Choosing the proper software, or “trading platform,” is an integral part of successful Forex trading. It is important to have a full understanding of the different types of software available, since the platform you choose will affect all of your future activity. There are pros and cons to both web-based and desktop-based trading platforms, described below:
Desktop-based platforms
Desktop-based platforms store your data directly on your hard drive; this is often considered both an inconvenience and a security risk. It restricts your ability to access your data, since you must log onto your particular PC to do so. It also leaves you vulnerable to flaws in the hardware, and to viruses, either of which could destroy your PC, permanently losing you your account information.
Web-based Forex trading platforms
Web-based platforms have none of the disadvantages of desktop-based platforms; they can be accessed from any computer with an internet connection, and use encrypted connections that provide secure storage for your data. With a web-based platform, you can log into your account from anywhere, and quickly enter or exit the trade without waiting. There are several options:
The platform WYCIWYG, an acronym for “what you click is what you get,” which is based around the idea of capturing set prices
Commerce platforms, which are often FLASH based, and provide a user-friendly forum for consumers to engage in global trade sessions without encountering interference from firewalls. There are websites that allow users to log in and trade without having a platform, as well.
Some Forex trading brokers use specialized platforms, designed as a means of providing service for their customers. A good example is ECN (Electronic Communications Network), who use the HotspotFX platform.
To facilitate Forex trading, consumers can use any of these trading platforms, choosing the one they feel best allows them to save and access their data.
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