The world of trading is an arena where milliseconds can make the difference between profit and loss. In this fast-paced environment, having the right trading platform is crucial for success. Two names that often come up in discussions among traders are Takion and Lightspeed. Both platforms have gained popularity in the trading community, but they have distinct features and capabilities that cater to different trading styles and preferences. In this in-depth comparison, we’ll break down the strengths and weaknesses of Takion and Lightspeed to help traders make an informed choice.
Background and Company Overview
Before diving into the features and functionalities of Takion and Lightspeed, it’s essential to understand the backgrounds of these two trading platforms.
Takion: A Legacy of Innovation
Takion Technologies, the company behind the Takion platform, has a rich history of innovation in trading technology. It evolved from Andover Trading, a firm established by market and technology professionals with a mission to provide traders with cutting-edge trading software. Andover Trading’s software quickly gained recognition as one of the most advanced in the industry. In 2003, the company was acquired by a major market systems and trading technology firm, leading to the birth of Takion Technologies. Takion’s mission is to leverage technological advancements to create next-generation trading software tailored for professional traders.
Lightspeed: A Leading Player in Trading Technology
Lightspeed is the trading arm of Lime Brokerage, a prominent name in the financial services industry. The Lightspeed trading platform under discussion here, has been providing traders with direct market access and sophisticated trading tools for over a decade. The company’s focus is on offering high-speed, low-latency trading solutions to active and professional traders. Lightspeed Trading has built a reputation for its speed and reliability in the trading community.
Now that we have a brief overview of the companies behind Takion and Lightspeed, let’s delve into the details of their respective platforms.
Features and Functionalities
1. Advanced Charting: Takion’s Visual Edge
Takion: Takion’s advanced charting capabilities are designed to provide traders with a visual edge. The platform offers multiple chart types, timeframes, and a wide range of technical indicators. This allows traders to conduct in-depth technical analysis and make informed trading decisions.
Lightspeed: Lightspeed also offers advanced charting features with customizable chart templates and an array of technical indicators. While it may not be as visually intuitive as Takion, Lightspeed’s charting tools provide traders with the necessary resources for analysis.
Verdict: Both platforms offer robust charting capabilities, but Takion’s visual appeal and ease of use may give it a slight edge for traders who rely heavily on technical analysis.
2. Real-Time Data and Level 2 Quotes: Lightspeed’s Speed Advantage
Takion: Takion provides real-time Level 2 data and Time and Sales information. The data is crucial for traders who need up-to-the-millisecond insights into market activity.
Verdict: Lightspeed’s speed advantage makes it the preferred choice for traders who require the fastest data updates to make split-second decisions.
3. Direct Access Routing: A Core Strength of Both
Takion: Takion allows traders to route orders directly to preferred market makers and ECNs. It offers customizable routing options to cater to individual trading strategies.
Lightspeed: Direct access routing is a core strength of Lightspeed. The platform is renowned for its direct market access (DMA) capabilities, ensuring that orders are executed swiftly and efficiently.
Verdict: Both platforms excel in providing direct access routing, making it a tie in this category.
4. Options Trading: Takion’s Specialized Support
Takion: Takion’s Options Chains feature simplifies complex options trading. It allows traders to analyze options chains and highlight in-the-money options, aiding in options strategy development.
Lightspeed: Lightspeed also supports options trading with customizable options screens and strategies. However, it may not offer the same level of specialized options support as Takion.
Verdict: Takion is the preferred choice for traders heavily involved in options trading due to its specialized options tools.
5. Scanners and Alerts: Takion’s Scanning Edge
Takion: Takion’s real-time market scanners are a standout feature. They enable traders to pinpoint trading opportunities based on specific criteria. The platform also offers customizable trade alerts.
Lightspeed: Lightspeed provides market scanning tools, but they may not be as sophisticated as Takion’s. It also offers customizable alerts to help traders stay informed.
Verdict: Takion’s scanning capabilities give it an edge for traders who rely on scanning for trading opportunities.
6. News and Information: Lightspeed’s Comprehensive Approach
Takion: Takion keeps traders up to date with the latest market news and press. However, its news features may not be as comprehensive as Lightspeed’s.
Lightspeed: Lightspeed offers a comprehensive news and information feed, ensuring traders have access to a wide range of news sources and market data.
Verdict: Lightspeed’s extensive news and information offerings make it a preferred choice for traders who rely heavily on news-based trading strategies.
7. Customization: Tailoring to Individual Needs
Takion: Takion allows for the customization of hot keys and hot buttons, enabling traders to expedite order placement. It also offers fix API access for creating unique trading plugins.
Lightspeed: Lightspeed offers customization options with hot keys and hot buttons. It also provides API access for traders who want to create custom trading solutions.
Verdict: Both platforms offer extensive customization options, making it a tie in this category.
8. Basket Trading and Portfolio Management: Takion’s Strength
Takion: Takion provides features for creating, managing, and trading custom basket orders. It also offers portfolio management tools for tracking positions and P&L within the platform.
Lightspeed: While Lightspeed supports basket trading, Takion’s specialized tools make it the preferred choice for traders heavily involved in basket trading and portfolio management.
Verdict: Takion’s specialized basket trading and portfolio management capabilities give it an edge in this category.
9. Workspace Organization: Takion’s Clean Interface
Takion: Takion offers an organized platform with layers and multiple workspaces, allowing traders to maintain a clean and efficient workspace.
Lightspeed: Lightspeed provides a well-organized interface but may not have the same level of workspace customization as Takion.
Verdict: Takion’s clean workspace interface is preferable for traders who value a clutter-free environment.
Conclusion: Choosing the Right Platform for You
In the Takion vs. Lightspeed showdown, the choice ultimately depends on your specific trading needs and preferences. Both platforms have their strengths, with Takion excelling in options trading, scanning capabilities, and workspace organization, while Lightspeed stands out for its speed, real-time data, and comprehensive news offerings.
For traders who prioritize speed and low-latency execution, Lightspeed is a solid choice. On the other hand, if you’re heavily involved in options trading, rely on scanning tools for trading opportunities, or prefer a clean and organized workspace, Takion may be the platform that aligns best with your needs.
Ultimately, it’s recommended to take advantage of free trials and demos offered by both platforms to get a firsthand experience of their capabilities. Your trading success may hinge on your platform choice, so make it wisely to gain that extra edge in the dynamic world of trading.
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.