List of Low Code/No Code Algorithmic Trading Platforms in India
A comprehensive article to get you started!
Hi There 😇, in this article, we will be covering the list of all available No-Code to Low-Code Algorithmic Trading platforms developed in and for India.
Why am I writing on this, considering I plan to educate Algo-Trading using Python?
Frankly, learning Python actually to start Algo-Trading has a steep learning curve. Until you get there, these No-Code Algo Trading platforms are a chance for you to actually backtest the strategy you have in mind and even do paper/live trading after connecting your broker.
These platforms are also an excellent opportunity to learn more about the terminology used when creating algos for trading, for example, slippage, backtest, brokerage, commission, drawdowns, etc.
Below is the list of platforms; I have tried to personally analyze them for you with some comments for better decision making. Frankly, the technology behind all of these platforms is amazing, and I envy the founders of each one of these. If you find any material errors in my comments, please do reach out to me to fix them. If I have missed any other No-Code/Low-Code platform based out of India, drop me a line, and I will analyze and add it (giving you full credit)
All the names in the below list have been hyperlinked to the original website; you can click on it to go there directly.
Disclaimer: I am not associated with any of the platforms below, and none have sponsored this post; this is just for informational purposes only.
Disclaimer: One of the readers of this blog Niftytrader has made some very valid points regarding compliance issues with the platforms in the comments below and I have got conflicting views in the industry on the legality of it. Hence, please use these platforms at your own discretion and consult a legal expert if required. TradeWithPython will not be liable for any damages or legal issues.
- TradeTron: TradeTron is an Algo Strategy Marketplace where portfolio managers can come and build their strategies and sell them to customers for a profit-sharing fee. Customers can also create their own strategies using their simple to use Strategy Builder. The platform also allows you to paper trade and has the ability to connect with the highest number of brokers in India. Below is the pricing for TradeTron. Below is the pricing for TradeTron.
- Kuants: AlgoLab is a Backtesting Platform by Kuants, and SMART is a marketplace where users can buy and sell their Algo strategies. AlgoLab is still under development phase and currently only supports individual stocks and Index Futures. Backtesting on Options is not yet supported, but as per the support team, it is underway. Here is the pricing for Kuants.
- RoboMatic 🤖: This product is by TradeLab Technologies and support backtesting on up to 5 years of data for all categories like options, stocks, futures, etc. The pricing for RoboMatic is as per below.
- Streak: One of the first backtesting platforms in India, Streak is backed by Rainmatter which is a Fintech incubator from Zerodha. This is one of the most famous platforms out there and supports paper trading; it also integrates multiple brokers and has scanners that you can create without coding. A scanner can be as simple as notifying you when the 20 SMA cross LTP for a list of stocks you wanted to scan. Here is the Pricing by Streak on a Zerodha account.
- AlgoCrab: This platform allows you to deploy selected strategies by connected your broker account, they do support multiple brokers, and each of their existing strategies is customizable. They also support external charting platforms like TradingView, MT4, NinjaTrader to do Algo Trading. All their strategies vary in price.
- AlgoBulls: This platform also serves as a strategy marketplace and segregates strategies based on your status, i.e., Retail Investor, HNI, Ultra HNI, etc. They also allow you to develop strategies and backtest for free. They also have a developer API with a Python wrapper which can be used to develop your own strategies and put them on Marketplace. Here is the pricing for AlgoBulls.
- Keev: Keev is one of the newest platforms in India in the Algo-Trading space, they are in the Beta phase at the moment. What I really like about this platform is that they allow you to visualize your strategy while building it (see screenshot below), and they have a fast backtesting framework; you can also run multiple iterations with different conditions of your strategy in one click (like stop-loss, rebalancing, profit%) to see when it performs best. They currently only support Zerodha and Angel Broking for live trading, and they do not have Options backtesting at the moment.
- Quantman: Quantman is also a new-entrant in the backtesting and live-trading space. They are also in their Beta-phase at the moment and one thing which I really like about them is that they offer backtesting on Options-based strategies as well, which very few platforms in this space do. Their integration with brokers for live trading is still under construction. Do checkout their free beta trial and give them any feedback you might have.
- Algoji: This platform is also quite famous, but unlike others, it does not allow you to create your own strategies. Instead, AlgoJi provides the fastest APIBridge, which can connect with multiple brokers for the fastest order execution time (50ms latency), which is very, very good; you can also connect this bridge with existing trading software like Amibroker, MT4. It also has a product, VPS4Trading, where they help you host your strategies on a Virtual Server. Their product MyCoder allows anyone with a strategy to come and talk to their developers, who will charge between Rs 10,000/- to Rs 50,000/- depending on complexity.
- AlgoMojo: This platform also comes under the category of Low-Code as they provide an API Bridge which takes care of your order execution with multiple brokers in a single API at fast speeds. They support 10 brokers and support external software like MetaTrader, AmiBroker, TradingView, etc. If you open a brokerage account via them, they provide you a Free AlgoMojo account. Here is their pricing.
- AlgoBaba: AlgoBaba also provides an API Bridge which connects with multiple brokers for fast order execution and risk management. They also have an Expert Coder service where you can book a call with their coders who can build your strategies for a fee and integrate that Algo in any of the external software/charting tools you use. They also provide a VPS to host your algorithm.
Update: After posting this article, AlgoBaba reached out to me on Twitter to say the below, I think having 100% Trade Signal Security is phenomenal. By IAB, they mean Intelligent API Bridge.
Phew! 😓 This was a time-consuming piece to research all the platforms. But hopefully, it helps you decide which no-code/low-code platform to use in your algo-trading journey.
As again, I would be more than happy to listen to you on some feedback and any ideas on future articles/content; I thank you for being a reader of TradeWithPython.
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Except of a few mentioned above, rest are in complete violation of SEBI guidelines, and you not putting a disclaimer mentioning that, which is quite irresponsible. Eg: tradetron is allowing people to sell strategies and autotrade, both of which violation of SEBI guidelines under various circulars. Another example would be kuants or anyone offering paid market place or autotrade situation. Also most of these ask clients to put their broker API keys which are meant for personal use in a commercial service, which is violation of brokers terms of service and exposes clients to huge security risks. Please be more responsible in your writing, especially when novice don't know the guidelines and although you have done a ton of research, you have not gone done enough. Only few you have listed truly follow the the compliance and have actually partnered with brokers to provide their service, rather than just adding support via public APIs meant of personal use only.
Yash Roongta I don't think the popularity of some things makes something legal(case in point all the scams before the regulators actually looked into it, eg Sahara scam, 1992 scam). Let me explain to you the pipeline, Sebi puts the responsibility of algo trading and individual algo approvals in the hands of the exchange, and once approved by exchange then the brokers can facilitate it "Officially".
Now the brokers simply expose their api's for clients in hopes of more order flow and for enabling use with third party trading terminals(as nothing in Sebi guidelines say they cannot open api's as long as they have rate limits and other protections), so in their mind, they have not violated any guidelines(which in a sense is true).
"I do not want to base my facts behind what forums are saying and take the Upstox T&C example; automated trading is not permitted without any manual intervention; speaking to a couple of people in the industry, this manual intervention is meant to be logging in" -> The definition of ALGO/Auto trading by Sebi is 'Any order that is generated using automated execution logic shall be known as algorithmic trading.', now this speaks about each ORDER, which is generated based on some logic. The Uptsox folks wanting to comply with guidelines have put the line in their terms " APIs are not meant for fully automating trades, and if you wish to do fully automated trading, seak approvals from exchange", so in every reasonable interpretation of the guidelines, each order needs manual intervention, else why the need for approval from the exchange. I am not sure who you are consulting with & if they any vested interest/bias in providing distorted and misrepresented, reasoning to simple and clear statements. I think you should reach out directly to the actual compliance teams or some top-level execs of top brokers(not the shady ones), and they will probably give more clarity. I also have heard people in the industry say it is a grey area, but that is far from the truth, as the wordings and the principal expectation by sebi cannot be any clear, that SEBI wants exchanges to approve each algo, only then a broker should be allowing these algo's to fire automated orders, which is not being done at all, hence clear non-compliance.
"Given how famous these platforms are in the Algo-Trading domain in India, it feels unreal how they can operate without their broker objecting if they are really violating guidelines." -> None of the platforms providing auto trading are truly integrated(via a business agreement,etc), which is why they rely on clients to put their api's keys manually. What is happening here is the broker now has the plausible deniability of the situation of how their api's are used by the clients, when questioned by the exchange and sebi, and are not liable to the client for anything data breaches/etc via api as their terms made it clear, and they(brokers) get the upside of the order flow, which is why they are okay and looking the other side.