Pilot Trading Review: Pros, Cons, and What We Like

Investing
Updated: 25th Jul 2021
Written by Bradon Matthews
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July 25, 2021
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Everyone wants to get into trading, but few ever do. Why?

For many, the answer is simple: it’s just too complex, and they don’t know how to start investing. When you’re playing with money, you want to be confident in yourself. Entering a confusing ecosystem of potential trades can feel daunting.

If this sounds like you, you’re exactly the kind of person Pilot Trading was designed for.

What is Pilot Trading, and is it worth your time? Let’s dig into it together to find out.

What Is Pilot Trading?

Pilot Trading is an app aimed at simplified trading.

Pilot monitors a wide range of multiple markets. It focuses on analyzing the behavior of traders, using this information to provide you with key insights.

Pilot Trading

The idea is that by catching trends and noticing what other traders are doing, Pilot can guide you in making smart trades when the market is most likely to reward you.

This makes trading far less daunting. The barrier to entry is much lower, as you don’t have to understand and monitor the market yourself.

Instead, Pilot allows you to confidently step into trading by taking care of the analysis for you.

How Does Pilot Trading Work?

Pilot trading focuses on several different trading avenues. Its software monitors everything from stocks to cryptocurrency.

Pilot works by scanning the market with an algorithm centered around human psychology. Once it’s gathered information, the algorithm predicts trends based on typical human behavior.

From Pilot alerts you to these trends, so you have the opportunity to capitalize on them.

These alerts aren’t generic guesses. The app actively tailors your alerts to your watchlists and even scans on multiple brokerages to ensure you’re provided with the most helpful, relevant information possible.

>> Learn More: How to Research Stocks

Pilot Trading Features and Benefits

There are many trading apps on the market. What features does Pilot Trading have to offer you?

Create Powerful Watchlists

One of the key features Pilot has to offer is the ability to create customized watchlists.

You start by selecting the markets you’d like to monitor. From there, Pilot’s algorithm provides constant updates on trends within those markets, letting you know when the time to act is at hand.

This feature is great because it allows you to scan the markets you think have the highest potential without requiring you to know about them extensively.

This means you can participate and trade based on your interests.

That being, should you not have the desire to create your own watchlist, Pilot will provide you with a general watchlist full of opportunities.

Demo & Simulation Trading

For those who aren’t yet confident enough to start playing with real money, Pilot offers a demo feature.

This feature allows users to simulate trades to learn how the markets work. If you’re apprehensive about jumping in, running a demo can be a great way to learn what you’re doing.

Combining this feature with the watchlists lets even the most inexperienced traders grasp trading without any risk whatsoever.

Easily Connect with Your Broker

Trading can be volatile and tricky enough as it is. You don’t need additional steps in your way.

Pilot allows you to connect the app directly to your broker. This means you can execute trades instantly without having to move back and forth.

That being, the list of brokerages with which Pilot can connect isn’t enormous. Nonetheless, they are working on expanding the list, and you can request that your preferred brokerage be added.

Get New Investment Opportunities

With its ever-updating market scans, Pilot’s algorithm aims to constantly provide you new investment opportunities.

Based on your watchlists, Pilot provides notifications that let you know when it’s caught something promising. All you have to do is decide which opportunities to take.

This feature is great for those who are new to trading, as it ensures you won’t get stuck looking at the same trade options. It helps expand your horizons and, with them, your potential returns.

Live Signals

Pilot’s interface operates rapidly to provide you with insight into the market. Things can change in an instant, so Pilot ensures that you know exactly what’s happening right this moment.

Pilot communicates this information through a straightforward opportunity gauge. The gauge has 4 indicator lights and is color-coded.

The number of lights indicates the strength of the opportunity, while the color indicates whether the opportunity is in buying or selling.

Taken together, this feature makes it simple and intuitive to understand what’s happening, allowing you to respond with the quickness smart trading sometimes requires.

Live Trading

Building off the live signals, Pilot features live trading as well.

Live trading means that your money goes into trades immediately. Not only does Pilot bring live opportunities to your attention, but it lets you capitalize on those opportunities immediately.

While live trading is typically reserved for experienced traders only, even novice traders can benefit within the context of Pilot’s notifications.

How Much Does Pilot Trading Cost?

Pilot Trading offers new users a free 14-day trial.

After the initial 14 days is up, Pilot costs $19.95 a month.

One of the nice things about Pilot is that there are absolutely no additional fees. You aren’t charged by trade, and there is no commission taken from your returns.

The monthly access fee is the start and end of it.

What Brokers Are Compatible on Pilot Trading?

Pilot currently only supports a handful of brokers. These are:

  • AMP Futures
  • TradeStation
  • QuestTrade
  • GFF Brokers
  • Interactive Brokers
  • Kraken
  • Binance
  • Coinbase
  • Gemini
  • BitFinex

They are looking to expand this list, and there is a feature within the app that allows you to request they add your brokerage of choice.

Pilot Trading Pros and Cons

Obviously, Pilot Trading has some things going for it. Nothing is perfect, though, and it’s best to be informed before you go trusting something with your money.

So, what are the benefits and drawbacks of using Pilot?

Pros:

  • Provides you with valuable insight into market trends
  • Allows you to demo trade so you can learn without risk
  • Connects directly to brokers for easy trading
  • No commission
  • Simplifies trading
  • Notifies you of real-time opportunities

Cons:

  • Limited list of connectable brokers
  • Provides limited information about how signals are produced
  • Doesn’t provide detailed analytics
  • May not help you advance knowledge of markets to higher levels

Who Is Pilot Trading Best For?

Pilot Trading can be of benefit to both novice and experienced traders.

That being, novice traders will probably see the biggest benefit from using Pilot. The ease with which it informs you of new opportunities can make up for a sizable knowledge gap.

Additionally, the easy-to-grasp opportunity display means that you don’t need to understand the more detailed analytics to make sound trading decisions. If you can understand a few simple indicators, you can make smart trades.

Finally, as previously mentioned, live trading is typically reserved for more experienced traders. Because Pilot makes up for a large information deficit, it grants novice traders a safe way to live trade, opening up a world of opportunity they would otherwise be better off avoiding.

How Does Pilot Trading Compare to Other Services?

While Pilot Trading’s approach is somewhat unique, it certainly isn’t the only service of its kind. Let’s take a look at how it stacks up to the competition.

#1. Pilot Trading vs. The Motley Fool

The Motley Fool is a trading and stock advising website. There are a number of significant differences between The Motley Fool and Pilot Trading.

For one, The Motley Fool doesn’t use an algorithm. Instead, they operate by employing tons of analysts and writers, all of whom provide stock recommendations. This stands in stark contrast to Pilot’s model.

The Motley Fool has a somewhat comparable yearly fee of $99 for their lowest tier subscription. That being, there is a second-tier called “The Rulebreaker’s subscription,” which runs $299 annually. This subscription focuses more on riskier growth stocks.

Practically, the major difference between Pilot and The Motley Fool is the level of active engagement they require.

Pilot does most of the work for you, delivering opportunities directly through notifications and letting you trade right through the app.

The Motley Fool simply informs you of smart stocks. While this information is certainly useful, you have to log onto the website, find it, and then purchase or sell through your broker.

One final difference, The Motley Fool only focuses on stocks, whereas Pilot monitors stocks, crypto, foreign currency, and futures.

>> Learn More: Motley Fool Review

#2. Pilot Trading vs. Morning Star

Morning Star is another popular investment tool.

Morning Star builds its recommendations through a team of over 150 independent analysts. Again, this differs from Pilot’s algorithmic approach.

Both Morning Star and Pilot allow you to track your investments. Morning Star provides a more detailed analysis, whereas Pilot aims to simplify the information presented to you.

Pricewise, Morning Star has two options. Basic is completely free and provides you with access to Morning Star’s stock recommendations and a few basic tools for tracking your portfolio.

Morning Star Premium runs $199 a year. With it comes access to even better stock picks, as well as a stock-rating system and a more detailed portfolio analysis tool that helps you properly diversify.

Morning Star does not connect to your brokerage, so you have to use the information presented to you to buy and sell through your broker.

This is another instance where the right pick depends largely on your experience and activity level when it comes to trading. Pilot is undeniably simpler, but Morning Star will provide you more detail and understanding.

>> Learn More: Morning Star Review

#3. Stock Rover vs. Pilot Trading

Stock Rover is a stock screening software. Like Pilot, Stock Rover operates by scanning the market and making recommendations about which stocks to hold and which to sell.

Stock Rover offers a variety of plans. These plans range from free to $27.99 a month. Each offers varying levels of analysis and complexity.

Stock Rover and Pilot differ in a few key ways. For one, Stock Rover has no mobile app. Instead, it operates entirely through your web browser.

In addition, Stock Rover doesn’t connect directly to brokers like Pilot does. It functions only as an analysis tool, meaning you still have to handle trades outside.

Stock Rover does come with a variety of features Pilot doesn’t. It provides you with reports that include a dozen types of analysis, including things like dividends, momentum, and profitability history,

Stock Rover also creates charts that allow you to understand stock options on a deeper level. These charts constantly update to ensure you stay informed.

That being, Stock Rover is aimed at active, intermediate-level traders. Pilot would definitely be a better choice for those new to trading.

>> Learn More: Stock Rover Review

#4. Betterment vs. Pilot Trading

Betterment is a robo-advisory platform focusing on stocks and bonds. Both Betterment and Pilot are designed to be simple and accessible for novice traders.

Like Pilot, Betterment allows users to connect directly to their brokerage.

One of the key differences, Betterment focuses on automated investing. Users select an ETF, and from there, Betterment automatically transfers money from their linked bank account to their investment portfolio.

This is very different from Pilot’s model. Pilot focuses on distinct, one-time investments, putting all the decision-making directly in the user’s hand. Betterment aims to make investing completely automatic, so users don’t have to think about it at all.

That being said, Betterment provides a wide range of educational materials to help users understand trading.

Pilot doesn’t offer much in the way of education, opting instead to allow its algorithm to make up for any lack of understanding.

Where Pilot charges a flat rate for access to its services, Betterment’s fees are commission-based. A standard plan takes .25%, while a premium takes .4%.

Both Betterment and Pilot can be great options for inexperienced traders. Which is the right fit for you depends on how much you want to engage with the process of investing and trading.

Frequently Asked Questions

Is Pilot Trading Worth It?

While the answer depends on your unique situation, Pilot Trading is worth the small monthly fee in many cases. They offer a large amount of expertise in a simple-to-understand format, allowing you to jump into trading confidently.

Is It Safe to Use Pilot Trading?

It is entirely safe to use Pilot. Pilot only records your trade records during the day, deleting them every 24 hours. Long-term data isn’t stored with Pilot but instead stays with your broker.

Does Pilot Trading Monitor Cryptocurrency Movements?

Yes, Pilot’s software analyses cryptocurrency, providing live feedback on any changes that occur.

Is Pilot Trading Free?

Pilot trading offers a free 14-day trial. After that, there is a monthly fee of $19.95 to continue using the service.

Bottom Line: Pilot Trading Review

Pilot Trading is a great tool for novice traders looking to get their feet wet.

With over 37,000 securities monitored, Pilot provides easy-to-understand notifications about new opportunities directly to you.

If you’re looking to understand trading in detail, Pilot may not have all the tools you need. That being, it can absolutely help bridge the gap while you learn or simply allow you to enter into trading where you otherwise wouldn’t.

The ease of use involved with Pilot’s trading combined with the simplicity of their display makes it an ideal choice for new investors.

Bradon Matthews
Bradon Matthews
Bradon is a philosophy student-turned content writer. He enjoys analyzing market information and trends to help you make sense of the complex and ever-changing world of finance. Through this, he hopes to provide practical advice so you can feel more confident managing your money.