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Algo Trading | July 04, 2023

Top Five Algo Trading Softwares in India

In a report published by NIFM, it has been stated that half of the trade orders at NSE and BSE are some kind of algo trade. Surprising, right? However, to surprise you even more, in the developed countries, this ratio is even higher at around 80% to 85% and thus here in India, there is a lot of room for more algo trading. If you are new to algo trading and looking for algo trading software to suit your trading needs, this article is just for you.

In this article, you will not only read about the top algo trading software in India but also about their intriguing features, how NSE and SEBI encourage and also monitor these trades, and a lot more.

What Is Algo Trading Software?

Algo Trading Software is a computer-generated program which is pre-set with certain trading criteria. Algo trading is often referred to as automated trading or block-box trading as well as it is based on the programs set on the computer. Algo trading is gaining momentum in the market due to its promptness. As the stock market is highly volatile and for a human trader, it is not always possible to place/cancel or modify trade orders as a pre-loaded computer-based program can. However, that is just one of the many reasons for using algo trading software.

These software are loaded with different criteria which when matched in the stock market, triggers order and take necessary actions. One of the major reasons to use algo trading is to reduce market risk rather than maximising profits.

Top Features of Algo Trading Software

While every algo trading platform in India is unique and has its features, some of the features are in common and crucial. So, when you pick an algo trading software, you need to be aware of these features, whether they are in the software or not. To help you find the right feature, here is a list of top features of algo trading software in India which you cannot miss –

  • Automation: Traders use algo trading software to ease their trading experiences and thus algo trading platform’s must-have feature is automation. This feature helps accelerate and organise all the tedious work that you otherwise had to do. In turn, this saves a lot of time of yours which you can use elsewhere.
  • Efficient User-Interface: The algo trading platform that you pick must have an efficient user interface and is easy to use, and speed up your trading process. The software must have the capability of processing multiple orders in a second. You need to see whether the algo software is a multi-threaded system or not.
  • Availability of Data: For trading, data about the market and the companies are indispensable. You just need them for everything you do in the stock market and so is your algo trading software. Thus, you need to see whether the algo software you are opting for uses real-time data and prices or not. The software needs to use real-time stock market data and prices to make your trading at par with the market. The system should be such that it can incorporate these data easily either from the inbuilt system or other sources.
  • Backtesting: Algo Trading software is not only for placing orders or monitoring them but also used heavily for developing algorithmic trading strategies using pre-set criteria and data and information. Now, for different trades, you need different strategies usually to maximise the returns or minimise the losses. So, to make sure whether the trading strategy you are opting for a particular trade or instrument is full-proof or not, you need to use algo backtesting feature of the software. Using this software, you can make use of historical prices and check how your algo strategy would have performed in the past in a similar scenario.
  • Allowable Trading Strategies: Some of the Algo Trading software possess limitations on the number of trading strategies you can use. You need to make sure that the software you pick for algo trading doesn’t have such an upper cap or even if it does, the limit is high enough to have multiple trading strategies at work simultaneously. There are subscription plans as well for more trading strategies, you should check those plans and compare them with other software’s plans to make sure which will be more suitable for your trading needs and your pocket.
  • Sourcing Data: The algo trading platform, you pick to use for, must be compatible with the stock exchanges for sourcing market data. You can also source market data from third-party websites which complies with data from different stock exchanges together.

Here are the Top Five Algo Trading Softwares in India

1. Algobulls

If you are looking for an algo trading software that helps you with abundant AI-driven trading strategies which you can also modify to suit your personalised trading agenda, then Algobulls is the one you need to add to your system.

Best Features of Algobulls Trading Platform:

  • Multi-exchange trading facility – you can trade commodities, derivatives, forex along with equities.
  • Strategies that can help the high net worth investors as well as retail investors.
  • Modification features available for all trading strategies.

Pros of Algobulls Trading Platform:

  • More than five hundred algo trading strategies are pre-set and along with that over ten million customization and modification options.
  • Backtesting facility available for all the strategies.
  • Paper trading support.
  • More than 150 trading indicators.

Cons of Algobulls Trading Platform:

  • In the free plan, there are limited features, you can unlock more features with the premium plan.
  • Sometimes the data offered for trading and strategizing are not real-time data, some error or gap remains at times.

2. Tradetron

If you want to build new trading strategies for yourself or your clients but you do not know to code, don’t worry, Tradetron got you covered. With this algo trading software, even people with no knowledge of coding can build and automate algo trading strategies.

Features of Tradetron Trading Platform:

  • Multi-currency software.
  • Trade any asset from any exchange – currency, commodities, derivatives, and equities.
  • Customized alerts for trade execution.
  • Connectivity with another platform via API.

Pros of Tradetron Trading Platform:

  • Easy yet efficient features that suit beginners as well as pro traders or people creating strategies.
  • Share trading strategies with other traders, or modify the strategies of other traders to suit your needs.
  • Algo strategies are based on different market events and quant methods.

Cons of Tradetron Trading Platform:

  • The free version allows only one strategy at a time that too with certain limitations.
  • For all the features, you have to pay for the premium version as the free version doesn’t offer them.

3. uTrade

If you are looking for an algo trading platform that not only offers algorithms for trading but also risk management solutions, exchange solutions, and multi-asset trading then uTrade is your go-to.

Features of uTrade Trading Platform:

  • Multi-asset trading facility where you can trade across exchanges be it currency, or commodity or equities or derivatives.
  • You get a real-time market data broadcast facility.
  • Institutional sales trading OMS.

Pros of uTrade Trading Platform:

  • Suitable for retail traders as well as High net-worth investors.
  • You get direct access to the market using this algo trading software.
  • Multiple trading APIs to enhance your trading experience.
  • Trading Strategies are customizable.

Cons of uTrade Trading Platform:

  • Most of the features are accessible only with a subscription.
  • Not so suitable for beginners.

4. Refinitiv

Refinitiv is shaping the world of algo trading with its unique and innovative approach every day. This is one of the most demanded algo trading software across the globe for its exceptional performance and endless features.

Features of Refinitiv Trading Platform:

  • Ample trading strategies using spread, equities, forex, and derivatives.
  • Cost analysis.
  • Surveillance.
  • Alerts and notifications.

Pros of Refinitiv Trading Platform:

  • Offers the best workflow automation in the market.
  • Multi-exchange trading facility.
  • Post-trade tools for settlement, surveillance, and monitoring.
  • Easy and efficient user-interface.

Cons of Refinitiv Trading Platform:

  • Suitable for the professional traders.
  • A limited number of features available with the free plan.

5. Greeksoft

If you are looking for high-frequency algo trading software that has very low latency and exceptional features to up your trading experience, then Greeksoft can be the solution.

Features of Greeksoft Trading Platform:

  • Ample risk management tools for minimising the risk of your trade orders.
  • Multiple levels of algorithms to suit different trading requirements.
  • Entirely automated high-frequency order routing system which has exceptionally low latency level.

Pros of Greeksoft Trading Platform:

  • Multi-asset trading options covering basic equities to currencies, everything you want to trade using algorithms.
  • A wide number of trading strategies to help you minimise risk and maximise profits from your trades.
  • Exceptional user support.
  • Wide variety of customization options for all strategies, alerts, products symbols, and a lot more.

Cons of Greeksoft Trading Platform:

  • Not suitable for newbie traders.
  • Not all features and strategies are available with the free plan.

How Does NSE Encourage Algo Trading In India?

One of many reasons for Algo Trading becoming popular in India is the support it gets from the National Stock Exchange. While SEBI always keeps a strict eye on algo trading for benefiting the traders especially the retail traders and investors, NSE on the other hand give the required push for adapting algo trading for the benefit of the investors and traders. Here are certain ways in which NSE helps in encouraging algo trading in India –

  • Algo traders and vendors get ample data and information on historical prices of securities from NSE.
  • NSE also helps in researching algo trading tools and software to find out the best one for the traders and investors.
  • The organisation also checks which software has the best strategies and features that can be useful for the traders and vendors.
  • NSE along with other stock market regulators and educators help traders learn about algo trading and also publishes different research papers to help people gain knowledge about the same.

Benefits of Algo Trading For Intraday Traders

The rise of algo trading has been incredible and obvious due to its exemplary benefits which include –

  • Cost reduction for the intraday traders who do bulk trading. This is because, with algo trading software, there is no need for having multiple terminal staff as the trades can be automated.
  • Algo-trading software also helps in improving the liquidity of stocks and ensures no leakage of sensitive information which can affect the price of the stock. This helps in buying and selling shares at better prices.
  • Due to pre-set criteria in this algo trading software, they can react to market events and updates faster than a human intraday trader can do usually. This again helps in trading securities at better prices and making the most out of the market events and changes.
  • This software uses multiple metrics like VaR or hedging tools to reduce the risk of the trades all the time and the intraday trader need not stare at the screen all day for the same.

Frequently Asked Questions:

1. Which Algo Platform Is Best For Trading?

While all the five algo trading software are excellent, TradeTron can be considered one of the best amongst them as it offers a wide range of facilities.

2. Is Algo Trading Profitable in India?

Algo trading has been picking up rapidly in India and at present, out of all the trade orders at both the stock exchange – BSE and NSE, 50% of them are algo trades. This depicts that these trades are profitable enough.

3. How Does Algo Trading Software Work?

Algo Trading Software makes use of different pre-set programs and criteria which helps in triggering orders and other actions as per market movements.

4. Is Algo Trading free in India?

No, Algo trading is not entirely free. The charges depend on each of the software. While some of the software offer certain free features but most of them are offered when you buy the premium plans.

5. Is Algo Trading Legal in India?

Yes, Algo trading is legalised in India. It is controlled and monitored by SEBI and the stock exchanges.

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