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The evolution of computers and the speed of the internet has allowed for traders of all sizes to join the fray. From the comfort of any device that can connect to the internet anyone can open an account with a broker and begin trading after making a monetary investment.

There are two different types of retail brokers and will compare and contrast these systems for the benefit of the reader.

ECN or Electronic Communication Networks who use the interbank market to provide the best bid and ask prices to clients. What you should know about ECN: The ECN trading platform takes the best prices from the interbank market and every sell or buy order is matched to the best possible bid or ask price from the breadth of the market. While there is a small fee, you know that by using ECN you are getting the best price and that is the bottom line.
Market Makers create their own bid and ask prices. What you should know about Market Makers: Trading with a Market Maker is like going to a local currency exchange office and exchanging your money for the price they set. The market sets their price in the form of a spread between a “bid” or the buying price and the “ask” or selling price. While it might seem like a small price to you, the Market Makers are dealing with numerous clients.

There are some important questions to ask before choosing a Forex Platform:

  • What are the charges and fees associated with trading?
  • What software is included in the platform?
  • Are Technical indicators provided?
  • Does the platform allow for outside trading robots?
  • Is training and learning material provided?
  • Will trading be conducted by you or a manager?
  • Which trading products are available via the platform?
  • What account types are provided for novice to veteran traders?
  • Who are the liquidity providers?
  • What type of leverage is provided?

Trading on the financial market is an often daunting task and each investor must make sure that they are provided with the tools needed to succeed. Make sure you speak with an account manager to ensure he/she employs solid strategies to bring you maximum profits and remember to read company reviews before making a decision.

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