There are numerous Forex trading platforms available for both newcomers and experienced traders. In recent years, the internet has increasingly dominated the sector. 1996 saw the introduction of retail Forex trading, when several brokers, identifying that they not have the necessary tools available to them, launched their own customised platforms. Software companies attempted introduce a second wave of platforms in early 2000; however they were not as successful the earlier products. The majority of retail brokers continued with first wave platforms, which they continued to develop. The result is the range of platforms available on the market today, which have a strong emphasis on user interface.
Retail Forex trading is a significant segment of the foreign exchange market and has been predicted to represent 5% of the entire market in the near future. This percentage is consistently increasing, due largely to the rise of electronic trading. The electronic Forex trading platform has enabled users to trade from any location, at any time, with an almost instant execution of orders. This is in stark contrast to traditional floor trading and telephone trading methods. Along with accessibility and speed, electronic trading has also provided a more comprehensive service. Recently added facilities include live streaming of market prices, news feeds, charting packages and account management.
Additional trading platforms, such as the ‘Peer to Peer’ trading systems established in the South Pacific, which are monitored by government agencies. More recently, banks have started to expand into the retail Forex trading platform, offering the service to individual traders and money managers.