Forex Brokers or Forex Platforms | Forex Factory

Options

Permalinks
Print Thread

Similar Threads

Difference in MT4 platforms with different brokers? 5 replies

Be careful with brokers with their own mobile trading platforms 12 replies

One-click execution Brokers/platforms? 14 replies

Platforms/brokers that run on Android 3 replies

List: MT brokers using different time platforms 10 replies

Forex Brokers or Forex Platforms

  • #1
  • First Post: Dec 9, 2008 11:41am Dec 9, 2008 11:41am
I think 99% of people confuse "Forex Platforms" with "Forex Brokers".

Example for Forex platforms are GCItrading, Easy-forex, Oanda, GFTforex and many others.

"Forex Brokers" are Traders who have "forex trading firm" and they trade forex daily using "forex platforms".

Individual forex traders also use "forex platforms" for their forex trading day to day.

Correct me if I am wrong.
  • #2
  • Dec 9, 2008 11:47am Dec 9, 2008 11:47am
Moderators, I think this thread is for "Discussion by professionals" because the way people confuse Broker with Platforms, it can said that 99% of forex people are Rookies/beginners.

This thread should be in "Trading systems" or "Trading discussions"
  • #3
  • Dec 9, 2008 1:43pm Dec 9, 2008 1:43pm
I've not once encountered that someone mixed up MT4 being a broker instead of a plattform.
  • #4
  • Dec 9, 2008 2:29pm Dec 9, 2008 2:29pm
Quoting FXinvestor
I think 99% of people confuse "Forex Platforms" with "Forex Brokers".

Example for Forex platforms are GCItrading, Easy-forex, Oanda, GFTforex and many others.

"Forex Brokers" are Traders who have "forex trading firm" and they trade forex daily using "forex platforms".

Individual forex traders also use "forex platforms" for their forex trading day to day.

Correct me if I am wrong.
Oanda is a broker and FXTrade is Oanda's platform.
  • #5
  • Dec 9, 2008 5:43pm Dec 9, 2008 5:43pm
Well I just don't see how someone is going to get confused with the Core Options with a broker. Excuse, but I haven't seen this type of mistake, not even I did it when I started on the Forex world. Would you mind giving me a direct example or linking me to a thread where this problems is displayed?
  • #6
  • Dec 9, 2008 7:15pm Dec 9, 2008 7:15pm
Correct
Oanda is not a platform, it is a broker
i.e. my broker: tradeview, my platform: Metatrader4
It is just a confusing term
  • #7
  • Dec 9, 2008 8:23pm Dec 9, 2008 8:23pm
It happens, a lot of people gets confused at the beginning with the terms, it is normal. Sometimes what people get confused with too is brokerage.

Brokerage: A brokerage is a firm that acts as an intermediary between a purchaser and a seller. More commonly, a brokerage is referred to as a brokerage firm. To broker a deal is to communicate with both the buyer and seller as to acceptable price on anything sold or purchased.

Broker: A broker, a single person, or the brokerage firm completes any necessary legal paperwork, obtains the appropriate signatures, and collects money from the purchaser to give to the seller. Since the buyer and seller are employing the brokerage to complete the deal, the brokerage may collect a portion of the money obtained. In some cases, a brokerage receives money from both parties. In others, the brokerage receives a commission only from the seller.

Single person: People who like to do their own research and make all their own decisions about what and when to buy and sell, usually use brokerage firms, these firms have a tendency to charge per transaction and can be quite reasonable to employ.

Trading platform: It is the software which provides you with access to market information and allows a trader to receive and send information in order to place orders.
  • #8
  • Dec 9, 2008 8:31pm Dec 9, 2008 8:31pm
Well, don't take anything for granted. This is a pretty helpful thread to clarify one of the most common misunderstandings. I also thought broker and platforms are the same, now I know they are not. My question now is about MT4, Is it the most frequently used platform? Are there any others?
  • #9
  • Dec 9, 2008 8:31pm Dec 9, 2008 8:31pm
Now, there's a clear definition of some basic terms, good post Marcuse. I just hope that every starter can access this thread, it is a good way to start getting familiar with some of the terms which are also very important to keep in mind. Say, you have a clear idea of what each term is, cool thing here bud.
  • #10
  • Last Post: Dec 10, 2008 1:16am Dec 10, 2008 1:16am
Quoting Marcuse
It happens, a lot of people gets confused at the beginning with the terms, it is normal. Sometimes what people get confused with too is brokerage.

Brokerage: A brokerage is a firm that acts as an intermediary between a purchaser and a seller. More commonly, a brokerage is referred to as a brokerage firm. To broker a deal is to communicate with both the buyer and seller as to acceptable price on anything sold or purchased.

Broker: A broker, a single person, or the brokerage firm completes any necessary legal paperwork, obtains the appropriate signatures, and collects money from the purchaser to give to the seller. Since the buyer and seller are employing the brokerage to complete the deal, the brokerage may collect a portion of the money obtained. In some cases, a brokerage receives money from both parties. In others, the brokerage receives a commission only from the seller.

Single person: People who like to do their own research and make all their own decisions about what and when to buy and sell, usually use brokerage firms, these firms have a tendency to charge per transaction and can be quite reasonable to employ.

Trading platform: It is the software which provides you with access to market information and allows a trader to receive and send information in order to place orders.
Marcuse, excellent and professional post. This post is most likely the best I have read for FOREX.
0 traders viewing now