Forex was already a forward-thinking investment vehicle that’s ahead of its time. With the introduction of technology the platform has taken significant leaps and bounds over the course of the last years.
Technology has impacted the Forex industry in these 4 unique ways:
Mobile Trading is Now Possible
Wireless internet and devices have made things that were impossible to do outside before now possible, including Forex trading. With apps such as AvaTrade South Africa, users can get their mobiles out of their pockets, connect to the internet and initiate a trade that they think will make them money.
This kind of freedom allows traders and investors to go about their lives without having to be tied to a desk. With laptops and mobile internet getting faster and more powerful, transactions done in real time and convenience take the front stage.
Unprecedented Level of Accessibility
Before, the words ‘Forex trader’ carried with it a sense of expertise, and not everyone had the means to register an account, partner up with a broker or call on actions to make a profit on the platform.
With the advent of technology the floodgates to opportunity has opened, Forex along with it. Anyone who has a capital and is interested in exchanging fiat currency can read up on how to start a Forex account, register and make his or her first trade on the internet.
Furthermore, the wealth of tools and information online means anyone can learn how to trade Forex successfully and make a living from it.
Past Restrictions are Gone
Forex operates in a 24/5 manner and works similarly to the stock exchange. With that level of accessibility people could make a trade in volatile currencies to avoid losing money or to make a profit.
Fiat currencies are largely considered high risk due to the many factors attached to its value. The country’s economy, political, cultural and social aspects are all indicators of whether a currency will rise or fall in value.
In order to make sure their investment didn’t lose value most traders stuck to monitoring things in a computer or TV. This was time-consuming and took a lot of effort. Suffice to say, it wasn’t for everyone.
Now with mobile tech Forex trading has become easier and users could complete an action on their own time.
Forex Trading Platforms are Now Online
Forex trading was exclusively done using brokers, which adopted a model similar to stock trading. With the popularity of the internet and websites brokers and companies have started creating websites so people can invest in Forex and make a profit.
This level of accessibility comes with its own caveats, including less-than-reputable platforms and scams aplenty. Users can avoid these things by checking up on reviews and seeing if the front is fake or not by means of carefully scanning for signs.
Online brokerage services are not equal- some offer more currency pairs than the others. You’ll also have to know the reputable platforms so you won’t lose your hard-earned money.