Forex brokers nowadays have pretty powerful trading platforms. With some brokers, you will be able to trade from pretty much anywhere using any kind of device that has an internet connection. However, some Forex traders still prefer to use desktop Forex trading platforms for a number of reasons.
Desktop Forex trading platforms are basically just standalone applications that you can use on your computer, in order to access your Forex trading account and start placing orders. They are to be installed on your computer system after being downloaded from your Forex broker.
Lots of Forex traders use web-based trading platforms and these do have their advantages. One advantage of these types of platforms, is that you can use them from any computer connected to the internet. With mobile trading platforms, you can trade Forex wherever you can get an internet connection on your phone, so these types of platforms have clear advantages too.
However, having said all of this, desktop Forex trading platforms do have their advantages too. While you won’t be able to freely use them whenever and wherever, they tend to be more powerful and feature-rich. Web-based and mobile Forex trading platforms are generally not as powerful and usually have less features than standalone software.
Desktop Forex trading platforms will also tend to be faster and more stable. Usually other types of trading platforms, like web-based ones, will lag more than standalone desktop platforms. Non-desktop Forex trading platforms can also update automatically and sometimes this can cause Forex traders problems. Desktop software is just thought to be safer and more stable, as well speedier.
If you are serious about Forex trading, you will most likely want to use a standalone, desktop Forex trading platform. However, even if you are serious about trading currencies, you will still most likely want to also take advantage of the various other trading platforms available, which are offered by your broker. You might not want to make big decisions using just your mobile, but you still might want to use your Forex broker’s mobile trading platform to monitor your trades while you are out and about, for example.
If your broker doesn’t offer various trading platforms, then you might want to consider moving to another broker, especially if it is important to you. If you trade Forex but also travel a lot, or you work long hours away from your computer, a mobile-based Forex trading platform might be quite important to you.
In conclusion, desktop Forex trading platforms are standalone software applications that Forex traders use to trade currencies on their computers. They are seen to be the more professional solution to trading currencies and usually outdo other types of trading platforms, like mobile and web-based ones. Standalone Forex trading platforms tend to be more stable, fast and feature-rich. However, other types of trading platforms can certainly still prove to be useful. You might only be interested in having a desktop Forex trading platform, but if your Forex broker offers web-based and mobile trading platforms, you may as well take advantage of them.