Key takeaways
- If your data lives only on your local drive, you are one failure away from losing all of it. Cloud storage removes that single point of failure.
- The cloud is not abstract — it is warehouses of computers in data centers, run at a scale that makes them cheap and properly backed up.
- Judge a service on three things: price, capacity, and how easy it is to use day to day.
- Google Drive / Google One: 15 GB free, up to 2 TB paid, unlimited devices. Built into Android and ChromeOS. The free allowance is shared with Gmail and Photos.
- Microsoft OneDrive: 5 GB free, up to 6 TB, 30 devices. Already part of Windows and tied into Outlook, Word and Excel, which makes it the path of least resistance on a trading machine.
- pCloud: 10 GB free, up to 2 TB, but only 5 devices. It is the one with a lifetime subscription — a flat fee instead of an annual one.
- pCloud also lets you choose US or EU storage, which matters if you hold data subject to privacy rules.
- Set up automatic syncing so backup is not something you have to remember.
- Cloud storage is not a complete backup on its own. Keep a local copy on an external drive too — your data is sitting on someone else's hardware.
- Not sure where your machine stands? The free benchmark test takes about two minutes.
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
- 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
- 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
- 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.Frequently Asked Questions
What is the best cloud storage for traders?
It depends on what you already use. OneDrive is the easiest choice on a Windows trading computer because it is built into the operating system and tied into Office. Google Drive gives the most generous free tier at 15 GB and works on unlimited devices. pCloud is worth a look for its lifetime subscription, though it caps you at five devices.
How much free cloud storage can I get?
Google Drive gives 15 GB, pCloud 10 GB and OneDrive 5 GB. One caveat on Google: that 15 GB is shared with Gmail and Google Photos, so if you have years of email it is not really 15 GB of file storage. For trading documents and configuration files, any of the three free tiers goes a long way.
Is cloud storage enough, or do I still need a local backup?
You still need a local backup. Cloud storage puts your data on hardware owned by someone else, subject to their outages, their account policies and their pricing. Keep a copy on an external drive as well. The principle is that a backup which exists in only one place is not really a backup.
Can I back up my whole trading computer to the cloud?
You can back up operating systems, applications, documents, images and video, and most services will sync automatically so you do not have to think about it. Whether you should back up everything is a different question — full system images are large, and for most traders what genuinely matters is platform configuration, workspaces, records and documents rather than reinstallable software.
Does a lifetime cloud subscription make sense?
It can, if you are confident about the provider lasting. pCloud offers a flat one-time fee instead of an annual charge, which works out cheaper over enough years. Weigh it against the device limit of five, which is restrictive if you run a desktop, a laptop, a phone and a tablet and then add a second machine.
