Get screened. And we mean in the nicest way possible.
Trade Ideas and Scanz are some of the best stock screeners on the planet today. Both platforms share quite a few excellent features. So, which one is the right one for you?
The difference is in the details. Let’s take a closer look.
About Trade Ideas
There a lot of stock screeners out there in the world and then there’s Trade Ideas. It’s one of the few market scanners that have fully integrated the power of artificial intelligence (AI) to make life as simple as possible for day traders.
You can use TI to either automate your trading experience or build your own trading strategy from scratch. So, whether you’re totally new to stocks trading or you’re simply looking for a way to bump up your current strategy, Trade Ideas can help you cut to the chase.
If you have been trading for some time chances are that you know how difficult it is to build a scanner from scratch. Fortunately, with Scanz, you can do that easily and without breaking a sweat.
The platform is highly user-friendly and does a great job of keeping you fully in control of your journey as a trader. One thing we absolutely love about Scanz is its ability to combine watchlists with stocks news updates.
As such, we view it as a crossbreed of Trade-Ideas and Benzinga. Stick around to find out why.
Similarities Between TI and Scanz
These two tools share many functional cues, albeit with a few exceptions. With the following head-to-head comparison, you’ll be fully prepared to make just the right choice.
1. Broker Integration
The biggest benefit to having a scanner that’s directly linked to your brokerage account is that it makes it easier for you to analyze, open, and close trades from one platform.
Both Trade Ideas and Scanz provide some sort of brokerage integration although a significant part of this undertaking is still in the beta stage.
For now, TI provides you with the opportunity to integrate your account with Interactive Brokers. Likewise, Scanz gives you an opportunity to integrate with TD Ameritrade and Interactive Brokers.
That said, you can still take full advantage of these scanners even if they’re currently not linked to your broker. Only that you’ll have to put up with the hassle of analyzing the markets on the scanner prior to opening the trades in your trading account.
2. Education Tools
Well-made education tools can provide you with the knowledge and confidence you need to become a better trader. Fortunately, both Scanz and TI have placed emphasis on education.
Trade Ideas provides you with 20 free lessons on how to make the most of the AI technologies that come with your TI account.
Plus, they also provide you with the opportunity to enjoy live training classes. These classes, provide you with a rare opportunity to acquire one-on-one training without breaking the bank.
Though their coursework is not as developed as TI’s, Scanz has some really well-made tutorials. These mainly focus on teaching you how to make the most of the system and also how to create your very own scanners from scratch.
3. Free Trial Package
Only a really confident stock scanning services provider allows people to “test drive” the system before committing real cash. And that’s precisely what these two rivals have done.
Trade Ideas has a really good free-trial window that gives you access to a stream of trade ideas along with one-on-one training from their in-house team. Unfortunately, the stream of ideas provided in the free-trial package provides data that’s delayed by 20 seconds.
As for Scanz, you get an unlimited free trial for 7 days. The free trial window enables you to benefit from all the basic features of the platforms. However, 7 days is a really short time to get anything constructive done. The good thing is that you won’t need to fill in your credit card details as you sign-up for the free-trial window so you can try it without any commitments (same case with Trade-Ideas).
While both are dominant scanners, how they do business differs in many ways. Here are some key differences worth keeping in mind.
1. Level II Data
Level 2 data comprises data taken from individual market markers that are registered in the NASDAQ list. Now, if you’re into fundamental analysis, this kind of data can prove quite important for decision making.
The good news is that you’ll get lots of Level 2 data from Scanz. The bad news is that you won’t get any if you opt for Trade Ideas. That’s because Trade Ideas predominantly runs on technical analysis instead of fundamental analysis.
What if all you needed to do was set up some software program and watch it trade on your behalf? No emotions, no anxiety – just pure strategy.
That’s precisely what the premium tier of Trade Ideas provides you with. Unfortunately, this feature is currently limited to those on Interactive Brokers. Future plans exist to roll out this functionality to other leading brokerage firms out there.
Unfortunately, there’s nothing like auto-trading when you sign-up for Scanz. You’re left to hustle everything for yourself – so, if you have an extremely busy work schedule, chances are that you’ll struggle to get anything done.
3. Charting Tools
Stock charts are quite important as they provide you with raw information e.g. past performance and volumes. The good news is that both TI and Scanz provide you above-average charting tools.
The TI charts are quite basic though. They’re quite simple and only provide you with the kind of details you really need when you have an AI system doing the heavy lifting for you.
If you’re looking for charts that come with “meat” Scanz has got you covered. With them, you get everything from drawing tools to advanced technical indicators.
So, if you don’t mind spending long hours watching charts and drawing projections, Scanz would be your best bet.
Prefer keeping things simple? Trade Ideas has got your back.
4. Live Trading Feature
If you prefer to sit down and watch as the gurus make their moves, this is the feature for you. It’s quite rare to find gurus who are willing to give you an opportunity to watch their moves.
Yet, Trade Ideas has the confidence to let you in on that. The beauty about live trading is that besides providing you with a good opportunity for copy-trading, it also helps you learn the logic/psychology behind opening certain trades.
Unfortunately, there are no live trading services provided on the Scanz platform. It’s every man for himself over there.
Scanz is the cheaper option. With $149 per month, you’ll get all the news, scans, and breakout alerts you need to make informed choices.
As for Trade Ideas, the premium package costs $228 per month and it’s the one that provides you with full access to Holly (their AI virtual analyst), backtesting, and autotrading tools.
Pros of TI
- Auto-trading feature
- Free trial
- Live trading provided
- Backtesting tools available
- Free educational tools
- Pricey subscription cost
- Limited charting tools
Pros of Scanz
- Ideal for customizing your scanner
- Great charting tools
- Integrated with 2 leading brokers (more coming soon)
- Outstanding data speed
- News and SEC fillings updates
- No live trading functionality
- Lacks auto-trading features
- Doesn’t come cheap
Trade Ideas gets the edge on AI, auto-trading, live trading, and backtesting functionalities. On the other hand, Scanz comes standard with better charting