4 January, 2013
Over the past several years, technology has played a crucial role in the improvements of currency trading putting the entire mechanism behind it on steroids. Lots of Forex brokers today are now offering web based Forex trading platforms in addition to the downloadable ones. But with the differences between these two, traders especially beginners often find themselves stuck over which platform to use. Below are a brief overview of each platform to help you traders find out which one is suitable for you based from your preference and/or circumstance.
Software or Web-based – Which Should You Choose?
A web based trading platform usually runs on a Java programming language which can make dynamic programs accessible through the use of an Internet browser. For many traders, the major upside of a Java-based software is its mobility. It eliminates the legwork of downloading and installing software into the trader’s desktop. This means you can trade using any computer that has an Internet connection, unlike a downloadable platform which is tied to a single computer. If you are a trader who also travels extensively for business or other purposes, then a web based platform could be a better option for you. If you own a Mac, this is also a suitable choice as the MT4 platforms provided by most brokers today are designed to work only on Windows PC.
Regarding the downsides, Java based platforms tend to have less features compared to its downloadable counterpart such as advanced charts, newsfeed, and even trading signals. This will likely lack the tools you need in executing trades and doing analysis. Additionally, your Internet browser could be more prone to crashing than is your trading software (depending on your system settings or the number/quality of websites you have open in your browser). Sometimes, the data transmission can also be delayed depending on your Internet connection speed. And with the Forex market being very volatile where any slight fluctuation counts, such kinds of circumstances shouldn’t be tolerated.
As for the Metatrader 4 or simply MT4, this is largely considered as the market standard platform in the Forex market. This is widely used by many traders – beginner and expert alike – for its flexibility, advanced technology and well-enhanced security. MT4 is extremely easy to use and allows traders to trade in complex market with ease and comfort. Another advantage of MT4 is that it supports full customization features so that savvy traders can modify the platform according to their trading needs and practices. If you are or are planning to automate your trades, the MT4 is also the right choice as it features expert advisors.
It’s highly advisable that you ensure your broker has a top-notch support system in case you run across any trouble in your trading platform whether it’s software or web-based. If it crashed for some reason while you have open trades and you were unable to access the data back at the screen, it’s best to contact your broker right away to close your open positions.
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