Bookmap is an innovative trading platform, revolutionizing how market liquidity and order flow are visualized and understood. In this Bookmap review, I’ll dive into what you should know before signing up.
Primarily tailored for day traders, Bookmap offers real-time data visualization, presenting volume dots and price levels to reveal market dynamics with unmatched clarity. Its advanced features, including detailed views of market depth, allow traders to see not just where the market is going but how it’s getting there. The platform’s distinctive approach to displaying market liquidity and trends makes it a critical tool for traders aiming to gain a competitive edge.
By providing a transparent view of market activity, Bookmap empowers traders to make more informed decisions, backed by a deep understanding of market behavior. Continue reading to learn all you need to know to decide if Bookmap is worth signing up for.
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What To Know Before Signing Up To Bookmap
Before signing up to Bookmap you need to know about the pros, cons, competition and pricing. But before we get into all of those important details, I will give you a brief overview of what Bookmap is.
What Is Bookmap?
Bookmap is a sophisticated trading platform, born from the collaboration of expert traders and skilled software developers. Launched in 2014, it offers a unique lens on the market through its innovative use of real-time data visualization. The platform’s standout feature is its heatmap, which provides an intricate and highly accurate view of market dynamics.
With its ability to illuminate the full depth of the market, Bookmap gives traders a comprehensive and unfiltered view of the trading landscape. Tsachi Galanos, the CEO, emphasizes the platform’s commitment to providing detailed and precise market insights. Bookmap’s approach of not curating or condensing data but rather highlighting the complete market depth is what sets it apart.
Benefits of Bookmap
The benefits of Bookmap is quite possible the most important thing you need to know before signing up. Here are the main benefits of Bookmap, in my opinion:
- Heatmap Visualization: Bookmap’s defining feature is its color-coded heatmap, displaying real-time shifts in market orders and liquidity. This allows traders to quickly spot support and resistance levels.
- Order Flow Analysis: The platform refreshes data 40 times per second, enabling traders to get instantaneous insights into market activities. This feature, combined with heatmaps and Volume Bubbles, aids in rapid information processing and decision-making.
- Current Order Book: Bookmap visually represents pending orders in real-time, offering insights into liquidity at various price points, which is crucial for identifying market opportunities.
- Customizable Platform: Users can personalize their Bookmap experience with custom indicators and a selection of third-party add-ons.
- Volume Dots and Trade Alerts: These features help traders identify market momentum shifts based on trading volume, facilitating more informed trading decisions.
- Historical and Real-time Data: Access to both historical and real-time market data caters to the needs of both short-term and long-term traders.
- Analytical Indicators: Bookmap focuses on unique indicators for analyzing market liquidity, like the Imbalance Tracker and Large Lot Tracker, providing deeper insights into market dynamics.
- Educational Resources: The platform emphasizes learning with webinars, tutorials, and live trading discussions, led by professional traders and available in various languages.
- One-click Trading: This feature simplifies the process of executing trades.
- Multiple Market Data Providers: Bookmap supports data from a variety of providers for a more comprehensive market analysis.
- Depth of Market: Traders can view the full limit order book, enhancing understanding of market liquidity.
Bookmap Drawbacks
Like all platforms, Bookmap has some potential shortcomings. Here are the negative aspects I think you should be aware of before signing up to Bookmap:
- Cost Concerns: Bookmap’s pricing can be a hurdle, especially for its more advanced plans. The Digital Plus plan is priced at $16/month, the Global plan at $39/month, and the Global Plus plan at $79/month, which might be steep for some traders. This Bookmap Global vs Global plus article will breakdown the differences of the two membership options.
- Complexity of Tools: The platform’s detailed visualization tools, like volume dots, can be overwhelming for beginners. It may require time and effort to fully grasp and effectively use all of Bookmap’s features.
- Limited Mobile Accessibility: A notable limitation is that Bookmap is currently only available as a desktop application. There’s no mobile app or web browser compatibility, posing an inconvenience for traders who prefer more flexible or on-the-go trading options.
- Absence of Certain Tools and Features: Some potentially useful tools are not available on the platform, which could limit its utility for certain trading strategies.
If the cost concerns scare you away, check out my Bookmap coupon code for 20% off.
Bookmap Competitors
If one of the above drawbacks was a red flag for you, you can rest easy knowing that there are other quality Bookmap competitors out there. The main competitor I think you should know about before deciding to sign up for Bookmap is Sierra Chart.
Although slightly more expensive than Bookmap, Sierra Chart is a favorite amongst algorithmic traders due to its comprehensive back-testing and automated trading capabilities. To see how this highly customizable platform compares, check out my Bookmap vs Sierra Chart article.
Final Thoughts
Concluding my review of Bookmap, it’s clear to me that this platform offers unique real-time market insights and exceptional heatmap visualization tools, ideal for serious traders. Before signing up, it’s important to consider the platform’s complexity and desktop-only access. If you’re ready to explore these advanced trading features and think Bookmap suits your trading needs, Click Here to get started.