After over 100,000 of software development hours were invested in it, the new “Crowd Trading” platform called Trade360 is about to go live. Finance Magnates was allowed an exclusive peek into the new platform offering trading on forex, stocks, CFDs, commodities, futures contracts and indices.
The Trade360 team believes that they found gaps in the online trading market, and social trading specifically, which led them to create a new solution. The first gap is governed by the scalability of not having to rely on sales departments for motivating traders. An even bigger gap they see, is that new traders are apprehensive and lack information about what assets to trade and what they should look for when making trading decisions.
“The entire concept of CrowdTrading is to show the aggregated actions of masses of traders, but not only what asset they are trading on and whether they buy or sell it,” a company representative explained. “CrowdTrading shows all of that, but also changes in Volatility, in trends of asset directions, in volume traded, in speed of quote fluctuations and many other factors that can help a trader make an informed decision.”
The web platform works off a single browser screen showing a feed of trading ideas and selected instruments with a small chart, rates, spread, margin and the buy/sell sentiment in one box. Clicking on the small chart opens a separate window with a larger chart and clicking on the feed loads a tab to take action on the instrument. Other aspects of the platform, such as a competition leaderboard, are available from tabs on the screen.
The aim of the developers was to offer a simple, intuitive and friendly tool to help new traders look in the right direction when considering an action and a platform powerful enough to allow advanced traders to enjoy all the tools they are used to. “We saw that social trading does not give all of those, as it disengages the user by making him copy trades and traders without actually thinking or learning what and why these trades are executed.”
They see their offer as superior to established copy trading solutions as it keeps control in the hands of the users. “We let our traders take any decision they want, regardless of the direction of the crowd –and each decision is taken individually by the trader – and not by copying anything. The data we offer is wider and better segmented than social platforms offer today and, in fact, we see these as two completely different products – with ours being the significant better one.”
Liquidity Constraints in 2021 – What is the Best Path Forward?Go to article >>
One of the most interesting features of Trade360 is showcasing what positions are taken by traders worldwide, from the home country of the user, and the most profitable traders only. Sentiment indexes are not new for forex traders, but the way it is presented here allows for more speculation on which group is usually right and what trend to counter.
Technology wise, the web platform uses AngularJS as presentation backbone, creating a modern look that feels slick, responsive and data aware. For mobile user they developed a native application both for Android and iOS. The data layers Trade360 use are CouchBase and Cassandra for fast and scalable big data storage. The developers explain that this is key to the massive data processing needs, which incorporate data from the group’s databases of over 10,000 traders and other major data providers in the financial industry.
The application and services of the platform were developed with open standards and service-oriented architecture in mind. The Open API is served on fast Node.js servers capable of serving data to millions of users in various protocols. The system provides an API “sandbox” for easy integration with future 3rd parties.
The firm reiterates the “revolution” it is aiming to deliver in the way online brokers approach newbie traders: “The collaborative work of our developers, data specialist and financial experts that created CrowdTrading is going to make the learning curve of a new trader much simpler and the decision making process so much easier and intuitive.” Trade360 says that several new features to be released in the near future will foster traders’ decision making process.
The company is incorporated in England with a registered office in London. Trade360 Limited has already applied for authorization and regulation by the Financial Conduct Authority (FCA) in the United Kingdom. Considering the recent crackdown on Plus500, it might not be a surprise if the company seeks a CySEC license in Cyprus next to keep its options open. However, if the FCA ever decides to demand that copy trading be regulated as fund management, this type of social solution should be safe.