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Tradable Platform: First Impressions

Ever since its future arrival was announced in November last year, Tradable – the world's only open, app-store-like solution for trading financial instruments – has kept traders and forex providers alike in much anticipation of its release. In the last couple of months, the platform's creators also signed their first two broker partners – London-based SVSFX just recently and TradeNext in late February. Thanks to the second's demo account, we now get the chance to examine Tradable's features and share our impressions of the product.

 
Tradable exists as a downloadable platform for now, although their official website might very well mislead you into believing that you're dealing with an online tool. This coupled with the fact that there is no mobile version yet, creates the inconvenience of having to trade solely from your computer. But how does it work?
 
Tradable has an app-store where the various tools are divided into 9 categories, including Automated trading, Education, Social Trading, Charting and Data etc., making a total of 39 applications up to date. The majority of these are paid but you can demo them for a period between 5 and 90 days, depending on the app. There are also those that have been added on by default to give Tradable the look and mandatory features that make up any trading software out there: trade board, order book, position book, order entry, chart, watch list and an activity log. All further enhancements are acquired through the app-store. After purchasing a tool, it will appear in the 'My Apps' section from where you can then click and add it to the rest of the platform.
 
Developed by third-party companies, all applications function as individual products. Therefore, they can be detached from the platform and remain open in separate windows. This, as much as it might be an advantage to some, can as well cause incredible nuisance to others who're not particularly keen on having to arrange 20 different windows on their desktop. Here's a quick overview of three of Tradable's applications that we found interesting:
 

Knowsis

Created by the London-based company bearing the same name, Knowsis is a social sentiment indicator which aggregates financially relevant data from social networks and then turns it into insightful content. It can analyze 17 of the most traded currency and precious metals pairs by using a sentiment which ranges between -50 for extremely bearish and +50 for extremely bullish. There's also a social volume indicator, the percentage of which identifies whether social activity has increased or decreased. You can demo the app for 14 days and if you decide to use it any further, it'll cost you 15 pounds a month.
While we're at it, in July last year, DCM Capital, developed a similar sentiment application which relies on Twitter to make market behavior predictions. It was then worked into an actual platform – DCM Dealer.
 

FXstreet News

As you've probably guessed, Fxstreet News is a product of Forexstreet which guarantees a 24-hours service, up to 150 news items per day, bank forecasts, expert analysis as well as charts and technical indicators. Sounds great but here's a tiny detail – news are delivered minutes after they have been uploaded on the website. Not only are you not receiving information any quicker but you also have to pay for it – 2.99 pounds a month. Note here that you can read the same materials straight from Forexstreet's page free of charge.
 

Tweetable

A lot of ables here. If you can trade it, you can tweet it or do both simultaneously. Tweetable is a tool created by JAE that makes it possible for users to connect to their Twitter profiles and share their trading activity or trade directly from the Twitter feed through Tradable, using hashtags. Now, this app is really something but without a mobile version of the platform, it won't be able to rise to its full potential and attract as many users as it would have otherwise.
 
Overall, we'd say that what we saw is somewhat disappointing. The bulk of Tradable's 39 apps represent functionalities that have existed in most other platforms for quite some time now and although there are certain novel ideas present, the platform does not give too much of a different experience compared to let's say Metatrader 4. When it comes to auto trading, MT4 has a variety of Expert Advisors that you can download for free. Some are trading scripts, others can display a certain kind of information on the chart, still others can send emails...In other words, they can do all sorts of things that they have been previously programmed to do. Acquisition (you have to search through various websites) and installation might be a bit more difficult than downloading from an app-store, but the fact that these EAs require no payment should be enough of an incentive. And why would traders want to pay for features that are widely available?
 
Having seen Tradable's web-page before, we also didn't expect the mainly black interface which appears heavy and for the most part, not particularly user-friendly. In any case, our position on the platform's huge potential stands and we'll be following closely its future development. Hopefully, it'll go in a better direction.
 
 

About Tradable

 
 
Tradable is a forex software provider was founded by a team of senior experts with proven track record within the industry. The company is based in Copenhagen and operates out of London, New York and St. Petersburg as well.
TAGS: tradable  svsfx  apps  app store  tradenext  broker  forex  brokerage  trading  trader  first impressions 
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