As soon as you sign up with most brokers, you will be required to either download a platform or start trading on a web based one. Most people prefer the web based forex trading software, while some others prefer the downloadable forex trading software. We are going to look at how each one of them stacks up on specific points, but first you need to know that a stable internet connection is an absolute must, regardless of which option you are using.
Security of the forex charts
A web based forex trading software is more secure than a desktop based one. The reason for this is that the information related to your trading is stored on your hard drive. This makes it very vulnerable to any security threats your computer could be facing. For example, if your computer is infected by a virus or spyware, the log in details of your account are no longer secure and neither is your trading balance. If your computer crashes, you may end up losing the login details for good, as well as any work you have done tailoring forex charts set ups to your trading style.
The severity of the impact of password loss can be magnified if your broker doesn’t have any quick way to reset login and passwords. You should create a backup of your trading data and save it on a cloud based service. After doing this, you need to ensure that your antivirus is up-to-date and you have to update the trading platform regularly.
With web based forex trading software, everything that has to do with security and maintenance is handled by the broker. All web based platforms are hosted on very secure servers, the type which credit card websites run on. The encryption employed ensures that you are protected. A backup of your trading log in and activities is also made by the broker in the event that the data is required.
Due to the fact that there is nothing to download, web based platforms are considered to be more convenient. The software runs on any regular browser and this means that you can always have access to all trading features anywhere you are as long as you are able to access a computer with an internet connection. The desktop based versions however require that the software be downloaded before any trading activity can be carried out.
The desktop based forex trading software wins this hands down as the trader would be able to mix and match platform features to suit his needs. Specialised software can also be created to run on the platform. With the web based versions, the trader can only work with tools available on the platform and there is very little room for customisation.
Having looked at all of this, the key to your decision lies in choosing what you are comfortable with and whether you want access everywhere, as found through web based platforms. Generally people opt for web based systems and forex charts.