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Trading on the global market is very easy thanks to the wide range of trading platforms available today. Web-based platforms have emerged as a major leader in this field, taking advantage of the fact that many people looking to get into trading want to do so with as little hassle as possible. This includes investing in a powerful device and setting up complex software – issues that are both addressed by web-based platforms.
The trading market has grown significantly over the last decade, reaching more than $8 billion in 2020, and is projected to grow to more than $12 billion by 2028. This has shifted the focus of many trading platforms to provide a reliable web-based solution to their users.
Platform Independence
One of the main advantages of web-based trading platforms is that they run on any device and operating system. You don’t need to install any software or use a specific system – all you need is a device with an internet connection and a web browser.
This can be helpful not just for individual traders, but for larger organizations as well. Without the need for a standardized software infrastructure, companies can grow more flexibly.
No Need for a Powerful Computer
Hardware limitations are a thing of the past too. Some traditional trading platforms required a strong computer to run due to all the complex simulations they handled locally. Today, this is all done on the cloud and you’re just consuming the results on your own device.
And with more than 55% of the total internet traffic originating from a mobile device, this is an important factor for many people. Trading on your smartphone is just as easy as doing it on a regular computer.
Automated Maintenance
You don’t need to worry about maintaining the solutions you use either. No more annoying prompts to install yet another software update, restart your computer, or anything along those lines. When you’re dealing with money, this can be a crucial factor. More than 20% of security vulnerabilities related to unpatched software have been classified as High Risk or Critical, according to research.
Work Wherever You Are
Mobility can be an important factor for the modern trader. Some people choose to take up trading as a side activity until they’ve built enough experience to go full-time. Being able to work on your phone no matter where you are is a great advantage in this regard. You can easily keep an eye on the market while you’re traveling or even when taking a break at work.
In fact, some traders don’t even touch a desktop computer during their work most of the time. Modern trading platforms take full advantage of the capabilities of a mobile device to deliver a full-featured, seamless experience. MetaQuotes recently updated their MetaTrader 5 Web Terminal, for example, making it even more adaptive and responsive. The platform has already gained a lot of traction among traders, partly due to its low barrier of access. With no fees required to set up an account and start trading, this is one of the more attractive solutions for newcomers who want to test the market before committing to it fully.
Network with Potential Contacts More Easily
Networking is important for a successful trader. Some see it as a solo activity that’s not very conducive to building contacts, but that’s not quite the case. You can gain a lot from sharing your experiences with other people and learning from their recent activities.
This can be challenging to do when all your trading is done on a stationary computer that stays at your home though. But with a web-based trading platform, you can easily bring your laptop or even mobile phone to a meeting and showcase some data about your recent trading activities. Likewise, you can also receive information from your contacts and integrate it into your trading operations directly without having to wait until you’re home.
Your Data Is Handled Securely
Data security is a major concern in the financial market, with the frequency of attacks growing by more than 20% in 2021. Some of the traditional trading platforms relied heavily on local storage, keeping a lot of sensitive information directly on your computer. Even if it’s encrypted, data can still be accessed by malicious operators if they compromise your device.
This is harder to do with a web-based trading platform where all your data is stored remotely. Even if someone does manage to compromise your account, solutions like 2-factor authentication can still do a good job at keeping intruders at bay and preventing them from accessing more sensitive information.
Easily Transfer to a New Device
Another common problem with trading with older software that runs locally is that it’s difficult to migrate to a new device. You have to go through the whole process of installing the trading platform, copying all your data, and setting everything up. Sometimes this can take more than a day if you’ve got large volumes of data that need to be transferred.
When you’re using a web-based trading platform, that’s not an issue. Transferring to a new device is as simple as opening the platform’s website in your browser and logging into your account. Since everything is stored on the company’s servers, you won’t have to wait to get access to your trading data.
This can be especially useful in emergency cases like losing access to your device unexpectedly. You also have more control over your older devices, for example having the ability to disable currently logged-in sessions in case your mobile phone or laptop gets stolen.
Final Thoughts
Web-based trading platforms have quickly risen to the top of the trading market in just under a decade, and they are here to stay. Users are always looking for the path of least resistance when they want to get involved in activities like these, and no matter if you’re a newcomer or already have some experience with online trading, you can gain a lot from the use of a web-based platform. Explore what the market has to offer and see how easy it is to get started!
