The world is changing fast as industries are transforming in an attempt to meet the demands of modern customers. The global economy is more interconnected than ever before and markets are increasingly international. The overall worldwide wealth is soaring as well, thanks to the rapid development of Asia and Africa. The driving force behind these changes is technological advancements that have been constantly occurring throughout the past few decades.
The radical revolution and the increasing rates of digitalization have affected almost all industries significantly. However, some of them saw bigger and more drastic changes than others. A good example of this is the financial industry that was turned completely upside down by the rapid growth of means of technology across the globe.
These days, practically all commercial banks operate on digital-based platforms both internally and externally. The main channels of communication and information are as well on the internet. However, most importantly, almost every bank or other kind of financial institution offers digital banking platforms to its customers. The majority of us have a hard time remembering the last time we left the house to visit a bank branch in order to perform a financial transaction or some sort of operation.
Everything is done through the global web and it is bringing lots of benefits to the customers. Such services are much faster than traditional banking. Moreover, they are faster, smoother and often are cheaper to use. The latter is particularly important for businesses that often end up paying more to use physical services than they would when performing the same activities through digital platforms.
Trading in the era of technological revolution
Within the financial industry, trading is one of the most important factors that influence the global economy. Stock markets have been around for centuries now in traditional forms. The iconic buildings and their magnificent halls we see today in London and New York were established far before gadgets would become available. Thus, the only means of communication at first was to simply speak face to face, later changer by the telephone.
The brokers and top traders across the globe were soon attracted by computers connected to the internet. These small machines could transfer information automatically and with exact mathematical correctness to other parts of the world in a matter of seconds. Naturally, for an increasingly globalized world and especially the field of trading, this was a massive breakthrough.
Later on, as the internet became more available to households across the United States, Europe, Australia and later the rest of the world, trading moved onto the worldwide web as well. Forex trading platforms are now immensely popular among people of all age groups. From the 1990s until today, we have witnessed a number of success stories connected to Forex trading. One of the most notable examples is George Soros, with the net worth of $8 billion, he is one of the most influential philanthropists of our day.
In 2009, with the introduction of the world’s first decentralized virtual currency Bitcoin, the industry was notably altered once again. Nowadays, cryptos are actively traded on markets around the world. However, the question for many, who would like to engage in crypto trading is about the required software.
Crypto trading software: is there such a thing?
Trading itself does not essentially require dedicated software. Many platforms support the use of regular internet browsers and can easily be reached. Thus, particular and especially expensive software is not essential when starting to trade on Forex.
However, most advanced speculative operations can sometimes only be done on particular platforms. One of the most notable platforms for foreign exchange brokers is MetaTrader5, or simply MT5. This is one of the most widespread software programs available. Some of the well-known MT5 Forex brokers say, that it allows more mobility to traders during the process. It is adapted to smartphones and tablets, thus can conveniently be used at any time from any place.
Another example is 3Commas, which unites lots of advanced features while remaining quite simple in terms of the interface. The platform is fairly easy to understand and work with. The biggest advantage of it is how universal 3Commas happens to be, as beginners and experienced traders like it equally.
Another part of crypto trading is the widespread use of trading bots. This has particularly become a big trend in the last few years as the markets on the web started attracting soaring numbers of users. To start off with, here is the question on everyone’s mind: are trading bots even legal? The answer is a simple and straightforward yes. Even more, the use of bots in trading is often encouraged by the platforms.
Bots simply make decisions on behalf of the trader based on the previous pattern. They help in calculating the differences quickly when individuals can make natural humane mistakes. Moreover, they keep the trading account always active, which is crucial for both the users and Forex platforms.