Which data type would you choose for storing currency values like Trading Prices? What’s your opinion about Float, Double, and BigDecimal?

By | March 5, 2023

When storing currency values like trading prices, it is generally recommended to use the BigDecimal data type instead of float or double. This is because float and double are both binary floating-point types, which can introduce rounding errors and precision loss when dealing with decimal values.

BigDecimal, on the other hand, provides arbitrary precision decimal arithmetic, which means it can represent decimal values with exact precision and without rounding errors. This is important when dealing with currency values, where precision is crucial and rounding errors can accumulate over time and result in incorrect calculations.

Additionally, BigDecimal provides methods for rounding, scaling, and other arithmetic operations that are specific to decimal values, making it easier to work with currency values.

So, in summary, my opinion is that BigDecimal is the best data type for storing currency values like trading prices. While float and double are faster and take up less memory, their binary representation makes them unsuitable for precise calculations involving decimal values. BigDecimal is slower and takes up more memory, but it provides the necessary precision and accuracy when dealing with currency values.

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