Best Algorithmic Trading Platforms

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

FxPro easily offers one of the most complete algorithmic trading environments in the retail trading market space. 

It allows you to build, test and run your automated strategies directly within its three main supported trading platforms: MetaTrader 4, MetaTrader 5, and cTrader.

Depending on the paltform of your choice, you can leverage different tools to optimize your strategies, like the MetaEditor available with MT platforms, or the cTrader Automate on the cTrader platform, which allows you to build custom cBots and technical indicators.

What sets FxPro apart from its competitors is the seamless integration of advanced strategy testing, optimization tools, and access to thousands of pre-built trading robots and indicators via the MetaTrader Market or cTrader’s community hub.

What's more, the broker offers VPS hosting, allowing you to run your algorithms without disruption.

The one thing we can point out that's lacking here is the availability of social or copy trading features, but the overall infrastructure here allows for some of the most advanaced algorithmic trading on the market, as you can work directly in code, test in-platform and trade in a regulated environment.

For this reason, we can safely recommend FxPro for traders of all knowledge levels, and especially those that seek full control over their automated strategies.

Pros

• Supports EAs and cBots on industry-leading platforms
• Integrated code editors and backtesting environments
• VPS hosting available for uninterrupted automation
• Extensive marketplace for bots and indicators

Cons

• No built-in copy trading or social trading functionality

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 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.

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 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

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.

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.

Pionex 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 the leading crypto trading bots on the market.

Pros

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

Cons

• Only cryptos to trade

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.

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.

Interactive Brokers has an 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 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

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.

Pros:

• Great for non-developers
• Testing features
• Data aggregation and feeding for insightful decision making

Cons:

• Lack of mobile support