It’s all systems go for the GetGo mobile trading app

  • By Carole Ann Furman

  • October 8, 2018
  • 8:00 pm BST

It’s safe to say the European Securities and Markets Authority (ESMA) caused its fair share of chaos in Europe. Take, for example, stockbroker GAIN Capital’s mobile app GetGo, which had to bid Europe a fond but sad farewell the moment ESMA came into effect. ESMA was designed to offer protection to traders of CFDs and even retail investors, significantly curtailing the rollout of some technologies deemed to be to traders’ detriment rather than their benefit.

In order for Capital GAIN to remain in Europe with GetGo, they would have had to make some changes. Now, Europe’s loss as has turned out to be Australian CFD brokers’ and other market traders’ gain.

The GetGo mobile app was first rolled out in December 2017 in the United Kingdom. Shortly after GAIN announced its second-quarter 2018 results. However, the GetGo mobile app had to be withdrawn from the European Union and United Kingdom markets due to ESMA rules and regulations.

At that time, the company announced that the app would be launched in other jurisdictions not affected by ESMA.

Expansion Down Under

One of those jurisdictions is Australia, much to the delight of those in forex trading and the whole spectrum of market investing. In fact, there were early signals from GAIN Capital that it intended to target Australia next, and brokers were pleased that the firm decided to follow through with its plans.

A mere two weeks after publishing those second-quarter 2018 results, GAIN Capital had successfully brought its mobile app Down Under.

The GetGo mobile app is available on both iOS and Android device operating systems. So far, the first versions to be made available for download are Version 1.0.15 of the app for iOS devices and the corresponding version 1.0.5 of the app for Android gadgets.

What exactly does GetGo do?

It’s no secret that artificial intelligence (AI) is playing a big role in trading technologies these days, in the same way that AI is being used everywhere else ­– from smart, intuitive and responsive home appliances to uncannily intelligent chat bots. This app uses the capabilities provided by AI by using an algorithm improved by AI to spot statistics that reveal trends in financial markets. The ability to identify trends, interpret them and trade accordingly is a big part of every traders’ must-master arsenal.

Based on historical data and analyses, the algorithm is then able to provide traders with trading signals. The algorithm can make sense of a lot of data, and it manages to do so across various data forms. The results are not confined to forex or CFDs alone. Worldwide indices, forex and commodities markets are all “read” by the algorithm. The price patterns that have resulted in consistent position exit points and other outcomes are then identified to users.

The algorithm spots these patterns and makes the necessary correlations remarkably quickly. When the app spots a pattern it thinks is about to emerge and repeat, it pings users and lets them decide how to act on that information.