Best Algorithmic Trading Platforms In 2022 Revealed

Last Updated November 23rd 2022
15 Min Read

This guide introduces you to the 10 best Algorithmic trading platforms. We tell you how they work, their unique features, and why you, too, should consider using them to automate your trades today.

Algorithmic trading platforms, in this case, refer to rule-based investment strategies that you can employ to automate your entire trading process. The algo traders take over the trading process, from determining the trading instrument to scouring the markets for opportunities, entering positions, rebalancing your portfolio, and exiting positions to either lock in profits or protect your investment from losing positions.

We will also tell you what to consider when choosing the best Algo trading platform and if Algo traders are worth using.

Read on to learn everything you need to know about the best automated trading platforms.

Top 10 Algorithmic Trading Platforms Today

Here is an outline of what our analysts and the more prominent online investing community believe to be the best Algorithmic trading platforms in 2022.

  • eToro Copy Trader    Overall Best Algorithmic Trading Platform
  • MetaTrader 4 (MT4)   Best Automated Trading Platform For EA Creation
  • Bitcode AI   Most Popular Algo Trader For Crypto Trading
  • NAGA   Best Multi-Asset Algo Trading Platform
  • Oil Profit   Best Algorithmic Trading Platform For Commodities Trading
  • Trality   Best Automated Trading Platform For Bitcoin Trading
  • ZuluTrade   Top Algorithmic Trading Platform With A Powerful Mobile App
  • Ava Mirror Trader   Best Multi-Regulated Algorithmic Trading Platform
  • NFT Profit   Best Algo Trading Platform For Digital Art
  • QuantConnect   Largest Repository For Algo Trading Platforms

 

start trading now

68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Below, we discuss each of these automated trading platforms in detail. We explore their key features, tell you how they work, assess their profitability, and help determine if they are the best for you.

A Closer Look At The Best Algorithmic Trading Platforms

Here is an overview of the best Algorithmic trading platforms. These include multi-asset platforms that can be used to trade various financial instruments and specialist algo-traders designed to invest/trade in a particular financial instrument.

Let us discuss these trading platforms in detail:

1. eToro Copy Trader - Overall Best Algorithmic Trading Platform

eToro trading platform

eToro is a multi-asset and multi-regulated online trading platform with over 25 million users. It is also hailed as one of the most user-friendly platforms not just because of its trade automation tools but also because of its beginner-friendliness and the fact that it maintains one of the most intuitive trading interfaces. Not forgetting that it supports one of the most diverse financial instruments. These include stocks, ETFs, indices, commodities, forex, and crypto.

But we believe it to be the best algorithmic trading platform in 2022 because of its automated copy trading function. This passive investing strategy allows virtually anyone to make money by automatically copying the trade strategies of highly successful traders on the platform.

The process is wholly automated, but you have absolute control over your choice of trading instrument and popular investors whose trade settings you wish to copy. When copying strategies, you are free to adjust such factors as the trade amount and risk exposure levels.

In addition to copying the trade strategies of individual pro traders, eToro also allows traders to copy expertly curated smart portfolio’s featuring highly diversified growth-focused assets. These follow a predefined investment strategy and are regularly balanced and rebalanced by the eToro team. 

You need a minimum of $10 to start trading on eToro. But to use the automated copy trading feature, you must deposit a minimum of $200. Note that the broker doesn’t charge any broker commission for copy trading. You only have to pay the regular spreads charged for the CFD trades and swap fees for overnight trades. 

start trading now

68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

2. MetaTrader 4 (MT4) - Best Automated Trading Platform for EA Creation

metatrader 4

Created by MetaQuotes in 2005, MT4 has morphed into one of the most popular and universally accepted online trading platforms. It, too, is a multi-asset platform used to automate the trade of virtually all the most popular assets - from commodities to forex, cryptos, and stock CFDs.

We rank it this high on our list of the best algo trading platforms because it too supports trade automation. Several factors, however, help MT4 stand out from the rest of the automated trading platforms.

For starters, it lets virtually anyone create expert advisors that they can use to automate their trades. And just as a popular investor would avail his trade settings to copiers on eToro, you are free to avail the expert advisor to other MT4 platform users - for free or at a fee.

When using MT4, you will have access to one of the broadest range of algo traders. Most are experimental and free, but highly profitable automated trade strategies will attract a one-off access fee or a subscription charge. MT4 does not charge additional commissions and how much you make using the platform depends on your choice of an auto trading strategy.

start trading now

68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

3. Bitcode AI - Most popular Algo Trader for Crypto Trading

Bitcode-ai

Bitcode AI is a fully automated trading software for cryptocurrencies. It claims to employ proprietary AI technologies in coming up with highly lucrative crypto trading strategies to help anyone invest in crypto passively. This makes it appealing to both first-time and experienced crypto investors/traders. And unlike most other crypto trading bots that will only trade Bitcoin, Bitcode AI can trade up to 20 cryptocurrencies.

These are some of the reasons why Bitcode AI ranks this high on our list of best algorithmic trading platforms. Others include its user-friendliness, as evidenced by its straightforward client onboarding process.

We also liked that Bitcode AI can enter into multiple trades involving different cryptocurrencies simultaneously. Plus, it is super-fast in transaction and order processing and claims that it could enter and exit positions in 0.01 seconds.

Additionally, Bitcode AI supports margin trading and will open crypto trades with leverages as high as 1:5000 (higher than most competitor algo traders). And perhaps more importantly, Bitcode AI has partnered with multiple highly reputable crypto trading platforms.

You, too, may want to add Bitcode AI to your list of best automated trading platforms because of its affordability. It maintains a minimum deposit limit of €250 and doesn’t charge any trading fees or commissions. The algo trader then promises profitability of more than 85%.

start trading now

68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

4. NAGA - Best Multi-Asset Algo Trading Platform

NAGA trading platform

On its official website, NAGA is described as a “multi-asset investing app with an inbuilt social network.” Started in 2015, the multi-regulated trading platform has morphed into one of the most popular pure-CFD online brokerages. Here, you get to interact with such financial instruments as forex, commodities, ETFs, indices, stocks, and cryptos.

But we add it to our basket of the best algorithmic trading platforms because of its copy trading tool. This lets anyone invest passively on the platform by copying the trade strategies of highly experienced traders and replicating them in their trader accounts. The copy trade option is wholly automated but allows for minimal customization. You, for instance, are free to adjust the risk exposure level. You can also set a fixed trading amount or a percentage of your investing capital.

To start using the NAGA algo trader, you first need to create an investor account with the broker and deposit a minimum of $50. Note that for every copied trade, the CFD trading platform will levy a $0.99 charge (regardless of whether it is profitable or not). Additionally, all copied trades that post a profit of more than $10 will attract a further 5% commission on the profits realized.

How much you make when auto trading on NAGA is hugely dependent on a number of factors. These include the preferred trade instrument, the profitability of your preferred popular investor, trade amount, and the overall market performance.

start trading now

68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

5. Oil Profit - Best Algorithmic Trading Platform for Commodities Trading

We list Oil Profit among the best algo trading platforms around because it is a specialized auto trader focused on the crude oil trade. According to the official Oil Profits platform, the auto trader leverages proprietary AI technology to monitor the markets, crude oil price action, and external factors to come up with profitable trade strategies.

The account registration process for the algo trader is quick and straightforward. But to start interacting with the auto trader or use its oil trading strategies, you will need to deposit a minimum of $250 into your user account. The platform supports a broad range of payment options and doesn’t charge a deposit/withdrawal processing fee.

You may also consider adding Oil Profit to your index of the best auto traders because it is affordable. It, for instance, doesn’t charge additional broker commission or extra charges when you use it to trade oil. You will only have to pay the regular spreads associated with trading oil online.

start trading now

68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

6. Trality – Best Automated Trading Platform for Bitcoin Trading

Trality platform

Trality is more than an auto trading platform, it is a repository for some of the most popular and best performing algorithmic trading tools. Instead of providing you with just one crypto trading platform, Trality provides you with a range of expertly crafted bots that follow different trading strategies. These range from scalpers, trend traders and even index-based bots for a more diversified portfolio.

Most of these Trality auto traders can be linked to some of the most popular crypto exchanges and brokerages like Binance, Coinbase, FTX, Kraken and more. Further, partnerships with some of these exchanges, especially Binance, allow for margin trading – with leverages of up to 3X at competitive daily interest rates as low as 0.01%.

But these aren’t the only reasons why we list Trality among the best algo by creating our own bots trading platforms. Others include the fact that it allows you to broaden your income sources and rent out to other traders. And you don’t even need to be a programmer to create one. You can simply use their Ruler Builder tool to drag and drop your way into a fully functioning bot.

We also list it here because of its affordability. Most of the bots are competitively priced and carry relatively low minimum trading amount recommendations. And if you trade less than $5,000 per month, Trality doesn’t charge you any trading fees.

Subscription costs for high-volume traders start from $9.99 ($95 annually) and accord you one premium bot, two custom bots (create bots), unlimited back testing for all bots, and trading log retention for 30 days.

start trading now

68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

7. ZuluTrade – Top Algorithmic Trading Platform with a Record of High Performance  

Zulutrade trading platform

Several factors make ZuluTrade one of the best algorithmic trading platforms. For it is highly innovative and features an intuitive interface which makes it easy to use for both beginners and pro traders. Secondly, it is a multi-asset trading platform that partners with virtually all the most popular online brokerages. This implies that the bots and strategies hosted here can be used to trade different types of assets – including stocks, commodities, forex, indices, ETFs, and even crypto.

The automated copy trading platform also makes it here because of its proven track record of profitability. It only accepts highly successful traders into its copy program whose trade strategies, behaviour, stability, and outlook are regularly monitored to ensure they are in your best interests. And such strictness has ensured that as much as 63% of all copied trades return a profit.

Additionally, ZuluTrade tops our list of best algorithmic traders because of its auto-pilot copy trading feature – dubbed Combos+. This refers to highly diversified trading strategies borrowed from some of the most successful investors. And unlike copy trades, these are monitored by a certified portfolio manager.

Note that since Zulu Trade is a trading platform and not a broker, such aspects of the trade as the minimum deposit/trade amount and spreads will be determined by your preferred brokerage. And if you sign up for the profit-sharing ZuluTrade account, you will only pay an additional $30/month to the platform. Your profitability will then depend on such factors as your preferred asset, chosen copy trader, and multiple other market dynamics.

start trading now

68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

8. Ava Mirror Trader - Best Multi-Regulated Algorithmic Trading Platform

Avatrade trading platform

AvaTrade is a massively popular, reputable, and multi-regulated online brokerage. Established in 2006 and headquartered in Ireland, AvaTrade has extended its online trading services to 100+ countries and onboarded more than 300,000 clients.

The multi-asset brokerage, however, makes it to our list of the best algorithmic trading platforms because it supports one of the broadest range of automated trading platforms. In addition to its proprietary AvaSocial platform, AvaTrade supports the likes of MT4, DupliTrade, MT5, and Capitalise.ai.

These present AvaTrade users with one of the widest range of expertly created algo traders. Some automated trading platforms integrated into the brokerage, like MT4/5, will even let you create your own trading bots. And if they are profitable, you are free to rent them out to other traders at a fee – effectively diversifying your income streams.

AvaTrade also makes it here because of its beginner-friendliness and affordability. You only need to deposit $100 with the commission-free broker. Most of the integrated trading platforms like MT4 do not maintain extra copy trading fees. You, therefore, will only have to deal with the spreads and possible one-time access or subscription fee charged by expert traders to use their strategies.

start trading now

68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

9. NFT Profit – Best Algo Trading Platform for Digital Art

NFT Profit is a relatively new specialist trading platform dedicated to NFT and NFT-derivatives trading. It employs proprietary AI technology to monitor the NFT markets, creates successful strategies, enters trades, monitors the progress of such trades, and exits positions.

The NFT trading bot makes it to our list of the best algorithmic trading platform because of such factors as its user-friendliness and affordability. For starters, NFT Profit maintains a quick and straightforward account opening process. It also runs one of the most intuitive interfaces that not only appeal to beginner and expert investors but also boasts of maintaining some of the fastest order execution speeds.

To start trading with NFT profit, you will need to create a user account and deposit at least $250. The top automated trading platform accepts multiple payment processors and doesn’t charge a deposit/withdrawal processing fee. It also doesn’t maintain any trading fees or auto trader commissions.

start trading now

68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

10. QuantConnect - Largest Repository for Algo Trading Platforms

QuantConnect platform

QuantConnect is not an online brokerage but a repository for some of the best algorithmic trading platforms. Though established in 2011, QuantConnect switched to open-source software in 2015, encouraging thousands of programmers to create, test, host, and roll out trading algorithms from the platform.

Since then, it has welcomed more than 100,000 programmers and expert traders from 170+ countries who have successfully launched 100,000+ automated trading platforms.

It makes it here because a majority of these algo trader tools have gone on to become hugely successful multi-asset or specialist trading tools. Note, however, that QuantConnect is biased towards experienced traders and programmers and may feel overwhelming to first-timer traders/investors.

In addition to its rich repository of auto trading platforms and the fact that it is a multi-asset trader, several other factors help QuantConnect make it to our list of the best algo trading platform. These include its support for some of the most popular multi-asset and specialist online brokerages. This implies that you can connect QuantConnect bots to such trading platforms as Binance, FTX, Interactive Brokers, and more.

Additionally, QuantConnect is considerably affordable. For starters, it is free for programming students. Professional traders, on the other hand, will only have to deal with an $8 monthly subscription fee in addition to the spreads and commissions charged by their preferred brokerage.

start trading now

68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

How To Find The Best Algorithmic Trading Platform

There currently are thousands of automated trading platforms and innumerable auto traders. How, then, do you find the best algorithmic trading platforms? In this section, we tell you some of the most important factors to consider when looking for an algo trading platform that works best for you:

  • Cost: The cost of trading has a direct impact on your profitability. Therefore, when looking for the best algo trader, assess the impact that the cost of the bot/copy trader tool, spreads and commission will have on your profitability.
  • Market access: You also need to consider the number of assets that the auto trading platform can trade.
  • Trading strategy: It is also important that your preferred auto trading platform be transparent about the crypto trading strategy employed, whether scalping, trend trading, arbitraging, or mean revision strategies.
  • Risk management: Your preferred algorithmic trading platform should also be clear about the risk management strategies employed. Importantly, it should offer a negative balance protection guarantee.
  • User-friendliness: The best algo trader should also be easy to use. It should appeal to both beginner and expert traders.
  • Profitability: You also need to check the historical performance of your preferred algorithmic trading platform. Only settle with an auto trading tool with a proven history of excellent price performance.

Conclusion – The Best Algorithmic Trading Platforms Today

Algo trading is a fast-growing trend within online trading circles, and much of its popularity can be traced back to automated copy trading. In this post, we have discussed what we consider the best algorithmic trading platforms, discussing how they work, their key features, and checking if they align with your trading goals.

We have also introduced you to the factors that you ought to consider when looking for an auto trader that works best for you. These include the cost of acquiring and trading with the algorithmic trader, its profitability, and ease of use.

eToro – Best Platform For Traders And Investors

etoro broker

start trading now

68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

FAQs About The Best ALGO Trading Platforms

Is algorithmic trading profitable?

Yes, when done correctly, algorithmic trading can be profitable. Many popular investors on eToro, have reported double-digit percentage gains for months consistently, while popular copy strategies on such platforms as MT4 have grown investor accounts by triple-digit percentages. 

Is algorithmic trading legal?

Yes, algorithmic trading is legal in most jurisdictions, as evidenced by the large number of multi-regulated online brokerages that offer auto trading services.

How much do I need to start investing with an also trader?

The minimum trading amount when using an algorithmic trading platform depends on either the platform or your preferred brokerage. For instance, when copy trading on eToro, you only need to deposit $200. But when auto trading on DupliTrade, you will need to commit at least $5000.

How much can you make when algorithmic trading?

The profitability of your automated trades will depend on such factors as the reliability of your preferred algorithmic trading platform, your preferred asset, trading costs, market direction, and a myriad of other external factors.

Are algorithmic trading platforms worth using?

Yes, algorithmic trading platforms are worth considering for a number of reasons. For starters, they automate your trading experience, expose you to more profitable trading strategies, and for experienced traders – they let you create an additional passive income generation stream by letting you monetize your most profitable trading strategies.

Read More:

Best Forex Social And Copy Trading Platform

How To Invest $2,000 Online – Best $2K Investments Revealed

10 Day Trading Strategies for Beginners

How To Identify Trading Trends in Forex Market

Forex Analysis Fundamentals

Why Should Traders Read Analysis Reports?

What Are The Best Forms Of Forex Analysis?

How To Analyse Candlestick Chart Patterns

What Is the Importance of Risk Management in Forex Trading?