Now that we’ve entered the Digital Age, the forex market has become a more viable prospect for investors. Finance Feeds points out that modern advancements in AI, automation, and the blockchain now give the market a number of benefits.
These technologies also level the playing field for small-scale forex providers, allowing them to go head-to-head with larger forex companies and creating a more competitive forex landscape. At the same time, they give traders easy access to the market, more freedom and flexibility, and quicker automatic trade executions.
It thus stands to reason that providers and traders alike have more options when it comes to choosing the best forex tools for their specific needs. Below are a few of the best ones that stand out in 2022.
MetaTrader 4
Trading platforms are essential tools, especially for traders who are just starting out. This is because they have multiple features that allow the user to both analyze and place the right trades. FXCM explains that MetaTrader 4 meets both these expectations — and more. It allows you to automate the execution of any forex strategy, gives you access to thousands of indicators so you can analyze trades on interactive charts, and even has a demo account so you can practice risk-free before placing your first trade on the market. It’s available for download on nearly every app store on the chart, so you can trade on the go as well.
B2Core
Customer relationship management or CRM software is vital for forex brokers because it allows them to control every management aspect of their relationships with traders. B2Core is one CRM software that you may want to try as a forex provider. It streamlines your organization’s internal matters with panels to handle staff and payroll. On the customer-facing front, it provides your traders with an easy-to-use UI and provides you with reports using advanced analytics so you can tackle customer service issues as they arise. You only need to pay for what you use with B2Core, with packages catering to brokers of every size.
BabyPips’ Position Size Calculator
Sometimes, the best tech tools for forex are the simplest ones — but they can also be among the most useful. Forex calculators help you compute the likely parameters within which you make your trades. Position size is one of the factors you should look at because it will tell you approximately how many units of a currency you should buy or sell without reaching your maximum risk for a position. Forex educational resource BabyPips has a free position size calculator you can use to this end. Just give it the information on your potential trades and you’re ready to go.
XREX
If your brokerage is looking to leverage relatively-new yet advanced technologies in your operations, look no further than the blockchain. This decentralized network that aims to increase data trust, security, and transparency also has unique and beneficial applications in forex — applications the world’s startups are only just beginning to tap into. That’s why our editors handpicked XREX as one blockchain startup with the most potential. To promote financial inclusivity, it helps users in developing countries decrease forex loss in international transactions. It’s now considered one of the world’s most secure crypto-fiat exchanges thanks to its efforts.
As technology advances, forex just keeps on getting better. These tools are proof of that — and regardless of if you’re a provider or a trader, you can definitely use them to your advantage.
