WaveBasis vs MotiveWave 2023: Which trading platform is better?
Trading platforms are essential for both novice and professional traders alike, offering a range of tools and features to help make informed investment decisions. In this review, we’ll be comparing WaveBasis and MotiveWave, two popular trading platforms that cater to different types of traders.
|WaveBasis is Better for:||MotiveWave is Better for:|
|Elliott Wave Analysis||Customizable Charting and Indicators|
|Advanced Trend Analysis||Advanced Technical Analysis Tools|
|Algorithmic Trading||Automated Trading Capabilities|
By examining these platforms across three key factors, we’ll provide you with valuable insights to help you decide which platform best suits your trading needs.
|Service Type||Technical analysis, market forecasting, algorithmic trading||Trading platform with advanced charting, technical analysis, and order execution|
|Fees||Varies based on subscription level, starting at $29.99/month or $299/year||Varies based on subscription level, starting at $99.95/month or $1,199.50/year|
|Customer Support||Email support for all members, phone support for Premium members||Email and phone support for all members|
|Best Use||Traders who want to automate their trading using advanced algorithms and market forecasting||Traders who need a comprehensive trading platform with advanced tools for all markets|
|Modest Money Overall Rating|
Factor 1: Features and Functionality
Both focus on Elliott Wave analysis
- MotiveWave: Trading directly from charts
- WaveBasis: Educational content
WaveBasis is a web-based trading platform that specializes in Elliott Wave analysis. The platform’s primary focus is on providing users with automated wave pattern recognition and labeling tools to assist with technical analysis. WaveBasis offers a range of features, including:
- Automated wave pattern recognition: WaveBasis can automatically identify and label Elliott Wave patterns on charts, saving traders time and effort.
- Multi-timeframe analysis: Users can analyze multiple timeframes simultaneously to gain a broader perspective of market trends.
- Customizable alerts: WaveBasis allows users to set custom alerts for specific wave patterns and price levels, enabling them to stay informed of market developments.
- Extensive educational resources: The platform provides a wealth of educational content to help traders of all levels improve their understanding of Elliott Wave theory and its practical applications.
MotiveWave is a comprehensive trading platform that combines advanced charting and market analysis tools with a focus on Elliott Wave and other trading methodologies. The platform is available in both desktop and web-based versions, offering traders flexibility in how they access the tools. Key features of MotiveWave include:
- Advanced charting: MotiveWave offers over 300 studies, 30 drawing tools, and numerous chart types to assist traders in their analysis.
- Elliott Wave tools: In addition to automated wave pattern recognition, MotiveWave provides manual wave labeling and advanced wave analysis tools.
- Strategy testing and optimization: Users can backtest and optimize their trading strategies using MotiveWave’s built-in tools.
- Trading directly from charts: MotiveWave supports placing orders directly from charts, streamlining the trading process.
- Integration with popular brokers: The platform integrates with several major brokers, enabling users to execute trades directly through MotiveWave.
Factor 2: Ease of Use and User Experience
WaveBasis: Intuitive user interface
- MotiveWave: Highly customizable interface
- MotiveWave: Extensive documentation to master the tools
WaveBasis offers a clean and intuitive user interface, making it easy for traders to navigate the platform and access its features. The web-based nature of the platform means there’s no need to download or install software, and users can access their charts and tools from any device with an internet connection. However, WaveBasis’s sole focus on Elliott Wave analysis may limit its appeal to traders who prefer a more comprehensive range of technical analysis tools and methodologies.
MotiveWave boasts a highly customizable user interface, enabling traders to tailor the platform to their preferences and trading style. The platform’s extensive range of features can be overwhelming for novice traders, but its well-organized layout and extensive documentation make it easier to learn and master the tools. Furthermore, the availability of both desktop and web-based versions allows users to choose the version that best suits their needs and preferences.
Factor 3: Pricing and Subscription Options
Both platforms provide free plans
- MotiveWave: A large variety of pricing options
- WaveBasis: Elite plan costs $99 per month
- MotiveWave: Offers one-time cost for license of each plan
WaveBasis offers three subscription plans to cater to different user needs and budgets:
- Free plan: The free plan provides access to basic features, including automated wave pattern recognition and customizable alerts.
- Pro plan ($49/month): The Pro plan includes all free features, plus multi-timeframe analysis, additional wave pattern recognition tools, and priority support.
- Elite plan ($99/month): The Elite plans the most comprehensive offering, including all Pro features as well as access to the WaveBasis API, unlimited watchlists, and premium educational content.
MotiveWave offers a range of pricing options to suit various trading needs and budgets:
- Community Edition (Free): The free version includes basic charting features, limited studies, and drawing tools.
- Standard Edition ($18 per month): The Standard Edition offers more advanced charting features, including additional studies, drawing tools, and chart types.
- Professional Edition ($74.25 per month): The Professional Edition includes all Standard features, plus Elliott Wave and Gartley tools, strategy backtesting, and optimization.
- Ultimate Edition ($119.25 per month): The Ultimate Edition provides the most comprehensive range of features, including all Professional features, as well as advanced trading features like DOM, custom studies, and trading directly from charts.
Additionally, MotiveWave offers optional data feeds and broker integration at an extra cost.
WaveBasis vs MotiveWave: Our Summary
In conclusion, while both WaveBasis and MotiveWave are powerful trading platforms that cater to different types of traders, MotiveWave emerges as a slightly more attractive choice due to its comprehensive range of tools and methodologies. This makes it suitable for advanced and professional traders who require a versatile and powerful platform.
Click here to get started with MotiveWave today.
WaveBasis’s user-friendly interface and extensive educational resources are excellent for novice traders looking to learn Elliott Wave analysis. However, MotiveWave’s advanced features, customization options, and availability in both desktop and web-based versions give it an edge for experienced traders seeking a more robust solution.
Although WaveBasis offers a more affordable subscription model, MotiveWave’s one-time license fee for each edition may prove to be more cost-effective for long-term users who appreciate the platform’s extensive capabilities. Ultimately, the choice between these two platforms will depend on your trading style, preferred methodologies, and budget, but MotiveWave stands out as the more comprehensive option for traders seeking a powerful and flexible trading platform.