For the traders who pile their money into the investment markets, there are numerous ways to place trades, from online platforms to downloadable software and mobile apps. Each of these options has its own, very specific, set of features and benefits that influence the decisions of those who use them to ply the markets.
Which of these platforms you choose may prove to have a significant impact on your level of success. Plenty of traders spend a very long time on selecting a broker, an area to specialise in, a particular methodology, and so on that they forget how important this is. In fact, the type of platform you choose will influence everything from how you can trade, to when and where, the ease and convenience of using your account, and the potential profitability of your decisions.
On the basis of each of these, we feel that browser based platforms have the edge. Read on to discover why…
The Two Types of Trading Platform
There are two main types of trading platform: browser based and software based. The former can be accessed directly via a website browser, which means that they can be used wherever a trader has a connection to the internet. The latter can only be accessed via technology that has a specific software programme pre-downloaded. This creates some major differences between them in terms of when, where and how they can be used.
The Benefits of Browser Based Platforms
Traders who choose to use a browser-based platform will find that there are many advantages. Here are just a few of them:
They Provide Direct Access to the Market
Online browsers offer a major advantage in that they can offer direct access to the markets. This includes being able to see bid and offer prices in real time.
They Provide Real Time Analysis
When using a browser-based platform, it is not only the basics that are available in real time, but also any analysis provided by the platform, such as charts and graphs. This means that there is never a risk that traders will be disadvantaged by out-dated data.
They Provide Easy Access to Your Account
Browser-based platforms are also much easier to access on the go. Rather than only being able to trade when you’re carrying technology that has the platform pre-downloaded, you can log in anywhere with just your username and password.
There is No Software to Download
One of the major benefits of this option is that there is no need to embark on the time-consuming process of downloading software, which always runs the risk of being incompatible with your systems. Web-based options also have the advantage of never requiring updates, thus avoiding lost time and lost trades.
What type of platform will you choose?
Image Credit: http://www.tradeviewforex.com/rhino-report/forex-trading-101