Forex Terms

Glossaries related to forex platforms

Before you start trading in currency market, you must have a proper trading platform. There are different platforms that are available in the market. These forex platforms differ form what they offer. Some platforms give an in and out details of the currency trading. They provide different indicators and complex charts. This type of platform is ideal if you are experienced and understand the jargon of this market. Then there is one category of platform that provides only the basic information to carry out a trade. If you are new, you should probably go for this platform.

This article will give you an overview of various forex terms used while dealing with forex platforms.

Forex trading: It is a market that operates 24 hours. It involves dealing with currencies of different nations. There is about 60 pair of currencies involved. These currencies are simultaneously bought and sold and in the currency market.
Forex transaction: The deals that you carry out in the forex market are called transaction. The transactions can be to purchase a currency pair or to sell a pair.
Forex platform: To carry out a transaction, it is essential to have a trading platform. It provides the traders and brokers with accurate price quotes. Without a good platform, currency market would have been in a mess. Some forex platforms even provide market indicators and charts for user’s reference. The platform is available in the market or is provided by your broker.
Trading software: A tool that is supposed to aid the trader and broker. This software evaluates market conditions and crunches the numbers on behalf of a trader. Some platforms have trading software as a part of them.
Online platforms: You can even get the forex platforms form the internet. Some of them are freely available while others carry some charge. You have to download these platforms on your computer in order to use them.
No download platform: Some of the platforms available on the internet cannot be download. If you want to use such forex platforms, you have to log in that website and use it as and when you want. Once you logout, again you cannot use.
Automated forex software: As forex trading evolved over the years, new software with more functionality came into existence. The automated software provided the user to place the sell and buy order at a particular price level. Once the markets reached those levels, the trade can be automatically carried out. This is a big leap in forex market.
MT4/MT5: These are the trading platforms that are widely used across the world. Metatrader 4 is already in use by a number of traders while its improved version, metatrader 5 is in the making and is soon to be released.