fed funds rate unchanged at 0-0.25% until mid 2013. Norman Chan, HKMA Chief Executive, said previously: “I don’t think the ratings downgrade should impact the US government bond interest rate. International investors will continue to view US government debt as the safest and the most liquid tool for investment and risk-averse purposes,”… and “growth momentum in the US will be slow in the second half, but the risk of a double dip recession is not very high.”
The Swiss National Bank (SNB) announced a further set of measures to halt a surging Swiss franc (CHF) as safe haven buying has driven a substantial rise. The SNB said it would “significantly increase the supply of liquidity to the Swiss franc money market” and aims to “rapidly expand banks’ sight deposits at the SNB from CHF 80 billion to CHF 120 billion. The SNB will also conduct foreign exchange swap transactions, a measure that was last used in 2008. The Bank kept the line that it is closely monitoring the market and will take further measures if necessary.
On the currency, the Bank noted: “The substantial rise in risk aversion on the international financial markets has further intensified the overvaluation of the Swiss franc in the last few days. In the light of these developments, the Swiss National Bank (SNB) is taking additional measures against the strength of the Swiss franc.” The SNB also said: “The massive overvaluation of the Swiss franc poses a threat to the development of the economy in Switzerland and has further increased the downside risks to price stability.”
Investors watching the value of the Swedish krona (SEK) this week were hardly surprised at the stalled behavior seen these past few days. The SEK is, after all, linked with the performance of the global stock market. With Monday’s crash, the krona was held down, weighted by a wait-and-see approach by investors.
The SEK’s performance against the euro (EUR) these past few months has been most interesting. The EUR/SEK moved to a November 2010 low of 9.2968 in recent trading, with traders fleeing the euro zone from rampant debt concerns. Against the US dollar, the SEK has been somewhat mixed given the safe haven status of the buck.
Though Sweden has experienced solid fundamental data over the past few months, and even monetary tightening by the Riksbank, the poor performance of global stocks has taken precedence over other data. Traders are cautiously optimistic that Sweden’s economy and currency will return to high growth so long as a market panic does not set in.
Read more forex trading news on our forex blog.
The early afternoon release of housing data from the Canadian economy gave several investors reason to buy into the Canadian dollar (CAD), known colloquially as the Loonie. Housing reports out of Canada have shown steady increases, with construction levels climbing and prices ascending as well, the time may be ripe for investing in Canadian assets.
This morning’s report, released by the Canada Mortgage and Housing Corporation (CMHC), shined light on the 205,000 housing starts in July. Canadians appear to be regaining confidence in the mortgage and housing market, and banks across Canada appear more willing to lend for such investments. So far the impact has been overshadowed by poor data elsewhere, but Canada’s currency has weathered the storm rather well despite these overtones.
Read more forex trading news on our forex blog.
Reports released by the British Office of National Statistics this morning revealed a much-feared decline in manufacturing and industrial output by the island powerhouse. The highly impactful Manufacturing Production indicator showed a dismal 0.4% decline, month-on-month, in July.
The manufacturing figure’s counterpart indicator on industrial production also underscored utter stagnation with 0% growth in July. The data comes at the worst possible time for Britain as unrest begins to grow and the nation’s economy struggles in this time of uncertainty. Furthermore, Britain’s trade deficit widened this past month to 8.9B from 8.5B.
Read more forex trading news on our forex blog.
