As a trader, timing is of the essence. The location you place a trade, the speed you can place the trade and how quickly your platform responds to your requests are all vital. In simple terms, they could be the difference between large gains and substantial losses.
As a result, over the course of the past five to ten years, we’ve seen a number of forex traders move to web trading platforms, such as the MT4 platforms provided by FX Pro. In this post, we take a look at exactly why they’ve become so much more popular than other platform types.
As with anything in the trading industry, you want to select the product that performs the best for you at the lowest possible price.
Web traders may not necessarily be the lowest cost product available, but they are very effective for the cost, as a recent study revealed.
Web based trading platforms can be a little ‘no thrills’, but that’s also why they’re inexpensive. It’s a cost effective solution for well-prepared traders who know exactly what they’d like from a platform.
The Ability to Handle Big Data Sets
With most web based trading accounts, you can handle a lot of data. That’s because you get much more capability and capacity than you do with app based systems due to the fact that they have more space to function.
As such, you can usually monitor up to 4 charts simultaneously and over 40 different technical indicators. As you also have the ability to trade directly from the chart, you can use all of this information and trade immediately.
Access All Accounts with One Log In
Plus, as a trader you need the ability to trade from anywhere. With a fast and attractive web based trading platform, not only can you access all of the information that you require here, but you can also access all of your other accounts, such as your mobile app with the same log in.
Additionally, you can also switch between demo and live versions of accounts. This is ideal if you’re learning the ropes and want to test trading strategies before you execute them. If you’re using a reputable broker, they’ll probably have an education section, too. So you can swap straight between education, demo accounts and live accounts.
To conclude, web based traders are becoming more appealing because of their increased functionality. You can access multiple accounts, increase the functionality with data sets and try demos all at relatively low cost – give them a try.