Are you planning to start your trading journey? One of the things new traders decide on is the trading platform they’ll use. Although most trading platforms, such as TradingView and MetaTrader, offer mobile and web-based versions, you should still decide which version you would like to focus on.
Although you can decide based on other people’s preferences, you should first understand both versions of trading platforms. But even if you already understand the difference between the two, you should still consider the brand of the trading platform you’re planning to use, including the broker you.
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But before anything else, in this article, we’ll discuss the web-based vs. mobile trading platforms to help you make informed decisions.
Understanding Web-Based and Mobile Trading Platforms
Web-Based Trading Platforms
Web-based trading platforms can be accessed through a laptop or desktop computer. Usually, you don’t need to download software, and just access your account on the web. The trading broker will give you credentials once you complete all the requirements, and they’ll instruct you to replace your username and password right away. From there, your trading journey starts.
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Pros and Cons of Web-Based Trading Platforms
Pros:
1. Advanced Features
Web-based trading platforms often have advanced features, including in-depth analysis, technical indicators, and multi-window views. In addition, they also have advanced charting tools to help you navigate your trades efficiently.
2. User-friendly
Another pro of using a web-based trading platform is that you can easily navigate it. First of all, the screen is large, which can help you access various charts at once. Additionally, you can view all the elements of the trading platform.
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3. Better for Multi-Tasking
Since you have a bigger screen, and you can also add more screens, web-based trading allows you to multi-task. So, if you want to check the news before you place your order, you can do so.
4. Stability
With a stable internet connection, web-based trading is usually stable, especially if the computer is advanced, and an ethernet cable is connected. In addition, you can update your hardware for a more seamless trading experience.
Cons:
1. Limited Accessibility
Although web-based trading platforms come with advantages, they also have disadvantages, including limited portability. Since the desktop and laptop are too big, you won’t be able to access your trades at all times. For instance, if you’re walking, inside the elevator, or at the supermarket, it’s not always possible to open your laptop.
2. Requires More Space
If you’re planning to rely on your computer or laptop for your trading needs, you should allot ample space. Although checking the status of your current trades can be done while in bed or while having breakfast, it’s different when you’re making trading strategies or placing an order, so having a space for your trading is essential if you choose to trade on the web.
Mobile Trading Platforms
On the other hand, the mobile trading platform is accessible on mobile devices. But unlike on the web, this requires you to download an application where you can access your trades, anytime, anywhere.
Pros and Cons of Mobile Trading Platforms
Pros:
1. Convenience
As mentioned, you can access and trade anytime, anywhere with mobile trading platforms. As a mobile user, you may already know how convenient it is to have access to various things whenever you want to. And if you can do it with your trades, you can easily manage your finances as a new trader.
2. Push Notifications
As you know, mobile apps come with push notifications, and this includes your trading app. However, some trading platforms may not have the best push notifications, so it’s best to check the popular ones, such as TradingView and MetaTrader.
3. Speed
As long as you have a steady internet connection, and an updated mobile device, you can execute and access your trades.
4. Beginner-Friendly
As a new trader, it can be complicated to follow all that has been going on in web-based trading platforms. Fortunately, the mobile versions usually have more user-friendly interface.
Cons:
1. Limited Features
As mentioned, mobile trading platforms are more recommended for new traders due to their limited features. However, this can be both a positive and negative factor depending on the user.
2. Limited Screen Space
Your whole trading experience is based on the small screen on your mobile. Although the mobile versions usually have an adjusted, user-friendly interface, sometimes the small screen isn’t enough to help you customise the widgets and dashboard of your trading account.
3. Battery and Performance Issues
If you often use your mobile device for trading, you may encounter battery and performance issues. So, even if you have the best mobile trading platform, you may still encounter other problems as you move forward.
Which Platform Suits Your Trading Style?
Here are some things to consider when choosing whether you should often trade on the web or through mobile.
1. Your Trading Goals
Start with defining your training goals. If you’re planning to become a long-term trader, you might encounter significant problems if you choose to trade only on mobile. On the other hand, web-based trading has an extensive analytical tool that can help you advance your strategies.
2. Your Lifestyle
Do you have a busy life that you often need to go outside? Or are you working from home, and always on your computer? If you’re the former, mobile trading is what’s best for you. Meanwhile, if you’re the latter, you should go with web-based trading.
3. Technical Requirements
The web and mobile versions offer different tools and features. If you need more advanced features while trading, you should go with web-based trading. On the other hand, if you’re fine with the limited features the mobile trading platforms have, there’s no reason why you shouldn’t trade with it.
Final Thoughts
Choosing between web-based and mobile trading platforms comes with a lot of reasons. Although choosing between the two is essential, you may also opt to use them simultaneously. Besides, most trading platforms, including TradingView are now offering mobile and web versions, so you don’t get limited to one device.
ABOUT THE AUTHOR
Aliana Baraquio has over 5 years of experience as a writer and market analyst. She specialises in developing beginner-friendly trading techniques and tutorials. Additionally, she suggests FP Markets as the top broker for trading CFDs and Forex.