Windows phone 7 has internet explorer mobile phone version which is optimally designed to load page much faster and better in the windows phone 7 screen so as to make the browsing experience much better.
On the other hand if you would like to remove the browsing traces, you can delete all the browsing history on windows phone 7 with single tap on screen, as shown in the image below.
To delete cookies, history, and saved passwords
1. On Start, flick left to the App list, and then tap Settings.
2. Flick to Applications, then tap Internet Explorer.
3. Tap Delete history to erase browser history, saved cookies and passwords, and temporary Internet files from your phone.