New technology, new products
We can expect further changes to take place in the future with more stringent oversight from the key global jurisdictions. The market nevertheless continues to be lucrative. Even with stricter regulations coming into force, we will inevitably see a number of new products developed in line with technological advancements in the area. The fact that it’s so much easier to enter the forex market is largely down to the increasing number of services and platforms such as live forex signals. This has partly been supported by advancements in technology, which have decreased trading costs, improved transparency, and increased the speed of transactions. As a result, electronic trading activity in the forex market has played a pivotal role and now accounts for 70 percent of daily turnover, compared to just 30 percent a decade earlier.
Instant Access
Some of these platforms do more than simply enable trades and market research. For a new trader looking at how to trade forex, for example, there are plenty of resources online such as IG’s trading academy. IG, which is essentially a trading platform for forex and other financial markets, offers an academy to help people learn before they trade. That’s another way in which technology has helped, as, rather than attend one forex seminar after another, many just repeating the same information, new traders can now learn in the comfort of their own homes, or even on the go on their mobile devices. The Bloomberg Business Mobile App is another great example of how technology is helping to make today’s Forex trader more informed. It provides access to the global financial market, portfolio tracking tools, and market price data. Technology can be expected to play an even greater role in forex in the future. The degree to which brokers adopt the very latest technological developments will be significant as they seek to increase their market share and grow their client base.
A mobile world
In line with more general advancements in technology, the industry has shifted towards mobile trading, with more and more people using mobile apps. Developments in web-based payments are further facilitating the trading process. New technology has also enabled the frequent introduction of new products to the market, putting brokers in a good position as they can frequently increase client offerings and so essentially stay one step ahead of the competition. With regard to regulatory changes, this is a positive development for the industry. More regulation means that regulated brokers who are proactive in following these procedures receive more credibility. They also offer benefits to the client, due to the increased protection and transparency within a regulated forex market. Ultimately, by embracing the very latest in technological advancements, brokers can offer their customers state-of-the-art platforms and advanced tools, giving them an efficient, fast, and continually improving the trading experience.
