Best Investment Tools & Analysis Software for 2024

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 11 best investment tools that every trader should have.

The Top 11 Investment Management & Analysis Tools

Here’s a quick overview of the 10 best investment tools to use in 2024:

  1. eToro – Top broker offering users an array of charts and technical analysis tools, alongside best-in-class social trading features that combine the views and sentiments of eToro’s 30+ million customers, and experts from some of the world’s leading financial institutions in a feed to allow users to make highly informed trades. Users can also access Copy Trading and Smart Portfolio features for automated investing in 5,000+ assets.
  2. AltIndex: Offers alternative data to stock investors – an invaluable tool that gives you an edge in the market. AltIndex extracts data from website analytics, social media, and other alternative sources to assess market sentiment on thousands of companies. It then leverages AI to rank each stock from 1 to 100. AltIndex also offers a stock prediction service with great results; average 6-month gains of 24% have been made since inception.
  3. TradingView: Learn how to perform technical analysis on the TradingView website, desktop software, or mobile app for free. Access customizable pricing charts, technical indicators, and drawing tools on thousands of stocks, cryptocurrencies, commodities, and currencies. Became proficient in pricing trends without paying a cent. A crucial tool for all investors.
  4. Kubera: Portfolio tracking service that covers over 100,000 stocks, ensuring you never miss a market beat. Kubera connects with over 20,000 brokers and banks, meaning you’ll get accurate insights into your portfolio, spending habits, and overall net worth. Kubera also allows you to create financial goals and offers tips on how to stay on track.
  5. Stock Alarm: Set up custom stock alerts and receive real-time notifications on your smartphone. Stock Alarm – which comes as a mobile app for iOS and Android, supports over 125 alert types. This covers pricing, economic data, earnings reports, interest rates, and technical indicators. More than 65,000 financial instruments are covered, including stocks, currencies, commodities, and ETFs.
  6. WallStreetZen: Discover where the ‘Smart Money’ is being invested. WallStreetZen allows you to view investment portfolios owned by hedge funds and other institutional investors. You’ll see a full breakdown of each stock and fund held in the portfolio and how the respective investor has performed, in terms of average annualized gains. Take the guesswork out of investing by following the best-performing portfolios.
  7. Yahoo Finance News Alerts: Staying abreast of key financial news is simple and free when using Yahoo Finance. Once you’ve built your watchlist and set up notifications, you’ll receive an alert when a news story is published about one of your investments. Yahoo Finance extracts news from the most trusted financial publications, including Bloomberg, Reuters, and the Associated Press.
  8. ChartMill: Find the perfect stocks to buy based on your investment strategy and financial goals. ChartMill offers a comprehensive stock screener with unparalleled data points. This includes the exchange, industry, dividend yields and growth, volume, market capitalization, and financial health. You can also discover top-rated stocks based on sell-side analyst ratings and price targets.
  9. Borsa: Mobile app for iOS and Android that allows you to listen to stock earnings calls in real-time. Borsa ensures that you’re making investment decisions with a time advantage. You’ll know how the respective company has performed over the prior quarter and what it forecasts for the following period. Although Borsa is free, premium users can download earnings calls to their smartphones and set up notifications.
  10. Morningstar: This popular research and analysis platform offers in-depth insights into thousands of stocks. Morningstar has a ranking system that ranges from 1-5; stocks with a 5-star rating are considered a ‘Strong Buy’. Investors can filter stocks by their preferred industry or strategy, such as companies trading below their perceived value.
  11. Acorns: Aimed at casual investors on a budget, Acorns allows users to invest their ‘spare change’ into the stock market. Every debit/credit card transaction is rounded up to the nearest dollar and allocated to an ETF. This enables investors to passively build wealth over time. Acorns offers several portfolio strategies, so you’ll be making investments based on your risk profile.

Best Investment Software Reviewed

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.

1. eToro – Global Broker Offering Social Trading Features and Access to Over 5,000 Assets

The eToro platform offers its 30+ million users an intuitive and beginner-friendly platform, equipped with some of the most advanced social trading features in the industry. For each of the 5,000+ assets on the platform—offered across stocks, ETFs, commodities, forex, indices, and cryptocurrency markets—users can access a social feed that gives them the latest sentiment from the platform’s other investors.

eToro Copy Trader interface

Regulated by leading bodies in the US, UK and Europe, eToro offers users a market-competitive fee structure, with 0% commissions for investing in stocks and ETFs, and just 1% commission on cryptocurrency trades. To help execute trades, users have access to charts and charting tools, alongside the aforementioned social trading feed—making this one of the best social trading and investment platforms around.

Those new to investing can access a wealth of information in the eToro Academy and then practice their new-found knowledge in a demo account—funded with $100,000.

For those who want a hands-off approach to their investment strategy, investors can use a Copy Trading feature that allows them to automatically copy the trades of leading traders on the platform, while a Smart Portfolio feature allows users to invest in specific industries and regions, with portfolios that are professionally managed.

Investment Tool Overview  Suitable For? Price
A global broker offering over 5,000 assets in various categories, along with investing features, like CopyTrading and Smart Portfolios, and one of the biggest social trading communities. Investors who want their investing tools and investments in one easy-to-use place. Free deposits (non-USD deposits pay conversion fee)

$5 withdrawal fees

1% commission on crypto trades

Pros pros

  • Gauge social sentiment and perform technical analysis all in one place
  • Invest in assets in the same platform you research in
  • CopyTrading and Smart Portfolio features
  • Over 5,000 assets including stocks, forex pairs, and cryptocurrencies

Cons cons

  • Withdrawal fees of $5
  • Conversion fee for non-USD deposits

2. AltIndex – Alternative Data Provider With AI Ranking Scores and Stock Prediction 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.

AltIndex review

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.

NVIDIA stock

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.

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

Pros pros

  • Alternative data provider offering a first-mover advantage on key stock insights
  • Leverages AI to rank thousands of stocks from 1 to 100
  • Discover broader market sentiment outside of traditional information sources
  • Offers one of the best stock picking services – average 6-month gains of 24%
  • Also offers price predictions and stock alerts

Cons cons

  • The pro plan costs $99 per month – which won’t be suitable for casual investors
  • Only covers stocks from the NYSE and NASDAQ

3. TradingView – Free Analysis Software With Customizable Charts, Technical Indicators, and Drawing tools   

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.

TradingView review

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.

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

Pros pros

  • Leading software for performing technical analysis
  • Offers technical and economic indicators, custom charts, and drawing tools
  • Also offers stock predictions and fundamental data
  • Most investment analysis tools are completely free to use
  • Available as a web-based platform, desktop software, and a mobile app

Cons cons

4. Kubera – Portfolio Tracking Software Covering Over 100,000 Stocks With Brokerage Integration  

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.

Kubera review

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.

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.

Pros pros

  • Highly rated portfolio tracking tool supporting over 100,000 stocks
  • Also supports commodities, indices, cryptocurrencies, and NFTs
  • Connects with over 20,000 brokers and banks for accurate insights
  • Create financial goals and receive investment insights on your progress

Cons cons

  • Prices start from $150 per year – no monthly plans
  • Not worth it if you’ve only invested in a few stocks

5. Stock Alarm – 125 Custom Stock Alert Types Covering Over 65,000 Financial Instruments    

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.

Stock Alarm review

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.

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

Pros pros

  • One of the best stock alerts services for real-time insights
  • Tracks more than 65,000 financial instruments
  • Supported assets include stocks, ETFs, futures, cryptocurrencies, and commodities
  • Offers 125 customizable alert types

Cons cons

  • Free plan comes with limited functionality
  • Customer service is only available via a contact form

6. WallStreetZen – Follow the Smart Money by Tracking Hedge Fund Portfolios    

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 review

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.

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

Pros pros

  • Discover which stocks and funds hedge funds are holding
  • View a full breakdown of the best-performing portfolios
  • Receive alerts when an asset is added, removed, or reweighted
  • Free plan gives you basic access to the dashboard

Cons cons

  • $59 per month on flexible plans is considered expensive
  • Stock screener is too basic – limited filters are supported

7. Yahoo Finance News Alerts – Stay Informed and Receive Alerts When a News Story Breaks About a Stock Holding     

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.

Yahoo Finance news alerts

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.

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

Pros pros

  • Be notified when a financial news story is published about one of your stock investments
  • Also tracks news related to specific industries and sectors
  • Tracks respective media outlets like Bloomberg and Reuters
  • Completely free to use

Cons cons

  • Stock research tools are very limited
  • The number of news alerts sent can be overwhelming if you’re tracking large-cap companies

8. ChartMill – Comprehensive Stock Screener Covering Unparalleled Data Points      

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.

ChartMill review

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.

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.

Pros pros

  • Top-rated stock screeners covering multiple exchanges and markets
  • Plenty of data points to choose from – including dividends, financial ratios, and growth
  • No fees charged to use the stock screener
  • Explore insider transactions, stock ratings, and trading ideas

Cons cons

  • You’ll need to register an account or you’ll be limited to three results
  • Free accounts are exposed to a lot of ads

9. Borsa – Listen to Stock Earnings Calls in Real-Time via an iOS and Android App       

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 earnings calls

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.

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

Pros pros

  • Listen to quarterly earnings while they’re being reported
  • No fees are charged for live streaming
  • Premium members can download earnings calls to their smartphone
  • Comes as an app for iOS and Android

Cons cons

  • A premium plan is required for notifications – which costs $9.99 per month
  • Isn’t available on desktop devices

10. Morningstar – Renowned Research and Analysis Platform Covering Thousands of Stocks and Funds        

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.

Morningstar review

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.

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

Pros pros

  • Established research platform that offers in-depth investment insights
  • Gives thousands of stocks and funds a rating of between 1-5
  • 5-star stocks are ‘Strong Buys’ and are believed to be trading at a discount
  • Also offers financial news, market data, and portfolio tools

Cons cons

  • The free plan only offers one 5-star rated stock
  • Doesn’t provide performance history on its ‘Strong Buy’ recommendations

11. Acorns – Automatically Round Up Debit/Credit Card Payments and Invest Spare Change Into the Stock Market     

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 review

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.

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

Pros pros

  • Automatically invest money into the stock market by rounding up debit/credit transactions
  • No research or analysis is needed – simply choose your preferred risk profile
  • Also enables you to buy Bitcoin in small fractions
  • All plans come with a checking account and other banking facilities

Cons cons

  • At a minimum of $3 per month, fees might cost more than the amount being invested
  • Doesn’t allow you to choose individual stocks

Types of Investment Tools

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.

Alternative Data

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.

AltIndex review

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.

Technical Analysis 

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.

What is the Best Technical Indicator for Stock Trading? 

  • There are hundreds of technical indicators to choose from, each focusing on a specific data point.
  • The most successful traders will utilize several indicators to make investment decisions. This is because one indicator alone isn’t enough to validate a trader’s findings.
  • Nonetheless, one of the best indicators to start with is the Fibonacci. When used correctly, this highlights key support and resistance levels – allowing you to enter risk-averse trades accordingly.

Fundamental Research 

The internet is packed with fundamental research tools that provide stock insights and recommendations.

  • A good starting point is to review sell-side analyst ratings.
  • These are ratings provided by investment bankers and Wall Street analysts, such as whether the stock is a ‘Buy’, ‘Hold’, or ‘Sell’.
  • If most sell-side analysts rate a stock a ‘Strong Buy’, this shows that the markets are bullish.

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

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.

Kubera review

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

Stock alerts are another must-have investment tool. This tool sends you a notification when pre-defined conditions are met.

  • For example, you might want to receive an alert if one of your stock investments increases or decreases by more than 6% in one day.
  • Alternatively, you might want to be alerted when a price target is triggered by the market.
  • Either way, stock alerts are crucial in staying informed about key market movements.

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.

Do Stock Alerts Reflect Real-Time Prices? 

  • Most stock alerts come with a 15-minute delay from real-time market prices. This is unless you’re prepared to pay a monthly fee.
  • Some stock alert providers charge a fee for each exchange – such as the NYSE and NASDAQ.
  • If you’re a buy-and-hold investor, paying for real-time market data likely isn’t worth it. On the flip side, if you’re day trading stocks, real-time data is a must.

Financial News

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.

How to Pick the Right Investment Analysis Software for You

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.

Conclusion

We’ve covered the best investment tools that every trader should consider using. In our view, eToro is the stand-out tool – especially if you’re looking to get a first-mover advantage.

eToro offers data insights on thousands of stocks, extracted from social media, website analytics, and other non-traditional sources. eToro also offers Copy Trading facilities and access to Smart Portfolios.

References

FAQs

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Kane Pepi
Editor

Kane Pepi is an accomplished financial and cryptocurrency writer who has an extensive portfolio of over 2,000 articles, guides, and market insights. With his expertise in specialized subjects such as asset valuation and analysis, portfolio management, and financial crime prevention, Kane has built a reputation for providing clear explanations of complex financial topics. He holds a Bachelor's Degree in Finance and a Master's Degree in Financial Crime, and is currently pursuing his Doctorate degree, which focuses on investigating the complexities of money laundering in the cryptocurrency and blockchain technology sectors. Kane's wealth of knowledge and experience in the field make…