8 of the Top Algorithmic Trading Platforms

Few decisions matter more than deciding how to invest your money. Many investors hire a full-service broker to handle their retirement planning, while others manage their portfolios themselves using stock trading apps. Thanks to recent advancements in automation and AI, traders now have another option—algorithmic trading platforms.

Algorithmic trading software leverages specific instructions to automate the trading process. Features vary depending on the platform but can include everything from high-frequency trading strategies to intricate backtesting capabilities. Whether you enjoy stock, forex, or crypto trading, choosing the best algorithmic trading platform for your strategy can lead to greater success.  

What is algorithmic trading?

In short, it’s all about using automated instructions to process trades. Algorithmic trading platforms allow users to leverage pre-built and customizable strategies to execute trades based on factors like price, volatility, and volume indicators.

These platforms employ complex mathematical formulas to analyze data, develop insights, and manage orders. Traders use algorithmic trading to execute various strategies, including day trading, swing trading, and value investing. 

Essential criteria for evaluating algorithmic trading platforms 

Not all algorithmic trading platforms are created equal. While some excel at stock trading, others offer features designed for forex trading. Available tools, packages, and assets vary from platform to platform—some provide advanced charting capabilities, whereas others offer alternative investments such as a contract for differences (CFD). 

When evaluating an algo trading platform, remember to keep these five criteria in mind: 

• Algorithmic trading strategies: Platforms equipped with multiple pre-built algorithms offer more utility than platforms that only offer one or two. Look for a platform that provides a framework for backtesting strategies or a demo mode so you can see what works and what doesn’t. 

• Market access: Ensure your preferred algo trading platform can connect to the markets on which you want to trade. Most platforms support buying and selling stocks, while others specialize in particular assets. This goes for platforms focusing on traditional investments and those specializing in alternative investments like cryptocurrencies. The best crypto platforms offer access to several currencies.

• Programming language: Most algorithmic trading platforms use popular programming languages like Python or C++. Some platforms support multiple languages, offering more flexibility and utility.

• Pricing: Algorithmic trading platforms carry associated costs, such as mandating you maintain a minimum balance or charging you a fee per transaction. Some offer a subscription-based service model, while others charge few fees or offer a free, stripped-down version. These costs must be balanced against the platform’s features.

• Customer support: Algorithmic trading is sometimes complicated. To help keep things running smoothly, search for platforms that provide automated or live customer support—or better yet, both.

Again, always be sure to do your research and find the right platform for your strategy. If you want to trade crypto, you’ll want to pick a cryptocurrency trading platform like Coinrule and Pionex. If you’re going to trade forex, research eToro or AvaTrade. For CFDs, try Interactive Brokers. For futures, consider NinjaTrader.

Platforms for algorithmic trading 

Investor needs vary. Often, the “best” algorithmic trading platform is the one with the capabilities you're looking for at a price you can afford. 

With so many great automated trading platforms available, not every platform could make the list. Honorable mentions include well-known brands such as Interactive Brokers, MetaTrader, and TrendSpider. View the choices below as a starting point when choosing the right trading platform. 

Composer  

One of Composer’s biggest draws is that it's a no-code solution to algorithmic trading. This removes what's often considered the most significant barrier to entry to this type of trading: learning Python or another programming language to code algorithms. With the power of ChatGPT-4, you can even ask our advanced system to build you a strategy using natural language prompts.

In addition, you can browse countless strategies from other users or pre-made approaches that replicate the greats. No matter how you trade, Composer helps you create a perfect symphony.

QuantConnect 

Supporting algorithms written in Python and C++, QuantConnect offers algorithmic traders flexibility. QuantConnect boasts a large and highly engaged user community, great for getting answers to your questions.

QuantConnect’s platform also features methods for monetizing your algorithms, offering their black-box use to other traders for a fee. You can also upgrade your trading knowledge with QuantConnect’s free algorithmic trading boot camps.

Pionex 

Originally a cryptocurrency exchange, Pionex became the first crypto exchange to allow automated trading. Its main advantages include a sophisticated mobile app, ultra-low trading fees, and 16 cloud-based trading bots to choose from. Solid security, responsive customer service, and the ability to trade more than 120 cryptocurrencies round out Pionex's offerings.

Zen Trading Strategies

Investors new to algorithmic trading often find themselves attracted to Zen Trading Strategies. The platform has an extensive tutorial program and a comprehensive course for everyone from beginner to experienced algo traders. In addition to its four pre-built trading strategies, Zen Trading Strategies allows you to craft your own algorithms. It offers unlimited backtesting and a trading consulting service for soliciting expert feedback and recommendations.

Coinrule 

Another crypto trading platform, Coinrule is a popular trading bot that offers a highly intuitive user interface and top-notch algorithmic trading strategies. Pick from 150 pre-built strategies or create your own using Coinrule’s “If This Then That” logic. Coinrule also provides access to a demo exchange for testing new techniques.

The platform can integrate with popular cryptocurrency exchanges like Binance and Coinbase, offering even more flexibility for crypto traders.

TradeStation 

Advanced and active traders enjoy TradeStation thanks to its many tools and features. Its platform offers comprehensive search functions, an active trading community, and commission-free trading for stocks, options, and exchange-traded funds (ETFs).

You can also trade cryptocurrencies with TradeStation, and its $0 minimum balance requirement makes it beginner-friendly.

TradingView 

TradingView features one of the premier stock screeners and stock analysis software platforms on the market. Focusing on technical analysis, TradingView offers various chart options and research tools. Diverse trading indicators, fundamental data visualization, heat maps, and a paper-trading simulator round out the platform's many features.

Unlocking all the platform's capabilities requires a paid subscription, but its free version offers similar functionality.

CryptoHawk 

CryptoHawk pairs proprietary artificial intelligence algorithms with machine learning to provide a positive cryptocurrency trading experience. Its computer model analyzes volatility, volume, and pricing data points to help you find trends and identify relationships. CryptoHawk offers full mobile support for Android and iOS users, and you can test-drive its services by signing up for a free trial. 

Try algorithmic trading strategies with Composer

Algorithmic trading is complex, but that doesn’t mean it has to be a pain. Choosing the right algorithmic trading platform helps you make more informed trading decisions quickly, easily, and at little to no expense.

Want to learn more about algorithmic trading? Sign up for a free trial with Composer now.