Algorithmic Trading Software Apps

Trading in the stock and currency markets is conducted remotely, so it is not surprising that there is a large amount of software that makes traders life easier. When it comes to the latest trends, so-called automated trading systems are the most popular software. Their key point is trading robots that can set the algorithm conditions. Robots also study news and reports and then manage deposits, open positions and take profits in accordance with the analysis results.

Algorithmic trading has become widespread. Approximately 90% of transactions in the public stock markets   and 50% of transactions in the futures markets are traded algorithmically according to Technavio’s report. That’s why there are various auto trading software ratings. However, if you are currently looking for a trading platform, it will be better to follow your own criteria, rather than rely on promotional reviews. For example, we strongly recommend you make a list of the most important features, then analyze it and create your own top platforms ranking.

First of all, it is necessary to determine which algorithmic trading platform is the best for you.

Algorithmic Trading Software Features that are in demand

Despite the various trading platforms presence, each of them is unique in its own way. Nevertheless, those who are not the first day in trading are accustomed to certain programs and, more often, do not want to change their habits. Beginners also prefer the most common software, as when changing a broker they often do not have to learn a new interface.

This doesn’t mean that more widely used examples of trading software are better than less known ones.  There is a list of key indicators that should be taken into account:

• Broker. You should pay attention to the fact that the broker you chose will most likely significantly narrow the range of software since most brokers have their own in-house platforms or support only the largest ones. While popular platforms are more universal, in-house software has been created to meet particular customer requirements. Thus, the choice of a broker should be taken responsibly, because this factor determines your further actions.

• Program performance. A productive platform should display quality without bugs and freezes. The ideal conditions for any algorithmic trading software is when an application quickly processes signals from a trader and copes with large amounts of information. Some programs have low speed and performance, which affects the transaction’s timeliness and may cause a critical error. Besides, since the algorithmic platforms implementation has increased, system failures are have also become more frequent due to the triggers activation. The reason is that computers are not aware of other algorithms number and cannot correctly estimate sharp rate changes. Thus, part of your transactions made by the robotic system can be canceled. It should also be noted that the broker’s internal trading platforms are usually more reliable than universal ones due to the lower load, but popular platforms fix the bug faster due to the large number of robots involved.

• Functionality. This implies a large number of analytical tools, including technical indicators and charts. It is important to clearly understand what features you need. Most auto trading software offers standard built-in trading algorithms, which limits the space for customization. At the same time, some traders need special features, such as creating their own indicator, while others use the simplest and most efficient functionality. Decide what you will use most often depending on your trading strategy and make sure that your trading platform has the right functions.

• Convenience. Here you will have to decide which system is most suitable for satisfying your preferences. Evaluate how comfortable it is to work with the software and find the right information without losing yourself in the graphs and pages. The platform you are going to choose should not only have good functionality, but also be intuitive and self-guided.

• Reliability. Of course, transactions security and confidentiality are built into the platform, but these features largely depend on the brokerage company you choose. Good reputation is the key to profitable relationships. Make sure that nothing will happen with deposits, and additional interest will be paid on time and in full.

• Tech support. Professional trading software is often quite complex, so it’s very good if technical support is organized and professional can easily clarify any of your questions.

Best automated trading software in 2019

Automated trading software development is expensive to acquire, so before you spend real money, you should consider several options, fully understand its basic features and choose the most suitable one. We found out which algorithmic trading systems are the best in 2019 and what exactly their advantages are to make the choice easier for you.

Etoro

Advantages

• Affiliate program
• Ability to copy the best World Traders deals automatically
• Popular chat with built-in translator
• Wide tools selection
• Friendly, intuitive interface

Disadvantages

• Cyprus brokerage license
• Taxes that must be calculated and paid independently
• Delays in changing quotes
• “stop-loss” errors
• Delays in the commissions to existing customers payment

AvaTrade

Advantages

• A wide range of financial instruments
• Safe funds storage due to isolated accounts for each customer
• Extended package of services for VIP clients with a deposit of $ 100,000
• 24/5 multilingual support service
• Professional training program

Disadvantages

• Inconvenient site design
• Insufficient detailing FAQ
• Long funds withdrawal, which is often 5-7 days
• Rare interruption of contact with the platform
• The right to charge a fee in the currency of the account that is not used for 3 consecutive months

IC Markets

Advantages

• Segregated Accounts in the National Australian Bank (NAB) and Westpac Australian Banks
• Professional training program
• 24/7 customer support service
• A wide range of financial instruments
• Investment programs

Disadvantages

• High minimum deposit;
• High commission on contracts;
• No micro accounts;
• Long withdrawal of funds;
• Scalping strategies restrictions

 Vantage FX

Advantages

• Commercial activity around the clock for five working days
• 24/7 customer support service
• The absence of commission
• Good financing methods selection
• ASIC regulated

Disadvantages

• There is no interest on the balance after a losing trade
• Lack of competitions and bonuses;
• No ECN accounts
• No control in several jurisdictions
• Limited registration

A summary table of basic requirements indicates that there are not many differences between systems.

Final thoughts on algorithmic trading software

Based on the data above, we can conclude that all ready-made algorithmic trading programs usually offer free trial versions. At the same time, the functionality of popular systems differs slightly and each of them has significant drawbacks. Therefore, we recommend paying attention to less common programs that meet more specific traders’ needs.

If you are a large broker, then creating your own system seems to be the best way. In this case, we suggest you to contact the Code Inspiration to receive expert-level software development consultancy service. With our customer-focused approach, we’ll deliver the right automated trading system tailored for your concrete necessities.