Handy and reliable forex trading software is the first thing every forex trader needs to start trading online. A good foreign exchange trading platform promptly provides information about market prices and quotes, and processes transactions in a split of a second. Today traders can take advantage of two types of FX software – web-based and client-oriented.
High-speed Internet connection is especially important as Forex is a lightning-fast changing market and it is crucial for a trader to have actual information on the desktop to make sound decisions.
Besides, the location of the broker’s server is quite important too. That is, if the distance between the server and the trader’s software is too large, for example, the broker’s servers are located on another continent, the data transfer will be off-speed, which can from time to time negatively affect the client’s trading results.
What kind of software should a trader choose? Web-based or client-oriented software? In the first case, the program will be based on the broker’s server, and a trader won’t need to install it, as it is accessible via any browser upon the trader’s choice. With the web-based forex trading platform a trader can use it in different computers, no location restrictions are applied.
Customer-oriented software requires installation on a trader’s computer, and it works exceptionally on the computer on which it was installed. Web-based programs are safe and reliable; many brokers prefer to use them. Web-based trading software is not so vulnerable, especially when transferring data.
What to expect from the trading software?
When opting for trading software, one should be clear about its main functions. First of all, the software should provide a trader with the market up-to-date information on foreign exchange quotations and with ability to open and close orders. Different platforms have different functional requirements, but the minimum requirements are practically the same for most forex platforms. Usually forex brokers offer software packages with upgrade option available for an additional monthly fee.
In order to ensure client’s data security brokers save information on two or more servers located in different hosting arrays. In case of a downtime with one server the data is transferred to the client from a reserve server, thus the client won’t notice any execution problems. In case of a system crash regular server backups will also protect the clients’ trading history.
What is the best forex software?
Competition in the trading software market is extremely high. With a great deal of a choice, it is rather difficult to choose a program that might fit individual trader’s demands in full. Many software developers offer platforms for online forex trading, but there are essential components that need to be checked before opening a real money account. Say, you have to make sure that 128-bit SSL encryption is included, as it is supposed to secure access to your data – operations, balance sheet, etc.
To provide secure trading, find a company that offers technical support 24/7. Also, while choosing a software system, check the idle time. You must make sure that the program you have chosen is not only reliable, but will also be available around the clock.
After you have checked all the points mentioned above, you can be sure you’ve made a giant leap towards successful trading in the foreign exchange market.