Forex trading has undergone a lot of changes in the last 40 years or so, and in many ways is somewhat unrecognisable from what it was in the early 1970s. A lot of this is down to the huge advancements in technology that have revolutionised the way a lot of the world works, while the rest is to do with changes to the currency market itself. Here are some of the main advancements forex trading has undergone and is set to achieve in the future.
Arguably one of the best advancements for forex traders has been that of the platforms available. No longer do those wishing to exchange currency have to ring up a broker to do their business for them. Now there are numerous online trading platforms, smartphone and tablet apps where trades can be made with a few clicks. This has seen forex brokers become a dying breed but also meant individuals can start making a profit from forex trading from their home, on the bus to work and anywhere with an internet connection.
The availability of countless information related to forex trading in real-time has revolutionised the way currency is exchanged. Traders can take action as soon as there is a change in the market or an event occurs that they feel will strengthen or weaken a currency. Payments can be monitored in real-time with Ebury, so you can trade at the optimum time for the best rate.
Availability of Information
There are now more financial news sites than ever, with the amount of information relating to forex trading available to everyone dwarfing what was around just 20 years ago. News websites are updated as financial information comes in, meaning traders are completely up to date with any happenings in the market and can make trades based on such information instantly. While there are plenty of mobile apps so traders can stay in touch on the move as well.
Forex trading is set to experience further advancements in the future. With the ever increasing presence of technology in the industry, there are worries that forex brokers will die out. At the moment there is a lot more risk and uncertainty in the markets too, especially given the ongoing Brexit saga that could go on for a year or two. In the long term, apps and trading platforms are bound to become even more efficient too as forex trading continues to advance.