A Comprehensive Guide to Using Forex Software Packages
If you plan to start trading FOREX online you will of course be using a software system. This system will make it easy for you to get information quickly about market prices and make trades. There are two types of FOREX software available, client-based and web-based.
As the FOREX market is a fast-moving market and you will need up-to-the-minute information to make informed transactions, it is up to you to see you have a high-speed internet connection. Dial-up internet access will absolutely not work for this. Another consideration could be the location of the servers used by your broker. If your broker’s servers are located quite a distance from you, say in another country, this could potentially slow down your transmissions. If you plan to trade online you will need a modern computer and high-speed internet connection.
The next consideration would be which type of software, client-based, or web-based? Web-based software is housed on your broker’s website. You will not have to install any software on your own computer. A web-based software program will allow you to log in from any computer that has an internet connection. A client-based software program or one that you download into your own computer will limit you to transactions only on the computer it is downloaded on. Web-based software programs are preferred by most brokers who think they are more safe and reliable. Web-based software tends to be less vulnerable to attack from viruses and hackers during transmissions than client-based software.
Any FOREX software should offer you real-time quotes and offer means to quickly enter and exit the market. These are the minimum requirements of any trading software. Upgraded software packages are usually offered at an extra monthly fee by brokers.
Generally, brokers will have client information housed on two servers kept in two different locations. This is to guarantee client data is kept as safe as possible. If there is a power failure or a problem with one server the data is sent back and forth from the second secure server and you will not notice an interruption. Regular backups of these servers is another way that brokers keep financial data safe in case of server failure.