Are you looking for the right trading software?
Good news – There are thousands of programs in the market that claim to have all the necessary tools for analyzing stocks.
The bad news – Some platforms are just sophisticated scams out to fleece you of your hard-earned money.
We do not want you to fall for fake programs, and that is why we are going to analyze and compare two of the best trading software programs you can find, i.e., Trade Ideas and Vectorvest.
By helping you understand what these two programs are about, you’ll be better placed to decide which one suits you best.
Overall Rating: 4.6/5
Overall Rating: 4.3/5
About Trade Ideas
Trade Ideas was founded in 2002 and has gone on to become one of the most popular scanners in the market. It is a standalone stock scanner that features built-in scans and advanced analysis tools and artificial intelligence, all of which are designed to help find great trading opportunities in real-time.
The platform has grown tremendously over the years, and over 50,000 traders use its features. It is used in at least 19m countries and deals with equities in both the US and Canadian stock markets.
There is also a live chatroom where traders from different localities interact and exchange ideas.
Vectorvest, on its part, is a stock market research platform that makes use of both fundamental and technical analysis tools to help traders find the top stocks to trade in.
The program analyses over 20,000 stocks in 8 equity markets around the world, and it gives you recommendations on when to buy, sell, or hold a particular stock.
The main thing with Vectorvest is that it pays attention to market timing to factor in the ever-changing market conditions.
As a beginner, you may find Vectorvest to be a bit complicated, but there are training videos and tutorials to see you through.
Similarities Between The Two
One thing we can tell you about both platforms is that they are quite resourceful. These platforms were designed so that traders could have an idea of what they are getting themselves into before making a steep financial commitment.
The analysts behind the services have done extensive research on the stocks before making recommendations on what you should go for.
On top of that, both platforms provide news so that you can be updated on any major events that may have an impact on the stock market.
Then, we could consider both platforms are equipped with scanning tools and will scan stocks according to proven strategies for you.
We also noted the charting features which contribute to these platforms being some of the best market analysis tools out there.
Last but not least, both programs allow you to backtest trading strategies. This will help you understand how they performed in the past.
Differences: Trade Ideas Vs. Vectorvest
We are now going to discuss the factors that take these two programs so far apart. It is this section that is going to help you decide which of these two platforms suits you best.
As we hinted earlier, Vectorvest may be overwhelming for some traders. It is only the video tutorials that try to simplify things by giving you hints on how to go about the platform.
On the contrary, Trade Ideas is quite a straightforward scanning service that takes very little time and effort to understand its workings. For this reason, you are more likely to find a beginner going for Trade Ideas than Vectorvest.
Whereas both services are linked with interactive brokers, Vectorvest is a bit limited in this arena. The brokers that you can use with Vectorvest include Tradeking, Questrade, and Interactive Brokers.
Trade Ideas goes a step further in that besides being linked with a host of brokerage services; it has the advantage of auto-trading capabilities.
Still on brokerage, Trade Ideas has the Brokerage Plus service, which is an attempt by the company to equip the subscribers with AI-powered trading. Therefore, they can create, test, and automate day trading strategies.
3. Artificial Intelligence (AI) Holly
While Vectorvest has an ordinary watch list that analyzes the best stocks in the market, Trade Ideas has an edge in the form of Holly, which is a virtual market analyst.
The engine analyzes numerous simulated trades against different concepts to generate the best strategies to use in the upcoming trading session.
In the morning, traders will find a watch list of the best strategies and stocks that Holly will be trading in that particular day. All you will have to do is follow what you see on the AI strategies window.
When it comes to the price, Trade Ideas has a straightforward subscription composition. There is the standard package that costs $99 per month, which is beside the annual prepayment of $888.
The premium package, on the other hand, costs $188 a month or $1,888 per year.
Vectorvest, on its part, has three different packages. The lowest package is the Basic package that costs $69 a month, plus it comes with a 30-day trial period where you will pay $9.95.
The next package is the enhanced package with a 30-day trial period of $9.95, and then you have to pay $89 per month to enjoy the package.
The highest package is the premium package with a 30-day trial period that costs $9.95, and after that, you will pay $129 per month.
As you can see, Trade Ideas is the pricier program, and this could be an indicator that you will get more from the service than Vectorvest.
Which One Is Better?
Both services are fantastic, but Trade Ideas is far superior to Vectorvest. It may not come cheap but what is offers makes it worth every cent you spend on it.
The first thing is Holly, the AI engine, which is one of the best virtual analysts you may ever find in any trading platform.
Then, the service is more user-friendly to give you an easy time navigating the platform.
The last bit that gives TI an edge is the auto trade option, which is any retail trader’s dream.
With that, we hope our comparison of the two services has helped you make your mind which one is for you. Trade Ideas may be pricey, but it has more features and is easier to use.
Vectorvest is ideal if you are on a budget, but it has some limitations when you compare it with TI.
Let’s emphasize once more that both services are packed with impressive features!
Blake is a self-made online day trader with a knack for adventure. On his free time, he loves reading and learning new methods in the trading as well as improving his jiu-jitsu skills. He currently resides in New York City.