There are several brokers that offer the Currenex trading platform as the preferred Electronic Communication Network forex trading application of choice. One of such brokers is Hantec Markets, which offers two categories of Currenex trading accounts to its clients. These two versions are:
- Currenex Viking
- Currenex Classic
Even though these are both Currenex accounts, there are some differences between both account types. Possessing a knowledge of the differences in the features of both trading platform types will help traders decide on which of the trading platform options that will suit them. Here are the differences between the Viking and Classic types of the Currenex trading platform.
Trading Platform Types
The Currenex Viking platform is designed primarily as a desktop application which can be installed onto a computer using an executable file. It requires the download of the 8.46MB .exe file, which is a fraction of the total file size. After running the executable file, the full complement of the Classic Viking trader suite is completed. In contrast, the Currenex Classic trading platform is a web-based trading platform that runs on the JAVA programming language. It requires no downloads; just a link to open the web trader in a new window. It does however require JAVA to run and so the trader will have to install this software if he does not have it installed on his computer.
Available Instruments to Trade
On the Currenex Classic trading platform, traders can trade up to 28 financial instruments. However traders can only trade 18 instruments on the Currenex Viking platform.
Clientele Served by Currenex Platforms
The Currenex Classic trading platform was primarily designed for institutional level forex trading. This means that only institutional traders can open Currenex Classic accounts, and trade forex on the Currenex Classic trading platform. On the other hand, the Currenex Viking trading platform was built for retail traders, so if you are an individual trader, you will be directed to open a Currenex Viking trading account.
Placing & Managing Orders
The process of placing orders differs between the two platforms. The process of order placement is much more elaborate on the Currenex Classic trading platform. Order buttons are not clearly labelled and it takes a professional knowledge of the trading platform to be able to place orders without errors. This reflects the access base of the platform, which is meant for professional traders who execute orders for financial institutions and institutional traders. In contrast, the process of order placement on the Currenex Viking platform is more simplified. Retail traders can right click on the open chart and place his order from there, or click on the clearly labelled “sell” or “buy” buttons on the currency price display panel on the left of the screen to initiate orders.
Charting Capabilities on Currenex
By default, charts are not displayed on the Currenex Classic trading platform. In contrast, currency charts are conspicuously displayed on the trading platform screen of the Currenex Viking trading platform by default.
The two charts above clearly show some of the features and trading interface differences between the two platform types.
Managing Trade Executions
The Currenex Viking trading platform for retail traders also has some extensive features to ease the trading process. One of these features is the presence of a fully functional navigation bar, which has among others, a button that permits one-click trading. The one-click trading feature is not available on the Currenex Classic Trading platform. In addition, this platform possesses a navigation bar which is very basic.
In summary, we have to note that the Currenex Classic trading platform for institutional forex trading was principally developed for professional traders who trade on behalf of institutional players in the market. Usage of this platform requires a high degree of knowledge on how to navigate the trading platform to be able to use it maximally. Many functions are not immediately obvious on looking at the platform.
In contrast, the Currenex Viking trading platform was specifically built for retail forex traders. This category of traders will include those who are in the forex market principally to make money as a second stream of income, and have not received professional training in the financial markets. As such, they need a simplified version of the trading platform to get along, and this is what the Currenex Viking provides for them.