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 brokers 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 minimal 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 severs 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 back ups of these servers is another
way that brokers keep financial data safe in case of server failure.