| Type | How It Works | Pros | Cons |
|---|---|---|---|
| Market Maker (Dealing Desk) | Broker acts as counterparty | Fixed spreads, no requotes | Conflict of interest, possible slippage |
| STP (Straight Through Processing) | Orders routed to liquidity providers | No dealing desk, better pricing | Slight slippage possible |
| ECN (Electronic Communication Network) | Direct access to interbank market | Best spreads, fast execution | Commissions, requires larger capital |