Technological advancements have certainly induced tremendous innovations in a lot of industries. We have to say that the Forex market was no exception as well, and computers have completely revolutionized the way trading is executed these days. The number of trading platforms and brokers is increasing at a rapid pace and as a result, millions of people are getting engaged in this field on a daily basis. What’s more, the establishment of trading bots has definitely paved the way for highly lucrative opportunities, so it should come as no surprise that more than 90% of trades were executed by trading robots in 2022.
Benefits of Technology In The Forex Market
Due to the fact that there are numerous trading platforms and brokers online, it has become crucial for them to constantly improve their quality in terms of services in order to beat competitors. This is good news for customers as it is not hard anymore to find convenient resources. However, keep in mind that modern technologies also conduct negative outcomes for the Forex market since now people have the possibility to establish fake platforms where they scam newbies and steal their money. Hence, it is important to check whether exchanges and brokers are licensed by top regulators.
What’s more, developers make sure to improve the speed of payments all the time. So, nowadays, every transaction can be processed within minutes in the Forex market. This means that you don’t have to wait for a long time for your money to be visible in your wallet. When it comes to trading tools, we have to note that they have improved enormously over the last few years as more and more innovative extensions have appeared. They consist of every essential attribute required for successful trading, and more importantly, the interface is constructed with user-friendly elements in order to make it comprehensive for all types of traders.
As we have mentioned above, the biggest impact of technological advancements in the Forex market was in terms of trading bots. This is also known as algo trading since bots are built with a set of predefined algorithms such as time, volume, and price in order to provide close to 100% precise results. Basically, the computer does all the work on your behalf which is a great opportunity as human emotions are completely ruled out in this process. Trading robots have a speed and frequency that is impossible for humans to acquire, thus they have become highly popular ever since their release. In 2022 more than 90% of trades were done by bots, and this number is expected to grow even further in the upcoming years since there is a serious argument that algo trading will completely replace human labor.
Top Forex Brokers
There are a lot of Forex brokers who have successfully adapted to technological innovations in recent years; thus, we would like to provide brief reviews for some of the top UK FX brokers.
Tickmill
Tickmill has flawlessly adopted every major tech innovation ever since its release. As a result, it has collected strong financial records and retained enormous customer engagement throughout many years. The team of professionals who have immense experience in the financial sector is ready to provide high-class services all the time in order to help you achieve your desired goals. You will run into over 180 trading instruments on this website, and also it is important to note that spreads start as low as 0 here with very low commissions. The most appealing quality of Tickmill lies in its ability to execute trades within 0.20 seconds on average, which is one of the best numbers in the whole market.
HYCM
HYCM has offered an array of top-class services to customers for more than 20 years now. Despite being one of the oldest brokers in the Forex market, it has perfectly adjusted to every technological innovation and maintained huge popularity among traders from all over the world. Therefore, it has received tons of awards including the World Finance’s Best Mobile Trading Platform in 2017. HYCM is able to furnish you with superfast and low-cost trading, and you will encounter great liquidity as well as low spreads there. The cutting-edge technology of HYCM allows users to take advantage of over 300 trading instruments and utilize trading programs via all types of devices.
XM
XM has advanced in the Forex market tremendously over the last few years given the fact that it has provided a wide range of high-quality products all the time. Technological innovations have allowed XM to develop a reliable platform where traders can experience transparent and completely secure trading that consists of indices, Forex, commodities, CFDs, metals, energies, and stocks. The broker is ready to meet every innovative product with open hands and implement them on the website, thus XM is frequented by millions of traders on a daily basis. All in all, the daily trading volume of this broker is more than 2.4 billion dollars and this number will certainly grow in the upcoming years.
