Saturday, June 6, 2020

Battle of the Stock Trading Platforms (Feature breakdown of COLFINANCIAL and FIRSTMETROSEC)

I have only used 2 stock trading platform so far and never tried any other new ones since 2006. If given the chance I will try the rest but so far,, I will share to you the PRO's and Con's of these two and why I would recommend one over the other.

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 Feature First Metro SecuritiesCol Financial 
Off-market orders

Allows you to set GTD, GTW and GTM orders which just mean Good till day, week or month. Because of this, you can perform stop losses and buy-in strategies that trigger when the time price hits your thresholds. WINNone. It is very limitted in this feature and only allows you to trade on market hours. This disables you from catching open hour prices and also positioning your stop losses. LOSE
Multiple TabsAllows multiple tab sessions thus making it easier to navigate between trades and screens without needing to refresh the page each time. This lessens back and forth and trade delays because you need to go back and look at your portfolio at the same time when buying a share of stock 1 and sell stock 2. WIN Does not allow multiple tabs. you are stuck on one screen and thus if you need to sell and check a new stock, you will have to do them in a linear fashion. if their site slows down to respond 10 seconds per page, you would have lost 20 seconds trade time when you want to confirm password and then by that time, you are too late and noticed the prices have changed. LOSE
 Stock Quote viewAllows you to see the Top 10 BIDS and ASKS.This helps you see where the support and resistance levels for the day are located WINOnly allows you to see the Top 5 BIDS and ASKS thus limiting your view. LOSE
 Technical Analytics Shows several analytics on its analytics tabs but I find it misleading (i.e. RSI). It will say a stock is BULLISH when in our analysis the trend is dying. not sure how they were computed but I cannot trust it's analysis. LOSE It provides technical based recommendations in its [Research->Technical->Technical Guide] menu. It will provide you the action to take on all stocks which seem to be on par with our trend recommendation system. WIN
 ChartsTheir charts are ugly as hell as they slapped everything in a limitted screen full of scrollbars. LOSEHas a more simplistic intra-day chart which can relate for day-traders WIN
 Trade MonitoringAllows you to make a bucket list of stocks you are interested in and monitor these. (Quotes->Multiple Bids) 
WIN (because of multitab)
 Also allows you to monitor these on Quotes tab under six-pack and watch-list. However because you need to navigate in and out of these each time when you want to perform a different action, your experience will be so annoying and will cripple your ability to time the market. LOSE 
 Other Investments There seems to be nothing else that can be bought here other than stocks LOSEAllows purchasing mutual funds (if that is your thing). WIN

First Metro Securities with the first 3 critical features make it obvious win. The rest of the feature do not add up to beat this. As long as COLFINANCIAL does not allow multi-tabs forcing their users to be limited in their movements, and also not enabling them to make scheduled trades and wider view of the market BIDS and ASKS, users of their platform will miss out on what First Metro Securities offers. Note these are my opinions only so you may have a different experience or tools of preference. If you know something that is better than these 2 please feel free to suggest in the comments bellow. Thanks :)

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