Swift Journal Review 2024
Swift Journal is an innovative forex trading journal compatible with over 950 brokers. The software automatically collects and analyzes trading data to provide real-time performance insights. This Swiftjournal.io review will explain how it works, from key features and supported platforms to subscription plans and pricing. We also look at how Swift Journal stacks up against alternatives.
Our Take
- Swift Journal is great for active forex traders looking for an automated trading journal that syncs with MT4 & MT5
- The journalling software offers excellent integration with leading brokers and prop trading firms
- Pricing plans are on the high side vs alternatives with the Basic subscription starting at $49 per month
- Traders looking to document and analyze non-forex trades will be better off with other journals
What Is Swift Journal?
Swift Journal is an upgrade on traditional trading journals.
Instead of manually collating trades in spreadsheets, the tool syncs with popular platforms like MetaTrader 4 (MT4) and MetaTrader 5 (MT5) to automatically gather trading data. It then provides daily performance metrics and insights to help you improve.
Swift Journal opened its waitlist in October 2022 and went fully operational in early 2023.
The journalling software is now compatible with hundreds of popular brokers, including Pepperstone, AvaTrade and Admiral Markets. Swift Journal also works with leading prop trading firms.
How Does It Work?
Swift Journal is fully automated, meaning your portfolio performance is exported straight from your MT4 or MT5 platform.
The software tracks a variety of key data points, including your account balance, net profit and loss, average wins and losses, current open positions, strike rate, and more.
The dashboard then displays this information in visuals and diagrams. The user-friendly dashboard really stood out for us, with customizable views that make it easy to assess your performance. Our team also appreciated that all the tools and features can be accessed from a single interface.
On the downside, Swift Journal only supports forex trading. This is a major drawback because it means we can’t get a full view of our whole portfolio. Hopefully the software will cater to other asset classes in the future.
Our experts also found that high-frequency trading (HFT) strategies aren’t supported, which may deter some users.
Features
While using Swift Journal, our team found several features that were particularly helpful for budding forex traders:
- Profit & Loss Calculator – assess your performance in the ‘by month’ display with details on your total returns and losses, plus the number of trades made. We found this useful for identifying particular days of the week where our forex strategies were more successful than others.
- Daily Journal – use tags and notes to filter performance statistics and identify trends in accompanying graphs. No manual data input is required and it’s easy to configure a user-friendly view. The strike rate functionality was also a bonus for us, as it allowed us to quickly see our win and loss rate on specific pairs.
- Trade Copier – replicate your positions across different accounts. The benefit here is the speed at which you can copy positions. We also found it useful that you can quickly manage risk by choosing the number of lots to trade or the amount of account equity to invest.
Accounts
There are three subscription plans available to retail investors; Basic, Pro and Elite.
I would recommend the Basic account for beginners, as it provides most of the useful features, including real-time data reporting and analysis. The only major drawback with this plan is that the Trade Copier service isn’t available.
There is limited difference between the Pro and Elite profiles, except that an additional user account is available with the Elite plan, so I would go for this if there are several of you.
Basic Account
Best for beginners
- One profile permitted
- Trading notes allowed
- Trading dashboard interface
- Access to real-time data and automated journaling
Pro Account
Best for seasoned traders
- Two profiles permitted
- Trading notes allowed
- Trading dashboard interface
- Access to real-time data and automated journaling
- Trade Copier access
Elite Account
Best for seasoned traders that need more users
- Three profiles permitted
- Trading notes allowed
- Trading dashboard interface
- Access to real-time data and automated journaling
- Trade Copier access
How To Open An Account
I didn’t have any issues signing up with Swift Journal. The account registration process took me less than five minutes.
- Open the application form
- Choose a plan and select ‘Sign Up’
- Add your email address and choose a password. Agree to the T&Cs and select ‘Sign Up’
- From the dashboard, choose ‘Checkout’ under your preferred subscription plan
- Enter your payment details including card number, name, and billing address
- Click ‘Subscribe’ to complete the transaction and open an account
My only major criticism of the sign-up process is the lack of payment methods. You can only pay with a credit or debit card, with no support for wire transfers of popular e-wallets, though admittedly this won’t affect too many users.
Pricing
Swift Journal is less competitive than other trading journals when it comes to price. The lowest tier subscription plan has a $49 fee vs a charge of $29.95 at TraderSync. That said, we did find a small saving of $5 per month with the Basic plan if you register for an annual subscription.
- Basic Account – $49 per month or $44 per month with an annual membership
- Pro Account – $99 per month or $89 per month with an annual membership
- Elite Account – $129 per month or $116 per month with an annual membership
We were disappointed that there is no free option or trial, something which is provided by popular alternatives like TraderVue and TradeMetria.
Another drawback is that there are no refunds if you don’t find the service useful, though the expenditure with the Basic plan is relatively low.
Pros Of Swift Journal
- The fully automated service means you don’t have to upload CSV file imports like at alternatives such as TradeMetria
- It is compatible with 950+ brokers and prop firms which is more than competitors like TraderVue with 80+
- You can evaluate your performance across multiple timeframes and metrics including daily and monthly
- Great for active forex traders looking to drill down into particular currency assets and strategies
- As well as a trading journal the software doubles up as a trade copier
- The dashboard is beginner-friendly and easy to get to grips with
- The choice of subscription plans will suit different budgets
Cons Of Swift Journal
- The Basic plan ($49.99) is more expensive than entry-level accounts at other journalling software, including TraderSync ($29.95)
- There is no demo account or free trial which is a drawback against alternatives
- The lack of a community feature is a downside vs brands like TraderVue
- There is no integration with proprietary platforms – just MT4 and MT5
- Only forex trades can be captured in the trading journal
Security
We are hesitant to confirm that Swift Journal is fully secure due to its relatively short company history and the limited publicly available information on security protocols.
With that said, our experts found that the brand encrypts all data transmissions so information cannot be intercepted. Additionally, trading data is deleted within ‘a reasonable amount of time’ if you close your account. Traders can also switch between a private and an open dashboard.
To improve its safety rating further, we would like to see multi-factor authentication added at the login stage.
Verdict
Swift Journal is a great option for forex traders that want better insights into their trading performance and where they can improve. The number of compatible brokers and prop trading firms is exceptional and the software integrates with two of the most popular trading platforms, MetaTrader 4 and MetaTrader 5.
On the downside, fees at the entry-level are higher than some alternatives. There is also no free trial and the journal currently only supports forex trading.
However, for serious forex traders familiar with MetaTrader, this automated trading journal is an excellent pick.
FAQs
Which Brokers Is Swift Journal Compatible With?
Swift Journal is compatible with 950+ popular brokers, including Pepperstone, Plus500, IG Group, AvaTrade, and IC Markets.
The automated journal also works with several leading prop trading firms, including FTMO.
Is Swift Journal A Good Trading Journal?
Swift Journal does several things very well. It is fully automated, offers an intuitive dashboard with tangible insights and analysis, plus it links with hundreds of leading brokers.
On the downside, it only works with forex and syncs with MetaTrader 4 and MetaTrader 5, so it won’t suit traders using other software or trading different asset classes.
How Much Does Swift Journal Cost?
Swift Journal offers three pricing plans; Basic ($49 per month), Pro ($99 per month), and Elite ($129 per month).
Unfortunately, there is no free trial or free subscription option. You can save money by paying for an annual subscription, however.
Is Swift Journal Suitable For Beginners?
Swift Journal can be used by beginner forex traders. The automated journalling software is easy to set up and the dashboard is intuitive.
On the downside, the starting price is higher than some alternatives and there is no free trial.
Is Swift Journal Safe?
As a relatively new brand, it is difficult to opine on the safety of Swift Journal. With that said, data is encrypted and only basic personal information is required for registration. Multi-factor authentication is also due to launch in the future, which is reassuring.
How Do I Get Started With A Swift Journal Account?
You can open a Swift Journal account in just a few minutes. Simply choose a plan and add your email address. Then pay the subscription fee and select ‘Subscribe’ to open an account.
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| Swift Journal is a fully automated forex trading journal that syncs with the popular MetaTrader 4 and MetaTrader 5 platforms. Users get real-time insights into their trading performance via a beginner-friendly dashboard. Swift Journal is also compatible with hundreds of popular brokers and offers three subscriptions plans to suit different budgets. | ||