Home 13 Best Stock Trading Software for 2023 – Most Popular Providers Reviewed
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Stock trading software is aimed at investors that seek high-level insights. This might include technical indicators for chart analysis, social sentiment metrics, or stock simulators to test new trading strategies.

This guide compares the 13 best stock trading software providers in 2024. We review each provider for the features and tools offered, pricing, user-friendliness, and other key factors.

List of the 13 Best Stock Trading Software in 2024

The list below highlights the 13 best stock trading software for 2024:

  1. AltIndex: In our view, AltIndex offers the best stock trading software for investors. The platform provides real-time insights into broader market trends, by extracting and analyzing data from social media. This enables investors to evaluate which stocks and cryptocurrencies are popular with society and thus – could outperform the market. AltIndex is ideal for beginners, as its simple ‘AI Score’ ranks assets based on their overall sentiment.
  2. TradingView: This trading software is aimed at stock analysts who are comfortable using technical indicators. It provides an unparalleled range of tools that enable traders to find short-term trends. Best of all, most TradingView features are free to use. TradingView is also suitable for newbies that want to learn how to perform chart analysis.
  3. Trader Workstation: Experienced stock traders will like Trader Workstation (TWS), which is backed by Interactive Brokers. The platform offers advanced insights into technical and fundamental data. Its software supports algo trading, backtesting facilities, and risk management tools. Not to mention paper trading accounts with simulated outcomes.
  4. WeBull: One of the best options for novice investors is Webull. Its stock trading software enables investors to buy and sell equities from $5. It comes with $1 million in virtual trading funds – which is perfect to test strategies risk-free. WeBull comes with plenty of features, including economic indicators and chart drawing tools.
  5. MetaTrader 5: Technical traders also favor MetaTrader 5 (MT5). It supports 38 technical indicators, 44 analytical objectives, and 21 timeframes. Users can also create an unlimited number of custom charts. MT5 also supports third-party signals, enabling users to buy and sell stocks automatically.
  6. Stock Alarm: Stock Alarm is useful for all trading objectives. Its stock tracking software offers real-time alerts on thousands of equities. This ensures investors are kept abreast of key market developments. Alerts can be customized to the user’s preferences surrounding prices, volatility, and volume. Stock Alarm also supports fundamental alerts, such as earnings adjustments.
  7. xStation 5: Traders seeking leveraged markets on stocks, forex, and other assets will like xStation 5. This trading platform is backed by XTB, which offers 0% commission trading and high leverage limits. xStation 5 comes packed with advanced trading tools and features and is compatible with desktops, mobiles, and web browsers.
  8. Thinkorswim: Backed by TD Ameritrade, Thinkorswim is one of the best trading software for experienced investors. It offers insights into stock trends, covering both technical and fundamental metrics. For instance, Thinkorswim enables users to compare historical earnings per share with current stock prices. This can yield notable insights into near-term pricing trends. Thinkorswim also offers technical and economic indicators, backtesting facilities, and $100,000 in virtual funds.
  9. StreetSmart Edge: This multi-asset trading software is backed by Charles Schwab. It enables users to buy, sell, and analyze stocks around the clock. Its trading screen can be customized to include real-time pricing feeds, charts, financial news, watchlists, and more.
  10. TradeStation: TradeStation is ideal for investors that want to perfect their trading strategies. It offers a backtesting facility that covers decades’ worth of historical data. Investors can also use the simulated trading model, which predicts how strategies will perform in current market conditions.
  11. Zacks Trade Pro: This stock trading software will appeal to active and high-volume traders. Its fully-customizable layout supports many trading tools, including custom order orders, alerts, and over 120 technical indicators. Zacks Trade Pro also supports algo trading, market scanners, and an options strategy lab.
  12. Power E*TRADE: Long-term investors will appreciate the user-friendly layout of Power E*TRADE. Backed by the commission-free broker E*TRADE, the platform supports high-level fundamental analysis, real-time financial news, and order book data. Investors can build a diversified portfolio, with Power E*TRADE supporting stocks, options, ETFs, cryptocurrencies, and more.
  13. DupliTrade: DupliTrade will appeal to investors that want to automate their trading strategies. Users can select their preferred DupliTrade strategy and all future positions will be copied like-for-like. DupliTrade needs to be connected with a brokerage account and the minimum investment is $5,000.

Best Stock Trading Software: Our In-Depth Analysis 

We will now review the 13 best trading software providers that are listed above. Investors can read on to find the most suitable trading software for their strategy, investment goals, and prior experience.

1. AltIndex – Overall Best Stock Trading Software for Beginners

AltIndex is the best stock trading software for beginners. Unlike other providers in the market, AltIndex does not require any trading or analysis experience. On the contrary, AltIndex ranks stocks from 0-100 based on alternative data metrics. So what is alternative data and how does the AltIndex platform work?

In a nutshell, AltIndex specializes in social sentiment analysis. This means its software scans millions of social media metrics every second, to assess how society feels about publicly-listed companies. For instance, it will evaluate trends in the number of mentions, likes, and followers for thousands of stocks.

Data is extracted from Facebook, Twitter, Reddit,  TikTok, and other social networks. The AltIndex software will also collect data from Google search trends and advertising spending. Not to mention website traffic, app downloads, and employee satisfaction. Naturally, this is an unprecedented amount of data for the AltIndex software to interpret.

AltIndex review

This is why AltIndex uses artificial intelligence and machine learning. Not only does this streamline the analysis process but it offers accurate insights into the best stocks to buy. As noted above, each stock is given a sentiment score of between 0 and 100. When a stock has a score of over 70, it moves into ‘strong buy’ territory.

This might be because the stock is benefiting from a lot of positive sentiment on social media and is increasingly being mentioned in financial news articles. Conversely, a low sentiment score suggests the stock could be a ‘strong sell’. This means that AltIndex is also the best stock trading software for risk management.

There are various ways to use AltIndex, depending on the investor’s objectives. For example, those looking for stock investment opportunities can sign up for AltIndex stock picks. This sends email alerts to members when a new stock recommendation has been discovered. Investors can also view stocks with the highest social sentiment score.

AltIndex review

This can be niched down by the industry or sector. For risk management, users can add can stocks to their AltIndex portfolio. The platform will send an alert if a sudden change in sentiment is discovered on a particular stock. All these features are available without needing to pay a monthly fee.

However, limitations will apply. For instance, just two stocks can be added to a portfolio on the free plan. Only two stock alerts per month will be sent and just 20 dashboard visits are allowed. By paying just $29 per month, this offers unlimited access and up to 10 stock alerts/portfolio additions. This is increased to 50 stock alerts/portfolio additions when paying $99 per month.

Type of Stock Trading Software Suitable For? Pricing
Supported Devices
Online software specializing in social sentiment analysis. AI and machine learning assigns stocks a sentiment score from 0 to 100. The higher the score, the more chance the stock has of outperforming the market. Investors looking for stock recommendations in real-time. 0$-$99 per month, depending on the number of recommendations required each month.
Web-based software

Pros

  • Best stock trading software for beginners
  • No research is required – the best stocks are ranked via AI and machine learning
  • Data is extracted from social sentiment analysis and other alternative data
  • Great for risk management – receive alerts when social sentiment turns negative
  • Also one of the best stock picking services

Cons

  • The free plan is only suitable for testing the platform – as just 20 dashboard visits are allowed

TradingView is the best stock trading software for technical traders. It comes as desktop software for Windows, Mac, and Linux. A mobile app for Android and iOS is also supported. That said, the desktop software is best used when performing chart analysis. TradingView is feature-rich, especially when it comes to technical research.

For example, TradingView supports over 100,000 indicators. The majority of these were created by TradingView users. This enables traders to deploy technical and economic indicators that are not available on other stock trading software. A multitude of chart drawing tools are also supported, and trading screens can be fully customized.

TradingView review

TradingView is not a broker, but many trading platforms integrate with its software. That said, TradingView can also be used to practice strategies risk-free – no brokerage account is required. Moreover, the majority of its features can be accessed on the free plan. Professional traders might consider a paid plan to get the most out of TradingView.

Type of Stock Trading Software Suitable For? Pricing
Supported Devices
Chart analysis software with an unparalleled range of technical tools. In addition to chart drawing tools, this includes over 100,000 custom indicators. TradingView also supports a social network, enabling users to share trading ideas. Beginners looking to learn technical analysis risk-free. Or seasoned traders looking to perform advanced chart analysis. Most features are free. Premium plans with additional tools start from $14.95 per month.
Desktop (Windows, Mac, Linux) and mobile (iOS and Android).

Pros

  • Best stock trading software for technical analysis
  • Suitable for beginners who want to learn chart analysis risk-free
  • Also ideal for seasoned traders wanting to perform high-level analysis
  • More than 100,000 custom indicators are supported
  • Most features are fee-free

Cons

  • Is not a broker – so investors need to find a trading platform that supports TradingView

3. Trader Workstation – Stock Trading Software Supporting Over 150 Global Exchanges

Trader Workstation (TWS) is the native trading platform offered by Interactive Brokers. This means that users can access financial markets from 150 global exchanges. Not only for stocks but index funds, mutual funds, bonds, currencies, futures, options, and other asset classes.

As such, TWS is the best stock trading software to build and manage diversified portfolios. TWS comes as desktop software for Windows, Mac, and Linux. An Android and iOS app is also supported. TWS supports dozens of technical and fundamental indicators, in addition to paper trading, market simulations, and risk management tools.

Trader Workstation review

It also supports advanced order types, market depth, and level 2 data. While the software is fully customizable, beginners should be aware the platform is aimed at experienced traders. That said, Interactive Brokers also offers a web-based client interface. While it doesn’t come with the same high-level features as TWS, it’s ideal for casual investors.

Type of Stock Trading Software Suitable For? Pricing
Supported Devices
Desktop and mobile-based software that is linked to Interactive Brokers accounts. It comes with many core features, including algo trading, custom order types, economic indicators, and level 2 data. Experienced investors that are comfortable with advanced trading tools. Free for Interactive Brokers clients.
Desktop (Windows, Mac, Linux) and mobile (iOS and Android).

Pros

  • Best stock trading software for experienced investors
  • Perform high-level technical analysis
  • Stay updated with real-time news and financial streaming
  • Deploy algo trading bots to automate strategies

Cons

  • Advanced features will be too overwhelming for beginners

4. Webull – User-Friendly Stock Trading Software With Free Paper Trading Tools

Webull is a popular online broker that offers stock trading software for desktops, mobiles, and web-based users. After opening an account, registered users will have access to paper trading facilities. Webull adds $1 million in virtual trading funds, which is more than enough to test the platform out.

The Webull paper trading platform mirrors live market conditions. Not only in terms of stocks but ETFs, options, and cryptocurrencies. The latter includes some of the best altcoins, such as Dogecoin, Ethereum, and Shiba Inu. In terms of features, Webull is suitable for both technical and fundamental investors.

Webull review

For example, it offers dozens of technical indicators and chart drawing tools. It also comes with in-depth order books and volume analysis. Fundamental investors will find financial news and company accounting ratios. Webull also has an economic calendar. This alerts users when a stock is about to release its quarterly or annual earnings report.

Type of Stock Trading Software Suitable For? Pricing
Supported Devices
Online brokerage platform offering desktop and mobile software. Its tools will suit technical and fundamental investors alike. Beginners will appreciate the risk-free paper trading platform. Investors of all experience levels who want to research and trade stocks on the same platform. Free for Webull clients.
Desktop (Windows, Mac, Linux) and mobile (iOS and Android). Web browsers are also supported.

Pros

  • Research and trade stocks through a regulated brokerage
  • Desktop trading software for Mac, Windows, and Linux
  • Lots of technical and fundamental analysis tools
  • Also supports ETFs, options, and some of the best meme coins
  • No commissions charged on US-listed equities

Cons

  • Accounts must be verified to access the Webull suite

5. MetaTrader 5 – Buy and Sell Stocks Automatically by Following Successful Trading Strategies

MetaTrader 5 (MT5) is a third-party trading platform that comes with desktop software and a mobile app. After connecting MT5 to a broker, traders will have access to plenty of chart analysis tools. The software supports 38 indicators, 44 analytical objectives, and 21 timeframes.

Multiple charts can be added to the user’s trading screen, which is fully customizable. But MT5’s best feature is its support for automated trading. Users can browse the MT5 marketplace to find their preferred strategy. Historical results are clearly displayed alongside an overview of the strategy and risk profile.

MetaTrader 5 review

Users can then purchase a strategy and copy it like-for-like. This will appeal to investors who want to actively trade stocks but don’t have the time or experience to do so. Additionally, MT5 also supports virtual private servers (VPS). This enables users to deploy their automated trading strategy 24 hours per day without any interruptions.

Type of Stock Trading Software Suitable For? Pricing
Supported Devices
Trading software that comes with technical analysis tools, including 38 indicators and 44 analytical objectives. MT5 connects to hundreds of brokers, enabling traders to buy and sell stocks via its software. Also allows traders to purchase and deploy automated robots. Traders looking to perform high-level technical analysis. Also aimed at investors wanting to automate the stock trading process. The software is free, but automated strategies need to be purchased.
Desktop (Windows, Mac, Linux) and mobile (iOS and Android). Web browsers are also supported.

Pros

  • Popular trading software supported by hundreds of brokers
  • Comes packed with technical analysis tools
  • Supports automated trading via its marketplace
  • Also supports forex and other asset classes

Cons

  • Automated strategies need to be purchased from the marketplace

6. Stock Alarm – Set up Real-Time Stock Alerts via Custom Parameters 

Stock Alarm makes a great addition to an investor’s suite of tools. It offers one of the best stock trading software for real-time alerts. Users will receive a notification via the Stock Alarm app when an alert has been triggered. Best of all, users can fully customize which alerts they receive for each chosen stock.

Stock Alarm review

For example, users might want to receive an alert if the price of a stock increases or decreases by more than 15% in one day. Or if abnormally large trading volume is recorded on a small-cap stock. Stock Alarm also supports news-related alerts too. For instance, if a stock revises its revenue forecasts for the quarter – users are notified.

Type of Stock Trading Software Suitable For? Pricing
Supported Devices
Stock alert service with fully customizable parameters. Set up bespoke alerts based on specific technical or fundamental triggers. Also supports Bitcoin and a range of new cryptocurrencies. Active traders seeking customizable, real-time stock alerts. Also ideal for risk management. Free.
Mobile app (iOS and Android).

Pros

  • One of the best stock tracker software for real-time alerts
  • Set up custom alerts from over 125 indicators
  • Suitable for technical and fundamental data
  • No fees are charged

Cons

  • Does not come as desktop software – mobile app only

7. xStation 5 – Desktop Trading Software Supporting 0% Commission Markets  

xStation 5 is the proprietary trading software offered by XTB – a regulated brokerage platform. This is the best stock trading software for accessing low fees. Not only is xStation 5 free but no trading commissions are charged. This is the case for thousands of financial markets, including stocks, ETFs, commodities, forex, and indices.

xStation 5 review

What’s more, xStation 5 supports leveraged markets. Limits of up to 1:30 are available for retail clients. The xStation 5 software is suitable for trading skill sets. It comes with a demo trading platform, allowing beginners to buy and sell stocks risk-free. Seasoned traders will find chart drawing tools, technical indicators, and advanced order types.

Type of Stock Trading Software Suitable For? Pricing
Supported Devices
Proprietary trading software offered by XTB, a regulated and commission-free broker. Offers a risk-free trading platform that mirrors live market conditions. Technical indicators and other chart analysis tools are supported. Traders seeking a regulated and commission-free place to trade stocks. Free for XTB clients. Desktop (Windows, and Mac) and mobile (iOS and Android). Web browsers are also supported.

Pros

  • Stock market software backed by a regulated broker
  • Trade thousands of markets at 0% commission
  • Offers a full suite of technical analysis tools
  • Comes as desktop software, a mobile app, and a web trading platform

Cons

  • Specializes in leveraged CFDs – so US clients are not accepted

8. Thinkorswim – Advanced Trading Software for High-Volume Investors   

Thinkorswim offers a powerful suite of trading tools. Backed by TD Ameritrade, the software is free for registered clients and compatible with Windows and Mac devices. Thinkorswim is aimed at experienced investors who know how to convert real-time insights into smart trading decisions.

Thinkorswim review

Some of the core features available include over 400 technical indicators, stock earnings tools, custom alerts, and social sentiment analysis. The latter includes over 400,000 data points. Thinkorswim also comes with a risk-free virtual trading account, pre-loaded with $100,000. The software supports stocks, ETFs, options, and other popular asset classes.

Type of Stock Trading Software Suitable For? Pricing
Supported Devices
High-level trading suite for Windows and Mac users. Features include over 400 technical indicators and 400,000 data points for social analysis. Also supports stock screeners, paper trading, and earnings reports. Experienced investors who want the most advanced analysis tools. Free for TD Ameritrade clients. Desktop (Windows and Mac) and mobile (iOS and Android). Web browsers are also supported.

Pros

  • Best stock trading software for advanced analysis tools
  • Supports more than 400 technical indicators
  • Discover social sentiment insights across 400,000 data points
  • Risk-free demo platform with $100,000 in virtual funds

Cons

  • Beginners will find the software too advanced for their skill set

9. StreetSmart Edge – Fully Customized Trading Screen for Real-Time Market Insights    

StreetSmart Edge will appeal to active investors who want to monitor the markets around the clock. Backed by Charles Schwab, the platform is completely customizable. As such, trading screens will align with the investor’s strategy and financial goals. For example, technical traders can add multi-screen charts, volume indicators, and real-time level 2 data.

StreetSmart Edge review

Fundamental investors can add live market commentary, financial news streaming, and news alerts. Additional features include watchlists, stock screeners, and support for multiple asset classes. The latter includes thousands of stocks, options, and funds. StreetSmart Edge offers commission-free trading on US-listed equities.

Type of Stock Trading Software Suitable For? Pricing
Supported Devices
One of the best brokerage software platforms for customizable trading screens. Supports financial news streaming, custom alerts, technical indicators, watchlists, stock screeners, and much more. Investors looking to build a fully customizable trading screen that aligns with their goals. Free for Charles Schwab clients. Desktop (Windows and Mac) and mobile (iOS and Android). Web browsers are also supported.

Pros

  • Best stock trading software for customizable trading screens
  • Ideal for short and long-term strategies
  • Offers a huge range of technical and fundamental analysis tools
  • Watch financial news channels while trading

Cons

  • Does not support Linux desktops

10. TradeStation – Combine Backtesting and Market Simulation in a Risk-Free Setting    

TradeStation is a US-based broker that has its own proprietary trading software. Accessible via web browsers and smartphones, its software is ideal for crafting the perfect trading strategy – risk-free. First, there is the TradeStation backtesting facility. This evaluates how strategies will perform based on historical data.

TradeStation trading suite

TradeStation provides several decades’ worth of market data, covering stocks and futures. Additionally, users can then test their strategies via the market simulator. This mirrors real-time market conditions but with virtual trading funds. As such, traders can remain in risk-free mode until their strategy is perfected.

Type of Stock Trading Software Suitable For? Pricing
Supported Devices
Browser-based and mobile trading software connected to TradeStation brokerage accounts. Supports backtesting and simulated trading environments. Technical indicators and fundamental data are also provided. Investors looking to perfect their trading strategy before risking real money. Free for TradeStation clients. Mobile app (iOS and Android). Web browsers are also supported.

Pros

  • Best stock trading software for crafting the perfect strategy
  • Backtesting facility with several decades’ worth of historical data
  • Test strategies risk-free via the market simulator
  • User-friendly interface

Cons

  • Day traders will find more advanced analysis tools elsewhere

11. Zacks Trade Pro – Advanced Trading Software for Day Traders and Scalpers     

Zacks Trade Pro offers all the tools and features needed to day trade and scalp the financial markets. It offers real-time insights into pricing trends, including volume and volatility. This is in addition to over 120 technical indicators that can be customized. Alerts can also be customized to ensure traders only receive relevant data.

Zacks Trade Pro

Zacks Trade also supports algorithmic trading, not to mention market scanners and a profitability lab. The best way to test Zacks Trade Pro is via its paper trading facility. This can be accessed after opening a brokerage account with the platform. Zacks Trade Pros can be downloaded as desktop software for Windows, Mac, and Linux.

Type of Stock Trading Software Suitable For? Pricing
Supported Devices
Desktop trading software supporting stocks, ETFs, options, bonds, and cryptocurrencies. Premium market data and research insights, alongside technical indicators, market scanners, and algorithmic trading. Day traders and scalpers looking to develop data-driven strategies. Free for Zacks Trade clients. Desktop (Windows, Mac, and Linux) and mobile (iOS and Android).

Pros

  • Best stock trading software for day traders and scalpers
  • Get high-level insights on short-term trends
  • Over 120 customizable technical indicators
  • Supports algorithmic trading

Cons

  • Demo account holders cannot save layouts or settings

12. Power E*TRADE – Top-Rated Trading Software for Diversified Portfolios    

Power E*TRADE offers one of the best trading software for diversified investors. The software supports a wide range of assets, including stocks, ETFs, options, and mutual funds. Futures, bonds, and IPOs are also supported. Power E*TRADE – which can be accessed online or via the smartphone app, comes packed with trading tools.

Power E*TRADE review

This includes technical pattern recognition, which automatically draws support and resistance lines based on real-time data. It also offers insights on risk and reward probabilities, based on the user’s projected strategy. We also like that more than 145 chart studies are supported, not to mention a paper trading facility. Financial news and streaming quotes are also supported.

Type of Stock Trading Software Suitable For? Pricing
Supported Devices
Web-based and mobile software for building diversified portfolios. Supported assets include stocks, ETFs, mutual funds, bonds, options, and futures. Software tools include 145+ technical studies, paper trading, streaming quotes, and financial news. Long-term investors looking to access a wide range of markets and assets. Free for E*TRADE clients. Mobile app (iOS and Android). Web browsers are also supported.

Pros

  • Best stock trading software for diversified portfolios
  • Supports stocks, mutual funds, bonds, options, and more
  • Lots of analysis features – including technical studies and streaming quotes
  • Trade in a risk-free environment via the demo platform

Cons

  • No desktop software – web-based and mobile trading only

13. DupliTrade – Automatically Copy Successful Trading Strategies in Real-Time     

DupliTrade is one of the best stock trading software for passive investors. This provider offers 14 proven strategies to choose from, built and operated by experienced pros. There are strategies to suit all financial goals and risk tolerance levels. Once selected, all future positions will automatically be copied like-for-like.

DupliTrade review

That said, there are some drawbacks to consider. First, DupliTrade is a third-party strategy provider, so it needs to be linked with a brokerage account. Partnered brokers include AvaTrade, Pepperstone, Vantage, and others. Second, a minimum deposit of $5,000 is needed to access DupliTrade strategies. This might not appeal to complete beginners.

Type of Stock Trading Software Suitable For? Pricing
Supported Devices
Third-party platform allowing traders to copy seasoned pros.  14 strategies are covered and all positions are automatically entered once set up. Needs to be connected with a partnered broker and comes with a minimum deposit of $5,o00. Investors that want to trade stocks passively by copying seasoned pros. No fees – DupliTrade makes money from partnered brokers. Web-based connection

Pros

  • Best stock trading software for passive investors
  • Automatically buy and sell stocks
  • 14 trading strategies to choose from
  • Completely free to use

Cons

  • Needs to be connected with a partnered broker
  • Minimum deposit of $5,000

Stock Trading Software: What are the Different Types Available?

In this section, we explain the different types of stock trading software available to investors.

Stock Trading

Some stock trading software is connected to an online brokerage. For example, Trader Workstation, xStation 5, and Thinkorswim are backed by Interactive Brokers, XTB, and TD Ameritrade respectively.

This enables users to buy and sell stocks directly from the software. But not all trading software supports brokerage services. TradingView and MetaTrader 5, for example, need to be connected with a partnered broker.

Alternative Data and Analytics

Another type of trading software is alternative data and analytics. The software will provide stock insights based on real-time data that is collected from non-traditional sources.

AltIndex is one of the best alternative data providers in this space. It collects data from a range of sources, including social media, Google, YouTube, website analytics, and recruitment platforms.

AltIndex review

Artificial intelligence and machine learning will then analyze the data to evaluate overall sentiment on stocks. The process assesses whether the sentiment is positive, negative, or neutral – before giving each stock an AI score.

This type of stock trading software will appeal to investors seeking early insights. For example, if AltIndex gives a stock a high AI score, it could mean increased positive sentiment from society.

What is Alternative Data in Stock Trading?

  • Alternative data provides investors with information outside of traditional sources
  • Examples include social media metrics, website analytics, credit card statements, satellite imagery, and foot traffic via geolocation data
  • As alternative data is not readily accessible, those with access to it get a first-mover advantage
  • For example, AltIndex provides insights on whether society views a stock positively or negatively
  • It extracts its data from social media, Google, and other prominent websites

Technical Analysis

Many of the stock trading software providers discussed today appeal to technical traders. While specific features vary, most offer real-time pricing charts that can be customized. This is in addition to technical indicators and other analysis tools.

For instance, TradingView supports over 100,000 indicators and technical studies. Many were created by TradingView veterans, meaning indicators are exclusive to the platform.

Zacks Trade Pro is another example of desktop software that is aimed at technical traders. It supports algorithmic trading, market scanners, and profitability labs. This is ideal for day trading and scalping strategies – both of which focus heavily on quantitative analysis methods.

Fundamental Research

The best stock trading software providers also offer fundamental research tools. This will appeal to long-term investors looking for an early edge in the market.

For instance,  Trader Workstation – which is backed by Interactive Brokers, supports live market commentary and financial news streaming. It also comes with expert market insights and industry reports from Morningstar.

The Webull desktop software is also popular with fundamental-driven investors. It comes with an economic calendar that shows the date and time for quarterly earnings calls. Users can then listen to the earning call live to trade the stock’s performance.

Backtesting and Market Simulation

Some stock trading software is aimed at investors looking to perfect their trading strategies. This often includes a backtesting facility that covers historical market data.

TradeStation is ideal for this, as it provides over 30 years’ worth of market data for stocks and futures. Traders can assess how their strategy would have performed based on previous market cycles and trends.

Additionally, the best stock trading software providers offer market simulation. This allows traders to test their strategies in live market conditions. But instead of trading with real money, virtual funds are used.

What is Stock Trading Backtesting?

  • Backtesting is one of the most effective ways to determine the viability of a trading strategy
  • Put simply, the software will evaluate how a strategy would have performed based on previous market cycles
  • Some backtesting facilities come with several decades’ worth of historical data
  • History tends to repeat itself in the stock trading space, so backtesting is well worth considering
  • Crucially, backtesting is completely risk-free

Real-Time Alerts

Stock trading software is also useful for staying updated with key market developments. For example, traders can often set up custom alerts based on their preferred parameters.

Stock Alarm is a great option here, as more than 125 fundamental and technical parameters are supported. For instance, a trader might want to be alerted if a stock revises its quarterly sales forecast, or if daily trading volume declines by 30%.

AltIndex stock alert

AltIndex also offers real-time alerts. In this instance, the platform sends an email notification when a new stock trading pick has been developed. This is an automated service, as picks are generated by machine learning and artificial intelligence.

Automated Trading

We also came across stock trading software that supports automated trading. This can come in various forms. For example, TradeWorker Station and Zacks Trade Pro support algorithm trading. This will appeal to seasoned traders that have developed their own systems and strategies.

Beginners might prefer MetaTrader 5 or DupliTrade. Both of these software providers enable users to ‘copy’ experienced pros. Every time the chosen trader enters and exits a position, the same trade will be replicated in the user’s portfolio.

What are the Advantages of Using Stock Trading Software?

Let’s explore some of the key advantages of using stock trading software in 2024.

First and foremost, stock trading software often provides access to the financial markets. This means that investors can research, analyze, and trade stocks without leaving the software interface. Moreover, trading software often comes packed with analysis tools.

Day traders, for example, will find economic indicators, technical studies, and level 2 data. Long-term investors relying on the fundamentals will often find live market commentary, earnings reports, expert insights, and financial news articles.

Another benefit of stock trading software is that trading screens can usually be customized. For example, fundamental investors might want to view real-time news, economic calendars, and live streaming of Bloomberg. Technical traders might prefer viewing order book volume, minute-by-minute charts, and technical indicators.

Ultimately, stock trading software typically comes with a lot more tools and features than web-based platforms. This will appeal to investors that want to take their trading endeavors to the next level. Not only through reliable data but backtesting and simulation tools.

How Can I Find the Best Stock Trading Software for Me?

Choosing the right stock trading software is important. Below, we explain some of the key metrics to look for when selecting a provider.

Tools and Features

The best stock trading software comes packed with useful tools and features. But these should align with the investor’s strategy and financial goals.

For example, long-term investors should look for trading software that helps them determine the future potential of a stock. This should include financial statements from quarterly earnings reports, alongside real-time financial news and developments. Expert insights are also useful, as they enable investors to assess where the ‘smart money’ is going.

In contrast, short-term strategies – including day trading and scalping, will need a completely different set of features. This should include level 2 data, technical studies, economic indicators, and chart drawing tools. Additionally, backtesting and simulated markets will also appeal to short-term traders.

Prior Trading Experience 

Investors should also assess their prior trading experience when choosing a software provider. This is because some providers are aimed at seasoned pros, while others are more suitable for newbies.

For example, while TradingView supports more than 100,000 technical indicators, beginners likely won’t understand how they work. Similarly, Zacks Trade Pro supports algorithmic trading. This will only suit traders who know how to develop their own systems.

AltIndex review

Beginners will be more suited for AltIndex. No trading experience is required, as AltIndex ranks stocks by their AI sentiment score. Moreover, AltIndex recommends which stocks to buy through email alerts.

Supported Assets and Markets 

Another factor to consider is what assets and markets the software supports. For example, those looking to trade US-listed stocks will find that most software providers are suitable.

But not all providers support other stock markets, such as those based in Europe or Asia. Interactive Brokers is a good option for diversified investors, as it supports stock markets in over 30 countries.

Additionally, the best stock trading software will also support other asset classes. For instance, AltIndex also supports cryptocurrencies, while TradeStation lists options, futures, and mutual funds.

Brokerage Services  

Some investors will look for stock trading software that supports brokerage services. Many of the providers discussed today are regulated online brokers that support thousands of stocks. This includes Webull, Interactive Brokers, Charles Schwab, TradeStation, and XTB.

In contrast, DupliTrade and MetaTrader 5 need to be linked with a partnered broker. This isn’t necessarily a drawback, but it does require an extra step or two to get started.

Fees  

Fees should also be considered when researching the best stock trading software. Pricing will depend on the type of software and the respective provider.

For example, trading software offered by regulated brokers is often free to use. But users will need to have an account before getting started. There might also be a minimum account balance stipulation.

Non-brokerage software often comes with various pricing plans. For example, while most TradingView features are free, full functionality requires a monthly subscription.

This is also the case with AltIndex. Its $29 and $99 monthly plans come with additional stock recommendations and other core features.

Supported Device Types  

Most, but not all stock trading software is built for desktop devices. This offers the most seamless user experience, as the software is developed for the respective operating system. This is especially the case for technical traders that need real-time pricing data and fast execution speeds.

That said, some providers are accessible on standard web browsers. This includes AltIndex, which lists its AI sentiment scores on its website. Some stock trading software providers also build an app for iOS and Android smartphones.

Do I Need Stock Trading Software?

The simple answer is no – stock trading software is not required to invest in the financial markets. On the contrary, most online brokers offer a web-based account. This means that users can simply log into their accounts to buy and sell stocks. However, stock trading software provides unparalleled insights and information.

In turn, investors using stock trading software can make more informed decisions. For example, the AI sentiment scores provided by AltIndex can be hugely beneficial to investors. It enables them to buy stocks that are trending in societal circles. AltIndex also informs users of potential market risks, such as when a stock is receiving a lot of negative sentiment.

Additionally, stock analysis software often allows investors to test their strategies risk-free. This can be achieved through backtesting facilities and market simulators. The latter uses virtual funds instead of real trading capital. Ultimately, investors should evaluate their financial goals to assess the value of stock trading software.

The Verdict

In summary, stock trading software can help investors and traders make more informed decisions. The importance of obtaining reliable, real-time insights cannot be overstated. This is why we rank AltIndex as the overall best software for stock trading in 2024.

The reason is simple – AltIndex offers real-time social sentiment scores on thousands of stocks. Its scoring system is based on billions of individual data points taken from social media and other internet sources. Check out AltIndex today to see which stocks its AI-backed system recommends.

References

https://cloud.google.com/learn/what-is-a-virtual-private-server

https://www.ibm.com/topics/machine-learning

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

https://www.hks.harvard.edu/courses/quantitative-analysis-and-empirical-methods

https://www.finra.org/rules-guidance/key-topics/algorithmic-trading

https://www.wsj.com/news/collection/artificial-intelligence-report-e48d5827

FAQs

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The Tech Report - Editorial ProcessOur Editorial Process

The Tech Report editorial policy is centered on providing helpful, accurate content that offers real value to our readers. We only work with experienced writers who have specific knowledge in the topics they cover, including latest developments in technology, online privacy, cryptocurrencies, software, and more. Our editorial policy ensures that each topic is researched and curated by our in-house editors. We maintain rigorous journalistic standards, and every article is 100% written by real authors.

Kane Pepi Financial Writer Expert

Kane Pepi Financial Writer Expert

Kane Pepi is a hugely experienced finance writer, with over 2,000 published articles covering everything from the top trending crypto coins to how to buy stocks.

Present research interests include the money laundering threats found within the virtual currency arena. This includes knowledge of blockchain technology, cryptocurrencies, consensus models, mining capabilities, the strengths and weaknesses of initial coin offerings (ICOs) and virtual regulation.

Kane holds a Bachelor's Degree in Finance and a Master’s Degree in Financial Crime. He has now begun his Doctorate journey.

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