Forex trading is a very complex trade. You need to know a lot about currencies, geopolitics, trading, Forex fxcm markets, etc. Despite all this knowledge, it is difficult to build profitable trades and maintain profitable forex trades.
However, if you decide to start Forex Trading, the first thing you need to do is to open a personal Trading account. Creating an account for this kind of trading is necessary. You should ask yourself which type of trading account is best for the way you want and which one is available (before choosing a provider to set up your Forex account).
There are different types of online Forex trading platforms where you can open an account. Here is a brief description of the different types of platforms and their differences.
Downloadable And Non-Downloadable Trading Platforms
The first basis on which a forex trading platform is ranked first is whether it is downloadable or not. A downloadable trading platform is more or less an application (or software) accessible only on the device it is loaded and installed on (it can be a mobile device or a computer).
Depends on the Programming Language
Many Forex platforms use complex programming languages that allow users to develop and implement their own trading algorithms.
Dealing Desk And Non-Dealing Desk (Trading Model)
There are two main trading models used by the Forex platform. This includes the Dealing Desk platform and the non-Trading desk platform.
Dealing Desk Platform
The system is connected to the broker’s Dealing Desk, from which all price information begins. Trading orders issued by traders also need to be submitted to the Dealing Desk for execution.
Non-Dealing Desk (ECN platform)
In this system, prices come directly from many liquidity providers and are available to traders. Hence this system is known as random access negotiation.