There are two main types of FOREX software – one that is web based and one that is client based. The nifty FOREX software package offers online transactions for clients and provides easy access to market price information. FOREX brokers have all agreed on the essential software tools that clients would potentially require since online trading has really grown more complex over time.
FOREX software is expected to provide up-to-the-second information on the market. Timing decisions for when to actually enter and exit the market is easily accessible through FOREX, as the fast moving pace results in real-time data delivery. Though FOREX dealers claim their software has little to no complications with the speed and availability of data, there could be a number of obstacles with delaying data transmission.
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The physical distance from the broker’s servers as well as Internet connection speed are two potentially common issues that could impede data transmission. In order to make the most of the FOREX software package, it is well advised that FOREX traders own a reasonably modern computer and have high speed Internet connection. Undoubtedly, it helps if you live relatively close to a broker, though in order to use the software it isn’t necessary. For example, traders in Bangkok can deal with brokers in Ohio though they may experience data transmission delays – especially in the case of unstable market conditions.
The primary difference between web based software and client based software is that Web based software is found on the broker’s website so no software installation is necessary. Client based software requires you to both download and install your broker’s software package. There is an increasing trend in offering web based software for reasons of expediency, security and dependability. Web based software also allows you to conveniently make trades from any location with Internet access. Client based software, on the other hand, limits you to logging on to your account and making trades from just one computer.
Aside from the convenience, web based software also offers greater security. High-strength encryption makes it impossible for individuals to access your data during transmission. While client based software is also protected during data transmission there are numerous more opportunities for data loss from the trader’s computer. It also may be easier for viruses and hackers to access valuable financial data stored in single computer.
FOREX software is incredibly up-to-date and offers modern features. Even the most basic FOREX software packages provide access to real-time quotes and offer a way of entering and exiting the market in a timely fashion. Quotes can be seen for most currency pairs and the software allows you to buy or sell at market prices or enter and exit the market using stops or limits. Idyllically, trading software should include the ability of charting functions with a variety of viewing functions.
Money shouldn’t be a problem because the basic software packages should be offered free of charge, however many brokers also offer more advanced packages available for monthly payments. The ability to trade directly from the chart and full analytical functions are only a few highly advanced features that one would be able to expect in a paid-for package.
The core of FOREX software is a series of data servers that enable connection to your broker’s web site and allow you to make transactions. Servers operated by the FOREX broker need to be dependable and safe for maintaining data integrity and assuring accurate transaction processing. For a server to ensure maximum uptime, in the case that a power outage or natural disaster occurs, the broker should operate at least two sets of servers in different areas. In case of server failure, brokers should also provide consistent data backups to guarantee the security and integrity of their customer’s financial data.