If you want to take advantage of the earning potential of investing, it can help to find tools that can assist you with your investments. Knowing which stocks to pick or what to invest in can be challenging if you are new to the process.
Luckily, today's technology allows for amazing apps that can transform your abilities to invest in the market. Stock screeners provide you with in-depth analysis and information that makes it easy for even a beginner to make good stock choices and investment decisions.
What is nice is that there are many of these apps available for free. If you can find the best free stock screener, it enables you to start investing without the pressure of having to pay for the tool.
A Quick Introduction to Stock Screeners
Stock screeners are applications that provide you with information about stocks. They use filters and other criteria that you choose to narrow down your investment options. It makes selecting stocks simple and ensures you only find those that suit your needs.
Since these programs' main feature is to narrow down the stocks to a manageable list, the best stock screeners will have more features and options to allow you to screen stocks fully to find the right ones.
You can look at a stock screener app as a sorting program because that is essentially what it does. However, the best free stock screener options offer additional features that will boost your investing abilities even more. They may provide further information about the market and even let you consider your options using different investment strategies.
Characteristics of a Good Stock Screener
When looking for the best free stock screener, you want to think about some specific characteristics. Your ability to get benefits from the screener is only as good as the screener, so it is essential to take your time evaluating them and choosing the best possible one. Here are some characteristics to consider:
- Service areas
- Algorithms
- Filters
- Ease of use
Service Areas
You should make sure any screener you use services your area and provides information on the market in which you wish to invest. Most free apps focus on the U.S. market only, which is usually sufficient for a beginner.
However, if you want to keep using a screener as you become more advanced in your investments, it may be nice to know the screener covers other markets as well.
Algorithms
The algorithms assist you in your search and will determine what results the search returns. Many apps will have algorithms that rate stocks. Rating algorithms are nice, but they are not fail-proof. You should always take a rating with a grain of salt. Make sure to do further research before just blindly trusting what the screener says.
Filters
Filters are the options you have to narrow your search criteria. You should expect to see a robust number of filters. If the screener only allows you to filter based on a couple of factors, it probably won't help you.
On the other hand, if an app has too many filters, it could be overwhelming. You should look for a fair number of filters and specifically those that make sense to you.
Ease of Use
A stock screener is no good if you can't figure out how to use it. You want a screen that feels intuitive to use.
You should be able to quickly figure out what to do to set filters and find stocks. It should have a user-friendly interface that is flexible yet simple. Anything too overly complicated will make the app cumbersome to use, which could deter you from using it or prevent you from getting the most out of it.
Best Free Stock Screener Choices
As a beginner, you should start with a free stock screener. It will allow you to become familiar with how this type of app works and what it can do. You can get comfortable using it and then move onto a paid version once your needs expand past the free app's capabilities.
With that in mind, here are the five best free stock screeners you can get right now.
1. Stock Rover
Stock Rover ticks a lot of boxes when it comes to being a great free stock screener. It has over 150 screening filters to allow you to combine them in whatever way you need to get the results you desire. Plus, the filters update daily.
The screening features include watchlists and other data. You also have the option to use complex equations and if-then logic. The app also has nine technical indicators, including a stock charting tool.
You can link your stock portfolio, which lets you monitor the performance easily. Plus, you get access to reporting tools that will allow you to run correlation testing and analysis, and you can receive recommendations for rebalancing your portfolio. You can also enable the strategies of famous investors, such as Buffettology.
Stock Rover also provides ratings with feedback. Rating categories cover everything from momentum to financial strength.
The basic program is free. However, you can upgrade to a premium account that will give you access to additional functions. There is also an extra charge for analyst research reports.
Pros:
- Ability to link account
- Access to famous investing strategies
- Large number of filters
Cons:
- Limited technical indicators
- Not practical for day traders
2. Atom Finance
Atom Finance combines usability with function. It is incredibly user-friendly, with a feature that gives you a simple overview of your entire portfolio. You'll also be able to connect your brokerage accounts to the app for a complete idea of your investments.
The app offers a lot of functionality for free stock analysis software. You get stock screening tools, real-time stock quotes, company data, and a financial news feed. You can research heavily from the app, including an advanced search feature to find just what you want, which means less time chasing information around the internet and more time focusing on your investment strategy.
Atom Finance also features Atom Hubs that provide watchlists to compare stocks using filters you choose. You'll also be able to create graphs and charts that offer easy-to-see details about a stock.
Another great feature is the ability to share information. You can put together information and share it with other investors to get feedback, which is fantastic as a new investor. There is a community within the platform where you can chat directly with others or collaborate with them.
Atom Finance also has the x-ray feature. It lets you search by keyword for SEC filings and corporate transcripts.
The platform is free to begin. The free version includes many great features, but you can upgrade to a paid version eventually to open up advanced features.
Pros:
- Real-time stock data
- Unique tools
- Community of investors for collaboration
Cons:
- Light on technical analysis
- Paid option is a little more pricey than other apps
3. TradingView
TradingView is a more advanced the best free stock screener option. You probably won't like using it if you are a true beginner due to the advanced nature.
The program lets you screen without signing up, which is a great feature. So, you can try it before you make any type of commitment. It also is very flexible, with over 150 filters.
Unlike many other free screeners, TradingView offers international stocks, foreign exchange currency comparison, and cryptocurrency, which means it could be a good app with which to grow. That is always nice, so you don't have to switch later once you outgrow the free features.
The rating system is interestingly simple. It doesn't assign a number or star rating but instead tells you to buy or sell with indicators when it strongly suggests you buy or sell. You can compare stocks using company-level data as well.
The free version is robust. The main difference between it and the paid version is you will see ads in the free version. As far as functionality, though, the free version is one of the best stock analysis software options. If you decide to go premium, you can try it out for 30-days free, which is nice because you can get an idea of whether you need it or which plan will work best for you.
Pros:
- Feature-rich free model
- Vast market options
- Extensive tools
Cons:
- Lacking in ease of use
- Ads in the free model
4. Finviz
Finviz is nice because you don't have to sign up to use it ever unless you upgrade to a paid version. The app offers a nice range of screening filters with 29 fundamental and 17 technical.
It is easy to use with an intuitive interface, making it excellent for a true beginner. You should have no trouble navigating around the platform and finding what you need. As you advance, though, it may be a bit too simplistic to provide what you require. For example, filter use limits allow you to only choose certain options without a lot of room for complex filtering.
The platform also makes it easy to access the latest news and notices. You get a basic technical chart and can build a portfolio with presets and tickers.
Finviz mainly provides everything for free. The premium option does add a few tools, such as backtests, real-time stock scanners, correlation data, and aftermarket data.
Pros:
- Excellent learning platform
- Easy to use
- Not many limits on free plan
Cons:
- Data delay bad for day traders
- Not as many filters as other programs
5. TD Ameritrade
Perhaps the most recognizable name on our list, TD Ameritrade focuses on day traders mostly. It provides a great platform to ease you into investing without being too simple.
The Thinkorswim option is exceptional. It is a flexible data analysis tool that makes it fast and easy to trade. TD Ameritrade also doesn't charge any commissions on your trades, which is super nice as a beginner.
You'll get access to a range of tools that provide things such as real-time scanning and filtering with the Stock Hacker tool, which has filter options to offer a wealth of information. You can also practice trading using the PaperMoney feature.
The basic app is free, but like the others, there is a paid version that allows for some upgrades in features.
Pros:
- Unique tools and features
- Excellent for beginners
- Recognized name
Cons:
- Must open an account to use
- Focuses on day trading
Final Words
In your search for the best free stock screener, it helps to know what to look for. Hopefully, the advice and recommendations in this article have helped you narrow down which free screener suits your needs the best.
