12 Best Stock Trading Software for 2024

Stock trading software enables investors to make smart decisions. Some of the tools available include technical indicators, stock screeners, simulated trading, and data-driven insights.

In this guide, we review the 12 best stock trading software for 2024. We also explain how beginners can leverage stock trading software to increase their success rate.

The Top 12 Stock Trading Software

Check out the list below, which highlights the 12 best stock trading software for investors:

  1. eToroStock and ETF trading platform with 0% commission on thousands of shares from around the world. Offers powerful trading tools including customizable charting software, copy trading, and sentiment analysis.
  2. Danelfin: Award winning stock research platform providing users with a daily AI driven ‘best stocks to buy’ report. Subscribers to advanced plans have access to a wide range of technical and sentiment data.
  3. AltIndex: AltIndex is a top stock trading software platform that analyzes alternative data from many sources, including social media and website analytics. It then generates an AI sentiment score based on the real-time trends discovered. AltIndex also sends email alerts on the hottest stocks to buy.
  4. Webull: Beginners will appreciate the user-friendly trading software provided by Webull. Its software – which is available on Windows, Mac, and Linux, comes packed with chart analysis features. Webull also offers a free demo account, enabling users to get comfortable with its software without risking any money.
  5. Thinkorswim: Thinkorswim is the proprietary stock trading software offered by TD Ameritrade. Aimed at professional traders, Thinkorswim supports dozens of technical and economic indicators, not to mention stock screeners, social sentiment, and custom alerts. Thinkorswim is also suitable for trading stock options.
  6. TradingView: TradingView offers free stock trading software for performing technical analysis. It supports thousands of stocks, cryptocurrencies, index funds, commodities, and currencies. Premium plans are also available for those needing additional features and functionalities, although the free option will suit beginners.
  7. Trader Workstation: Trader Workstation (TWS) is another top-rated stock trading software for seasoned traders. It comes with all of the features needed to generate smart trading ideas. This includes bespoke order types, risk management tools, premium market data, and support for algorithmic robots. TWS also supports paper trading, enabling investors to backtest new strategies.
  8. MetaTrader 4: MetaTrader 4 (MT4) offers free stock trading software for multiple device types and operating systems. Not only is MT4 supported by hundreds of online brokers, but it enables investors to automate their stock trading positions. This is because MT4 supports trading robots, which can be purchased directly from its marketplace.
  9. StreetSmart Edge: StreetSmart Edge is the premium trading software offered by Charles Schwab. It offers high-level insights into stocks, ETFs, and options. The StreetSmart Edge software is fully customizable. It supports watchlists, financial news streaming, technical indicators, screeners, and much more.
  10. Power E*TRADE: While this stock trading software comes packed with advanced tools, its simple interface is suitable for newbies. It supports historical charting data with over 30 drawing tools and dozens of technical indicators. Not to mention real-time news from the industry’s leading financial media.
  11. Stock Alarm: Stock Alarm is a great option for mobile traders that want real-time insights. Available on iOS and Android, the app enables users to set their own parameters. For instance, when company earnings reports are released or the RSI indicator exceeds 70. When parameters are triggered, Stock Alarm sends a push notification in real time.
  12. TradeStation: This popular online broker offers advanced desktop software that comes with plenty of proprietary tools. This includes RadarScreen, which ranks up to 1,000 stocks based on over 180 fundamental and technical indicators. The software also comes with backtesting facilities and the ability to program custom trading strategies.

Best Software for Stock Trading: Reviewed

Now let’s move straight onto our comprehensive reviews, which reveal the 11 best stock trading software for 2024.

1. eToro – Top Stock Trading Platform with 0% Commission

Regulated by major institutions in the EU, US and UK, eToro is a global brokerage platform that offers 0% commission on stock and ETF trades. You can buy and sell thousands of stocks from the US, UK, Europe, Asia, and beyond, all with no fees, making it one of the most competitive trading platforms on the market today. 

Although eToro does not strictly offer trading software, their web interface and mobile application include all the features you need from a stock trading platform.

eToro home

To help you find the best stocks to buy, eToro has a proprietary charting platform with a wide selection of technical indicators and drawing tools. You can monitor multiple charts in a single window, compare multiple tickers on a single chart, and set price alerts so you never miss a move.

On top of that, eToro displays buying and selling activity for every stock on its platform. This enables you to monitor market sentiment and better identify momentum stocks.

eToro also supports copy trading for stocks and ETFs. You can automatically mimic the positions of more experienced traders, following every buy and sell they make without any manual order entry. You can copy as many traders as you want with a minimum of $200.

If you want to develop your own trading strategy, you can do so risk-free using eToro’s free demo account. The demo account is loaded with $100,000 in virtual money and you can reset it at any time.

Key features  Supported Devices Price
0% commission stocks and ETF trading. Customizable trading platform with price alerts. Copy trading. Web, iOS, and Android. Free with 0% commission

Pros pros

  • Trade thousands of shares around the globe
  • Tracks trader sentiment for every stock
  • Copy trade with as little as $200
  • Free $100k demo account
  • Compare multiple stocks on a single chart

Cons cons

  • Cannot build custom technical indicators
  • $10 per month fee after 12 months of inactivity

76% of retail CFD accounts lose money – your capital is at risk.

2. Danelfin – Daily ‘Best Stock Picks’ Calculated by AI Driven Algorithms

Named ‘Best Financial Research Company’ at the Benzinga Global Fintech Awards, Danelfin is one of the most successful stock trading platforms currently available. Alongside all the top stocks and ETFs from the American market, Danelfin also provides all the latest data on European companies.

Using the latest AI driven algorithms, Danelfin provides stock recommendations from 600+ technical indicators, 150+ fundamental insights, and 150+ social sentiment metrics.

Danelfin picks vs S&P500 chart

Collating masses of data each day, Danelfin calculates an individual rating score for the likely 60 day performance of each stock or ETF between 1 and 10. With 1 being the lowest and 10 a ‘Strong Buy’, Danelfin does all the hard work and saves the user hours of extensive research.

The core AI data on stocks and ETFs can be manually reviewed at any time and subscribers to the Plus and Pro plans have access to unlimited data across thousands of companies.  Furthermore, Pro plan subscribers can access a range of technical, fundamental and sentiment signals to help ensure they make the right investment decisions.

Danelfin has a reputation for delivering accurate and profitable data on a massive range of American and European stocks. Its performance between January 2017 and December 2022 actually outperformed the S&P500 by more than 100%.

Key features  Supported Devices Price
Award winning AI stock analytical platform. Easy to use Platform. Daily report on the most promising stocks & ETFs. iOS, Android, Windows and Mac Basic plan is free. Plus & Pro cost $19 and $52 per month respectively

Pros pros

  • Award winning financial research platform
  • Daily reporting of top 10 best stocks & ETFs
  • Wide range of popular choices from American & European markets

Cons cons

  • Limited to US and European markets

3. AltIndex – Real-Time Stock Insights Generated by Social Sentiment and AI   

AltIndex is the most accurate stock predictor for investors seeking real-time insights. It offers a unique methodology that is based on alternative data. It crawls data from social media platforms and other websites to discover consumer sentiment and broader trends. For instance, it extracts social media posts, comments, shares, likes, and mentions. The data is taken from Facebook, Twitter, Reddit, and other networks.

AltIndex will then analyze the data with emerging technologies to evaluate overall sentiment on thousands of stocks. For example, consider a technology company that has just released a new smartphone. After the launch, AltIndex data will reveal whether consumer sentiment on the smartphone is positive, neutral, or negative. This gives investors early insights into whether or not the stock is likely to report strong quarterly earnings.

AltIndex review

As one of the best stock research tools, AltIndex enables investors to secure a first-mover advantage. We also like that AltIndex tracks job postings and employee satisfaction. If postings are up and employees are happy, this highlights healthy growth. AltIndex will also scrape data from website analytics. If more people are visiting a website, this could mean that sentiment on the brand is positive. The best thing about AltIndex is that it displays social sentiment scores in an easy-to-understand way.

Through artificial intelligence, stocks are rated between 0 and 100 via its stock prediction software. The scoring system updates every day and incorporates new data. Stocks with a sentiment score of 70 or more are considered a strong buy. While those with a score of 30 or under are considered a strong sell. AltIndex is also the best stock trading software for time-starved investors. This is because the platform sends real-time alerts when it generates a new stock recommendation Those with more time on their hands can view stock ratings manually.

AltIndex review

This can be filtered by the industry. We also like that AltIndex often highlights small-cap stocks that would otherwise stay under the radar. This will appeal to growth investors looking for the next big stock. Additionally, AltIndex also offers social sentiment analysis on the best cryptocurrencies.

This includes the best altcoins, such as Ethereum, XRP, Uniswap, and Dogecoin. When it comes to pricing, available plans cost $0, $29, and $99 per month. Each plan offers 2, 10, and 50 stock alerts monthly, respectively. Plans can be canceled at any time.

Key features  Supported Devices Price
AI-backed sentiment scores on thousands of stocks and cryptocurrencies. Data is extracted and analyzed via machine learning and natural language processing. Also offers stock recommendations via email alerts. Desktop and mobile browsers. Prices range from $0, $29, and $99 per month.

Pros pros

  • Top stock trading software for AI-driven insights
  • Ranks thousands of stocks and cryptos based on their overall sentiment score
  • Popular stock picking service for beginners and experienced equity traders
  • Find small-cap gems with high upside potential
  • Receive stock recommendations via email
  • Ideal for beginners that want guidance on which stocks to buy and sell

Cons cons

  • Is not backed by a broker – so does not support trading

4. Webull – Beginner-Friendly Stock Trading Software Pre-Loaded With Virtual Funds     

Webull is one of the best stock trading software for beginners. The software is free to download and supported by Windows, Mac, and Linux devices. This is in addition to an app for iOS and Android. That said, users will need to open an account with Webull before being able to access its software. There is no requirement to make a deposit, as Webull offers free paper trading accounts.

This comes pre-loaded with $1 million in virtual funds. As such, beginners can practice their trading strategies without risking any money. The Webull software comes with plenty of features. This includes over 50 technical indicators, all of which can be customized. Over 60 technical signals are supported too, including candlesticks and classic patterns. Chart drawing tools are also available, enabling traders to find emerging trends.

Webull Review

We also like that users can customize their trading screen. For instance, the trader might want order book data on the right, charts in the middle, and watchlists on the left. The Webull software also supports multiple order types. This includes everything from trailing stop-losses and limits to markets, brackets, and take-profits. Webull also supports real-time, custom stock alerts.

Parameters include price targets, technical signals, financial news, and volume hikes. In terms of investment fees, Webull offers commission-free trading on stocks, options, funds, and cryptocurrencies. There is no minimum deposit and fractional assets are supported. For example, stock and funds can be purchased from just $5 – irrespective of the market price.

Key features  Supported Devices Price
Free stock trading software for those with a Webull account. Comes pre-loaded with $1 million in virtual funds. Supports technical indicators and signals, custom order types and trading screens, alerts, and financial news. Windows, Mac, Linux, iOS, and Android. Free

Pros pros

  • One of the best stock trading software for beginners
  • $1 million in virtual funds – trade stocks risk-free
  • Dozens of technical indicators and signals
  • Plenty of order types supported
  • Set custom stock alerts across many parameters

Cons cons

  • An account is required to access the software

5. Thinkorswim – High-Level Stock Trading Software for Professional Traders  

Thinkorswim is the proprietary trading software developed by TD Ameritrade. This is one of the best options for seasoned traders who want high-level tools. The software is fully customizable, so traders can adjust their trading screen as needed. Thinkorswim supports more than 400 technical studies, including support, resistance, and monkey bars. Traders can also deploy up to 20 chart drawing tools at any given time.

Thinkorswim is also ideal for gaining insights into fundamental data. It supports over 400,000 data points that are delivered in real-time. Traders can also examine company financials, such as revenue, operating profits, and dividends. Thinkorswim also offers one of the best stock screeners in the market. This comes with an unparalleled range of filters, enabling investors to find stocks that align with their financial goals.

Thinkorswim review

We also like Thinkorswim for its social sentiment tools. This keeps users informed on public attitudes toward companies. Users can also set up custom alerts to stay updated with key technical developments. Thinkorswim is also available as an app for iOS and Android.

While this comes with limited functionality, it enables traders to buy and sell stocks on the go. Thinkorswim also supports other asset classes, including options, futures, forex, and ETFs. While there are no fees to use Thinkorswim, an account with TD Ameritrade is needed. In terms of investment fees, TD Ameritrade offers 0% commission trading on US-listed stocks and ETFs.

Key features  Supported Devices Price
Advanced trading software for seasoned investors. Over 400+ technical studies and up to 20 drawing tools. Also offers bespoke alerts, in-depth order books, and stock screeners. Windows, Mac, Linux, iOS, and Android. Free

Pros pros

  • Best stock trading software for seasoned traders
  • Supports more than 400+ technical studies
  • Access real-time pricing and in-depth order books
  • Trading screens are fully-customizable

Cons cons

  • Highly advanced – not suitable for beginners

6. TradingView – Free Desktop Software for Technical Analysis

TradingView is the most popular free stock charting software in the market. The platform is now used by over 50 million investors and traders globally. While TradingView is also available on web browsers, its desktop software offers the most advanced features. The software can be downloaded on Windows, Mac, and Linux devices. Once installed, users will have access to over 100 pre-built technical indicators.

That said, there are over 100,000 additional indicators that can be installed manually. These were created by the TradingView community, giving users access to indicators not commonly supported by online stock brokers. Moreover, the TradingView software also supports more than 90 smart drawing tools. These enable traders to assess trends, perform forecasts, and mark potential entry and exit points.

TradingView review

TradingView also has its own development tool – Pine Script. This allows traders to design their own custom indicators and strategies – and import them into TradingViews. We also like that TradingView supports real-time stock alerts with over 12 custom conditions. Although TradingView is favored by technical traders, it also supports fundamental research. This includes financial statements, valuation analysis, and financial news. TradingView is also the best stock trading software for supported markets.

It supports tens of thousands of stocks from the US and overseas. This is in addition to cryptocurrencies, forex, indices, futures, and bonds. TradingView is not a broker, so it imports real-time data from leading trading platforms. Although TradingView is free to use, it also comes with premium plans. These range from $14.95 to $59.95 per month. Premium plans come with additional functionality and features. That said, the free plan will be fine for beginners.

Key features  Supported Devices Price
Free stock trading software for desktop users. Supports 100,000+ technical indicators and 90+ drawing tools. Charts can be customized and trading scripts can be written. Supports tens of thousands of stocks from multiple markets. Also supports other assets. Windows, Mac, Linux, iOS, and Android. Free, but premium plans are also available – ranging from $14.95 to $59.95 per month.

Pros pros

  • Free stock charting software for 2024
  • Supports more than 100,000 technical indicators
  • Write custom strategies and indicators via Pine Script
  • Also supports fundamental analysis tools
  • Available on desktop and mobile devices

Cons cons

  • The sheer number of analysis tools will be overwhelming for newbies

7. Trader Workstation – Professional Software Suite With Unrivaled Insights and Tools 

Trader Workstation (TWS) is an advanced trading platform backed by Interactive Brokers. The software supports thousands of financial instruments from 33 countries. This includes stocks, ETFs, options, futures, forex, and bonds. TWS will appeal to short-term traders deploying a high-frequency or scalping strategy. It comes packed with technical features, including dozens of drawing tools and economic indicators.

It also supports real-time financial news streaming, alongside live market commentary from Reuters and the Dow Jones. TWS is fully customizable. Traders can import custom charts, watchlists, order books, and plenty of other metrics. We also like TWS for its high-level risk management tools. Its proprietary software – IB Risk Navigator, supports pricing assumptions, simulated outcomes, and risk exposure predictions.

Trader Workstation

TWS also supports paper trading facilities. This enables traders to perfect their strategies without risking their own capital. TWS supports multiple devices, but its desktop software comes with the most advanced features. Supported operating systems include Windows, Mac, and Linux. The software is free to download, but users need to open an account to access the platform.

Key features  Supported Devices Price
Supports thousands of financial instruments from 33 countries. Real-time financial news streaming and live market commendatory. Dozens of technical and economic indicators, plus risk management tools. Paper trading facilities are available. Windows, Mac, Linux, iOS, and Android. Free

Pros pros

  • One of the most advanced stock trading software for experienced investors
  • Supports real-time financial news and market streaming
  • Wide spectrum of technical and economic indicators
  • Paper trading facility with simulated outcomes

Cons cons

  • Will not suit novice or intermediate traders

8. MetaTrader 4 – Free Desktop Software Supporting Automated Trading Robots  

MetaTrader 4 (MT4) is the best stock market software for automated trading. Launched in 2005, MT4 is used by millions of traders worldwide. The software is supported by hundreds of online brokers. Users simply need to log into MT4 with their brokerage credentials. The MT4 desktop software is free to download and is supported by Windows, Mac, and Linux. MT4 comes with plenty of tools that will appeal to technical traders.

This includes 30 in-built indicators and more than 2,000 that can be manually imported. This is in addition to analytical objective lines, multi-chart screens, and custom order types. That said, we found that MT4 is the best stock analysis software for automated trading.

MetaTrader 4

The MT4 marketplace sells hundreds of strategies and bots, which can then be uploaded to the platform. The bot will then trade stocks on behalf of the user. MT4 also supports demo accounts, which is ideal for backtesting bots. However, an account will first need to be opened with a compatible broker.

Key features  Supported Devices Price
Third-party trading software that connects to hundreds of online brokers. Supports chart analysis, technical indicators, custom order types, and automated trading. Windows, Mac, Linux, iOS, and Android. Free

Pros pros

  • Popular third-party trading software that connects to online brokers
  • Thousands of technical indicators and drawing tools
  • Import bots and trade stocks automatically
  • Free to download and use

Cons cons

  • An account needs to be opened with a broker before having access to MT4

9. StreetSmart Edge – Premium Trading Experiences By Charles Schwab 

StreetSmart Edge is the proprietary stock trading software developed by Charles Schwab. Not only does it offer premium trading experiences for stock investors – but options and ETF traders too. StreetSmart Edge is suitable for both short and long-term strategies. It also covers an unparalleled level of technical and fundamental data. The latter includes live financial news streaming and real-time market developments.

Technical tools include economic indicators and drawing tools. We also like the Idea Hub tool, which is aimed at options traders. This generates trading ideas across bullish, bearish, and neutral markets. It also enables users to analyze trades in simulated conditions. StreetSmart Edge can also be customized to meet the user’s needs.

StreetSmart Edge review

Features and tools can be added or removed from the trading screen as needed. StreetSmart Edge can be accessed via desktop software or through web browsers. The latter operates on the cloud for fast execution speeds and limited downtime. StreetSmart Edge is free to use after opening a Charles Schwab account.

Key features  Supported Devices Price
Lots of analysis tools for technical and fundamental traders. Supports stocks, ETFs, and options. The latter includes a proprietary tool for trading ideas. The entire trading screen is fully-customizable. Windows, Mac, iOS, and Android. Free

Pros pros

  • Premium trading experiences for technical and fundamental traders
  • Keep tabs on the markets with real-time streaming
  • Idea Hub suggests trading ideas for options positions
  • Trade US stocks at 0% commission

Cons cons

  • The mobile app has very poor ratings

10. Power E*TRADE – User-Friendly Trading Software for First-Time Analysts 

Power E*TRADE is a stock trading software that will appeal to novice analysts. While it comes packed with analysis tools, its user-friendly layout is suitable for beginners. The trading platform is neatly laid out, with the majority of the screen displaying pricing charts. To the right of the chart are watchlists and financial news. And to the left of the chart is where users place orders. There is also a search box that enables traders to quickly find their preferred markets.

Power E*TRADE

We also like the risk-reward tool offered by Power E*TRADE This offers detailed insights into potential profits and losses based on adjustable parameters. The software also allows traders to discover the most suitable exit strategy before entering a position. After opening an account, Power E*TRADE is accessible via standard web browsers. It also comes as an app for Android and iOS.

Key features  Supported Devices Price
Browser-based trading platform suitable for beginners. Lots of useful features, including technical pattern recognition, risk-reward projects, and exit strategies. Also supports paper trading. Web browsers, iOS, and Android. Free

Pros pros

  • Make smart trading decisions as a beginner
  • Get insights on risk-reward predictions and exit strategies
  • Learn technical analysis risk-free via the paper trading account
  • Supports stocks, options, futures, ETFs, and other assets

Cons cons

  • Does not offer desktop software

11. Stock Alarm – Custom Stock Alerts With  Over 125 Parameters 

Stock Alarm is the best stock tracking software for mobile users. This mobile app for Android and iOS sends real-time notifications when custom alerts are triggered. Stock Alarm supports over 125 custom parameters. This includes technical indicators such as the RSI and MACD. For instance, the user can opt to receive alerts if a large-cap stock hits an RSI reading of over 70. Fundamental alerts are also possible.

Stock Alarm review

This includes everything from earnings reports and CPI data to mortgage rates. Not only are push notifications supported but also telephone calls, SMS, and emails. This ensures that users never miss an important market movement. We also like that Stock Alarm supports multiple exchanges. In addition to the US markets, it also supports exchanges in the UK, Japan, Canada, Singapore, and Australia.

Key features  Supported Devices Price
Set up custom alerts on thousands of stocks and cryptocurrencies. Choose from over 125 technical and fundamental alert filters. iOS and Android. Free

Pros pros

  • Receive real-time stock alerts – never miss a market movement
  • More than 125 custom parameters
  • Alerts are sent via push notifications, SMS, emails, or calls
  • Free to use

Cons cons

  • Does not offer any analysis tools

12. TradeStation – Advanced Charting Platform With Custom Stock Ranking Tools  

TradeStation is a popular online broker that has developed its own trading software. The platform can be downloaded onto Windows and Mac desktop devices. One of the best features available is RadarScreen, which is native to TradeStation. In a nutshell, this enables investors to rank stocks based on custom specifications.

For instance, the investor might want to view stocks based on a selection of technical indicators and fundamental ratios. RadarScreen updates in real-time, ensuring that trading opportunities are never missed. Another feature of TradeStation is its backtesting facility. This enables traders to test their strategies and assess how they would have performed across 30+ years of data.

TradeStation review

The strategy can then be adjusted to ensure it aligns with current market conditions. TradeStation also allows users to write scripts for custom indicators and strategies. Supported markets are extensive on TradeStation. This includes thousands of stocks, futures, options, funds, and cryptocurrencies.

Key features  Supported Devices Price
Set up custom alerts on thousands of stocks and cryptocurrencies. Choose from over 125 technical and fundamental alert filters. iOS and Android. Free

Pros pros

  • Build custom stock trading tools and strategies
  • Backtesting facility with over 30 years of historical data
  • RadarScreen ranks stocks based on custom metrics
  • Also comes as a mobile app for iOS and Android

Cons cons

  • Some of the best analysis features won’t be suitable for beginners

Types of Stock Trading Software

We have discussed a range of stock trading software to suit all investor profiles.

Investors still unsure which software is right for their needs can read on.

Data and Analysis Software

The first option is software that yields alternative data and analytics. AltIndex is a good example here. The platform offers social sentiment scores that are crafted by artificial intelligence. The scores are determined from social media metrics, such as followers, likes, and comments.

AltIndex also scans website traffic, Google searches, and employee satisfaction. The online software then ranks each stock based on its AI sentiment score. The idea is that stocks with a high score are viewed positively by society. This could be because of a new product, environmental practices, or customer service.

AltIndex review

Ultimately, AltIndex is aimed at investors that seek trading ideas, insights, and recommendations on the best stocks. It also supports cryptocurrencies, including Bitcoin, Dogecoin, and XRP.

Charting Software

Some of the best stock trading software specializes in charting analysis. This will appeal to traders who make decisions based on quantitative data. Software providers typically offer hundreds of technical and economic indicators.

This includes everything from the MACD and RSI to Fibonacci retracement levels. Additionally, the software will include chart drawing tools. This enables traders to look for trends and potential market movements.

What is the Best Charting Indicator for Beginners?

  • There are hundreds of technical indicators that help investors make data-driven decisions.
  • It can take many years to truly master the chart analysis process.
  • That said, one of the best charting indicators for beginners is the relative strength index (RSI).
  • Put simply, this indicator highlights stocks that are potentially overbought or oversold – meaning a reversal is imminent.
  • If the RSI reading is above 70, the stock could be overbought. If it’s below 30, the stock could be undersold.

Stock Tracking Software

Some online stock trading software specializes in tracking tools. Stock Alarm, for example, offers real-time alerts on thousands of stocks.

Users can customize their alert parameters. This includes fundamental data like interest ratings and earnings calls. Technical-driven parameters include economic indicators and volume.

Automated Trading Software

We also came across software providers that supported automated trading. For example, MT4 enables users to buy trading robots and upload them into its desktop software.

After setting up the trading parameters, the robot will buy and sell stocks on behalf of the user. Bots can be purchased externally or from the MT4 marketplace.

Backtesting Software

One of the best features offered by stock trading software is backtesting. This enables traders to test new strategies against historical market data.

The backtesting facility will determine how the strategy would have performed in previous market cycles. The strategy can be adjusted and re-tested if needed.

Brokerage Trading Software 

Many of the stock trading software discussed today are backed by regulated brokerages. This gives traders the best of both worlds.

Not only can they perform chart analysis, backtest strategies, and stay updated with financial news – but directly trade stocks too.

Benefits of Stock Trading Software

The main benefits of using a stock trading software are summarized below:

  • Stock trading software provides insights into the financial markets. This includes everything from social sentiment and chart analysis tools to real-time financial news streaming.
  • Some stock trading software doubles up as an online broker. This enables users to trade insights without needing to leave the software.
  • Stock trading software is also ideal for staying up-to-date with the markets. This includes custom alerts, stock trading signals, and stock recommendations.
  • Another advantage is that stock trading software encourages investors to do their own research – rather than relying on third parties. Most of the data provided by the software will be from primary sources.

How to Pick the Right Online Stock Trading Software for You

In this section, we explain how investors can pick the best stock trading software for their requirements.

Type of Trading Software 

Investors should consider that they want to get out of stock trading software.

For example:

  • Advanced traders might seek software that offers high-level charting tools, technical indicators, and custom order types. Thinkorswim is a good option here, as the platform is aimed at seasoned traders.
  • Beginners might prefer software that provides insights into what stocks to trade. AltIndex is a good option here, as it sends out stock recommendations via email.

Alternatively, some investors will prefer software that offers automated trading. This removes the need to perform any manual research and analysis. Instead, the bot trades on the user’s behalf.

Core Features 

Investors should also consider what core features they seek from stock trading software. For instance, some investors want to keep track of the stock markets in real-time. In this instance, stock alerts and real-time financial news are useful.

Alternatively, some investors will want to test out new strategies in a risk-free environment. Backtesting facilities and paper trading accounts are both useful here.

Trading Facilities  

Some stock trading software is offered by online brokers. This option will suit investors who want to directly buy or sell stocks after discovering insights.

Make sure the broker is regulated and that it charges reasonable fees. The best stock brokers offer commission-free trading on small account minimums.

Pricing  

Investors should also check what fees apply when choosing stock trading software.

If the software is offered by an online broker, then it will likely be free. This is because the broker wants people to trade so that it earns commissions.

Some providers offer a free service but with limitations. For example, while basic features on TradingView are free of charge, premium plans are required for full functionality.

Supported Devices and Operating Systems  

Investors should check what devices and operating systems the software supports. Most are compatible with Windows and Mac desktops. Linux is often supported too.

Mobile users will find that most providers now offer an iOS and Android app. This often connects to the desktop software through the same account.

AltIndex review

AltIndex – which is one of the best alternative data providers, operates a web-based service. This means there is no requirement to download or install any software.

What is the Best Device Type for Trading Software?

  • Trading software is often supported by web browsers, mobile apps, and desktop software
  • Those looking to conduct in-depth technical analysis are best suited for desktop software. This usually comes with the most advanced features and the best user experience.
  • Investors who prefer trading on the move will be better suited to a mobile app. But this limits the ability to perform high-level analysis.

User-Friendliness   

The user-friendliness of the software should also be considered. On the one hand, software providers like Thinkorswim and Trader Workstation are aimed at experienced traders. Beginners will find its features and tools overwhelming.

That said, providers like AltIndex are aimed at novice traders. No prior experience is needed, as AltIndex conducts all of the analysis via AI stock picking technology. Users are then provided with an AI sentiment score based on real-time metrics.

Is Stock Trading Software Worth it?

Whether or not stock trading software is worth it depends on the goals of each investor. For example, most trading software is aimed at active traders such as stock portfolio trackers which help users monitor their portfolios more efficiently. They come with plenty of tools and features that enable traders to analyze the stock markets.

For example, technical indicators, chart drawing tools, and data-driven insights. In other words, stock trading software is ideal for traders that never want to be more than a click away from the markets.

Additionally, stock trading software is suitable for traders who need help making investment decisions. For instance, AltIndex members receive up to 50 stock recommendations every month. Investors are told which stock to buy and what entry price to set. As such, AltIndex appeals to complete novices.

That being said, not all investors need to use stock trading software. This is especially the case when investing in index funds with a dollar-cost averaging strategy. Every month, the investor will add funds to their index fund portfolio regardless of market conditions. Therefore, trading software isn’t required.

Conclusion

Stock trading software offers many benefits for investors – from analysis tools and insights to price alerts and signals.

The best option for beginners is eToro. The platform may not provide trading software, but the mobile app and web trading platform offers all tools you need to start trading stocks.

You can access technical indicators, drawing tools, and copy trading mechanisms with eToro.

76% of retail CFD accounts lose money – your capital is at risk.

References

https://www.oracle.com/hk/artificial-intelligence/machine-learning/what-is-machine-learning/

https://www.ibm.com/topics/artificial-intelligence

https://coinmarketcap.com/currencies/bitcoin/

https://www.theguardian.com/business/stock-markets

https://intelligent.schwab.com/article/dollar-cost-averaging

https://www.fidelity.com/viewpoints/investing-ideas/the-market-cycle-and-investors

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Kane Pepi
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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…