In the recent times, lots of forex brokers have started offering web based forex trading platforms in addition to the regular downloadable trading platforms. This diversity is good, especially if you are on a Mac for example. Since most forex trading platforms are built to work with the Windows PC, web based forex trading platforms is the ideal solution for forex traders with a Mac. A web based forex trading platform is also helpful especially if traders do not want to download and install a regular MT4 for example.
There could be various reasons why a trader would want to make use of a web based forex trading platforms. There is no doubt that Microsoft has a major advantage over Apple in terms of market share especially in the forex industry. However, many will claim that Macs are more reliable both in terms of hardware and software, which is interesting because reliability is one of the main factors for Forex traders yet it a little strange that Forex Mac platforms barely exist. In such instances, using one of the various web based forex trading platforms fill the void.
Because the forex markets are open to everybody and largely due to the fact that it is quite a profitable market, online Forex brokerage firms have started improving their services and accessibility to their forex trading platforms. Most forex brokers offer distinct trading platforms that are targeted from a beginner in forex trading to the novice. Such is the need of the forex markets that required multiple forex trading platforms, web based, downloadable forex platforms and even a few that offer the mobile trading platform.
Web based forex trading platforms – Advantages
No Downloads required with web based forex trading platforms
Most of the web based forex trading platforms are built on the Java framework. In today’s time, most of the PC’s come equipped with Java and even if you haven’t used Java much, most of the websites that have dynamic content do require Java to be installed on your computer. Further more with browsers getting intelligent, you must have at some point been prompted to either install or upgrade your Java software.
Web based forex trading platforms offer mobility
The ease of use of such web based forex trading platforms gives the definitive advantage of not being tied up to your PC. So if you’re out on a vacation and want to trade the markets, a web based forex trading platform would be the ultimate choice.
Web based forex trading platforms choice of use
Some forex brokers offer both the traditional downloadable as well as web based forex trading platforms. As stated previously, mobility is one major advantage. By making use of both the downloadable and web based forex trading platforms, traders can choose between either of the two choices to trade forex depending on their circumstances and/or requirements.
Web based forex trading platforms – Disadvantages
Limited features with web based forex trading platforms
Web based forex trading platforms offer only a limited number of features such as charting, alerts and so on. This is a disadvantage but bear in mind the reasons behind this. By having a feature rich web based forex trading platform, the purpose would be lost as the primary goal of using a web based forex trading platform is to offer speed, lite usage. Traders cannot expect to see a whole range of features on their web based forex platforms. These include limitations to the currency pairs or other assets that are usually available on a downloadable trading platform.
Browser issues with web based forex trading platforms
The odds of your browser freezing or crashing is inevitable. While this is true as well for the regular downloadable forex trading platforms, the odds of your browser crashing are much higher. This is one aspect that needs to be tread upon carefully. When using a web based forex trading platform, always keep the details of the forex broker’s customer support handy in the event of such issues arising. However, most web based forex trading platforms do have in-built features to ensure that your trades are protected in the event that your browser crashes.
The ideal solution for traders is to choose a forex broker that offers both features. Further more, define the goals when using the web based forex trading platforms. You cannot expect to fire up your browser and use the web based forex trading platform in order to use it the same way as you would on your MT4 for example.
Forex Brokers with web based forex trading platforms
LMAX Exchange – Known for its tight spreads and fast execution, LMAX exchange offers an innovative Web Based trading platform that allows a host of features which includes opening new positions or creating pending orders. Modifying existing orders, Level II market depth and some basic charting functionality. Click here to register with LMAX or read the LMAX Broker review here. LMAX Exchange is the first MTF (Multilateral Trading Facility) that is authorized by the FCA.
ETXCapital – ETXCapital is a UK based, FCA registered Spreabetting broker that allows a wide range of trading securities such as bonds (including US and UK Gilts), options and stock CFD trading. The platform is completely web based and has advanced charting capabilities that could rival most downloadable trading platforms. Read about ETXCapital here, or register an account.
Web based forex trading platforms – The Choice
Despite what is said, forex traders must note that no other alternative to a traditional desktop trading platform can ever be replaced, this is simply due to the nature of the business. Alternatives such as web based forex trading platforms are best suited to serve the purpose during the hour and cannot replicate all the featured of a regular downloadable forex trading platform.
Before you consider using a forex broker that offers web based forex trading platforms, it is essential to understand what makes this choice of a web based platform a better one. Web based forex trading platforms bring with it their own set of pros and cons when compared to the native (Desktop) client, but it does serve a major purpose as a web based forex trading platform makes for an ideal solution for the Mac Forex trader or a forex trader on the go without access to their PC.