The 7 Best Algorithmic Trading Platforms
Programmers are playing an increasingly large role on Wall Street, and for good reason.
Developers can create and implement algorithmic trading strategies that take in vast amounts of data, analyze it in real-time, and execute trades based on pre-built rules and formulas.
Once a viable trading strategy is found, it runs on autopilot, usually with very little manual intervention.
The best part? You don't need a job on Wall Street to create your own.
If you're a programmer looking to build your own algorithmic trading strategy or simply collect data and run backtests, here are the best platforms you can use for your workflow.
And, even if you're not a programmer, there are options for you too.
Summary of the best algorithmic trading software
Note: Most of the pricing listed is for monthly plans, but many of these trackers also offer (discounted) annual pricing.
| Our Pick | Best For | Cost |
| TradeStation | Best overall | Free |
| Stock Market Guides | Best for non-programmers | $19+/month |
| QuantConnect | Best open-source platform | $60+/month |
| Interactive Brokers | Runner-up for best algo brokerage | Free |
| NinjaTrader | Best for futures | Free |
| Mindful Trader | Best algorithm-based trade alert service | $47/month |
| Your own infrastructure | Best for full customization and control | Varies |
Each of these tools offers some of its features for free but paywalls others, so I made a note of what you can get for free and which plan I'd recommend.
1. TradeStation: Best free algorithmic trading software
TradeStation is a brokerage built for traders.
On it, you can trade stocks, ETFs, options, futures, and cryptocurrencies. It's fast, low-cost ($0 per stock trade, $0.60 per options trade), and offers a powerful suite of technology.
Plus, programmers can leverage the same technology TradeStation uses in its own applications.
Here's everything TradeStation offers for programmers:
- Comprehensive API: Its API supports real-time data, order execution, and account management. It integrates with multiple programming languages including C#, C++, Python, Ruby, PHP, and EasyLanguage.
- EasyLanguage: Its proprietary programming language, EasyLanguage, is designed specifically for trading strategies and indicators. It's beginner-friendly (easier than Python, and has stock-related indicators and terms built in) but powerful enough for more advanced traders and programmers.
- Strategy Building & Backtesting: Strategy Builder and Backtesting are its main tools for creating, testing, and optimizing strategies. The Strategy Builder allows both visual and code-based strategy creation, while Backtesting helps refine algorithms using historical data before live trading.
- Paper Trading: TradeStation offers a simulated trading environment to test strategies with real-time data, without risking any capital.
- Advanced Market Data: The platform provides access to high-quality real-time and historical market data, which is essential for testing and optimizing algorithms.
- Customization & Flexibility: Supports highly customizable trading strategies and the ability to automate almost every aspect of trading operations.
- Cloud & Hosting Solutions: Cloud hosting options for 24/7 algorithm operation, reducing the need for local infrastructure maintenance.
- Educational Resources: Access to webinars, tutorials, and other learning materials that help users understand the platform and its tools.
To unlock free access to TradeStation's API, open an account with the promo code “WAPIAFSG” and fund your account with at least $10,000.
The main downside to using TradeStation for algorithmic trading is that you can only apply your algorithm to charts you have open — if you want to apply the algorithm to Apple stock (AAPL), for instance, you need to have Apple's chart open.
This can be a problem for traders who want to apply their algorithm on 100+ stocks at once.
In short, TradeStation has everything you need to build, test, and execute your own algorithmic trading strategies in both demo and live production environments, making it the best overall platform for algorithmic traders.
2. Stock Market Guides: Best for non-programmers
Stock Market Guides uses an algorithm-based scanner that searches for live trade setups.
The algorithm was created by running thousands of backtests on a wide range of chart patterns, candlestick patterns, and stock indicators.
The algorithm was then set to filter out all but the most profitable combinations of stocks and patterns (TSLA in a bull flag, for example).
Here's what the technology looks like:
With Stock Market Guides, you can use an algorithm developed by professional traders without needing to do any of your own programming.
The scanner itself is free to use, but the backtested results are restricted behind the paywall.
There are two levels to the service as well as the choice between long-term investing, swing trading, and options trading — all at various price points:
1. Scanner (do-it-yourself research)
- Stock Investing: $19/month
- Swing Trading: $39/month
- Options Trading: $59/month
2. Picks (done-for-you trade alerts)
- Stock Investing: $29/month
- Swing Picks: $49/month
- Options Picks: $69/month
The swing and options services are the most popular in each of the categories, so you'll want to choose between one of those depending on which asset you want to trade. You can view all of the services and learn more with the button below:
3. QuantConnect: Best open-source algorithmic trading platform
QuantConnect is an open-source, cloud-based platform designed specifically for algorithmic traders and quants.
It provides a complete set of tools to build strategies, run backtests, and execute trades (via connections with brokerages like TradeStation, Interactive Brokers, TD Ameritrade, Coinbase, and Binance) — all from the same platform.
The platform provides access to historical and real-time market data, as well as millions of points of alternative data, which can provide a real edge in developing a unique strategy.
Its LEAN framework is the engine that runs QuantConnect and allows developers to create their strategies using C# and Python.
QuantConnect's cloud infrastructure ensures scalability and reliability, making it an excellent choice for traders who need to run algorithms continuously without worrying about local server maintenance.
While QuantConnect is a complete solution for swing traders, its UI and order system are a bit awkward for intraday time frames.
If you're planning on day trading, and especially if you plan 10+ trades per day, you may want to opt for a custom framework (see #7).
Plus, QuantConnect's active community (of over 367,000 algorithmic traders), extensive documentation, and educational resources will help you build and refine your own strategies.
4. Interactive Brokers: Runner-up for best algo brokerage
Interactive Brokers (IBKR) is another trader-friendly brokerage that is best known for its low costs, powerful tools, and wide range of investable assets.
Tradable securities include 47,000+ stocks, 6,000+ ETFs, 7,000+ options, 13,000+ futures contracts, 2 million+ bonds, and more, spanning both U.S. and international markets.
It also offers flexible APIs and extensive market data, an ideal combination for programmers looking to create their own algo-based strategies.
IBKR is a more complex platform than TradeStation, and is better suited for more advanced traders and more experienced programmers.
Interactive Brokers provides a library of educational materials on its APIs, including courses on its Traders' Academy and its Quant Blog.
That said, many algorithmic traders want access to as many markets as they can, and IBKR's global market access — 160 markets in 36 countries — is unmatched.
5. NinjaTrader: Best for futures trading
NinjaTrader is a popular brokerage among futures and forex traders because of its low commissions and charting capabilities.
Programmers can build, test, and deploy algorithmic trading strategies with its C#-based trading framework.
The framework gives developers low-level access to:
- Balances and positions
- Orders and executions
- Real-time and historical data
- User interfaces
- Controls
- Indicators
Non-programmers can also create their own automated trading strategies using the platform's point-and-click construction, though they'll be limited on customization.
NinjaTrader's Strategy Analyzer and Market Replay features can help you backtest and optimize your strategies, refining them before live deployment.
Overall, NinjaTrader offers a balanced mix of usability and flexibility, making it a solid option for futures traders of all levels.
6. Mindful Trader: Best algorithm-based trade alert service
Mindful Trader is an algorithm-based swing trading service (stocks and options) run by Eric Ferguson.
Ferguson, an economics major from Stanford, developed his trading strategies by running hundreds of thousands of backtests over four years.
All of his trades are based on strict trading rules. His entries and exits are predetermined, and he does not second-guess a trade when his algorithm sends him an alert.
Each alert is automatically posted to the website and sent out via email, so you get the notification at the same time he does.
By following his picks (about 1–3 per day), you can benefit from taking a data-driven approach to trading without having to write any code, test any strategies, or perform any backtests.
7. Your own infrastructure: Best for full customization and control
Many programmers opt to build their own infrastructure for maximum customizability and control. The most common languages for this are Python, C++/C#, Java, and Go.
If you want to go this route, you're going to need a combination of tools that allow you to access data, develop strategies, backtest, and execute live orders.
These are:
| Tool | Purpose | Popular choices |
| Brokerage API | For accessing market data (real-time and historical) and order execution | TradeStation, IBKR, Alpaca, Tradier |
| Backtesting framework | For simulating strategies on historical data | QuantConnect, Backtrader, Zipline |
| Strategy development environment (IDE) | For writing, testing, and optimizing code | Jupyter Notebooks, PyCharm, Visual Studio Code |
You may also add on tools for optimization (Hyperopt, Optuna, Talib), cloud deployment (AWS, Google Cloud, Azure), and monitoring (Quantconnect, Backtrader).
Setting up your own infrastructure is tricky and time-consuming, so be sure you're willing to make the investment before starting down this path.
What is algorithmic trading?
Algorithmic trading is using computers to identify and execute trades based on a predefined combination of mathematical formulas, chart patterns and indicators, price action, volume, and other market data.
Algorithmic trading is most often used in day- and swing-trading, but may also be employed by long-term investors. It's used in a number of financial markets including stocks, options, futures, forex, and crypto.
To build your own algorithmic trading strategies, in addition to programming skills, you will need a software or platform that gives you backtesting capabilities, real-time and historical financial data, customization options, and a connection to a brokerage.
How we chose the best algorithmic trading platforms
When evaluating investing products and services, we take the following into consideration:
- Price: Overall price, value for money, average cost per month, and any hidden fees.
- Functionality: What the software allows you to do, how easy it is to use, how flexible it is, and how much control it gives you.
- Credibility: Quality of information and data as well as company and brand reputation.
- Audience: Who the product is for, the range of uses and applications, whether it actually works for its target audience, if it's the best option available, and any limitations therein.
- Offers: Whether there is a special offer for signing up (including free trials) or any discounts.
Final verdict
Whether you value customizability and control or speed and ease of use, hopefully you found a platform worth exploring on this list.
For programmers, the fastest and cheapest way to get started is by using an algorithmically friendly brokerage like TradeStation, Interactive Brokers, or NinjaTrader.
QuantConnect and building out your own custom infrastructure are also popular options.
For non-programmers who want to trade algorithmically, Stock Market Guides and Mindful Trader are your best options. You may also want to try NinjaTrader's point-and-click tool.
Have fun experimenting.
