Less than 10 years ago, the majority of Forex trading was conducted on the phone with a Forex broker. If an investor wanted an update about his account balance or modify account instructions, he would have to call up his broker and wait on the line at least 10 minutes to take care of business. Making a withdrawal could even be more time-consuming, with faxed authorizations between the bank and the brokerage house taking up to a half a day to process. With an automated online Forex trading system, that’s no longer the case. The system’s overall ease of manageability is extremely convenient to use and allows the investor to spend more time on actual trading instead of talking to a broker on the phone. No more early morning calls to a broker to place an order or to change bank details. Here are some of the features of an automated online Forex trading system.
· Placing online orders – The Forex trading system allows you to place orders online 24/7, six days a week (7:00 pm Sunday Eastern Standard Time until 4:00 pm Friday EST). All you need is Internet access and you can place an order from the comfort of your home or even a remote island in the Pacific. Choose from a variety of orders, from market orders to limit orders to stop orders.
· Customer-service around the clock – No need to wait until after the weekend to contact your broker about your account. With online Forex trading systems like FXCM, customer service representatives can take care of your questions 24 hours per day, seven days a week.
· Conducting account management on web based systems – Do you want to change your account password or modify your account margin percentage from 1% to 2%? Maybe you want to make a withdrawal and can’t wait until Monday morning to speak to your broker. Perhaps you want to transfer funds between your many accounts or simply view your account balance. With an automated online Forex trading system, you’ll be able to perform these and many more account management functions on interactive web based systems with a simple click of the mouse, no matter where you are.