GAIN Capital today confirmed that is to launch tradable in North America, a move that was the subject of information provided to Forex Magnates, back in June this year.
Forex Magnates was informed that the two firms had been working on a major integration for several months, in order to facilitate the launch of tradable to GAIN Capital’s client base, within the the ensuing months.
Such a move, represents the first of the top global brokers to launch the application-based platform, as well as tradable’s first entry into the American market.
Essentially, the partnership which was formally announced today, enables GAIN Capital’s retail division, FOREX.com, to deliver the first open trading platform for FX traders to its clients.
Exclusivity in The United States
The tradable platform is now available in the United States exclusively to FOREX.com clients, and will soon be extended to FOREX.com clients globally with a broader product offering, including CFDs.
“We are excited to be the first broker to bring tradable to forex traders in the US,” stated Muhammad Rasoul, Chief Product Officer at GAIN Capital in a commercial statement today.
“Consistent with our pledge to deliver innovative tools to our customers, tradable is a groundbreaking platform that challenges the status quo about what people should expect from their trading interface” concluded Mr. Rasoul.
“FOREX.com is an important partner for tradable,” said Jannick Malling, Co-founder & CEO of tradable. “With their strong brand and global reach, FOREX.com’s support for tradable, will help push the industry into a new era that is more open and collaborative, giving traders an unprecedented personalized trading experience.”
Work In Progress
The lifespan of tradable’s development and penetration into the retail FX market, came to the attention of the industry at the Forex Magnates Summit in London last year, where it was voted the most innovative financial product.
tradable allows traders to create a completely customized online trading platform, using third party developed applications. From tradable’s appstore, traders choose from applications designed for social trading, charting, and market data.
By May this year, the general discussion among attendees of the iFXEXPO was that the platform was still a work in progress, however, during that period, there was a distinct direction among participants in the retail sector toward seeking out other platforms, as a result of the MetaQuotes clampdown on third party software developers, and the ecosystem of tools which had been developed around it.
With regard to this, Jannick Malling, CEO of tradable, further detailed to Forex Magnates today, the development journey that the platform underwent, and how it differs from others: “After launching tradable at the Forex Magnates Summit in November last year, we’ve obviously seen that several platform providers have tried to launch marketplaces of their own” said Mr. Malling.
“We’re extremely happy that the industry has adopted our model and vision this quickly. Though, they are generally not as broad as ours − most of them focus on algorithms and indicators only − we take it as a sign that we have managed to really push the industry forward, and create a new category of platforms.”
“That being said, the open appstore model is part of our DNA − we created the platform and company specifically for this purpose − and so we still have a unique product that allow traders to create the most customized and personalized trading experience yet” he stated.
Focus On Broker Rather Than Region
Mr. Malling explained further to Forex Magnates, regarding tradable’s scope and market placement within the United States. “We haven’t really looked separately at the US” Mr. Malling explained.
“The scope of this, is to bring tradable to GAIN’s clients globally, with US being the first market. However, we do think tradable will work very well in the US − everyone knows that the US market is relatively tech savvy and during our hackathons in NYC, we always had amazing response from traders and developers alike, that are eagerly awaiting for the platform to go live in the US.”
America can certainly be viewed as a land of opportunity if a product is well suited to its audience, and consumer loyalty in the retail market often depends on user experience. Mr. Malling considers the flexibility of tradable and its application based method of operation to be of significance during its foray into the US market. In conclusion, he shared his opinion on this with Forex Magnates today: “Any type of application can be built on tradable. We have applications that work well for first time traders, and applications that are good for experienced and really active traders.”
“A way to look at this, is to liken it to the iPhone − it really suits a broad range of clients, depending on what kinds of applications the individual users decide to populate it with. As for our own US market plans, right now we’re obviously focusing on GAIN. Everyone knows that particular firm is a key player globally, and though we’ve been approached by many brokers since November in the US and on a global level, we’ve really tried to focus and do some key partnerships in key regions. This partnership is a result of that strategy.”