Ease of Use
Wallmine is a portfolio tracking and stock screening software that launched in 2018. This software’s goal is to make it simple for you to keep track of your performance while using multiple brokerage accounts. Wallmine offers a variety of features and tools including portfolio tracking, a stock screener, SEC reports, stock summaries, and more. Is this software the right choice for you? Find out in this review of Wallmine.
Wallmine is a portfolio tracking and stock screening software launched in 2018. The platform is fairly simple and provides an easy way to keep track of your performance when using multiple brokerage accounts. However, there are limits on how many holdings you can track with the free plan, and upgrading is surprisingly expensive.
Let’s take a closer look at this software with this review of Wallmine.
Most of Wallmine’s features are free to use, including its portfolio tracker and stock screener. However, you can only have two portfolios with up to 10 holdings each when using Wallmine for free.
A Premium plan costs $50 per month and offers unlimited portfolios as well as the ability to search SEC filings. Wallmine also has a Professional plan, designed for sharing portfolios within teams, for $250 per user per month.
The main attraction to Wallmine is the portfolio tracking feature. This works similarly to most other portfolio trackers in that you can easily track your performance and diversification. Wallmine lets you see all your transactions for a specific stock and benchmarks your performance against a number of US indices. You can also keep track of what industries your holdings fall into and what countries they are spread across.
On the whole, there isn’t much that’s unique about the portfolio tracker in Wallmine. It’s nice to use, but mimics the functionality of the tracking tools that most brokers offer.
Wallmine also offers a basic stock screener that sorts stocks based on a variety of common fundamental parameters. The screener also includes a handful of technical indicators, such as RSI and MACD, but don’t expect anything too advanced in this regard.
Unfortunately, the filters are not very customizable. Most quantitative filters come have a specific set of numeric bands to choose from (for example, the only options for RSI are less than 30 or more than 70). For descriptive filters, such as industry or country, you can only select one option at a time. This inflexibility limits the usefulness of the Wallmine screener for any serious analysis.
The nice thing about the screener is that the results are extremely well-organized. You can sort through tabs for different types of data related to dividends, recent performance, cash flow, profitability, and more. If you are able to create a thorough screen, you can then sort the resulting stocks according to any of dozens of parameters or visualize them on a heatmap.
One nice thing about Wallmine is that it offers access to SEC filings for thousands of US companies. You can search text phrases and limit your results to specific stocks by ticker symbol. Note that this feature is only available to Premium users, and you can get similar functionality for free from the SEC’s EDGAR database tool.
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Wallmine does offer earnings call transcripts and cash flow statements for free, which is helpful. Even better, financial data tables can be downloaded to Excel for further analysis. Wallmine doesn’t offer much built-in capacity for analyzing or plotting financial data.
Wallmine has individual pages for each of the thousands of stocks the platform covers. These typically display fundamental data and recent price performance, along with basic technical charts and market news.
Two types of charts are available – overview charts and real-time charts. The overview charts offer daily candlesticks only along with several moving averages, and they cannot be customized with additional indicators. Real-time charts are taken from TradingView. With these charts, you can view candlesticks down to one-minute intervals and apply any of more than 100 popular technical studies. You can also compare multiple stocks on a single real-time chart.
Somewhat oddly, Wallmine has a screener dedicated to cryptocurrencies. The platform doesn’t have any other asset classes, including forex. In all, Wallmine tracks more than 3,000 cryptocurrencies.
The cryptocurrency screener is similar to the stock screener, except with fewer filter parameters since digital coins have fewer relevant fundamental metrics. As for the stock screener, you can sort results based on any of the available parameters and view customizable price charts for any coin.
Wallmine Compatible Brokers
You can connect a Wallmine account to a brokerage account at Interactive Brokers, Charles Schwab, Fidelity, Robinhood, or others. All brokerage connections except for Interactive Brokers rely on an integration with the Plaid app.
The nice thing about connecting your broker to Wallmine is that all transactions are then tracked automatically within your portfolio. On the other hand, you cannot mix and match transactions into a single portfolio to automatically capture multiple brokerage accounts in a single portfolio on Wallmine. If that is your aim, you will still need to enter transactions manually in the portfolio tracker.
Wallmine Platform Differentiators
Wallmine does a nice job of combining a portfolio tracker with other helpful tools like a stock screener and access to financial reports. However, the platform falls short in several key ways. The number of holdings you can track with the software is limited, but a Premium account is prohibitively expensive. Investors would be far better off using a free, less restricted portfolio tracker such as Sharesight, Personal Finance, or M1 Capital. The other main feature unlocked with a Premium subscription, access to SEC filings, is also available for free through the SEC’s online EDGAR database.
What Type Of Trader Is Wallmine Best For?
Wallmine can be useful if you only have a few holdings to track and want quick access to financial statements and basic charts. The platform is good if you use a low-cost brokerage like Robinhood that doesn’t offer many or any built-in portfolio tracking tools. However, there isn’t a lot of value in a Premium account, and free accounts are too restrictive for most investors with medium-sized portfolios.
- Free portfolio tracking tool
- Access to financial statements
- Basic stock screener included for free
- Easily sort through screener results
- Compatible with several popular brokers
- Free version only lets you track up to 20 holdings
- Prohibitively expensive Premium pricing