Cloud technology is gradually spreading tentacles and it is learned that Forex trading could be blessed with it over the period of the next five years. A survey report from Integral fintech firm reveals most of the senior managers of banks and financial institutions are looking for cost-effective and secure cloud-based solutions for the segment.
The COVID-19 pandemic has led to the opening of new avenues including the acceleration of cloud technology. Market participants witnessed remote working environment a reality. It is the right time now to make the remote trading trend efficient and secure. Other related surveys have echoed the same for trading.
The latest survey further found a good jump in electronic trading in the Forex market compared to voice trading for the same.
Cloud computing is basically a network of servers that are connected to each other through the Internet. The primary function of it is to share resources, software and information. The Internet helps in connecting physical as well as virtual servers across the world.
In simple words,cloud computing can be defined as the delivery of computing services such as databases, storage, servers, software, networking, intelligence and analytics through the Internet and simultaneously offer flexible resources, theeconomics of scale and fosters innovation. The leading players currently working on the cloud computing segment include Google Cloud of Alphabet, Azure of Microsoft and Amazon Web Services of Amazon.com.
Forex is the acronym for foreign exchange and is sometimes simply referred to as FX. It is a global marketplace for the trading of currencies in pairs. It is a 24-hour market from Monday to Friday, based on various time zones. It is the largest financial market in the world with a daily turnover of more than $6 trillion. It is the most liquid and most volatile market.