Technical analysis is one of the most popular ways of Forex trading today, with a variety of data and information needed by traders in order to have the complete picture of the market and the way it's going. This data is provided by a variety of
tools such as Fibonacci retracements, Bollinger bands, moving average and more that are available in most platforms offered by Forex brokers today. Identifying the tools that correspond to your strategy and employing them in a fast and responsive platform is essential towards success. With the evolution of expert advisors (eas) most full time traders prefer the Metatrader 4 or simply MT4 as their main platforms due to its advanced functionality and support. On the other hand there are several other Forex platform types in the market that you can also consider. In this article we are going two analyse two alternative platform types that have gained significant popularity over the last few years, eToro's openbook and Currensee.
Openbook is the main platform of eToro a Forex broker based in the island of Cyprus. Founded in 2007 by entrepreneur brothers Jonathan and Ronen Assia, eToro is one of the leading broker today with 2,5 million register users. The company has expanded significantly in the last few years with offices around the globe and claiming billions worth of trades every year. A great part of its success is their platform which gives the ability to traders to interact in a social network environment and copy each other's trades. This is essential for newcomers, as by simply monitoring the ranking system, you can find experts with excellent performance and returns that you can copy with a click of a button. The system will then execute the same trades as the experts based on proportional levels based on your account balance.
Currensee is a Forex platform developed by Currensee Inc, founded in 2007 by Asaf Yigal and Avi Leventhal. Their headquarters are located in the United States and have gained significant exposure with investments from North Bridge Venture Partners, Egan-Managed Capital and Vernon & Park Capital. Currensee was developed to make Forex trading more accessible to users that aren't necessary related to the market itself. Analysts, money managers and financial experts trade using the Currensee platform, thus by creating an account you can monitor their strategies and copy their trades, similar to eToro's openbook. Currensee also offers a dynamic leader board.
Richard Broomstick is a financial writer. FXMoz provides reviews for Forex trading. Check out our oanda review
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