In this article, we discuss what is cloud storage and which services are the best cloud storage for your trading computer and data. Are you worried about losing the data on your trading computer? You should be. When you store information on your local hard disk, you are only one crash away from losing your life’s work.
In the past, there weren’t many options available for data storage. People used to save their data on floppy disks and external thumb drives; however, today you have many options to store your data on the cloud safely.
Cloud storage has become a convenient and affordable way to keep your important data out of harm’s way. Today’s cloud storage services can back up your hard disk or selected files from your trading computer. The process is easy to set up so you have no excuse to lose your data.
What is Cloud Storage?
The term cloud storage might seem mysterious, but the cloud is a bunch of computers sitting in a data center. The data is transferred from your trading computer to those computers.
Cloud storage services can provide cheaper rates because they are purchasing and setting up warehouses of computers. They have figured out ways to use those computers efficiently. They know how to keep your data secure and adequately backed up.
In today’s cloud storage services, you can store anything you want. You can back up operating systems, applications, documents, images, and/or videos. You can automatically sync your data from your trading computer, so you don’t have to save your data manually.
Top Cloud Storage Services
When choosing a cloud storage service, you should consider price, storage capacity, and ease of use. Today you have a lot of cloud storage services available. Here are some services that might be an excellent fit for traders:
1. Google Drive or Google One Cloud Storage
Free Tier: 15 GB
Storage Limit: 2 TB
Device Limit: Unlimited
Google Drive is one of the well-known cloud storage services out there. If you have a Google account, you can use the 15 GB free Google Drive option to store your files. You have the option to purchase one of their paid plans for additional storage with what is now called Google One.
For Android and Chromebooks, Google Drive is already integrated. You can download the “Backup and Sync for Google” application for your trading computer. However, once you download the application and enter your Google account information, you should be all set to go.
Pros:
- The free 15 GB is a great start for individuals
- Accessible from any device with internet
- Already integrated with Android and ChromeOS
- Easy-to-use interface
Cons:
- Internet connection is essential
- Security issues through link sharing
- Storage usage also includes your Google Mail and Photos
- Limitation on file uploading size
2. Microsoft OneDrive
Free Tier: 5GB
Storage Limit: 6TB
Device Limit: 30
Microsoft OneDrive is an excellent option for Microsoft Windows users as it is already part of the operating system. If you are not using Microsoft Windows, you can always download the client application for other operating systems.
OneDrive is tightly integrated with Outlook, Word, Excel, and PowerPoint so if you like using Microsoft apps, OneDrive will make your life easier.
Pros:
- Integrated with Microsoft 365 products
- Reliable and secure
- Paid 6TB tier is an excellent option for heavy users
Cons:
- The free tier is only 5GB
- Syncing limitations
3. pCloud Storage
Free Tier: 10 GB
Storage Limit: 2 TB
Device Limit: 5
Most of the cloud services use the annual subscription model; however, pCloud has a lifetime subscription option. You can pay a flat fee and have storage for life. For some users, this can be a great choice.
The pCloud device limit is low so if you have many trading devices, you might want to look into other cloud storage services. The pCloud service also allows you to choose the US or the EU as a data storage area. If you store international user information, you might want to take advantage of this option to adhere to privacy laws worldwide.
Pros:
- Lifetime subscription option
- Great data security
Cons:
- Need to install the client application on every device
- Higher priced tiers
- Low device limit
Conclusion
One final note, even if you use a cloud storage service, you should back up your trading computer data on external hard drives. With cloud storage, you are storing your information on third-party hardware. You should always have the data backed up locally.
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There are more trading computer tips like this in our buyer’s guide. Check out our “How To Buy a Trading Computer” e-book.
Remember, we are here to help with all your technology-related questions. If you think of additional questions about computer hardware or other questions, give me a call. My team and I are here to help. We’re happy to answer any of your questions about trading computers via phone: 800-387-5250.