There is so much information about the stock market that can help traders make more informed decisions when trading and be successful.
However, this information is too much for traders to process manually, and once you try to do so, you make mistakes.
Therefore, stock scanners have been developed to help you pick the winning stocks and trade successfully.
But another challenge facing traders is choosing a suitable stock scanner.
Because let’s face it, when there are several platforms, each claiming to be the best one, you’ll have problems settling for one.
This review will look at three stock scanners, TrendSpider, Scanz, and Trade ideas, in terms of price, features, pros, and cons.
In this article, you’ll learn about:
- Prices comparison between the three stock scanners.
- Comparison of features.
- Which is the best
All these platforms are used to scan stocks and help traders choose the winning stocks to increase profits.
While the functionality seems to be the same, they vary in different ways, as discussed below:
TrendSpider is a technical analysis software and technical analysis program used by day traders, swing traders, and other investors.
The software helps track and identify price movements to spot and exploit trends faster than the average trader.
Scanz is scanning software that provides crucial data to its traders on the second.
It does this by scanning multiple stock data available in the market and providing it as a news feed.
Customers can then build customized scans about their favorite stocks using the data.
Trade-Ideas is a stock screener for day traders that provides trading strategies.
The AI-powered platform watches stocks and ETFs to help identify trading opportunities that any other regular trader would miss.
One of the crucial things to consider when choosing a stock scanner is the price.
Of course, you’ll want a platform where you get the most of it while spending money you can afford.
One rule of thumb to use is to look for scanners that offer free packages or have a trial period, especially if you’re a beginner.
Here are the price comparisons between the three stock scanners:
Trenspider has three different pricing plans that traders can choose from.
Moreover, there’s a free seven-day trial under all three plans.
The plans are:
Advanced Plan ($109.17/month)
This is the most expensive plan on the platform and has some of the most advanced tools available.
The tools that you get access to i36.67n the plan include the following:
- Market data feeds such real-time data, futures (delayed), and indices(delayed)
- Unlimited charting features that include automatic anchoring and Fibonacci sequence
- Asset insight features
Elite Plan ($72.50/month)
This plan has some unique features, such as the advanced plans, except for limitations in maximum results per scan.
Also, you only get four workplaces under this plan compared to the six workplaces under the advanced plan.
Premium Plan (36.67/month)
This is the cheapest plan in TrendSpider which means it’s the most affordable plan.
However, the plan has limited features compared to the other plans as you don’t have access to backtesting features, asset seasonality, and stock splits.
Moreover, you only get two workplaces and 25 results per scan.
Scanz also has three different pricing plans that you can use.
Like in TrendSpider, there’s a 7-day free trial that you can take advantage of.
These are the plans:
Total Plan ($149/month)
Under this plan, you get access to powerful new filters such as:
- News filters and columns.
- Breakout alerts.
- Customer layouts.
- Outstanding email support.
Under this second plan, you get access to the following features:
- You can scan any combination of data
- Data only notifications
- Breakout alerts
News Plan ($79/month)
Under this plan, traders can have access to:
- News only notifications
- Streaming charts
- Custom layouts
Trade-Ideas has only two pricing plans and no free trial period, unlike the other two platforms.
Here’s how the plans compare:
This plan offers some unique benefits such as the following:
- Suggested entry and exit signals
- 20 simultaneous charts
- AI virtual trading analyst
- Build and backtest and trade idea
- Risk assessment
While this plan has some limitations compared to the premium, it still has unique features to help a trader.
Here are some of them:
- Ten simultaneous charts
- Real-time simulated trading.
- Live trading room.
After comparing the price plans of the three platforms, the other thing to consider when choosing a stock screener is the features.
Here’s how some significant features compare among the three platforms:
Brokerage integration is the ability of the scanner to connect directly to your trading broker to allow you to trade directly from the platform.
TrendSpider Brokerage Integration
Unfortunately, TrendSpider doesn’t support any broker integration.
Therefore, you need to log into your brokerage account to trade when using this platform.
Scanz Brokerage Integration
Scanz offers broker integration features that allow traders to trade directly with specified brokerage firms.
Some brokerage firms linked to Scanz include Scottrade, Questrade, and Tradeking.
Trade-Ideas Brokerage Integration
Trade-Ideas also has brokerage integration on its platform and supports brokers such as Scottrade, E*trade, and eSignal.
Trendpsider charts are cloud-based, and you can access them from the desktop app, mobile app, or browser.
The charts are highly advanced, easy to customize, and compatible with technical analysis tools.
On the other hand, Trade-Ideas charts are simple and are meant to complete the powerful AI tools used in the platform.
Therefore, a trader won’t have to use many customizable features.
The Scanz chart also has technical analysis tools, drawing tools, and indicators.
It’s perfect for those who have the time to watch charts and draw projections.
TrendSpider has a wide range of data from stocks and options to forex and cryptocurrencies.
Trade-Ideas has a limited range of data as it majors only on stocks and options.
Deciding on which among the three stock scanners can be complicated.
However, when you look at the prices and the feature comparison, it will guide you to decide.
For example, when you compare the prices, then TrendingSpider will offer you more features at an affordable price.
When looking at broker integration, you can settle for Trade Ideas or Scanz as TrendingSpider doesn’t support it.
If you want more advanced chart features such as customization and more data feeds, then TrendSpider and Scanz should be your choice.
There are several features and prices that you can look for when choosing a stock screener.
The basic rule is to choose an affordable platform (not necessarily cheap) and consider the offered plans.
Secondly, look at the features offered in each plan you choose.
You can sign up on each platform on their official websites and enjoy more successful trading.
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