There are a lot of forex traders who feel that they should be using an FX converter. If you are one of these traders then you need to know what your FX converter should have. This is the only way that you can ensure that you have everything you need. It is important that you know about all the different aspects to look for and how they can help you.
The Age of the FX Converter Information
One of the most important things that you should look for in a foreign exchange converter is how old the information is. The question you need to ask is how close to real time rates is the information you are getting? It is important that you find this out as you want to use a converter that gives you true real time rates.
The problem is that not all converters actually use real time rates. Some converters will use historic rates which may distort the value of the conversion. Depending on what you are using the converter for you may find these rates to be less than helpful. When possible you should always use a foreign exchange converter that works with real time rates.
Which Currencies Are Converted?
This is a question that people generally do not look at. You should always see what currencies the converter has before you start using it. The reason for this is that not all converters will offer conversions of every currency. There are a lot of converters which simply offer major currency conversions. If the currency you are looking for is not one of the major seven then these converters will not help you.
The solution to this problem is actually quite easy. There are a number of converters which offer conversion rates for over 160 different currencies. These foreign exchange converters are the most popular as you never have to worry that you won’t be able to get the conversion you need.
Will Charts Be Included
Most people think that they do not need to have a currency chart when they use a converter. If you are using the converter for trading purposes then you will know that charts are very important in trading. If you are not trading you may think that looking at the currency rate charts is a waste of time. This is not actually true as currency rate charts should be used by travellers and businesses.
If you are looking to convert your money then you want to get the best rate. To do this you should consider where the currency rate is heading. You can see this quite easily when you use the charts provided by the converter. By using these charts you can determine whether you should convert your currency now or wait a bit to get a better rate.
What About the Rate of Change?
To get the best rate you should also look at the rate of change listed by the converter. This is often easier for people to read than the currency charts. The rate of change will be listed in relation to the currency you are looking to exchange.