Did you know that, in 2021, the global foreign exchange market was valued at US 702 billion dollars? What’s even more surprising is that it is expected to reach US 1,066.8 billion by 2027, with a 7.3% CAGR.
These statistics indicate a positive outlook for the trading industry for both the investors as well as the trading platform developers.
As understanding currency exchange is complex, many traders (newbies as well as professionals) count on the online software and automated tools available in the market. These assist them at every investment step- anticipating the forex market in Latam (Latin America), investing and withdrawing money, formulating trading strategies, and portfolio diversification.
As a result, the demand for accurate and efficient trading platforms is rising. So, if you are considering developing a forex trading software with the right approach, you’ll be able to reap countless benefits.
Having said that, you can use this article as your guide to developing the software. Let’s begin!
Forex trading software is a computational technology collection that answers common trading problems. It is jam-packed with tools that assist traders in their work and enable them to maximize their ROI.
It is noteworthy that nearly all forex trading software is freely accessible to traders (Not only in Latam but globally). These facilitate new traders by offering training sessions, trading coaches and mentors, and even disclosing trader insider information.
Related Read: Is Forex Really Profitable?
Generally, investors require a program that assists them in running in-depth analyses of different currencies in real time. The trading software addresses their need by consistently monitoring the market, identifying common patterns, and estimating dynamic events. It further allows the user to make short as well as long-term financial investments.
As the currency market fluctuates quite often, the software also runs in the background to provide frequent updates to the users.
The advantage of creating custom software is that there are essentially no restrictions except for your imagination and what can be coded. Even so, creating a custom system requires in-depth knowledge of trading, financial markets, and technical analysis.
For this purpose, you can work with a Latam software development company. It will ease the task of front and end-back coding for you, while you can concentrate on managing other tasks such as:
In fact, outsourcing software development companies will further benefit you by saving the hassle of building an entire team of engineers, thereby saving cost and time.
Though there is a wide variety of software that you can develop, the program must include the following features to serve the trader’s requirements.
The software’s analytical capabilities and third-party plugins are required to perform a thorough market analysis. Your trading software should offer interactive charts that show traders how to put their methods into practice. When investing in CFDs and indices in currency trading, it should display useful chart patterns like shapes and trend lines. Along with this, on the basis of criteria like moving averages, momentum oscillators, and trend detectors, dozens of technical indicators could be used to assess the market.
As the market is quite volatile, you should include the ability to place trade orders instantly.
What exactly are these orders? Well, Market orders, buy orders, sell orders, limit orders, and stop-loss orders are a few examples of these orders.
In fact, certain software aids traders in placing complex order types and adjusting their placements in accordance with their trading strategies. The software’s order placement feature can track the currency prices in real time and assess how well they fit the order book. So, it will be quite valuable for your users.
Last but not least, your program should assist the user in accessing all of the market’s basic data using fundamental analytical features. It includes the trading accounts’ financial statements, analyst rankings, and investment valuations.
They serve as software solutions that give traders the best backtesting capabilities through automated trading. Besides, trading professionals can use crucial data from their trading systems and sophisticated analytical tools for fundamental data when placing trades.
The future of forex trading is anticipated to be bright. As more and more people are working to secure their financial future using currency exchanges, developers can ease their work by providing a platform that caters to their needs.
Nevertheless, as this industry is complex and includes several licenses and laws, it would be best to lessen your burden by working with qualified software engineers and streamlining the development process.
