At Day Trade Review, our goal is to connect traders with the best tools and resources to accomplish their goals. We’ve reviewed over 100 financial services since we launched the site and we continue to release in-depth analyses of new platforms, brokers, and resources. While many of our reviews fall under the same general categories, we occasionally run across services that are truly unique.
Of course, companies don’t need revolutionary services to stand out. Most investors don’t go out of their way to find “unique” services; they favor services that make their lives easier and help them make more money. A broker doesn’t need to revolutionize the industry to make waves. Improved platforms, services, or short lists are more than enough to compete on. A trading platform doesn’t need to reinvent the wheel either. Improved scanners, charts, and performance can go a long way. That said, it’s always interesting to see the innovations at the forefront of fintech.
These types of innovations fall under the category of tools you didn’t even know you needed because they didn’t exist yet. Traders shouldn’t add new tools to their arsenals for the sake of it, but it can be helpful to understand the available technology.
Here are a few innovative services we’ve reviewed recently. Keep in mind that we are spotlighting these services and not recommending them for all traders. You’ll know if one of these tools is right for you.
Acorns has quickly become one of the most popular investment apps. It’s easy to use and facilitates a simple, painless entrance into the world of investing.
Acorns is a mobile app that acts like a coin jar for the modern world. Whenever you make a purchase, the Acorns app rounds up the cost and invests the difference. For example, if you buy a $4.50 coffee, Acorns would round the price up to $5.00 and invest the $0.50 difference into your account. You can allocate your investments to a range of different offerings.
Acorns makes it easy for anyone to start investing with minimal capital. Even day traders may benefit from a service like this. As traders, we get caught up in short-term trades and often neglect long-term investment strategies. Acorns allows you to take the first step towards a long-term investment strategy with minimal hassle and commitment.
TrendSpider is a relatively new online trading platform that offers automated technical analysis. Alongside more conventional features, the platform offers automated trendline recognition, automated Fibonaccis, and a unique approach to automated trading alerts.
The company is quickly growing their already impressive feature list.
Bookmap is a unique charting platform that offers a range of proprietary technical analysis tools. The platform is focused on helping traders identify key price points of interest. Bookmap has developed a few custom indicators that help traders incorporate price and liquidity analysis into their trading.
The heatmap tool provides a visualization of liquidity at different price points.
The volume bubbles give traders better insights into abnormal buying and selling activity by creating visualizations for liquidity-removing orders. This can help traders identify areas of massive selling into the bid or buying into the ask.
Finbox is a tool designed to help automate fundamental analysis. The platform incorporates a few proprietary tools and algorithms to help traders determine the true value of a company. The company also provides a scanning tool to help traders and investors uncover undervalued stocks.
Barchart (Barchart Opinion)
Barchart is a freemium service that offers a handful of features. One of the most unique features is the “Barchart Opinion” tool which provides an automated buy/sell signal based on a variety of technical indicators. The Barchart Opinion tool analyzes both short-term and long-term indicators to determine how bullish or bearish a certain stock is.
Trade Ideas (Brokerage Plus)
Trade Ideas is one of the fastest growing companies in the fintech space and the company continues to release innovative new features. One of the most impressive features is Brokerage Plus which was released in early 2019. Brokerage Plus allows traders to connect to their brokers and create automated trading strategies. Traders can create scans and trading criteria and the platform will automatically place the trades.
For example, a trader could scan for stocks breaking above their 52-week highs, put in a limit order at $0.10 above the ask, set a profit target of 5%, and a stop loss of 1% – automatically. This is the closest retail traders have come to creating their own algorithms. Previously, traders needed access to expensive technologies and sophisticated developers if they wanted to create auto-trading strategies. Trade Ideas’ Brokerage Plus feature has made this technology accessible to everyone.
Which Services Do You Use?
We’re constantly renewing new services. Are there any unique services you use? Any services you’d like us to review. Share your thoughts in the comments below.