In retail FX trading, forex platforms are essential for quick responses for the twists and turns of the currency market; forex platforms enable FX traders to react as they sit in front of their computers, without having to ask brokers to trade on their behalf.
FX traders can set up two types of account with a forex platform: Live and demo. In a demo account, forex traders can play the currency market on their forex platform with virtual funds. In a live account, forex traders can play the currency market on their forex platform with real money.
Many brokers offer free forex platforms for FX traders who open up demo accounts. In fact, using a forex platform with a demo account is a good way for budding forex traders to familiarize themselves with the currency market.
There are a number of different types of forex platform available for online trading; however, almost all forex platforms offer real-time data on major currency pairs.