Artificial intelligence (AI) is transforming how people worldwide invest in stocks by helping automate the analysis and equity-selection process.
AI stock pickers, advanced platforms that use complex algorithms to scan data points and pinpoint stocks that could outperform the market, are becoming increasingly popular in modern investment strategies.
This article reviews the 7 best AI stock-picking services of 2023 based on past performance, methodology, pricing, and other crucial factors.
How Do AI Stock Pickers Work?
The best stock-picking services use advanced algorithms and machine learning to streamline the stock analysis and selection process.
These AI software programs review vast amounts of data, including historical price movements, earnings reports, market sentiment, news events, and more.
The program will then run complex computations to identify patterns and trends that human analysis might have missed.
One reason AI stock-picking software is so popular is that it’s trained to highlight stocks that could outperform the market, based on historical data and other factors.
Moreover, these stock pickers can evaluate thousands of stocks simultaneously – saving individual investors countless hours of research and leading to more accurate decision-making.
The 7 Best AI Stock Picking Services Reviewed
Listed below are seven of the best stock pickers that utilize AI technology, complete with reviews and insights into their functionality, user experience, and past performance:
The best stock-picking service in 2023 is AltIndex – an advanced AI-powered equity analysis platform that helps investors make smarter decisions.
AltIndex tracks and analyses billions of data points across social media channels like Reddit, news sites, web traffic, and job postings, to produce reliable AI stock picks.
Using these data points, AltIndex can generate actionable insights on thousands of stocks in seconds – saving investors significant time and effort.
A key feature is the proprietary AI scoring system, which assigns each stock a rating of 0 to 100 based on market sentiment and other important metrics.
Stocks with a high score (70+) represent strong buy signals, making it easy for beginner-to-intermediate investors to identify promising investment opportunities.
In terms of past performance, AltIndex achieved a 74% win rate on stocks in January 2023, translating to 21.6% monthly portfolio growth.
Notably, the platform provides transparency by showing all historical performance data, setting it apart from many of its peers.
AltIndex’s plans are affordably priced at $0, $29, and $99 per month, depending on the features needed.
The free plan acts as a “demo” for the paid plans, offering limited portfolio tracking and stock alerts.
For institutional investors like hedge funds, AltIndex offers an Enterprise plan with unlimited dashboards, portfolios, stock alerts, and a dedicated contact person – showcasing the platform’s universal appeal.
All in all, for investors seeking a market edge through advanced analytics and real-time alerts, all at an affordable price, AltIndex stands out as the premier choice.
Tickeron is one of the best stock-picking services for those seeking to automate their equity, crypto, and forex trading activities.
The platform offers diverse strategies based on technical and fundamental factors, each having a fully transparent track record.
For example, Tickeron’s “Sector Rotation Strategy” has achieved 46% annualized returns (based on the past 30 trading days) with a Sharpe Ratio of 1.3.
Tickeron also provides actionable trading ideas for all users, including entry price, stop loss, and take profit levels.
Moreover, the platform suits investors of all experience levels, boasting advanced backtesting tools, a customizable interface, and real-time price alerts.
Pricing starts at $90 per month – although this is discounted to $45 per month when paid annually.
Ultimately, for traders seeking signals across multiple asset classes, Tickeron’s high-quality AI picks can be a helpful aid for both beginner and experienced investors.
TrendSpider leverages advanced AI technology to deliver real-time technical insights for active traders.
Its automated chart analysis flags emerging patterns based on certain indicators, allowing investors to execute trades at the earliest opportunity.
However, TrendSpider is primarily aimed at experienced traders; complete newcomers may find the features overwhelming.
Pricing starts at $39 monthly for basic features, although it can rise to $179 monthly for full functionality.
This top plan unlocks high-powered capabilities – although comes at a higher cost than most other stock-picking software programs on our list.
According to TrendSpider’s website, the platform is used by tens of thousands of traders worldwide and covers 55,000 assets – including nearly 10,000 stocks.
TrendSpider even has a mobile app for Android and iOS devices, making it easy for traders to access stock picks while on the go.
4. Candlestick AI
Candlestick AI is another popular option for those seeking the best stock-picking service utilizing artificial intelligence technology.
This service provides weekly AI-generated trading ideas, priced at just $9.99 per month.
Users will receive three weekly stock picks based on an AI model that analyses dozens of metrics.
Candlestick AI’s proprietary algorithm aims to beat the market through machine learning algorithms trained on colossal price datasets.
Interestingly, users can customize their model preferences and view insights behind each recommendation – aiding in the learning process.
Moreover, since Candlestick AI is a mobile-only platform, it requires minimal effort and can be accessed by anyone with a smartphone.
With a track record of 23% returns in 2022 and coverage of over 6,000 stocks, Candlestick AI represents a cost-effective and straightforward option for casual investors.
Kavout is an AI stock picker offering portfolio management for accredited investors.
Leveraging machine learning and alternative datasets, Kavout provides fully automated long-term stock portfolios with various risk levels.
For example, the high-risk portfolio has achieved 25% annualized returns since 2020.
Kavout’s managed service monitors the markets 24/7, rebalancing portfolios through proprietary algorithms to ensure they are continually optimized.
The service covers 7,000+ US equities and 800+ Chinese stocks across 50 market sectors.
However, the crucial distinction between Kavout and the other entries on our list is that it is tailored to institutional clients and high-net-worth individuals – meaning it’s not suitable for everyday investors.
6. Trade Ideas
Trade Ideas offers advanced AI and charting tools tailored for active traders seeking an edge in the market.
The Trade Ideas platform provides real-time stock scanning, customizable alerts, simulated trading, and automated signals to identify potentially profitable opportunities.
Trade Ideas’ platform also stands out due to innovative features like Stock Racing, which enables users to visualize price momentum.
The platform’s AI capabilities also generate daily stock suggestions and entry/exit levels without requiring manual input.
However, costs are relatively high, with the premium plan set at $167 per month.
Less frequent traders who don’t require the full suite of tools can opt for the standard plan, which costs $84 per month (or $999 annually).
Overall, Trade Ideas is an excellent option for active traders seeking an advantage through AI-enhanced analysis.
Rounding off our list of the best stock pickers using AI in 2023 is Danelfin.
Danelfin uses AI technology to rank stocks based on their probability of outperforming the market.
Its algorithms analyze over 10,000 features per stock on fundamentals, technicals, and investor sentiment.
Stocks receive a score of 1-10 from Danelfin, reflecting their projected 3-month market returns.
Danelfin’s model has been highly consistent, generating gains of 158% since 2017 – beating the S&P 500.
Pricing begins at $17 monthly for core features like top stock rankings and basic portfolio tracking; however, more active traders can upgrade to unlimited stock coverage and custom signals for $49 per month.
Danelfin even provides affordable access to institutional-grade analytics, which are not usually available to retail traders.
All in all, Danelfin’s track record shows that this AI stock picker has proven value, making it a viable option for traders at various levels.
Benefits of AI Stock Pickers
Using an AI stock-picking service can offer several advantages for investors. These include:
- Time Savings – The best stock pickers can rapidly analyze massive datasets across fundamentals, market news, regulatory filings, and technicals – a process that would take humans a long time to complete.
- Trade Ideas – Machine learning models can detect patterns that may not be immediately apparent to the human eye. This can lead to fresh stock ideas that may otherwise have been overlooked.
- Removal of Emotion – Unlike humans, AI algorithms stick to their data-driven strategy without bias, panic, or greed influencing decisions. As such, removing emotion can lead to more accurate decision-making over time.
- Customization – Many AI stock-picking services allow users to customize their interface to show the specific types of stocks they are interested in. This ensures the stock-picking process is tailored to the individual.
How Much Do Stock Picking Services Cost?
Pricing for an AI stock picking service can vary widely, with costs typically associated with how complex the algorithms are.
Entry-level services can often be as low as $10 per month (e.g., Candlestick AI), although these tend to provide just basic stock screeners and market alerts.
Mid-tier services in the $50 to $250 per month range offer more advanced quantitative analysis and customizable tools, targeting investors seeking greater automation.
In some cases, elite institutional services can cost over $1,000 per month since such services leverage cutting-edge predictive modeling and datasets that aren’t available to retail investors.
There may also be additional costs with some services; for example, commissions might be charged on trades.
Are AI Stock Pickers Worth It?
For most investors, using an AI stock picker can provide useful insights and trade ideas that would otherwise require time-consuming research and analysis.
The algorithms in these stock pickers can quickly process vast amounts of data that would be near-impossible for humans to replicate.
However, it’s important to note that no AI stock picker can predict the market with 100% accuracy.
The key is to use these stock pickers as supplements to traditional research since this strategy can help investors uncover promising market opportunities.
Investors must also choose the stock picker best suited to their specific budget, making a careful evaluation of the picker’s features and user-friendliness critical.