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Thursday May 9, 2019 - 23:48:41 GMT
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Why is it important to have multiple trading software for a broker

Brokers usually offer a fair amount of software to their customers to trade on, but very rarely do we see some of the most popular ones being featured from the same company. There is a reason as to why brokers often go for either MetaTrader or just cTrader.

But pretty much every broker needs to have some kind of alternative, just having one platform is a recipe for disaster for a new trader coming in as a customer.

The lack of variety is inconvenient

Imagine that you are a trader that has been using MetaTrader for about 2 years now. You are well aware of its capabilities, know how it works and doesn’t need any additional support when changing brokers.

But now imagine that you registered with a broker and the only platform they have for offer is cTrader, no WebTrader or MobileTrader. You’ll be forced into a couple of days of adaptation on the software, forced to learn new ways of placing trades and making an adjustment, using tools and etc.

Although most of the software available for Forex traders is designed to be user-friendly, it may get a bit confusing when making a sudden change. Furthermore, there is always the risk that the trader will not be able to access the software from his mobile device, which is quickly becoming the go-to technology in day-to-day trading activities.

The importance of variety

The importance of variety can be divided into two groups of value. The value of accessibility, and the value of mobility. According to this UproFX review, the variety of trading platforms can be a redeeming quality while choosing the broker. Other shortcomings can be ignored if there are at least 3 options available.

This is due to the license costs of featuring a single software. If the broker is able to afford their own version, MetaTrader and cTrader together, it is easy to see that they are quite successful and have the capital to keep them afloat for quite some time. Therefore traders can make their decision based on this due to increased trustworthiness.

The importance of mobility

As already mentioned above, mobility is becoming the key feature of any platform. If anyone, anywhere is able to access it, a company can expect double the activity and double the customer base.

Try to imagine this scenario. A trader is at work, and there was a major news piece detailing a political development in the USA which is guaranteed to drive the currency down within just a couple of hours. Due to him not being able to access his own computer, the trader can lose quite a lot of funds.

However, if the platform he was trading on had a mobile version, the only thing he’d need to do is just make the change immediately on his mobile phone.

Not every platform has this luxury, unfortunately. One of the reasons may be that it either costs too much, or the company does not pay any significant attention to it.

This is a major mistake as multiple studies have come out that by 2025, nearly 72% of the world’s population will rely on their mobile devices to manage day-to-day tasks, which for many, includes placing and closing trades.

Unfortunately, not everybody has the luxury of having the trading software installed on their work computers, they have to rely on their personal one.

Why do companies ignore multiple trading software?

Sometimes it is not up to the Forex broker whether or not they have more than 1 trading software on their platform. Sometimes it is due to the providers not handing out licenses or the competitive nature of the industry.

At this moment, there are two large software providers competing to dominate the market. MetaTrader and cTrader. It is not unlikely to see one of the companies revoke the license of a Forex broker which added their competitor as an option. It may not be the best user-friendly business model, but it sure is lucrative.

Due to the fact that MetaTrader was the very first software designed for Forex trading, it managed to acquire the market much faster. By the time cTrader came along, there was not much left for them to partner up with. Because of this, the overwhelming majority of Forex brokers you find out there will feature either MetaTrader 4 or MetaTrader 5.

Which software is best?

This question is the hardest to answer in the Forex industry. The difference between these two programmes is not that big. Usually, it comes down to the design patterns. MetaTrader chose to remain with a simple, yet rugged look, while cTrader introduced a user-friendly, more polished design.

However, most brokers report that nearly every beginner trader opts for their WebTrader platform, due to the software being designed specifically for the local customer base. Thanks to the data brokers are able to gather from their platform, they’re able to design a better-suited piece of software for their customers, rather than a pre-designed one such as MT4 or cTrader.

Overall, there is not much difference, but having the option of trying all of them out and making a decision based on the experience, should not be a luxury for Forex traders. It should be a freely accessible feature.

Author: Michael Petain

Bio: Michael is a software developer and a full time Forex trader. He dedicates his time on the internet to share his knowledge about how programming and Forex contribute to our daily lives.

 

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