Zero-commission investing platform TradeUP announced that it is offering Level 2 market data powered by NYSE ArcaBook for free. Users who open an account with TradeUP will receive free access to NYSE ArcaBook for 3 months. Users can get free access to NYSE ArcaBook for an additional 9 months if they can get 5 likes on their social media post.
Read More: GlobalFintechSeries Interview with Robin Gregg, CEO at RoadSync
Unlike Level 1 data, which shows the best bid and ask, Level 2 data provides a broader range of buy and sell orders for a given security on a real-time basis. NYSE ArcaBook provides the 40 best bid and ask prices as well as their order sizes for more than 8,000 U.S.-listed securities. The continuous feed of quotes gives users detailed insights into the price action, which can help them better determine the current buying and selling interest for a particular stock, as well as the likely future direction of the stock’s price. For easier comprehension, TradeUP also includes a depth chart to visualize the order book so that users can identify supply and demand at a glance.
Read More: Healthfully and Paya Deliver Expanded Patient Care and Payments Through New Partnership
“With NYSE ArcaBook, TradeUP’s users are able to gain a clearer view of market activity,” said Ryan Song, director of TradeUP. “By displaying multiple bids and asks in real-time, Level 2 screens allow investors, especially active traders, to gauge trade signals with intraday pricing and volume. For instance, investors can have a better sense of market liquidity by looking at how quickly buy and sell orders replenish. ”
Song added, “Level 2 market data is often offered as a premium subscription service by other ‘zero-commission’ trading platforms, which means users still have to pay for access. TradeUP, on the other hand, makes this free to average U.S. retail investors. At TradeUP, zero-commission does not mean fewer product or service offerings. Instead, our goal is to utterly remove the last remaining barriers to investing for everyone.”
