Best Trading Software and Tools in 2024

How Trading Software Helps

There are different ways in which you can utilize trading software to help with the trades you initiate. Understanding how different software works and what they can do ensures you know what to look for in an application. In this section, we want to address the different types of software traders can use. We also consider how each of these software categories helps traders be more successful.

Subcategories exist. For example, algorithm trading software often relies on both analyzers and AI technology. Specific algorithms are used to identify the most appropriate trades. These applications can help with executing market positions and initiating a trade at the right moment.

There are, of course, additional software types (such as options trading software) that can be explored too. The purpose of trading software is usually to help you place your trades, identify opportunities, and have a convenient overview of your own account.

Useful Day Trading Software

When it comes to profitability, day trading is often rated at the top. Day trading involves a lot of risks, but when you educate yourself, it can be an exceptionally lucrative option. If you are interested in day trading, you should make sure you have the appropriate tools to help you find the best opportunities for the day. There are a few trading apps that can be used to make your life easier - some help you analyze trends, and others provide predictions or an overview of top trades for the time.

Below, we take a look at a few applications that can be used by day traders. These applications have specific features that can assist with various functions related to day trading.

TradingView - Best For Chart Analysis

TradingView Review

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TradingView is an easy-to-use platform that offers a support system for day trading. With day trading, you need data that is accurate up to the last minute. Your trade only lasts for the trading day - which means you cannot rely on old data, even if it is related to statistics from just a few days ago.

The goal of TradingView is to give day traders a complete overview of trends within a specific market. The charts can be adjusted to provide data for the past 24 hours, which is especially useful for day trading. Additional criteria and filters are also available on TradingView. The app supports charts for bonds, cryptocurrencies, futures, currencies, and indices.

MooMoo - Best For Advanced Traders

Those with more experience want additional data to analyze when they are trying to find trends, make predictions, and plan for the day’s trades. This is where a software suite known as MooMoo comes into the picture.

MooMoo is one of the more advanced market analysis tools out there. One of the major advantages is the fact that you get access to the platform on any device - including your computer, tablet, and mobile phone. There is a complete suite of tools that gives you analytical data, graphs, and more related to the markets that you are interested in.

Robinhood - Best For Beginners

If you are new to the trading industry and want somewhere to start, then Robinhood is a good choice. This is a comprehensive platform that is made by expert investors. The platform is tailored toward beginners, but there are features that still make it a powerful tool for people who are more advanced. This allows you to continue using the Robinhood software even as you become more acknowledged and experienced in this industry.

The app gives you the tools you need to determine which investment opportunities will give you the best returns. There are pooled investment opportunities available, and you even get to earn interest on money that is left in your account. Several money management tools are also available on the platform - plus, it is free to get started.

Best Stock Trading Software

Stock trading is another excellent option for people who desire short-term profits. While it is possible to create investments that turn into profit over longer periods, most people initiate stock trades with the goal of profiting in a few days’ time. Stocks can be purchased, held until the value increases, and then sold at a profit.

Stock trading has two categories of people - these include investors and traders. Investors are the ones who implement investments over longer periods. Traders participate in this market with the goal of profiting without any long-term investments.

We share some of the best stock trading software that you can use to analyze markets and determine which trades are right for you.

Powrbot - Best For Fundamental Analysis

A comprehensive suite of research tools that focuses on giving investors and traders the one thing that can make or break a trade - data. Powrbot was developed to help people gain valuable insights and data into businesses. The tool works similar to a search engine - but with a focus on companies.

You can easily get data such as names, phone numbers, email addresses, locations, and more. Once you find businesses that you are interested in, you can go deeper into their data using the more advanced tools offered by the Powrbot system. This gives you a view on the performance of the business - allowing you to decide whether or not stock trading and investing in this company is worth it.

StockTwits - Best For News

When it comes to news related to investments and markets that may affect prices of equities, indices, or other industries, then StockTwits is a top choice. This app is available on most mobile platforms. You can easily access the system on a computer too.

StockTwits has a social media-like layout. It is quick and easy to sign up for an account, and you can customize the feeds you see when you log in. These feeds help you understand what events are affecting stock markets. By analyzing the data presented, it becomes easier to determine when to buy and sell stock.

Top 5 Best Trading Platforms

While hundreds of trading platforms exist, they are definitely all the same. Many platforms on the internet have their own system that focuses on creating a convenient experience. While some platforms are able to elevate your trading experience, other systems may rather overcomplicate things.

After comprehensive research and analysis, we came up with the five best trading platforms that you can use. We categorize these according to their best uses, which makes it easier to find a platform that is suited for your needs.

1

Webull - Best Platform For Stock Trading

Webull Review

Webull is an online platform that is a great option for people interested in stock trading. The company has its own platform used to initiate trades. The signup process was made to be exceptionally fast. The Webull platform offers low fees on trades and withdrawals, which helps you put more money in your bank at the end of the day. The trading platform is easy to use and has a beginner-friendly layout.

Withdrawal and deposit methods are a bit restricted, so it is a good idea to ensure there is an option that you can use before signing up.

2

FxPro - Best Platform For Day Trading

FxPro Review

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Your capital is at risk.

If you want to start day trading, then FxPro is one of the best platforms to look at. There is a wide variety of deposit and withdrawal methods available. This adds versatility - making it easier to find options that you can use in your country.

The FxPro platform does have higher fees than some of the other options. The educational resources offered, however, help you get a better understanding of how the system works, as well as how you can make more accurate predictions when initiating a trade. The FxPro platform can be used with the MetaTrader software.

3

XM - Best Platform For Forex Trading

XM Group Review

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Your capital is at risk.
77.74% of retail investor accounts lose money when trading CFDs with this provider.

XM is an ideal option for people who want to trade with forex. The platform offers an affordable fee structure. The low withdrawal fees ensure you pay less when you want access to your profits. There is a wide range of educational tools available on this platform. The minimum deposit is $5, making this a great option for beginners too.

4

Admiral Markets - Best For Beginners

Admirals Review

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Your capital is at risk.

A beginner-friendly platform that gives you access to different markets. Admiral Markets is considered an average-risk platform and is trusted among both beginners and those with more experience. The platform was established in 2001, making it one of the longer-running companies to host trading software on the internet. There are over 3000 CFDs to choose from, 47 different forex pairs, and the platform gives you access to trades that involve cryptocurrency.

5

eToro - Best For Copy Trading

eToro Review

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eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.

eToro is a platform aimed at people who are not looking to do their own extensive research. This is essentially a copy trading system. You can decide to make your own investment and trading decisions or copy the actions taken by other people on the platform. eToro has a social media-like experience to offer.

Broker Trading Platforms Vs. Trading Software Providers

When looking at trading opportunities and platforms, there are a few terms that you may come across. You need to ensure you can effectively differentiate between these terms. This ensures you sign up with the appropriate type of company and avoid confusion down the line.

Two common terms that you may find include broker trading platforms and trading software providers. While the two terms may seem like they are similar, there are major differences between them. Thus, we will discuss the difference between these terms below.

Summary

Trading is a popular way for people to make money, either full-time or by setting out an hour or two after work. The best trading software and tools can make the process of initiating trades less risky. A variety of software options are available. A combination of these applications helps you understand what trades to initiate, when to hold your stock, and when to sell.

Learn why it is better to trade through TU

Trading Software Reviews

about Webull:

Webull has some of the lowest fees among brokerages, without skimping on advanced trading tools. Despite the low costs, it may not be the best brokerage for beginners.

Chris Davis, 45,

New York

about FxPro:

Trading with FXPro is very convenient. The broker not only has interesting and profitable trading conditions, but you can also trade safely with it. It has a regulator, so you don't have to worry that something will happen to your investment. So I don't mind all the difficulties and challenges of trading but focus on my learning. I prefer to test all my strategies and systems on a demo account, and I advise you to do the same!

Leo Luis, 55,

Los Angeles

about XM:

Been doing forex trade for quite some time now with this trader. Easy withdrawal, and if you made a good judgment on a transaction, the profit would be up for taking immediately. Good place for intermediate to advanced trader, just wish if they can improve on their graph. A bit hard to read and predict."

Zahir Morris, 25,

London