Best Automated Trading Software 2024

Jeremy Biberdorf Image
Updated
Jun 23, 2024
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Quick Breakdown

Best Automated Trading Platforms


  • Best for actionable trading ideas and insights.

  • Best for advanced charts and technical indicators.

  • Best for collaborative social investing experiences.

  • Best for diversified investing options, including ETF trades and individual stocks.

  • Best overall, and known for real-time market conditions insights.

  • Best for a wide range of trading strategies.

  • Best for optimizing trading strategies using market trends.
In today's digitally-driven financial market, automated trading software is transforming the landscape of active investing. As stock trading evolves, both beginner investors and experienced traders alike are constantly on the lookout for the best tools to enhance their trading decisions.

This article dives deep into seven of the top automated trading platforms, providing a comprehensive overview of their benefits, the technology behind them, and the companies powering these innovations.

The Best Automated Trading Software in 2024

Trade Ideas

4.5 stars
Fees $84/month - $167/month
Best For Range of Trading insights
Benefits
Overview
Company
  • Real-time market scans
  • Trade Ideas Premium offers advanced features
  • Daily trading idea broadcasts
  • Powerful feature set for active traders
  • Automated Investing with Brokerage Plus
  • Customizable alerts system
  • Enhanced educational resources for all levels
  • Promo: Coupon Code MODEST25 for 25% off
Trade Ideas has carved a niche for itself in the world of automated trading platforms. Renowned for its real-time market scanning, it diligently tracks the stock market, pinpointing potential trading opportunities.

This capability is further amplified by the Trade Ideas Premium service, tailored for seasoned traders with features like advanced charting and custom time intervals. The platform's daily broadcasts are insightful, catering to both novices and experts alike.

One of its standout offerings is the Automated Investing with Brokerage Plus tool, facilitating effortless algorithmic trading for its users. With a host of pre-set scans, it's primed to identify lucrative trading possibilities.

Its adaptability allows traders to mold it to their preferences. Integrating artificial intelligence, Trade Ideas also boasts the "Holly Grail" robo-advisor engine, capable of assessing countless trading scenarios.

For those seeking a consistent stream of trading ideas throughout the day, Trade Ideas proves invaluable. The platform brims with inbuilt scans, detecting distinct trading chances as they happen.

Plus, it offers the flexibility to craft unique scanning tactics without the need for any coding know-how. Alongside its formidable scanning prowess and adaptability to diverse trading methods, Trade Ideas is also resourceful in providing comprehensive guides on leveraging its platform to the fullest.

Since its inception in 2002 by founders Dan Mirkin, David Aferiat, and Philip Smolen, Trade Ideas has undergone a significant evolution. Initially launched as a straightforward market scanner, it has matured into a comprehensive idea generation platform. Serving a vast user base of over 50,000 traders across 19 countries, the platform predominantly targets the US and Canadian stock markets.

As the platform grew, it began incorporating cutting-edge technologies, utilizing artificial intelligence to discern effective trading strategies and craft ideas optimized for predictive outcomes. Alongside these features, Trade Ideas introduced a real-time chatroom, fostering a vibrant community of engaged traders, moderated and supported by experts.

Dan Mirkin, one of the co-founders, not only plays a pivotal role in the platform's direction but is also a passionate day trader. He maintains an active presence on Twitter, sharing his trading perspectives, showcasing his deep understanding of what traders truly seek in a fast-paced market.

TrendSpider

4.5 stars
Fees $39/month - $119/month
Best For Technical Analysis
Benefits
Overview
Company
  • Automated technical analysis
  • Custom indicators for unique strategies
  • Multitime frame analysis
  • Dynamic price alerts for trading day insights
  • User-friendly interface for all skill levels
  • Real-time data for multiple assets
  • Advanced charts with automated trendline detection
  • Promo: Coupon Code MM30 for 30% off
TrendSpider stands as an innovative platform tailored for traders, particularly those who rely heavily on technical analysis. By streamlining and automating the laborious task of chart analysis, it identifies potential trading opportunities in real-time.

One of its distinctive tools is the multi-timeframe analysis, allowing traders to juxtapose various timeframes, thereby facilitating decisions rooted in both immediate and long-term market shifts.

Among its arsenal of features, the dynamic price alerts stand out. These alerts adjust automatically to real-time market fluctuations, ensuring users remain updated on the fluid stock market scenarios.

The platform also boasts an automated trendline detection, a valuable feature that seamlessly pinpoints critical support and resistance levels, indispensable for active traders. TrendSpider, powered by machine learning, excels in identifying price trends and chart patterns with unparalleled accuracy, setting it apart from other technical analysis solutions.

Its adept scanning capability evaluates chart patterns through a blend of traditional and proprietary indicators. These can be visualized at the same time, thanks to its multi-chart viewing layouts.

While TrendSpider caters to any type of trading styles, its primary focus is on day traders, swing traders, and general investors, offering them an intelligent and efficient chart analysis tool in their trading journey.

Established in 2016 by Ruslan Lagutin and Dan Ushman, TrendSpider has grown to have a global footprint, boasting offices in the U.S., Russia, Ukraine, and India. Ushman, notably recognized for founding SingleHop (which was later acquired by Internap), co-designed the platform with a clear intention: creating a tool by traders for traders.

This trader-centric approach is evident in the platform's advanced features. Users can efficiently navigate through chart data, whether they prefer single charts or the platform's multi-view functionality. Incorporating machine learning algorithms, traders are empowered with fully adaptable automated technical analysis, further enhancing their trading strategies.

Recognizing the complexities that might arise, TrendSpider also provides an array of educational resources. These range from in-depth blog articles to instructional video sessions, ensuring users have the support they need. Testament to its influence and reliability, TrendSpider's charts and analyses have been featured by renowned financial media outlets, including Nasdaq, CNBC, TheStreet, Cheddar News, and more.

TradingView

4.5 stars
Fees Freemium
Best For Social Investing
Benefits
Overview
Company
  • Comprehensive charting tools
  • TradingView Pro offers enhanced features
  • Community-driven platform for shared insights
  • Wide broker integrations
  • Real-time global market data
  • Intuitive mobile platforms for on-the-go trading
  • Cryptocurrency trading insights including Bitcoin, Ethereum
TradingView has emerged as a powerful and affordable charting platform catering to a vast user base. With over 30 million traders relying on it, both novices and seasoned professionals can leverage its cloud-charting and social networking capabilities for informed stock decisions. It stands out due to its unique blend of extensive trading tools, real-time data analysis, and an expansive community of traders offering diverse insights.

It extends its functionalities through browser-based applications, mobile apps for both iOS and Android, and dedicated desktop software.

Some of its notable features include paper trading, fundamental data access, and direct connections to brokers. In essence, for anyone seeking a combination of advanced charting tools with the advantage of community insights, TradingView offers an ideal solution.

Initially focused on stocks and ETFs, TradingView has expanded its range to encompass cryptocurrencies. The platform also offers insights into financial derivatives, including futures and CFDs. For individuals eager to diversify their investment approach, TradingView delivers crucial insights into the ever-evolving cryptocurrency market, emphasizing assets such as Bitcoin and Ethereum.

Founded in 2011 by Stan Bokov, Denis Globa, and Constantin Ivanov, TradingView has cemented its reputation as a premium charting suite. With its roots connected to the creators of MultiCharts, TradingView delivers a comprehensive charting experience. Its platform's flexibility extends beyond desktops to mobile devices, ensuring traders have access anywhere, anytime.

The company has strategically positioned its headquarters in New York for the U.S. and London for Europe. As it has evolved, TradingView has consistently emphasized the value of community. It's not just about offering advanced tools; it's about fostering dialogue, sharing strategies, and collectively innovating.

This dedication to cultivating a collaborative spirit within the trading realm has drawn a vast, dedicated global community. It's a shining example of how blending technology with collective wisdom can revolutionize the world of trading.

SoFi Invest

4.5 stars
Fees $0
Best For Diverse Investing
Benefits
Overview
Company
  • Commission-free trading of individual stocks
  • SoFi Automated Investing for hands-off investors
  • Broad range of investment options including ETF trades
  • Access to financial planners and advisors
  • Cryptocurrency trading options including Bitcoin, Ethereum
  • Mobile platforms for trading on the move
  • Educational resources for beginner investors
SoFi Invest is a multifaceted platform tailored to meet the diverse needs of investors, ranging from seasoned active traders to those gravitating towards a more passive approach. The platform offers the advantage of commission-free trading on individual stocks, allowing traders to reap the full benefits of their investments without the burden of hidden charges.

For those inclined to a more automated approach, SoFi's Automated Investing crafts portfolios in alignment with individual financial aspirations, providing a broad spectrum of investment choices from ETFs to cryptocurrencies.

One of SoFi's distinctive features is its emphasis on user support and education. It extends access to financial planners and advisors, ensuring users receive tailored guidance. Coupled with its rich educational content, even those new to investing can confidently navigate the trading landscape. The platform's design is especially beneficial for those who hold other SoFi accounts, facilitating seamless fund transfers between SoFi checking, savings, and investment accounts.

It's worth noting that while it covers stocks, ETFs, IPOs, and cryptocurrencies, it might not cater to those exploring investments beyond these categories. Yet, for beginners or those venturing into the investment domain, SoFi stands as a reliable partner, even offering complimentary consultations with Certified Financial Planners (CFPs) for any questions that may arise.

Originating in 2011, SoFi, an abbreviation for Social Finance Inc., was the brainchild of four Stanford Graduate School of Business students: Mike Cagney, Dan Macklin, James Finnigan, and Ian Brady. Their ambition was to create an alternative financial platform, primarily aimed at presenting cost-effective solutions for students grappling with education-related debts. Since its inception, SoFi has witnessed remarkable growth.

What started as a platform concentrated on personal loans has evolved into a comprehensive financial powerhouse, catering to diverse investment needs. Underpinning this evolution is SoFi's philosophy of personalizing finance.

Recognizing the distinct financial landscape each individual navigates, SoFi emphasizes creating strategies that resonate with individual needs. Their investment arm, SoFi Invest, embodies this ethos, standing as a testament to the company's dedication to making advanced financial tools universally accessible.

StreetBeat

5 stars
Fees $12.99/month or $120/year
Best For Real-time insights
Benefits
Overview
Company
  • Real-time insights
  • User-friendly interface
  • Advanced charts
  • Supports multiple brokers
  • Suitable for all traders
  • Comprehensive educational resources
StreetBeat offers a robust desktop platform tailored for both novice and advanced traders. Its real-time insights make it a preferred choice for those keen on staying updated with market conditions. The platform boasts of a vast array of technical indicators, assisting traders in making informed decisions.

Furthermore, its user-friendly interface combined with a rich set of educational resources ensures that even beginner investors can navigate the intricacies of the stock market with ease.

Founded by a group of professional traders, StreetBeat's core philosophy is to provide traders with tools that bridge the informational gap in the financial market. The company has quickly risen to prominence due to its commitment to innovation and understanding the evolving needs of modern traders.

TradersPost

4.7 stars
Fees Freemium
Best For Range of strategies
Benefits
Overview
Company
  • Wide strategy range
  • Simulated trading options
  • Supports active traders
  • Commission-free trading
  • Active investing tools
  • Algorithmic trading platforms
  • Comprehensive stock trading apps
TradersPost is a trading platform designed for a wide range of strategies. One of its standout features is simulated trading, allowing users to practice without using real funds. The platform, available on both desktop and mobile, ensures smooth and efficient trading experiences, especially with its commitment to commission-free trading.

Its main purpose is to facilitate precision in trading. TradersPost enables easy automation of trading strategies, letting users link their strategies to prominent brokers like TD Ameritrade, TradeStation, Robinhood, and Alpaca. This is beneficial for both strategy creators and traders who wish to implement strategies without the hassle of coding.

The platform is user-friendly, making strategy customization simple. For those who might have questions, there's a dedicated customer service team ready to help. Unique to TradersPost is the fact that no coding skills are needed to connect strategies to brokers. Other tools include paper trading for strategy testing, webhooks for signal updates, and a unified interface for managing trading activities.

Furthermore, TradersPost has an active online community, extending to platforms like Discord, TikTok, Reddit, YouTube, Twitter, and Facebook. This community offers valuable resources, such as tutorials and trading strategies, making TradersPost a comprehensive solution for traders.

In January 2021, Jonathan H. Wage, a seasoned technologist with a deep passion for trading, launched TradersPost. His primary goal was to democratize automated trading, ensuring it was within reach for everyone. As it grew, TradersPost didn't just set out to be another online trading platform. Instead, it aimed to transform the digital trading landscape.

This commitment, paired with an unwavering dedication to user experience and innovative solutions, has won TradersPost a diverse following. Today, its user base comprises both casual investors and seasoned trading professionals, reflecting the platform's wide appeal and reliability.

Zen Trading Strategies

4.5 stars
Fees Varies
Best For Strategy Optimization
Benefits
Overview
Company
  • Comprehensive marketing insights for traders
  • Unique blend of trading and marketing strategies
  • Tools tailored for both passive and active investors
  • Real-time analysis of market trends
  • Effective platform for long-term investors
  • Integration with popular online brokerages
  • Financial goals tracking for personalized strategies
Zen Trading Strategies stands apart, merging the worlds of trading and marketing to provide traders with unparalleled insights. While trading platforms predominantly offer tools and charts, Zen delves into the psyche of the market, understanding the role marketing plays in influencing stock prices.

Their real-time analysis of market trends backed by marketing metrics allows traders to make more informed decisions. With tools tailored for both passive and active investors, users can devise strategies that best fit their financial goals and investment horizon.

And their commitment to fostering a balanced approach to trading has garnered attention, especially among long-term investors looking for a mix of traditional trading techniques and marketing acumen.

Zen Trading Strategies was founded on the idea that the stock market isn't just numbers and charts – it's influenced heavily by perceptions, marketing strategies, and branding. Their team, a blend of trading experts and marketing gurus, brings forth a unique perspective, ensuring traders get a 360-degree view of the financial market.

Frequently Asked Questions

What is automated trading software?

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Automated trading software, also known as algorithmic trading platforms, allows investors to establish specific rules for trade entries and exits, which, once programmed, can be automatically executed via a computer. These platforms are particularly beneficial for traders looking to execute trades at high speeds and can be tailored based on individual trading strategies.

How does automated trading differ from active investing?

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While automated trading involves setting pre-defined trading strategies that run automatically, active investing involves manual intervention where individual investment decisions are made based on market analysis. Automated trading reduces the emotional aspect and potential human errors, whereas active investing relies heavily on the trader's judgment and expertise.

Is automated trading suitable for beginners?

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Yes, many automated trading softwares cater to beginner investors by offering user-friendly interfaces, educational resources, and simulated trading features. Beginners can leverage these platforms to learn the ropes of the stock market, practice trading strategies, and gradually transition to real-time trading.

How do I choose the best automated trading platform for my needs?

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When selecting an automated trading platform, consider factors like the cost, features offered, ease of use, broker integrations, and the platform's reputation. Ensure that the platform aligns with your trading style, whether you're a passive investor, active trader, or somewhere in between.

Can I integrate my online brokerage account with these platforms?

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Most automated trading softwares offer integrations with popular online brokerages. However, the extent and ease of these integrations may vary. It's crucial to check the compatibility of your chosen platform with your online broker before committing.

What is the advantage of using technical indicators in automated trading?

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Technical indicators are crucial tools that analyze and predict market conditions and trends. In automated trading, these indicators help in creating precise trading strategies. By employing technical indicators, the software can make informed decisions on price movement, trading volume, and other essential factors, making trading more systematic and less reliant on intuition.

How does commission-free trading impact my profits?

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Commission-free trading means that you won't be charged any trading commissions or fees per trade. This can lead to significant savings, especially for active traders who make numerous trades daily. Over time, these savings can compound, leading to higher overall profits and better returns on your investments.

How do simulated trading features benefit new traders?

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Simulated trading allows new traders to practice their trading strategies in a risk-free environment. This feature helps beginner investors understand the mechanics of the stock market, make informed decisions, and build confidence without the fear of actual financial loss. It's an excellent way for traders to test and refine their trading ideas before venturing into real-time trading.

What are the risks associated with automated trading?

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While automated trading can reduce the emotional aspect of trading and potential human errors, it's not without risks. Some concerns include software malfunctions, connectivity issues, and unexpected market anomalies that the software might not be programmed to handle. It's essential always to monitor and periodically review automated strategies to ensure optimal performance.

How frequently should I review and adjust my automated trading strategies?

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The financial market is dynamic, with ever-changing market trends and conditions. Therefore, it's recommended to review and adjust your trading strategies regularly, especially after significant market events or if there are consistent anomalies in your expected trading outcomes. Continuous assessment ensures that your strategies remain relevant and effective.

Does the time horizon of my investments impact which automated platform I should choose?

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Yes, your investment time horizon plays a crucial role in determining the suitable platform. Some platforms are designed for short-term, intraday trading, while others cater to long-term investors focusing on portfolio management and dividend reinvestment. Always ensure the platform aligns with your investment goals and time frames.

Are automated trading platforms secure for my financial data?

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Reputed automated trading platforms prioritize users' security, employing advanced encryption protocols to protect financial and personal data. However, as with all online platforms, there's always some risk. It's crucial to choose platforms with a proven track record of security and regularly update your passwords and enable two-factor authentication when possible.

Can automated trading platforms handle cryptocurrency trading?

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Many modern automated trading platforms have adapted to the rising popularity of cryptocurrency trading. These platforms provide tools specific to the cryptocurrency market, such as real-time price alerts for Bitcoin, Ethereum, and other popular cryptocurrencies. Ensure the platform you choose supports the specific cryptocurrencies you're interested in trading.

How do management fees impact my returns on automated platforms?

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While some platforms boast commission-free trading, they might charge management fees for portfolio management or other premium services. These fees can eat into your returns over time. It's vital to be aware of all costs associated with your chosen platform and factor them into your investment strategies.

Is mobile trading as efficient as desktop trading?

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Mobile platforms offered by online brokerages and trading software have made significant strides in recent years. These mobile platforms often mirror their desktop counterparts in terms of features and capabilities. For traders on the move, mobile trading can be incredibly efficient. However, for detailed analysis and strategy planning, the desktop version might offer a more comprehensive view.
Jeremy Biberdorf

About the Author:

Jeremy Biberdorf is the founder of Modest Money. He’s a father of 2 beautiful girls, a dog owner, a long-time online entrepreneur and an investing enthusiast.