Most people are not aware that there is more than one type of Forex trading. There are two specific types: spot and futures. Spot trading is done in the present, while futures trades are never completed until their specified date. The best Forex platform for beginners will be one which has both these options to trade with.
Spot Trading
Spot trading is, as the name implies, any trade that occurs immediately. A trader can hand over currency right then and there to another trader in exchange for their own currency on the market. This is very different from future trades which have no set price or date of completion. Such a transaction is not completed until at least 24 hours later. While this may seem like a long time to wait, the lack of a set date means that traders have more flexibility with their trades.
The trade can be completed at any time within a 24 hour period, but not before the day it is offered. The best part about spot trading is that you can buy and sell currencies at any time. It is not difficult for a novice trader to use an online platform which only allows this kind of trading.
Futures Trading
Most experienced traders are familiar with futures trades. These specific types of trade allow traders to purchase currencies on a set date at a set price. No matter what the currency is currently trading at, the price will not change throughout the trade. A trader can purchase currency with no worries of fluctuations in its value because it is predetermined.
Currency futures are typically traded through brokers who act as an intermediary between the buyer and seller. Some offer specific types of trades while others allow traders to choose their own prices. A novice trader might find futures trading to be a bit more complex, but it is still possible to use an online platform which only specializes in this type of trade.
The best Forex platform for beginners should have the ability to both buy and sell currencies instantly with spot trades. It should also provide access to future trades where you purchase currency much in the same way you would buy stock on the stock market. This will be invaluable when it comes to developing your own trading strategies and learning what works best for you.
Beginners need an online platform which is easy to use so they can develop their skills until they are ready to begin using a more complex platform. Once a trader has a clear understanding of how these trades work and what currencies are the most profitable, they can move on to using a more complex platform. While there are many types of platforms out there, finding one with the right kind of forex trading for beginners is crucial to their success as traders.
In conclusion, the best Forex platform for beginners is one that offers both spot and futures trading. This will give them the flexibility to trade in the present as well as on a set date in the future. The platform should also be easy to use so beginners can develop their skills without any difficulty.