QuantConnect Review 2023

Jeremy Biberdorf By: Jeremy Biberdorf Apr 24, 2023
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4.3 rating based on 5 ratings

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In a nutshell: QuantConnect is a leading algorithmic trading platform that provides traders with a unified API for research, backtesting, and live trading. With a community of over 220,000 members, 500,000+ backtests per month, $2 billion in volume per month, and +7% returns over the market, QuantConnect may be a platform worth checking out.

QuantConnect may be award-winning and fast-growing, but is it the right quant analytics platform for you? Keep reading for our comprehensive QuantConnect review so you can see how it aligns with your trading needs and preferences.

Free | $0 per user/monthResearcher | $8 per user/monthTeam | $20 per user/month
Trading Firm | $40 per user/monthInstitution | $80 per user/monthPrice per month when billed annually
Pros & Cons
  • Comprehensive platform for research and trading
  • Customizable cloud-based tools
  • Simplified backtesting
  • An open-source algorithmic trading engine
  • Live trading (integrations with many brokers)
  • Large community
  • A fairly steep learning curve for beginners
  • Documentation could be more thorough and better organized

QuantConnect Review 2023 | Is QuantConnect Right for Me?

QuantConnect is an algorithmic and browser-based platform that enables users to create, test, and execute their own trading strategies.

QuantConnect has a fairly steep learning curve for beginners, but for people who aren’t afraid of a challenge or who are already experienced, then it can be a great platform for developing and deploying custom trading strategies. It has many great tools, including backtesting and financial data to help users make informed decisions.

Whether QuantConnect is right for you, however, will depend on your unique trading goals and preferences. Keep reading to learn more, including how it works and what its top features are.
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How Does QuantConnect Work?

QuantConnect runs on an open-source algorithmic trading engine called LEAN. It was developed by over 150 engineers to create an advanced and lightning-fast platform for traders to allow them to compete with the tools available to the top financial institutions around the globe.

LEAN can be run in the cloud or on-premise, and since it’s open-source there’s a lot of freedom for users to modify it as needed. Users can code locally in their preferred development environment, then sync their projects to the cloud to work with QuantConnect’s IDE wherever they may find themselves.

To get a better idea of how QuantConnect works, let’s take a look at some of its top features.

QuantConnect Features

Here are a handful of QuantConnect’s many innovative features:

  • Leading backtesting – QuantConnect provides users with terabytes of free financial data that can be used for accurate backtesting of strategies. Plus, these tests can be run with minimal (or no) code changes. Custom data can also be imported to model existing trading portfolios and avoid the look-ahead bias.
  • Multi-asset support – Users with QuantConnect can enjoy the privilege of trading many assets, including equities, forex, futures, CFDs, and crypto.
  • Broker integrations – QuantConnect supports many broker integrations, including with leading platforms like InteractiveBrokers and TD Ameritrade, as well as many crypto exchanges (including Coinbase and Binance).
  • Cloud-based – Users can easily take their work on the go thanks to QuantConnect’s cloud-based research. Code can be synced up from any given development environment to QuantConnect’s cloud.
  • Parameter optimization – QuantConnect offers parameter sensitivity testing that gives users the ability to run hundreds or even thousands of backtests via their scalable cloud platform. It’s easy to see your strategy’s parameter sensitivity with their visualization options.
  • Live trading – QuantConnect has hosted more than 250,000 live strategies over the past decade or so, and their platform processes more than $1 billion on notional volume each month. It’s simple to execute trades directly through one of the many integrations (as mentioned above).

QuantConnect Pricing & Plans

QuantConnect does offer a free plan, and it includes unlimited backtesting, data for various assets, and community support.

QuantConnect also offers four paid plans. When billed annually, they range from $8 per user per month up to $80 per user per month:

  • Researcher | $8 per user/month
  • Team | $20 per user/month
  • Trading Firm | $40 per user/month
  • Institution | $80 per user/month

The Team and Trading Firm plans require at least 2 users, whereas the Institution plan starts at 5 users.

Is QuantConnect Worth It?

Is QuantConnect worth it? Well, that depends. Traders who are brand-new to programming and trading may struggle with the learning curve. For highly motivated individuals or people with programming experience, QuantConnect can be a great platform for research, analysis, and trading.

For those who take the time to surmount the learning curve, they will have access to a robust platform that can automate many tasks and provide cutting-edge data analysis. This makes it likely worth it in the long run for people who learn the platform.

To check out QuantConnect for yourself, click here to see how it aligns with what you’re looking for in a quant analysis platform.

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Jeremy Biberdorf

About the Author:

Jeremy Biberdorf is the founder of Modest Money. After working many years in the website marketing industry, he decided to take on blogging full time and also get his finances headed in the right direction. Also check out his contributions to Equities.com and Benzinga.