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There are many investment tools that can help you stay on top of the markets and become a more successful trader. This includes everything from stock analysis software and alternative data to technical indicators and portfolio management apps.
In this guide, we discuss the 10 best investment tools that every trader should have.
Here’s a quick overview of the 10 best investment tools to use in 2023: We’ll now explain how each investment tool works and how it can take your trading results to the next level. Read on to get an intimate understanding of the best investing tools. AltIndex offers everything an investor needs to consistently outperform the market. Best of all, AltIndex is suitable for all skill levels. In a nutshell, AltIndex is one of the best alternative data providers in the investment space. It leverages machine learning to extract data from alternative information sources, such as website analytics, social media, job postings, app downloads, and patent filings. AltIndex analyzes the data to assess broader sentiment on thousands of companies. For example, suppose a medium-cap e-commerce stock is witnessing a huge surge in app downloads, website visits, and social media likes. This indicates that the company is growing rapidly. You wouldn’t know about this until the stock releases its quarterly earnings. But as an AltIndexs user, you’ll receive these insights on a daily basis. AltIndex also utilizes AI to give each stock a score from 1 to 100. The thesis is simple; stocks with a high AI score have a strong possibility of outperforming benchmark indexes. This is often in the next 3-9 months. If you’re a hands-on investor who likes to generate their own insights, you can manually review AltIndex’s alternative data points. For example, you can assess a stock’s social media presence, in terms of its shares, mentions, likes, comments, and overall sentiment. You can also analyze website analytics, such as visits and the average time spent by each user. Alternatively, AltIndex also offers one of the best AI stock picker services. Every time it generates a new ‘Strong Buy’ or ‘Strong Sell’, you’ll be notified by email. You can then go long or short on the stock, depending on the suggestion. AltIndex claims a very impressive track record. It has an overall win rate of 75% across all historical picks. It also has an average 6-month return of 24% since inception. These results outperform conventional indexes like the S&P 500 and Russell 200. And unlike many investment tools, AltIndex’s picking service is passive – all of the research is done on your behalf. AltIndex is relatively cost-effective – starter plans cost $29 per month. This gets you 10 monthly stock picks. If you want 25 monthly picks, you’ll need the pro plan. This costs $99 per month. If you opt for the free plan, you’ll only get 1 monthly pick. Pros Cons
TradingView offers one of the best investment tools for technical analysis. Although you might be a fundamental investor, it’s still important to understand how pricing trends work. And TradingView is the leading provider in this regard. Its web-based platform, desktop software, and mobile app are completely free to use. Although some features require a premium subscription, the free plan offers everything you need. For example, you’ll be able to set up custom charting screens for your favorite assets. TradingView supports over 1.3 million financial markets, including US and international stocks, currency pairs, commodities, and indices. It also supports the best cryptocurrencies to trade, including Bitcoin and Ethereum. TradingView also supports hundreds of technical and economic indicators. This includes indicators related to trend analysis, volatility, volume, bar types, chart patterns, cycles, and much more. TradingView also offers drawing tools, allowing you to spot trends and potential market moves. In addition, TradingView offers price predictions from sell-side analysts. This gives you insights into Wall Street projections. For example, whether Wall Street rates a stock a ‘Buy’, ‘Sell’, or ‘Hold’. Sell-side analysts also provide price forecasts over the next 12 months. TradingView also allows you to analyze quarterly earnings reports and annual financial statements. Pros Cons
Kubera offers invaluable insights into your overall financial health. At the forefront of this is its portfolio tracking service. Put simply, you’ll get real-time insights into how your investments are performing. This is ideal if you have a diversified portfolio. Kubera supports over 100,000 global stocks from over a dozen international markets. This includes stock exchanges in North and South America, Europe, Asia, and the Middle East. In addition, Kubera supports thousands of other financial instruments. This includes commodities like gold and silver, cryptocurrencies, indices, and NFTs. One of the best features is Kubera’s integration with online brokers and banks. More than 20,000 institutions are supported, allowing you to connect your accounts seamlessly. This means that any portfolio changes made in your brokerage account will reflect on your Kubera dashboard. This removes the need to manually add or remove investments. It also ensures that your portfolio valuations are accurate, as Kubera will know how much you invested and at what cost price. Kubera also helps you create long-term financial goals and analyze your spending habits. You will also receive tips on how to stay on track with your goals and whether your portfolio needs to be rebalanced. Although we consider Kubera the best investment portfolio management software, it doesn’t offer a free plan. Individual investors pay $150 per year, while this is increased to $225 for families. Pros Cons
Stock Alarm is one of the best investment tools for custom alerts. It ensures that you’re always informed on key market changes, allowing you to make decisions at the earliest possible moment. Stock Alarm supports 125 alert types across many different categories. For instance, beginners might focus on pricing alerts. You can receive an alert if one of your stocks hits a price target, or moves by a specified percentage. Alternatively, you might want to focus on macroeconomic data announcements, such as the consumer price index, interest rates, nonfarm payrolls, or gross domestic product. Stock Alarm also covers technical indicators. also covers alerts related to technical indicator readings. This includes the relative strength index, Bollinger bands, and simple moving averages. Best of all, Stock Alarm offers real-time pricing without the usual 15-minute delay. The only exception is with extended-hour trading on the NASDAQ exchange. In addition to stocks, Stock Alarm supports thousands of other financial instruments. This includes cryptocurrencies, commodities, futures, and ETFs. Stock Alarm comes as a user-friendly mobile app for iOS and Android. Therefore, alerts come as push notifications on your smartphone. Stock Alarm can also be accessed through web browsers. When it comes to pricing, the free tier offers limited functionality. The silver and gold plans cost $9.99 and $19.99 per month. The latter comes with unlimited premium alerts, market scans, and other notable features. Pros Cons
Another must-have investment analysis tool is WallStreetZen – which is aimed at fundamental investors who want to follow the ‘Smart Money’. In a nutshell, WallStreetZen allows you to view the portfolios owned by hedge funds and other institutional investors. You can filter the search results by the average annualized gains, meaning you’ll be focusing on the best-performing portfolios. Once you click on an investor, you’ll be able to see the assets held. Not only that but also the specific breakdown, in terms of how the portfolio is weighted. WallStreetZen also allows you to set up alerts on your preferred portfolios. So, when an asset is added, removed, or reweighted, you’ll be the first to know. WallStreetZen obtains its data from SEC filings. While this means the investment portfolios are accurate, there will always be a lag. Nonetheless, WallStreetZen also allows you to find investors through their specialist industry. For example, energy, technology, or retail. What’s more, WallStreetZen also provides a list of ‘Strong Buys’ for each analyst. This is in addition to their entry and target stock prices. WallStreetZen also offers a stock screener, enabling you to find companies that align with your goals. However, its stock screener is a bit basic when compared to other providers, as there are limited filters. WallStreetZen charges $59 per month, which is a bit expensive considering the features provided. That said, you’ll only pay $19.50 per month if you buy an annual plan. Pros Cons
Yahoo Finance offers one of the best investment tools for news aggregation. This is a crucial tool, as you’ll be notified when a new news story breaks about one of your stock investments. If the news is considered important, it could have a major impact on the firm’s stock price. Therefore, Yahoo Finance sends real-time notifications as soon as the publication breaks. For example, suppose you add Meta Platforms stock to your watchlist. A news publication breaks about the European Union investigating Meta Platforms for data privacy breaches. You’d know about this straightaway and could act accordingly. Not only can you receive news about specific stocks in your portfolio but also your preferred industry or sectors. For instance, if you’re tracking the best energy stocks, you can receive key updates on oil, gas, renewables, and other sector niches. Yahoo Finance extracts its news stories from the industry’s most trusted media outlets. This includes Bloomberg, Reuters, and the Associated Press. Although Yahoo Finance also offers premium plans, financial news alerts are available to free users. Pros Cons
ChartMill offers one of the best stock screeners in the market. You’ll be able to find the perfect stocks to buy based on your preferences. There are many data points and filters to choose from across multiple exchanges. This includes stock markets in the US, Canada, the UK, and Europe. For example, suppose you’re looking to build a portfolio of dividend stocks. ChartMill allows you to view suitable stocks by the dividend yield, growth rate, and how long the company has been increasing payouts. Alternatively, if you’re looking to focus on companies with strong fundamentals, you can filter stocks by your preferred financial ratios. This includes the CapEx, WACC, debt/equity, and interest coverage. Other data points include technical indicators, valuation, growth, and sell-side analyst ratings. You’ll need to register an account with ChartMill or you’ll be limited to three search results. Accounts are free to open and do not require payment details. There are also premium plans available with additional functionality, such as intraday charts and financial reports. Pros Cons
Borsa is a popular app for iOS and Android that enables you to stream earnings calls in real-time. Beginners might be unaware that quarterly earnings are initially reported by CEOs via public calls, so Borsa ensures that retail investors never miss a beat. Rather than waiting for media outlets to publish the quarterly earnings, you can hear them directly while they’re being reported. Earnings calls also provide forecasts and insights into future developments and products, so they’re absolutely crucial for stock investors. Borsa covers US-listed stocks and there are no fees to listen live. That said, premium members get additional perks, such as being able to download earnings calls for offline listening. Premium members – who pay $9.99 per month, can also set up notifications on their selected stocks. Simply create a watchlist and you’ll receive an alert when the earning call is about to start. Pros Cons
Morningstar is a popular research platform that covers thousands of stocks and funds. It’s backed by a team of in-house analysts who rate stocks based on their upside potential. Stocks with a 5-star rating are considered a ‘Strong Buy’, and trading below their fair market value. This enables you to find stocks that can be purchased at an attractive discount. Alongside each stock rating, Morningstar offers comprehensive insights into its future trajectory. This enables you to assess why Morningstar believes the stock has the potential to outperform the broader market. We also like that users can filter stocks based on their preferred market or investment strategy. However, Morningstar’s free service only gives you access to one 5-star stock. Right now, that’s the Taiwan Semiconductor Manufacturing Company. You’ll need a premium plan to view the entire list – which costs $34.95 per month, or $249 annually. There’s also a 7-day free trial, which can be canceled anytime. Pros Cons
One of the best investment tools for budget investors is Acorns. After opening an account and connecting your debit/credit cards, all future payments will benefit from the ‘Round Up’ service. Put simply, your day-to-day transactions will be rounded up to the nearest dollar and invested in the stock market. For instance, suppose you buy a bottle of water for $2.50. Acorns will round this up to $3, with the $0.50 balance allocated to your portfolio. Although you’ll only be investing small amounts, this can build up over many years. Best of all, the entire process is passive. Therefore, you can build wealth without needing to do any of the legwork yourself. Acorns offers several portfolios to choose from and all invest in ETFs. Each portfolio has a risk rating, which ranges from ‘Conservative’ to ‘Aggressive’. Acorns can be accessed via its user-friendly app for iOS and Android. In terms of pricing, Acorns offers three plans – starting from $3 per month. Each plan includes a checking account and other banking services. Pros Cons
We’ve established that there are many tools that can help you make smart and informed investment decisions. Let’s explore the best types of investment tools that every trader should consider using. Although alternative data is increasingly becoming popular with retail investors, it has been utilized by hedge funds for many decades. Alternative data offers information that isn’t available in traditional media sources. This gives investors an edge in the market, as alternative data is often obtained before the masses. For example, AltIndex offers alternative data from many different sources, including social media and website traffic. Consider a company that is receiving positive sentiment on the leading social networks, such as Facebook and Twitter. The company is also receiving increased visits to its website and a surge in app downloads. This highlights that overall sentiment on the company is strong, which could be reflected in its stock price in the coming weeks and months. You’d know about this before anyone else, as AltIndex updates its data streams every 24 hours. In addition, AltIndex leverages AI to rank each company from 1 to 100, based on the alternative data it collects. This removes the need to manually analyze AltIndex data, as most investors focus on its AI scores. Some online investment tools are aimed at technical traders. This enables traders to analyze historical pricing data and compare it to current trends. In turn, traders can make informed predictions on the future direction of the respective stock. In order to perform technical analysis, you’ll need a platform that supports charts, indicators, and drawing tools. TradingView is a good option for first-timers, as most of its charting features are free to use. The internet is packed with fundamental research tools that provide stock insights and recommendations. Sell-side analysts also provide a price target for each stock. This predicts how much the stock will be trading for in the next 12 months. In addition, one of the best investment tools for fundamental research is quarterly earnings reports. These are released by all publicly listed companies and provide data on their recent performance. This covers the income statement and balance sheet, so you’ll be able to assess revenues, cash flow, operating expenses, and net income margins. Many financial news websites publish earnings reports once they are released by the company. However, if you’re looking for an edge in the market, you might consider the Borsa app. This enables you to listen to quarterly earnings reports in real-time, so you won’t be trading on old news. Portfolio tracking tools are also important to investors, regardless of the strategy or preferred market. After all, you’ll need to keep tabs on how your investment portfolio is performing. If certain investments are underperforming the broader market, you can adjust your portfolio accordingly. Without a suitable tracking tool, you’d need to manually check the stock price of each company you’re invested in. To automate the process, consider a provider like Kubera. In a nutshell, Kubera connects with thousands of online brokers, allowing you to import your portfolio data automatically. Kubera also knows how much you invested and what entry price you secured. This means you’ll always have a 360-degree overview of your investment in real-time. Stock alerts are another must-have investment tool. This tool sends you a notification when pre-defined conditions are met. Stock Alarm is a popular option in this regard. This provider tracks over 65,000 assets, including US and international stocks. It supports over 125 alert types, including pricing, volume, technical data, and important economic meetings. In addition to stock alerts, you’ll also need a reliable financial news resource. This investment tool ensures that you’re informed when a new story is published about one of your investments. After all, there is a significant correlation between news events and stock prices. The most effective way of doing this is to sign up for a news alert service. Yahoo Finance is a popular option, as it enables you to build a watchlist. If a stock within your watchlist is mentioned in a news article, you’ll be notified straightaway. Not all investment tools will be suitable for your financial goals. Therefore, the first step in choosing suitable tools is to assess your strategy and preferred markets. For example, if you’re a long-term investor, you’ll likely want to focus on fundamental data. This includes company earnings reports, SEC filings, sell-side analyst ratings, and financial news. Short-term traders, however, will find technical analysis tools more suitable. This includes charts with real-time pricing, technical and economic indicators, and drawing tools. Alternative data is also worth considering, regardless of whether you’re a long or short-term investor. This is because alternative data provides stock insights that aren’t accessible in traditional media sources. As such, you’ll secure a first-mover advantage. What’s more, all investors should obtain investment management software that offers useful insights. For example, you’ll want to know how your portfolio is performing when compared against a market benchmark index, such as the S&P 500. For a fully automated experience, opt for a provider that connects with your online brokerage accounts. This means the portfolio management tool will update whenever you make adjustments. Ultimately, seasoned investors will leverage multiple investment tools. Not only to analyze and research the markets but to keep tabs on their current investments. You’ll need to evaluate which tools will take your investment endeavors to the required level. Pricing should also be considered, as the best investment tools often require a monthly subscription. Make sure the subscription fee offers a suitable return on investment. We’ve covered the best investment tools that every trader should consider using. In our view, AltIndex is the stand-out tool – especially if you’re looking to get a first-mover advantage. AltIndex offers alternative data insights on thousands of stocks, extracted from social media, website analytics, and other non-traditional sources. AltIndex also offers price predictions, stock alerts, and AI-driven recommendations.
The Top 10 Investment Management & Analysis Tools
Best Investment Software Reviewed
1. AltIndex – Alternative Data Provider With AI Ranking Scores and Stock Prediction Tools
Investment Tool Overview
Suitable For?
Price
Alternative investment tools with real-time insights on consumer trends, social media sentiment, and website analytics. Thousands of companies are ranked from 1 to 100 by an AI scoring system. Paid members receive AI recommendations on the best stocks to buy and sell. Also supports cryptocurrencies
Investors who want insights and recommendations on which companies to invest in.
Prices range from $0, $29, and $99 per month
2. TradingView – Free Analysis Software With Customizable Charts, Technical Indicators, and Drawing tools
Investment Tool Overview
Suitable For?
Price
Free software offering customizable charts, technical indicators, and drawing tools. Covers over 1.3 million markets, including stocks, indices, currencies, and other assets. Also offers sell-side analyst ratings, price predictions, and fundamental data
Investors who want to perform technical analysis to find pricing trends and potential market moves
Most features are available on the free plan. Premium subscriptions range from $14.95 to $59.95 per month
3. Kubera – Portfolio Tracking Software Covering Over 100,000 Stocks With Brokerage Integration
Investment Tool Overview
Suitable For?
Price
Investment tracking software that allows you to keep tabs on your portfolio. Supports more than 100,000 stocks from over a dozen global exchanges. Also supports other asset classes. Connects with over 20,000 brokers and banks for seamless insights.
Investors who want accurate and real-time updates on their investment portfolios. Also suitable for creating and tracking financial goals and spending habits.
$150 per year for individuals. Families pay $225. $1 for a 14-day trial.
4. Stock Alarm – 125 Custom Stock Alert Types Covering Over 65,000 Financial Instruments
Investment Tool Overview
Suitable For?
Price
Real-time alerts on over 65,000 financial instruments, including stocks, ETFs, futures, and commodities. Supports 125 alert types which can be customized. This covers technical readings, economic data, and price movements
Investors who want to stay updated on key market movements in real-time – whether that’s stock prices, interest rate hikes, or technical trends
Prices range from $0, $9.99, and $19.99 per month
5. WallStreetZen – Follow the Smart Money by Tracking Hedge Fund Portfolios
Investment Tool Overview
Suitable For?
Price
View the portfolio breakdown of leading hedge funds and other institutional investors. Find portfolios by the average annualized return, industry, and other filters. Track your portfolio preferred and receive alerts when changes are made
Investors who want to follow the ‘Smart Money’ by seeing what stocks and funds Wall Street investors are holding
$59 per month or $19.50 per month when buying an annual plan
6. Yahoo Finance News Alerts – Stay Informed and Receive Alerts When a News Story Breaks About a Stock Holding
Investment Tool Overview
Suitable For?
Price
Create a watchlist and receive financial news alerts when a new publication is released. Tracks reputable financial news outlets like Bloomberg and Reuters
Investors who want to know when a news story is released about one of their stock investments, or related to a specific industry or sector
Free
7. ChartMill – Comprehensive Stock Screener Covering Unparalleled Data Points
Investment Tool Overview
Suitable For?
Price
Extensive stock screener with a wide range of filters and data points. This includes dividends, valuation, growth, and sell-side analyst ratings
Investors who want to find the best stocks to buy based on their individual preferences. For instance, dividend stocks with the highest yields
Free, but you’ll need to register an account. Premium features are available on paid plans.
8. Borsa – Listen to Stock Earnings Calls in Real-Time via an iOS and Android App
Investment Tool Overview
Suitable For?
Price
Listen to stock earnings calls live via an iOS and Android app. Premium members can also download earnings calls for offline listening and set up notifications
Investors who want to listen to quarterly earnings in real-time rather than wait for statements to be published by media outlets
The free plan is suitable for live streaming. The premium plan offers additional features and costs $9.99 per month or $99 annually
9. Morningstar – Renowned Research and Analysis Platform Covering Thousands of Stocks and Funds
Investment Tool Overview
Suitable For?
Price
Research platform that gives thousands of stocks and funds a rating of between 1-5. 5-star rated stocks are considered to be trading below their fair market value
Investors who want guidance on the best stocks to buy based on their current and fair market values
Premium plans cost $34.95 per month, or $249 annually
10. Acorns – Automatically Round Up Debit/Credit Card Payments and Invest Spare Change Into the Stock Market
Investment Tool Overview
Suitable For?
Price
Automatically round up debit/credit card transactions to the nearest dollar. The balance is invested into the stock market via an ETF portfolio
Investors who want to invest very small amounts into the stock market without doing any DIY research
Plans range from $3 to $9 per month
Types of Investment Tools
Alternative Data
Technical Analysis
What is the Best Technical Indicator for Stock Trading?
Fundamental Research
Portfolio Tracking
Stock Alerts
Do Stock Alerts Reflect Real-Time Prices?
Financial News
How to Pick the Right Investment Analysis Software for You
Conclusion
References
FAQs
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