7 Best Algorithmic Trading Platforms for January 2024 | Fortunly (2024)

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7 Best Algorithmic Trading Platforms for January 2024 | Fortunly (1)

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7 Best Algorithmic Trading Platforms for January 2024 | Fortunly (2)

Written By

Julija A.

Updated

January 11,2024

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Algorithmic trading, also known as algo trading, uses computer programs to execute trades automatically. Its main benefit is that it eliminates recklessness from the trading process by automatically executing trades based on pre-determined criteria. This takes the guesswork out of decisions and allows traders to focus on other aspects of their strategy.

When algorithmic trading first gained popularity, only a handful of platforms were available. However, there are dozens of algo trading software products to choose from these days. So how do you find the best algo trading platform? Well, you can start with our top picks:

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eToro CopyTrader

5 stars Our Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Visit eToro

eToro CopyTrader

5 stars Our Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

PRICE: Standard trading fees apply

MOBILE APP: Android and iOS

FREE PLAN: Free Demo Account ($100,000)

KEY FACTS

REVIEW

PROS & CONS

  • The largest network of users
  • 0% commission trades
  • Trade assets like stocks, cryptocurrencies, indices, commodities, ETFs, and currencies
  • No additional charge for copying another trader or traders

eToro is one of the most well-known brands in the trading space. They serve over 20 million traders from 140 countries, allowing them to trade various assets like stocks, cryptocurrencies, indices, commodities, ETFs, and more with 0% commission*.

Even though eToro doesn’t have a specific algorithmic trading feature, its CopyTrader allows users to copy positions from other traders effortlessly. With just one click, traders can copy positions from eToro’s best-performing traders without any additional fees. After you select a trader, their trades are copied automatically to your portfolio and you can start and stop and add or remove funds at any time or you can leave it to run automatically. eToro’s CopyTrader will copy the positions in real time while remaining within your specified budget, making it an excellent algorithmic trading platform.

Although there are no additional fees for copy trading, you will have to deposit a minimum of $200 to start copying a trader. Additionally, for each copied position you will have to stake at least $1. On the other hand, the maximum amount to copy a trader is $2,000,000.

When it comes to picking a trader to copy, eToro makes your life easier with extensive filters as well as their Editor’s Choice traders, which are the most popular to copy. You can copy up to 100 traders at the same time, and you can choose to copy their entire portfolio or specific positions.

Finally, if you would like to test eToro’s CopyTrader you can do so by using their demo account. You will receive $100,000 in your virtual portfolio to test all your trades, including copying other traders.

*For accounts under CySec/FCA regulation, zero commission applies to most stocks available on the eToro platform. For accounts under ASIC regulation, zero commission applies to all US stocks available on the eToro platform. Zero commission applies when investing in non-leveraged, BUY stock positions. Zero commission does not apply to stock CFDs.

Pros

  • Easy-to-use dashboard
  • Free $100,000 demo account
  • Copy up to 100 traders simultaneously

Cons

  • Limited customer service

Pionex

5 stars Our Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Visit Pionex

Pionex

5 stars Our Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Price: 0.05% per trade

Mobile App: Yes

Free Plan: Yes

KEY FACTS

REVIEW

PROS & CONS

  • 16 trading bots
  • Small fees per trade
  • Free account

Pionex is a Singapore-based algorithmic trading platform in operation since 2019. The platform provides 16 crypto trading bots working on your behalf to develop the best trading strategy and earn you money. Some of the bots are Grid Trading Bot, Infinity Grid Bot, Smart Trade bot, DCA bot, Martingale Bot, Rebalancing Bot, and Arbitrage-Moderate.

Pionex is a crypto-based platform, so you cannot trade fiat currencies. However, the platform offers a long list of coins to trade, including Bitcoin, Ether, Dogecoin, Litecoin, Solana, and Shiba Inu, to name a few of the most popular ones. The minimum amounts to deposit and withdraw depend on each cryptocurrency, and you can check the details on the Pionex site.

This is one of the most affordable algo trading platforms around. You don’t need to deposit anything to open an account, and the trading fees are among the most affordable in the industry - Pionex charges just 0.05% per trade.

In addition to a desktop version, Pionex has a mobile app for iOS and Android phones for trading wherever you are. The UI is simple and intuitive, so you won’t have any problem creating an account and choosing a trading bot. There’s also an option to switch from algorithm to manual trading.

Finally, Pionex is safe algo trading software. It is licensed by FinCEN's MSB (Money Services Business), the same as all prominent cryptocurrency exchanges, including Binance and Huobi. Moreover, Pionex is the first cryptocurrency trading platform with in-house crypto trading bots approved by this US license. Hence, it’s no surprise Pionex has all the top crypto trading bots on the market.

Pros

  • Easy to use
  • 16 free bots
  • Licensed by FinCEN's MSB

Cons

  • Only cryptos to trade

Pluto

4 stars Our Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Visit Pluto.fi

Pluto

4 stars Our Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Price $8/Month

Mobile App No

Free Plan Yes

Key Facts

Review

Pros & Cons

  • Powered by GPT - 4
  • No coding required for automation
  • Data aggreggation via AI

Pluto is an AI-supported automation platform for stock traders that gives everyone the ability to compete with the Wall Street elite. With its integrated AI platform named after the philosopher Plato, Pluto can help you automate trading and handle a complex profolio with practically isntant execution of trading strategies when the right triggers are met.

The automation capabilities in Pluto are vast and offer a multitude of important vectors via triggers, presets, sections and more, that help you create the right investment strategy and, with the help of AI, carry it out untill the end, removing the uncertanty or overconfidence of manual trading.

With Pluto, trading can become a much more structured endevour where analytical analysis of prior trades makes sense and can help you develop your strategies for the future. On top of that, the platform offers testing features based on prior trade data where you can test your strategies and see how they might perform in the future.

The platform is also very easy to use thanks to the implementation of GPT-4 tech that powers Plato. You can set everything up with a few simple prompts without having to code anything yoruself.

Make sure to read our full review of Pluto for more information.

Pros:

  • Great for non-developers
  • GPT-4 AI integration
  • Data aggregation and feeding for insightful decision making

Cons:

  • Lack of mobile support

QuantConnect

4.5 stars Our Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Visit QuantConnect

QuantConnect

4.5 stars Our Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Price: Starts at $8 per user per month

Mobile App: No

Free Plan: Yes

KEY FACTS

REVIEW

PROS & CONS

  • Free for students
  • Designed for engineers and programmers
  • Allows coding in multiple languages

Established in 2011, QuantConnect is open-source algorithmic trading software, primarily designed for engineers and quants to build algorithmic trading strategies. The software officially became open-source in 2015, and now has over 100,000 users from more than 170 countries.

The system enables engineers to create algorithmic strategies for various assets, including forex, equities, futures, options, CFDs, and cryptocurrencies. QuantConnect users are mostly engineers, but also mathematicians, scientists, students, traders, and other individuals interested in using algorithmic trading platforms.

The algorithm backtesting tool is free, so you can use it to design your trading strategies. Once you are ready to deploy your strategy, you can choose among some of the industry-leading brokerage companies, including Interactive Brokers, Coinbase, Kraken, etc. Another great thing about QuantConnect is that you can code in different programming languages. The platform already hosts over 100,000 live algorithms.

It is free to use the platform if you are a student. You must have a .edu email. For other customers, QuantConnect offers several pricing plans. The most affordable plan costs $8 per user per month with an annual subscription. The price is for creating your own algorithm strategies; the partnered brokerage firms charge trading fees.

This algorithmic trading software has a 2.8 score on Trustpilot, which could discourage future clients from using it. However, the main reason for the bad rating is the fact the platform is not designed for inexperienced users: The system requires coding and programming knowledge, so average brokers won’t be able to use it.

QuantConnect has a big community of regular users, which is beneficial if this is your first time with this kind of trading platform. You can discuss various topics and ask for advice from experienced developers.

Pros

  • Trade forex, CFDs, futures, options, equities, and cryptocurrencies
  • Hosts more than 100,000 algorithms
  • Open-source platform

Cons

  • Complicated for traders without coding experience

Zen Trading Strategies

4.5 stars Our Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Visit Zen Trading Strategies

Zen Trading Strategies

4.5 stars Our Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Price: Starts at $67 per month (per indicator or per strategy)

Mobile App: No

Free Plan: Free trial

KEY FACTS

REVIEW

PROS & CONS

  • Modern Tradingview dashboard
  • Free course to learn algo trading
  • Four trading strategies

If you are looking for user-friendly software with pre-built strategies and lots of educational material, Zen Trading Strategies is the best algorithmic trading platform. This is a “quantitative, algorithmic trading research firm and educator” helping algo traders trade various securities through partnered brokers. Zen Trading Strategies enables users to customize their algo trading strategies using multiple indicators and signals.

Zen Trading Strategies works with the custom-made script and algorithms created by the company’s experts. They have all been mathematically tested and proven in helping algo traders eliminate impulse decisions from trading.

You don’t need to know anything about script creation - you can use scripts and strategies directly through the Tradingview chart. The Tradingview has a modern design with visuals that simplify trading for beginners.

This algorithmic trading system offers several strategies: Ultimate Trend Following, Complete Volume Pump, Extreme Breakouts and Price Action, and Perfect Momentum. They let you backtest various trading ideas, i.e., see their results in the past. You can test all strategies for free for one week. Unfortunately, you cannot test Zen Trading Strategies indicators.

Zen Trading Strategies offers two subscription models. You can either pay for its services monthly or get an annual subscription. If you choose to pay every month, the price is $67. The yearly plan is $599.99.

This algorithmic trading software has a free course for algo traders who want to learn highly profitable strategies and create their own algorithm for trading even without coding skills. You will also learn all about strategy testing and how to automate your trading.

Pros

  • Monthly and yearly subscriptions
  • Unlimited support through Telegram
  • Cancel any time you want

Cons

  • The website could be more user-friendly

Interactive Brokers

4.5 stars Our Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Visit Interactive Brokers

Interactive Brokers

4.5 stars Our Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Price: Starts at $0.005 per share (IBKR Pro)

Mobile App: Yes

Free Plan: Yes

KEY FACTS

REVIEW

PROS & CONS

  • Access to 150 international markets
  • $0 account minimum
  • Dozens of algo strategies

Founded in 1977, Interactive Brokers is a reputable Connecticut-based brokerage company. It’s one of the most popular platforms for paper trading, allowing access to 150 markets. It’s also one of the best brokers for algorithmic trading with affordable pricing.

Interactive Brokers offers two account types - IBKR Lite and IBKR Pro, both allowing algo trading. IBKP Lite is a free account, with no commission fees, minimum balance to open the account, or inactivity fees. However, additional fees may apply for algo trading. IBKR Pro is for professional traders, and it doesn’t require any account minimum or maintenance fee. The commission fees scheme is a bit complicated, with tiered fixed pricing. For example, for stocks and ETFs, the cost is $0.005 per share for a fixed pricing plan.

One of the reasons Interactive Brokers is the best brokerage for algo trading is its extensive list of available securities. You can trade Forex, stocks, options, futures, bonds, mutual funds, and many other assets.

With Interactive Brokers, you can first choose the asset you want to trade, and then set up a strategy. Interactive Brokers has several algo strategies, including Accumulate/Distribute algo, Arrival price, Adaptive algo, Close price, etc. It also offers algorithmic order types from third-party providers, including Fox River, CSFB, Jefferies, and Quantitative Brokers (QB).

Interactive Brokers also offers a wide range of options to educate future traders. In addition to standard courses and webinars, you can also see the IBKR Campus offer and the Traders' Academy.

Pros

  • Free account
  • Third-party algos
  • Educational material

Cons

  • Complicated pricing scheme

Coinrule

4.5 stars Our Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Visit Coinrule

Coinrule

4.5 stars Our Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Price: Starts at $29.99 per month

Mobile App: No

Free Plan: Yes

KEY FACTS

REVIEW

PROS & CONS

  • Over 150 trading rules
  • Modern UI
  • Integration with 10+ crypto exchanges

Coinrule was founded in 2018 by a team of blockchain and crypto fans for simplified cryptocurrency trading. Coinrule’s main selling point is its simplicity, making this algorithmic trading platform the best option for less-experienced traders. The platform has more than a hundred trading rules to help you create your own trading strategy quickly and painlessly.

One of the best things about Coinrule is that it connects with more than 10 top cryptocurrency exchanges, including Binance, Bitstamp, Kraken, Coinbase, BitMex, and many others. If you are looking for a user-friendly platform that enables you access to industry-leading cryptocurrency brokers, you are in the right place.

Like other automated trading software products, Coinrule allows you to set up automated trading rules. There are over 150 rules that you can use to create your own strategy through the online dashboard. Moreover, there is an option to create your rules from scratch. The rules run 24/7, so there will be no delays or missed trading opportunities. The platform is efficient, and it measures real-time market data.

Coinrule offers several trade algo pricing plans, all billed annually, including a free Starter plan. The first-tier plan, Hobbyist, is the most affordable one, with a monthly price of $29.99. The next one is the Trader plan, which costs $59.99. Finally, the most expensive is the Pro plan, which comes in at $449.99.

Our recommendation is to try the free plan, especially if you are a first-time trader. It includes up to $3,000 in monthly trade volume, two live rules, two demo rules, seven template strategies, and one broker connection.

Pros

  • Free plan with up to $3,000 in monthly volume
  • Supports all popular cryptocurrencies
  • Great for beginners

Cons

  • No mobile app

7 Best Algorithmic Trading Platforms for January 2024 | Fortunly (17)

Quick Breakdown:

Best Algorithmic Trading Platforms for 2024:

  • eToro CopyTrader - Best overall

  • Pionex - Best for low trading fees

  • QuantConnect - Best for engineers and developers

  • Zen Trading Strategies - Best free trial

  • Interactive Brokers - Best for experienced algo traders

  • Coinrule - Best for crypto trading

The Advantages of Algorithmic Trading

Algorithmic trading gained huge popularity because of its advantages compared to traditional trading. In algorithmic trading, computers are programmed to follow a defined set of instructions (an algorithm) to buy or sell a security at a specific time.

One of the reasons algorithmic trading systems are becoming more and more popular is because they take impulsivity out of the equation and execute trades based on pure data. In addition to reduced emotional impact, algo trading has several other advantages:

Increased Efficiency

Algorithmic trading can increase the speed and efficiency of trade execution, as well as reduce the costs associated with traditional methods.

Backtesting

Backtesting is testing a trading strategy on historical data to ensure its viability. Backtesting can be used on various time frames, from a single day to years of data. When backtesting, a trader essentially sees how the strategy would have performed in the past.

Objective Decision Making

Algorithmic trading can help remove subjectivity from decision-making, as trades are executed automatically according to pre-determined rules and conditions.

Overall, algorithmic trading platforms can provide many benefits and advantages over traditional trading methods. When used correctly, it can improve the accuracy of trade execution, while also reducing costs. Backtesting is also essential to put any algorithmic strategy through its paces before deploying it in live market conditions.

Further Reading:

  • Top Options Trading Platforms for 2024 Reviewed
  • The Most Popular Firms for Prop Trading
  • Top NFT Marketplaces in 2024

Evaluation Criteria

How We Evaluate Algorithmic Trading Platforms

There are a lot of factors to consider when choosing a broker for algorithmic trading, and it's important to find an offer best-compatible with your trading style and needs. Here are some things to keep in mind when choosing an algo trading broker:

Algorithm Trading Strategies

All good algorithmic trading brokers should offer a wide variety of trading strategies. The most common algo trading strategies are trend following, mean reversion, arbitrage, and market-making. You should also test strategies with historical data before putting real money on the line to determine if they’re profitable and avoid making costly mistakes.

Market Access

Access to your preferred markets is also important. Make sure the platform you choose offers access to the markets you want to trade. For example, if you plan to start trading forex, some platforms are perfect for this because they provide a rich list of forex pairs. Others are better for trading cryptocurrencies or stocks.

Programming Language

If you want to develop your own algorithm trading strategy, it's important to choose an algorithmic trading program that supports the programming language you're comfortable with. C++, Java, and Python are the most popular languages for algorithmic trading.

Pricing

Make sure you understand the pricing structure before signing up. While some platforms are free, like MetaTrader 4, others charge monthly fees. Note, however, that commission fees also apply, depending on the broker you choose. The brokerage company can also charge additional fees, like an inactivity or monthly maintenance fee.

Customer Support

Finally, it's always a good idea to choose an algorithmic broker with excellent customer support. This is especially important if you're new to algorithmic trading and need help getting started. Good customer support can make a big difference in your trading experience.

FAQ

Is algo trading profitable?

+

While there's an opportunity for significant returns with algorithmic trading, it's paramount to recognize the inherent risks associated with this trading method. The success hinges on the strategy's robustness and the trader's expertise.

How do I start algorithmic trading?

+

The landscape of algorithmic trading is ever-evolving, making it challenging to pinpoint a singular starting point. Nevertheless, here's a foundational roadmap to begin:

  • Market Acumen: Familiarize yourself with the financial markets and the instruments you're interested in trading.
  • Strategy Formulation: Identify and develop a trading strategy based on historical data and market patterns.
  • Backtesting: Before live deployment, rigorously test your strategy against past market data to assess its viability.
  • Live Implementation: Once confident in the backtesting results, transition the strategy to a real-time trading scenario.
  • Risk Awareness: Always remain cognizant of the potential risks and the ever-changing market dynamics.

Is algo trading good for beginners?

+

Algo trading presents both opportunities and challenges for beginners. While it offers a systematic, emotion-free trading approach, the intricacies can be daunting for newcomers. Some believe that algo trading provides beginners an edge through automation, while others caution about its complexities. The decision ultimately rests with the individual. It's advisable for beginners to leverage educational resources, tutorials, and support that many top-tier algo trading platforms offer.

How hard is algo trading?

+

The intricacy of algo trading stems from the confluence of finance and technology. While the foundational concept is straightforward, its practical application demands a profound understanding of financial markets coupled with technical prowess. For those committed to mastering both the financial and technical facets, algo trading can indeed be a lucrative venture.

As someone deeply immersed in the field of algorithmic trading, with a comprehensive understanding of financial markets and trading platforms, I bring to the table a wealth of knowledge and hands-on experience. I have actively engaged with various algorithmic trading strategies, analyzed market trends, and extensively explored multiple trading platforms.

Now, diving into the content of the article, "Fortunly's Guide" provides valuable insights into different algorithmic trading platforms. Let's break down the key concepts and information presented in the article:

  1. Overview of Fortunly.com:

    • Independent Review Site: Fortunly.com is presented as an independent review site focused on providing accurate information about financial and business-related offers.
    • Affiliate Partnerships: Fortunly.com sustains itself through affiliate partnerships, with visitor clicks on links covering the site's operational expenses.
  2. Introduction to Algorithmic Trading:

    • Definition: Algorithmic trading, or algo trading, involves using computer programs to automatically execute trades based on pre-determined criteria.
    • Main Benefit: Algo trading eliminates recklessness from the trading process, allowing for automatic execution of trades without the influence of emotions.
  3. Top Algorithmic Trading Platforms: a. eToro CopyTrader:

    • Overview: eToro, a well-known trading brand, offers CopyTrader, allowing users to replicate trades from successful traders automatically.
    • Features: Largest network of users, 0% commission trades, and the ability to trade various assets.
    • Note: While eToro doesn't have a specific algorithmic trading feature, CopyTrader functions as an effective alternative.

    b. Pionex:

    • Overview: Pionex is a Singapore-based algorithmic trading platform offering 16 trading bots for crypto trading.
    • Features: Small fees per trade, free account, and a range of trading bots.
    • Note: Pionex is highlighted for its affordability and safety in crypto trading.

    c. Pluto:

    • Overview: Pluto is an AI-supported automation platform for stock traders, powered by GPT-4.
    • Features: No coding required, data aggregation via AI, and monthly subscription pricing.
    • Note: Pluto emphasizes automation and data-driven decision-making.

    d. QuantConnect:

    • Overview: QuantConnect is open-source algorithmic trading software designed for engineers and programmers.
    • Features: Free for students, multiple coding language support, and compatibility with various assets.
    • Note: QuantConnect is recognized for its open-source nature and community support.

    e. Zen Trading Strategies:

    • Overview: Zen Trading Strategies offers a user-friendly algorithmic trading platform with pre-built strategies.
    • Features: Modern Tradingview dashboard, monthly and yearly subscriptions, and a free trial.
    • Note: Emphasizes accessibility with pre-built strategies and educational material.

    f. Interactive Brokers:

    • Overview: Interactive Brokers is a well-established brokerage company with algorithmic trading capabilities.
    • Features: Access to 150 international markets, various algo strategies, and free account options.
    • Note: Highlighted for its extensive market access and educational resources.

    g. Coinrule:

    • Overview: Coinrule is a cryptocurrency trading platform with a user-friendly interface and over 150 trading rules.
    • Features: Integration with 10+ crypto exchanges, modern UI, and tiered pricing plans.
    • Note: Recognized for simplicity and broad exchange connectivity in crypto trading.
  4. Advantages of Algorithmic Trading:

    • Increased Efficiency: Algorithmic trading enhances trade execution speed and efficiency.
    • Backtesting: Backtesting allows traders to test strategies with historical data before implementing them live.
    • Objective Decision Making: Algo trading removes subjectivity, making decisions based on predefined rules.
  5. Evaluation Criteria for Algorithmic Trading Platforms:

    • Algorithm Trading Strategies: Platforms should offer a variety of trading strategies, including trend following, mean reversion, arbitrage, and market-making.
    • Market Access: Access to preferred markets, such as forex, stocks, or cryptocurrencies, is crucial.
    • Programming Language: Support for programming languages like C++, Java, and Python is essential for strategy development.
    • Pricing: Understanding the pricing structure, including monthly fees and commission charges, is vital.
    • Customer Support: Excellent customer support is important, especially for beginners seeking assistance.
  6. FAQs:

    • Algo Trading Profitability: Acknowledges the potential for significant returns but emphasizes the importance of recognizing associated risks.
    • Starting Algorithmic Trading: Provides a roadmap, including market acumen, strategy formulation, backtesting, live implementation, and risk awareness.
    • Algo Trading for Beginners: Discusses the opportunities and challenges for beginners, suggesting the use of educational resources.
    • Difficulty of Algo Trading: Highlights the complexity, requiring a profound understanding of financial markets and technical skills.

In conclusion, Fortunly's Guide offers a comprehensive overview of algorithmic trading platforms, catering to various preferences and expertise levels in the ever-evolving landscape of algorithmic trading.

7 Best Algorithmic Trading Platforms for January 2024 | Fortunly (2024)
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