Breakfree Trading Review - Is This Platform Worth Using? (2024)

About Breakfree Trading

Breakfree Trading is a day trading platform that aims to help you find trade ideas and quickly analyze trends. The platform offers in-depth technical charts and uses an algorithm to identify support and resistance levels. Notably, Breakfree Trading covers a wide range of markets, including stocks, forex, cryptocurrency, futures, and bonds, and integrates with more than 600 brokerages around the globe.

So, is this trading software worth your time? Our Breakfree Trading review will cover everything you need to know.

Breakfree Trading Pricing Options

Breakfree Trading offers 2 pricing plans: Discovery and Pro. The Discovery plan costs $69 per month, $147 per quarter, or $555 per year. It includes access to Breakfree Trading’s charting software, support and resistance analysis, and trade ideas down to 15-minute timescales. It’s limited to analyzing markets for forex, gold, silver, and indices.

The Pro plan costs $129 per month, $259 per quarter, or $779 per year and adds support for stocks, cryptocurrencies, futures, and bonds. It also includes support and resistance analysis at 1-minute timescales.

You can try out Breakfree Trading for 7 days for $1.

Breakfree Trading Features

Supported Markets

One of the unique aspects of Breakfree Trading is that it supports a wide variety of markets. With a Pro account, you can chart and analyze stocks, indices, forex, bonds, futures, and cryptocurrency. Charting and analysis tools are identical across all of these markets.

Technical Charting

Technical charts are at the heart of Breakfree Trading. The charting platform is very easy to use and offers most of the tools that day traders would expect. You’ll find drawing tools for trendline analysis and Fibonacci retracements as well as more than 100 indicators. Notably, Breakfree Trading supports indicators on indicators.

Another nice thing about charts in Breakfree Trading is that you can save any layout or set of indicators as a template. You can also take a screenshot of your chart or replay bars to see how a pattern developed. Bars are available on timescales ranging from one minute to one week.

If you use Breakfree Trading’s broker integrations, data about your recent orders is automatically displayed on top of your charts.

Trend Detection

Breakfree Trading offers what it calls Realtime Trend Detection, or RTD. This algorithm-driven system looks at long-term and short-term price trends to determine whether an asset is currently in an uptrend or a downtrend.

However, Breakfree Trading is somewhat circ*mspect about how the RTD system works. It’s not clear how this system is distinct from commonly used 20-period and 200-period moving averages.

Support and Resistance Analysis

Breakfree Trading offers automated support and resistance line analysis, which it calls “X-mode.” The platform detects three support and three resistance bands for each asset, as well as bands that are neutral.

One of the unique aspects of this analysis is that Breakfree Trading automatically calculates support and resistance bands over multiple timeframes and plots these bands together. On Breakfree Trading’s charts, the longest-term support and resistance areas are indicated by the left-most annotations, while short-term support and resistance areas are indicated by annotations to the right.

Trade Ideas

Breakfree Trading “Sonar” is the platform’s daily list of trade ideas. It includes both short and long trade ideas and offers details about entry points, profit targets, and a stop loss level for each trade. It also assigns a timeframe from 15 minutes to 4 hours for each trade, giving you an idea of how closely you need to monitor a trade after opening a position.

You can easily filter trade ideas by market, timeframe, or setup, although there’s no way to exclude ideas that are more than a few hours old. In addition, Breakfree Trading lets you like, follow, or comment on any trade idea, which opens up possibilities for starting discussions with other traders. However, most trades only receive one or two comments, if any.

Alerts

Breakfree Trading offers price alerts and alerts for new trade ideas in Sonar. You can receive alerts by email, SMS, or audio notification. The platform doesn’t support more complex alerts based on indicators or chart patterns.

Breakfree Trading Layout and Customization

Breakfree Trading is available as a web-based platform only. The charting interface is divided into tabs and you can open charts in a new window, but there’s no way to display multiple charts on a single screen. Helpfully, you can open the Sonar trade ideas panel alongside the charting interface.

Breakfree Trading offers a reasonable number of customization options, including hotkeys for charting. However, it’s not as customizable as trading platforms that are specifically built for advanced charting.

Compatible Brokerages

Breakfree Trading is compatible with more than 600 brokerages and cryptocurrency exchanges, including many international brokerages.

Breakfree Trading Platform Differentiators

Breakfree Trading offers a variety of useful tools for day traders, including high-quality charts, support and resistance analysis, and alerts. The platform’s propensity to name features that are relatively common – for example, “Realtime Trend Detection” for moving averages and “X-mode” for support and resistance analysis – makes the platform appear somewhat gimmicky. However, these features are well-executed and Breakfree Trading does a good job with visualizing information on the charting interface.

The real value in Breakfree Trading lies in its highly actionable trade ideas. Traders can expect roughly 5-10 trade ideas per day, and the platform’s charting tools make it simple to dig into these ideas to find out if they’re worth trading. If they are, you can initiate positions right from Breakfree Trading’s platform thanks to its huge range of brokerage integrations.

It’s also noteworthy that Breakfree Trading covers a wide range of markets, including cryptocurrency.

What Type of Trader is Breakfree Trading Best For?

Breakfree Trading is best-suited for day traders who want to get trade ideas across a wide variety of markets, including stocks, forex, crypto, futures, and even bonds. Breakfree Trading isn’t necessarily the best trading platform for any of these individual markets, but it’s one of the only platforms that enables you to move between different asset classes without any hiccups or changes in interface.

Importantly, many of Breakfree Trading’s ideas move quickly. So, traders will get the most out of this platform if they are highly focused and have alerts turned on.

Pros

• Covers a very wide range of markets
• Excellent technical charts
• Support and resistance analysis on multiple timeframes
• Daily trade ideas across multiple markets
• Compatible with 600+ brokerages

Cons

• Expensive relative to other trading platforms
• Alerts limited to price and trade ideas