The customer's order is sent to the bank through STP, and the transaction is close to real-time according to the price of the bank. During the period of high transaction volume, the order may be suspended, which means that the order has been executed but remains in the pending order window. Generally speaking, such a list has been executed, but it will take a little time to wait for the bank to confirm. During your stay in day trading, there may be multiple orders to be processed. The increase of the waiting list sometimes affects the bank's delay in confirming some lists, which may be different according to the types of lists.

ECN electronic trading network mode

ECN is an electronic trading network and a foreign exchange trading technology with centralized-decentralized market structure. This model is completed through close cooperation with banks, institutions, foreign exchange markets and technology suppliers. Traders' orders are directly and anonymously hung on this network, and each order is in the same location, and the transaction is carried out according to the optimization of price and time. So the price on ECN is the real market price, and the spread is not fixed. Operators of ECN do not participate in the transaction and charge traders an appropriate proportion of transaction fees. So they will try their best to provide better service to customers. With the development of Internet technology, ECN dealers serving individual investors, small banks, investment institutions and hedge funds began to appear. ECN's business operation mode is generally regarded as a typical fully automatic electronic stock exchange by American securities industry. The ECN platform includes STP mode. So ECN platform is the "ECN+STP" platform.

NDD free trading platform model

Both ECN and STP belong to NDD non-trader platform mode.

Traders who use the platform without traders earn profits by charging trading commissions or increasing spreads. Traders without a trader platform may belong to STP type or ECN+STP type (ECN for short). The NDD free platform has the advantages of transparency, good quotation and fast transaction. Transparency means that customers can enter the real foreign exchange market, and customer orders are delivered directly to the interbank market and automatically executed. Quotes without traders are usually low and transactions are fast.

Typical representatives: Dukascopy Bank, FXCM, Interactive Brokers, MB Trading, etc.

DD inquiry and MM market maker model (with trading platform)

Individual investors make inquiries and trade with a single counterparty, and the fairness of the quotation depends on the integrity of the trader. Traders themselves are market makers. They usually add up the prices of banks or ECN, and then report their profits to customers. So customers are actually trading with market makers (on ECN, they are trading with anonymous real traders). What customers see and trade is not the real market price, and the execution price of the transaction is determined by the foreign exchange market maker, so it is not surprising that the transaction price is often beneficial to the market maker. After the customer's order enters the market-making system, the long position and short position are hedged internally, and then the remaining net position is hedged by the bank or ECN, or it can be partially hedged or not hedged at all, so the orders that are not hedged belong to the gambling category.

The minimum deposit for different platforms is also different, generally around 100 USD.