For you to be able to know that there are different types as well as the versions on the currency trading platforms. Even knowing the differences of the platforms, traders should always remember that it is also very important to aware its differences and at the same time you’re gaining some knowledge about it.
Well, there are some factors before deciding how the forex trading is being classified. Below are about the different types of the said platforms:
These platforms are divided into two versions which is the Downloadable or the Non-Downloadable versions.
a) online non-downloadable version. One of its advantages is that the platform can be accessible from anywhere, you do not need to carry and bring your laptop or any hand-held devices where the platform is stored.
b) downloadable version. Where the software is being stored on a specific device. Though, they are only available an executable file by which means that you must bring the devices anytime the platform that needs to be accessed.
These platforms are being classified in different types.
a) MetaTrader. It is one of the popular and the most used currency trading platforms. It is also known for its most successful trading platform. This platform is a friendly and can easily use to navigate.
b) MetaTrader 4. It is one of the popular trading platforms that allows an execution of trades very fast. This will allow the traders to back-test strategies.
c) MetaTrader version 5. Well, it is the latest version of the MetaTrader platforms. This is made easier of the platforms. It is more comprehensive including the inbuilt tools.
d) ActTRader. This platform has both the web-based and the software downloadable versions.
e) TradeStation. Designed by the TradeStation Technologies Inc., using the Lua programming language.
These platforms are being classified based on the model that might the forex broker are operating in.
a) Dealing-Desk Platforms. Usually, these platforms are offered by the forex brokers that want to operate as market makers. It is connected to the broker’s dealing desk and all transactions as well as the trades must pass through the desk.
b) ECN Platforms. Known also the Non-Dealing Desk platforms.