These days, savvy traders are doing a lot more than reading the Wall Street Journal. They are using the top trading software of 2016. Fact is, with stock markets as lucrative as they are (and they are lucrative!) there are tons of software providers out there who are trying to sell stock trading software. Some of this trading software is excellent, genuinely top-notch stuff. However, some of it, quite frankly, falls far short of the needs and standards expected by traders.
A trader is only as good as his or her software and/or platform. If you have slow, expensive software that lacks powerful features, you’re going to constantly be behind the competition. That’s why we are going to take some time to go over the top trading software of 2016. We’ll stop short of calling this list 100 percent inclusive, but if you get started with the below trading software, you’re getting started on the right foot!
Anyways, enough chit chat, let’s dig into the best investing and trading software of 2016!
Be a Trading Assassin With Ninjatrader
Ninjatrader, or Ninja Trader 8 software, is among the most popular trading software platforms available. The company has been around since 2004, which is pretty old as far stock software companies go. The software has won a lot of awards because, quite simply, it’s one of the best software programs for forex, stocks, and futures.
Better yet, you can actually use many of Ninja Trader’s basic features for free! This means you can test the platform out and see if it’s right for you. With Ninja Trader you can trade trade various assets at ridiculously low costs, often less than $1 dollar. The platform is known for being fast and reliable.
OptionsHouse is a Great Option
OptionsHouse, or Options House, as it is often referred to, is a great “traditional broker”. For newbie investors, Options House is easier to use than Ninja Trader and other more advanced trading software. That’s because Options House is a full-service broker that caters to people looking “just” to invest.
Stock trades are priced at just $4.95, flat fee. Mutual fund fees weigh in at $20 dollars, and options contracts start at $4.95. Other fees are generally quite low by industry standards.
Beyond that, Options House is a great overall option. Trades are conducted quickly, the system is easy to use and reliable, and the company enjoys a stellar reputation. Features for options, unsurprisingly, are especially great. The company doesn’t feature as advance of educational opportunities or charting features as some brokers, however.
Trading Money (Literally) With Oanda
Unlike many of the software platforms we’re reviewing, Oanda doesn’t try to be a one-size fits all solution. The software specializes in just one thing, trading Forex. And when it comes to forex markets, Oanda is one of the best software options out there.
The forex market is big, it’s complicated, it runs 24/7. A lot of brokers offer forex services. However, if you’re looking to get serious about forex, you should go ahead and get a true professional, dedicated forex trading platform, like Oanda. There are no minimum deposits, making it easy to get started.
If You’re a Serious Trader, Tradestation is a Great Option
Tradestation is one of the best options for traders who conduct a lot of trading, and are very serious about their craft. This platform is one of the best “pro” level platforms out there. However, if you don’t meet certain minimum monthly obligations, you’ll be charged $99.95, so make sure you can meet the minimums.
If you can, this platform offers some very powerful features. Its historical data, charting, and deep analysis features are among the best in the world. The company also supports the development of third-party software and features, meaning you’ll have access to a larger dataset.
You’ll Swim with Thinkorswim software
Owned by TD Ameritrade, thinkorswim is a great option for investors looking for a powerful and easy to use trading platform. We should warn you, however, that while thinkorswim is feature rich, you’ll have to pay for those features. The platform is more expensive than many others, but many users will tell you that the features make thinkorswim worth the higher costs.
There’s a $3,500 minimum deposit, a $9.95 dollar fee per stock trade, and $9.95 options base fee, among others. These numbers are a tad bit high, but in exchange, you gain access to very powerful research features, an easy to use platform, and lots of educational opportunities.
Get the Best Charting Possible With esignal
Unlike many of the other software programs reviewed on this website, esignal is not an actual trading platform, but instead charting software. This is no knock against esignal software, however, as charts are a very valuable tool for any trader, and especially day traders and other technical traders.
Quite simply, charts digest information and make it easier for you to see and understand it. Esignal offers some of the most powerful, accurate, and feature rich charting platforms available. If you’re looking for charting software, e-signal is a great choice, but be warned, the software can be expensive with the mid-range option costing more than $100.