While a currency converter is a useful tool for traders, you are denying yourself a wealth of opportunities if you limit yourself only to using the conversion tool. In order to encourage traders to stay longer on their site, as well as recommend it to their friends, they also offer a wealth of other resources that you can avail of which will greatly enhance your trading activities. What are some of these resources?
- Articles on forex trading: These educational articles range from the basics of currency trading to more practical tips on how to choose a currency broker. If you are just starting out in currency trading or are considering getting into forex, these articles may offer an invaluable education. But even if you are already a veteran trader, you should still go over them since you may learn something new.
- Forex news developments: When you use a currency converter, you may not be aware that exchange rates are influenced by a variety of factors, such as upcoming economic and political developments which can affect the economy of the country whose currency you are trading. Most conversion sites offer short news articles about breaking news which may affect particular currencies/currency pairs. They may even allow you to search the articles based on which currency they will impact. In addition, there are also links to forex calendars, which are schedules of upcoming events which can cause volatility in the currency markets.
- Customized converter tools: If you have your own website, you can integrate a particular currency converter widget into it for free, usually with a banner ad displayed. However, you can also get premium customization that allows you to add the widget to your site with no ads, for an annual fee. You can even choose which currencies the widget will convert, from the major pairs all the way to every world currency.
- Historical exchange rate tables: If you need to get an overview of past price trends for your chosen currency pair, the best converter sites allow you to generate historical tables using a chosen base currency that displays not just past but also current rates.
- Data feeds: If you run a business, using the currency converter widget may not be enough for your needs. Many sites offer continuous feeds of currency price data for commercial businesses, and which are usually gathered from a range of reliable sources. The best ones even allow you to get the data online without the inconvenience of having to install software on your server.
- Free apps: Most traders no longer stick to their computers all day, but are actually on the go doing other things. If you want to keep in touch with currency prices even while out of your home or office, you can download and install currency converter apps for various mobile digital devices such as tablets, smartphones and laptops. You can get near-real time exchange rate data anywhere there is a Wi-Fi connection, or you can work offline by storing price data on the memory of your device.