Doing the same task multiple times can be daunting and exhausting. Before developers discovered a solution, they had to produce unique apps for users of various operating systems. The process was not only lengthy, but it also caused several compatibility problems. This is because different operating systems have different requirements for the kinds of programming languages that should be used when developing applications. As a result, a feature that works flawlessly in Windows or Android OS may sometimes work differently in MacOS or Linux. Businesses that wanted their application to run on many operating systems had to hire highly knowledgeable programmers in a particular language, which is expensive. Additionally, end users in one operating system could have a different degree of experience than those in another due to compatibility issues. Sometimes, that experience was utterly absent because the application they were looking for needed to be available on their operating system.
All these issues were resolved when the solution— cross-platform applications— stepped on the scene. The idea behind cross-platform apps is that a software application or product should work well in more than one specific digital platform. One of the most significant advantages of having a cross-platform application is that you can access it anywhere, from a device, as long as there’s an internet connection.
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Cross-platform apps enter the trading world
Decades ago, the thought of accessing the same app uniformly on all devices and systems would be considered an idea extracted from a sci-fi thriller. Traders had to deal with the frustrating experience of different and, at times, complicated user interfaces from one operating system to another as developers struggled with inconsistencies in systems. This is now the story of the past. In the fast-paced world of online trading, where consistency is critical, cross-platform trading takes the crown. When talking about cross-platform apps in the online trading space, the name “web trading platform” such MetaQuotes’ MetaTrader 5 Web Terminal cannot be ignored. Web trading terminals allow traders and investors to make trades directly from their favorite web browser from any device.
Cross-platform apps offer a lot more benefits to both the end users and brokerages. These apps can be developed for a wide range of platforms, but still work together seamlessly, allowing brokerages to reach a wide audience on multiple devices instead of one. This also makes it possible to sell cheaply by developing multiple apps for the same intended users. Someone would think developing apps for different platforms can take time, however, that’s not the case. Development of these apps is faster because developers can share the source code on different platforms while maintaining the same programming language.
While the internet has presented many opportunities and improved workplace productivity, security is a significant issue. Cyberattacks surged by 33% between 2020 and 2021, according to a report by IBM, and by 2025 cyber attacks are expected to cost the world a staggering $10 trillion annually. If you are an online trader, these stats can easily cause a shiver down the spine; however, your safety is bolstered with web terminals. How: web terminals are updated automatically for security updates, so each time you log in, you are assured you are using the latest version of the trading platform. A team is always working behind the curtains to ensure the platform is patched for vulnerabilities. On top of that, the data transferred between the server and the computer accessing the web terminal is strongly encrypted, sometimes using a 128-bit encryption key, to provide complete, nearly hack-proof information transmission. The MetaTrader 5 Web Terminal adds another layer of security by authenticating the server trader and two-factor authentication to enhance protection from unauthorized entry.
Aside from that, no one wants to stick to an application that has errors or quirks on other systems and is only stable on one. This is where cross-platform trading stacks the ace up its sleeve because it accords the convenience of enabling the trader to conduct transactions literally on every device and system. This uniformity is particularly crucial in this era, where smartphone users are projected to reach 8 billion by 2025. Such a perfect advantage puts an extra layer of stability to the mobile brokerage landscape as it implies that the trader can run his transactions proficiently everywhere without regard to the engine powering his device. The staggering stats on smartphone use will likely lure more and more brokerages to jump on the cross-platform trading apps bandwagon, evidenced by the current adoption of the MetaTrader 5 Web Terminal by numerous forex firms.
Building upon the multi-operating system compatibility, cross-platform trading is a one-size-fits-all remedy for every trader. During the early reign of online trading, traders and investors were limited to the computer, which meant that the plug-and-play type of trading now available on mobile devices was nonexistent. Transactions could not be conducted straight out of the pocket as presently permitted through smartphones or tablets. If you were away, you had to rely on a proxy to handle transactions on your behalf or carry the machine with you. Imagine how cumbersome this was. The adaptability of cross-platform apps improved this and resulted in the ability to shift the transactions from one device to the other without changing anything. Traders were immediately provided the prospects of managing their business on the go, bringing speed and agility to the world of online trading. Now, the trader can speedily access charts on an Android smartphone with his legs up on the beach, trade stocks and equity on the iOS tablet on a train, or manage bonds on a laptop in the comfort of his office. It is no wonder a vast majority of traders have shifted to online trading web terminals because of the competitive advantage they have over their predecessors.
Cross-platform apps make trading valuable and convenient. Unlike trading through special applications that can sometimes only be available on selected devices and systems, the prevalence of browsers in every device turns the knob up in online trading. Offline software is not only bulky, but they also require specific hardware specifications to run – something which the browser-based trading through web terminals does favor. Cross-platform trading transforms the online trading system by opening the trading window through a simple native browser creating a level of adaptability never seen in the pre-internet trading era. What the trader was missing in the traditional native apps has now been invented in these modern browser-based trading terminals for maximum success. It is reported that the MetaTrader 5, for instance, packs a responsive multi-platform user interface that can be viewed in all web browsers.
With all the advantages cross-platform trading platforms provide, one important consideration would be whether or not they are responsive. Because of their responsive design, native apps can adapt to match various screen sizes. It makes it illogical that someone would choose native apps over progressive web apps (PWAs), as the latter tend to have fewer functions and rarely automatically alter to match multiple device screens. However, one misconception that needs to be cleared is that web trading terminals are not the same as PWA. Despite that they run on a web browser, web trading terminals have a responsive design and come with the same functionalities as their native counterparts. The MetaTrader 5 web terminal, for instance, can automatically adjust to fit your device so that you may experience trading at the same level as someone using a desktop or mobile app.
The Bottom Line
Online forex firms have realized the need to bump up their services to adopt innovative trends to accommodate the evolving trader. Some are gradually integrating Artificial Intelligence to automate critical tasks and transactions in lieu of human interference. Others are rebooting their tools to level up with the changing online trading spectrum. It is clear to see how the emergence of cross-platform trading has inspired these innovations.
