Choosing a good online trading app is a matter of preference but, there are several pros and cons you should be aware of before you deposit your capital with a broker. You should attempt to test drive an app before you deposit real capital, which could also include using a demonstration account. You also need to determine if you plan to trade at home, in an office on the road or all three. This can make a difference with regards to your long-term trading success.
What are My Choices?
There are three distinct types of applications. A brokers trading application can be customized from scratch or a white label. A white label is a copy of basic software that is used by a broker. The software company that creates the application will customize it for the broker, but the main features will be similar. For example, many brokers use the Metatrader platforms which are MT4 and MT5.
A customized trading application is one where the broker develops their own trading platform. The platform is customized to meet the trading needs of the broker’s customers. For example, iFOREX has developed its own trading application that uses its 20-years of trading experience and exposure to the capital markets to create a customized platform.
There are two distinct platforms available to use on a PC, laptop or Mac. There are browser-based applications as well as downloadable platforms. The downloadable platform is geared to the investors that plans on trading from the same place most of the time and are looking for a sophisticated platform that used significant computing power. Many of these platforms have a significant number of bells and whistles allowing you to chart and graph assets, follow the news in real-time, back test your portfolio and find new trading strategies. The downside to a downloadable platform is that you cannot take it with you unless you download the app on a laptop. If you do not have the platform on a hard drive, you cannot use it. To account for this issue, many forex brokers have created browser-based trading applications.
A browser-based application can be just as sophisticated and offer more flexibility. You can use a browser-based app wherever you have access to the internet. The app you see at home will be the same app you view at your office. If you are on vacation and want to check your positions, you can use a browser-based app while on the road.
In addition, many forex brokers offer a mobile application. The mobile app, is usually different in format relative to both the browser-based app and the downloadable app. These apps are customized for use on a smart phone or tablet. They usually offer fast execution as well as access to real-time news. You also can usually see your positions as well as real-time quotes. You can deposit capital and withdraw funds from your mobile app, making it an essential part of your trading toolbox. Whether you decide on a browser-based or downloadable trading platform, you want to find one that works in conjunction with a solid mobile application.