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Originally Posted On: https://dev.to/dschtz/uninstall-your-software-what-are-web-based-trading-platforms-4jla
Trading has been one of the driving forces of economic growth, tracing its roots all the way back to ancient, even prehistoric times. In the digital age, online trading has allowed people to earn money from the comfort of their own homes. Through online trading platforms, people can exchange stocks, foreign currencies, cryptocurrencies, and more. These platforms may be software, applications, or simply a website.
The New Normal
Due to both prior and recent major events, such as the COVID-19 pandemic and the rise of modern technology, doing home-based work has become more feasible and logical, with more and more businesses shifting to online platforms. The pandemic may have necessitated the concept of work-from-home, but this concept is looking to stay on even as we adapt to our new normal beyond COVID-19. This has further promoted the use of web-based solutions in people’s everyday lives.
Web-based solutions are applications or platforms that can be accessed by virtually any browser through a private network or the internet. This makes work and collaborations easier and more convenient to do. Gone are the days when people have to wake up at six in the morning just so they can beat the early morning rush hour and arrive at the office on time.
Removing the extra effort of waking up early, preparing meals, getting dressed, and spending money and time on public transportation is just one of the advantages of web-based solutions. Here are a few others worth noting:
Arguably one of the best features of web-based solutions is that they can be accessed basically anywhere as long as you have a working device and a steady network connection. Better accessibility is one of the main reasons why web-based solutions have become the norm in the modern day. You can hold a meeting, do your workload, or organize your workforce easily from any place you want.
Security is another important feature of web-based solutions. Data is stored in a central server, which can be only managed by the managing team. Unforeseen disasters that can destroy company devices will not be able to erase all this data. In fact, the central server acts as a point from which all lost data can be restored.
Business workflows are made smoother through web-based solutions. It is easier to communicate with your peers through an online setting, and such applications can even optimize management tasks for you. This will help you manage your company and give your peers whatever they need to do their jobs efficiently.
Online Trading Platforms
Every business, market, and industry evolves over time. Getting stuck doing the traditional ways of getting things done will cause you to fall behind your competitors. Innovation is the key to keeping up with the trends, and trading is no exception. The brokerage industry began adapting to the online approach ever since the early computers were created, with retail trading following suit. Nowadays, retail trading has transitioned towards applications that you can download onto your desktop or mobile phone, from which you can access your trading apps with literally just a click or a tap.
Types of Online Trading Platforms
Online trading can be done in two types of platforms:
- Software-based
- Web-based
Software-based platforms need to be downloaded and installed onto your personal computer or mobile device before they can be used. Such applications have built-in interfaces that allow easy trading and provide in-depth analysis of the various factors involved in trading. Their algorithms also help automate your trading experience.
Web-based platforms, on the other hand, are accessible through any built-in browser on your devices such as Google Chrome and Microsoft Edge. This means you don’t have to download anything in order to use the platform’s services.
It is important to note that some web-based trading platforms do have software-based platforms as well. So you can switch between either of the two, and your trades will remain as is.
Uninstall Your Software: Why Web-based Trading Platforms are Better
Web-based trading platforms provide a more mobile and accessible way of checking and performing trades compared to those that are software-based since they can be accessed from any device at any time. You can check your profile and portfolio on other people’s devices, even internet cafes if need be. So even if you lose your phone or accidentally destroy your computer, you will be able to continue trading on the platform without having to immediately replace your device.
Also, by foregoing the need to download new software onto your device, you’re able to save on much-needed storage space. This is especially helpful for those who have few bytes left to spare on their devices.
Notable Web-based Trading Platforms
There are a lot of available web-based trading platforms out there that provide a convenient and quality trading experience for both beginners and experienced traders. These platforms have their own niche and unique qualities to suit various preferences. Here are a few notable web-based platforms, along with their advantages:
There are a lot of available web-based trading platforms out there that provide a convenient and quality trading experience for both beginners and experienced traders. These platforms have their own niche and unique qualities to suit various preferences. Here are a few notable web-based platforms, along with their advantages:
E*Trade
E*Trade is one of the pioneers of online trading, making it one of the largest web-based trading platforms in the United States. You can access its trading platform through its website, which has an intuitive design that can easily be navigated by both beginners and experienced users. Their investment teams create portfolios from carefully selected, promising mutual funds and ETFs, so you can start trading even without any prior experience. E*Trade also has desktop and mobile applications that offer a variety of investment choices and tools.
Advantages:
- Provides a wide array of trading tools and investment choices that complement different user strategies.
- Accessible research material in their educational catalog and content library that offer a wide range of topics. Through them, you can study and formulate different trading strategies.
- Its automated portfolio builder can help users establish a good portfolio. Pre-built portfolios are also available for use, especially for beginners.
AvaTrade
AvaTrade uses a platform called WebTrader to provide a trading platform that’s easily accessible through any computer and any browser. Its focus on educating and introducing new traders to the trading industry means the platform has a minimalistic and easy-to-use interface that makes trading simple. Beginners can develop their trading skills through educational resources and demo accounts, which they can use to practice. WebTrader also has a risk reduction tool called AvaProtect that you can take advantage of to protect your trades and yourself from possible financial losses.
Advantages:
- Real-time view of various ongoing trades from different WebTrader clients as well as push notifications for specific market movements.
- Good for beginners.
- The platform provides security to your deposits through a regulated broker.
- Multi-lingual support staff to help you with your concerns.
MetaTrader 5 Web Terminal
MetaTrader 5 Web Terminal is a trading platform developed by MetaQuotes that provides a space for online trading on your local device. With the MetaTrader 5 Web Terminal, you are able to perform your trades through a secure platform that encrypts all transmitted information. The platform provides three types of charts and nine timeframes that you can configure depending on your preference. Various indicators and graphical symbols are also available for illustration purposes so you can better analyze data.
Advantages:
- Tools available to help users perform a comprehensive analysis of what’s happening on the market.
- A wide array of trade orders are available such as pending and stop-orders, which are integral in limiting losses and maximizing profit in your trades.
- Various other features include advanced market depth and real-time quoting. All trading operation types are available at your disposal, as well.
- Compatible with Windows, Mac, Linux OS, Android & iOS.
Conclusion
Web-based trading platforms make online trading more accessible and available to its users. Through them, you can trade on the go and monitor the market by simply logging on to their websites.
They also eliminate the need to download additional software onto your device, so you can focus on earning money without worrying about your phone’s memory failing you. To start, just pick a platform that suits your style and preference, then work your way up from there
