Best Automated Trading Software in 2024
Want to jump straight to the answer? The best Automated Trading Softwares are Zen Trading Strategies and Coinrule.
The #1 Forex Trading Course is Asia Forex Mentor
Do you know that the forex market is worth 2.5 times the world’s overall GDP? Yes, it is more than the GDP of 190 countries combined. According to a report published in 2019, the forex market was worth $1.93 quadrillion and is expected to cross the 2.5 quadrillion mark before the end of 2024. Currently, the forex financial markets have more than 100 million active users, who trade approximately $5.93 billion worth of deals every day. The statistics depict that forex trading is a fantastic opportunity for you to enjoy your share of the online profits, but it isn’t always simple.
A recent survey showed that about 66% of the investors in the forex market made a net loss at the end of the year; it can be rephrased as ‘only 1 out of three forex investors would succeed in forex trading.’ The survey might have depressing results for you, but there is a new perspective to these results. The fate of any digital asset trader is based on their decision-making; it is a risky market, where the right decision at the wrong time will hinder your profitability. As their hard-earned investment is at stake, a loss in the trade directly impacts investors’ confidence, who end up making abrupt decisions that deepen their loss.
Emotions drive the digital asset market; you can never determine the perfect time for making a trade. The quality of the decisions can only be understood by the results. If you have been trading in the forex or crypto market for some time, you will know that regretful deals aren’t rare, and greed for making more can be more harmful than helpful.
To prevent traders from making emotional decisions, various brokerages have announced automated trading platforms for their users. The trading software contains multiple functions that can be used to make timely deals when certain conditions are achieved. For instance, automation of selling at a 5% rise on the trade value would mean that the trade will be executed as soon as the surge is achieved. It helps the trader from losing out on good deals and follow the right trading strategies.
Although automated trading systems are of great help to investors, not all of them are equally effective. Users have complained that self-acclaimed ‘best-automated trading platforms’ has been a significant reason behind their losses. High delay times, irregular lags, and malfunctioning systems prevent a smooth trading experience that hinders profitability. We don’t want you to select the wrong trading platform; hence, in this blog, we will cater to all you need. We shall talk about the best-automated trading software and how an automated trading platform is different from the others. Let’s go!
Best Automated Trading Software
#1. Zen Trading Strategies
Making the right deals in online trading is a challenging task, but Zen Trading Strategies claims to have found the solution to bring results. The company claims to have more than 8 back-tested indicators that can help you analyze the future of the online markets and make the most profitable deals. The company started its operation in 2020 and has helped more than 400 traders in making the best deals. In addition, the website suggests that Zen Trading Strategies provide 5+ winning strategies to its users that bring profitable targets.
The company aims at providing 100% hands-off trading by automating the entire trading process. The application offers diverse indicators that simplify trading deals and provide an easy trading atmosphere for young traders. Despite its concentration on automation, Zen Trading Strategies focus on keeping their automated trading system customizable for various users. The interface is designed in seamless manners that provide clear and concise alerts for entry and exit from the market. The trading platform also contains profit and stop-loss functions that traders can use to prevent emotional trades.
A notable feature of the trading platform is its trading view back-test; the components allow the trader to determine the effect of their trading strategies on their profitability. It concisely describes how each automated function worked and whether the deal ended in profit or loss. Additionally, Zen Trading Strategies offers its users to enter a community where newbies get the chance to interact with experienced traders and understand their mental strategies for success in the market.
#2. Coinrule
Coinrule is a popular trading platform amongst newer investors, and its automated trading strategies are a major reason behind its success. The company aims at providing a code-free automation system for its users so that they can compete against experienced users. The trading platform works on automated rule settings that prevent users from getting caught in a dip or losing out on profitable deals. Furthermore, the indicators are analyzed by keen back-testing on past data to investigate their effect on future trades.
Coinrule offers its users to select from 5 different trading philosophies with unique trading rules. The website allows the viewers to determine the worth of their investment based on the past performance of the strategies. You can select your investment amount, trading strategy, and the period; the application will explain how a similar investment would have fared in the past.
Alongside the fixed strategies, experienced traders can also create their preferred trading rules to make better deals. Coinrule offers more than 150+ rules for your forex trades that can be employed in varying proportions for the best result.
The trading software offers its services for $30 per month; it allows the trader to access 40 different rule templates or create 7 rules on their own. It also allows the investor to access advanced tools and indicators. Nevertheless, a free version is also available for new traders; it comes with two custom rule options and two strategy templates.
The pricing goes as high as $449 per month for professional traders. The high-end package includes 50 live and demo rules with access to unlimited trading strategies.
#3. Pionex
Pionex is a one-stop solution for all traders that wish to play in a risk-free market with little to no manual trading. The company has earned international investments from popular financial institutions such as Gaorang capital. It is also licensed by FinCEN, which makes it a reliable spot for your investment. Although Pionex has crypto trading as its leading expertise, the range of trading strategies for the forex market isn’t any less.
The company is famous for its Grid trading bot; it is a unique feature that allows traders to stop worrying about buying on a low and selling on a high. Once set up, the bot will purchase an asset or currency as soon as it goes under the threshold and sell it as it hits a high. Hence, the trader can enjoy profits without taking part in direct decision-making. The range of buy and sell signals is based on historical data, and the investor can vary it based on their risk appetite.
Another notable integration to the Pionex trading platform is the Arbitrage bot; the application invests in the future market on an interest-based system. The interest is rewarded every 8 hours, and a trader can set up the Arbitrage bot for as low as $50. Pionex has more than 16 bots integrated into its trading platform, each of which aims at automating the trading process in its way. The use of Pionex allows the traders to enjoy high profitability by setting automated strategies provided by the platform.
#4. Interactive Brokers
Interactive brokers are among the most popular US brokerages. It has always been a pioneer in introducing newer technology in digital trading markets. The company was founded in 1978 in New York and has now expanded in more than 140 cities around the world. Currently, its headquarter is situated in Greenwich, United States. It has the most extensive US trading platforms in terms of average revenue traded and serves more than 1 million active users regularly.
Interactive brokers have more than three trading platforms that vary depending on the user’s account type. Currently, the two leading platforms for experienced traders- IBKR pro and TWS station- contain automation features.
The former trading platform allows users to employ profit and loss stop functions on their trades. The latest upgrades also provide an option to draft newer trading rules based on historical data. However, early users have highlighted that a lack of back-testing means that the automation isn’t actually helpful in real-time.
Nonetheless, TWS station is a more advanced trading platform that not only allows the users to automate their trades but also lets traders copy and apply trade plans from third-party applications. In addition, the trading platform contains a wide range of technical tools and indicators that help traders in market analysis and profitability.
The trading software also allows the user to stage orders for later sales; an investor can select a batch of trading assets and prepare a trade rule for them. Once the condition is achieved, the trade would be made.
#5. MetaTrader 4
If we talk about the most popular online trading platform, it has to be Meta trader 4. Since its launch, the trading platform has amassed a massive audience, and various brokerages have integrated the platform into their offerings. The software includes a mobile trading app, a wide range of technical indicators, and automated trading.
Algorithmic trading has been a highlighted feature of the MetaTrader 4; the trading software allows the users to automate their trading by letting an expert trade on their behalf. Expert traders use back-testing of indicators based on historical data to determine their efficacy in trading strategies. Usually, Metatrader 4 has been commended for its technical indicators that help investors employ the right set of trading rules to generate the best profitability.
The software works on a sophisticated step-by-step procedure where the trading strategies are analyzed using the MQL4. The investor’s trading rules are passed through the plan tested in MQL4, where they are optimized for best results. The trading robots play an important part in the final set of conditions. Recently, Metatrader marketplace has developed an upgrade, namely Metatrader 5.
#6. Botsfolio
Botsfolio has been a common choice for most investors; the brokerage’s low price for crypto trades has lured various investors to the platform. Nevertheless, Botsfolio’s low rates aren’t its only standout feature. The trading platform hosts powerful trading bots that allow the traders to relax while the trading algorithms bring the best results. The company aims at providing a solution for newbie investors.
Botsfolio highlights that an investor won’t require prior knowledge about the market before investing in the company. Instead, the investors only have to identify their trading strategy while the trading bots deploy the trades. The simplicity allows new investors to minimize the risk of losses and make the most of their investment.
A notable feature of the trading platform is its impeccable risk management system. Forex and CFD trading is riskier than most investments, and it isn’t rare for investors to lose their investment with a few bad trades. Hence, Botsfolio has embedded a risk management system for its trading bots to prevent losses from impacting the principal amount.
#7. TradeZero
TradeZero is a recent entrant into the digital asset market, and it has gained a loyal customer base in a short time. The company is located in Brooklyn and is registered with SIPC and FINRA, making it highly trustable. The owners aim at providing a simple solution for trading in multiple securities through a range of trading platforms. The trading platforms have a clutter-free interface that has attracted various active traders towards the brokerage.
The notable feature of TradeZero is its commission-free stock trading. Traders can use the trading platform for free; it allows investors to locate stocks and securities throughout the application and place their trades. In addition, the trading platform provides access to real-time market streaming, which is handy for active traders looking to make quick profits from day trading.
Another important aspect is the feasibility of shorting through the application. The array of technical indicators allows the investors to analyze profitable targets for shorting. Furthermore, the real-time streaming data accompanied by reliable indicators magnify the market’s response and provide valuable insights into how the future of the market might shape up.
There are currently few automation options in the trading platform; however, it allows profit and loss stop features from making the best decision based on market conditions.
#8. Trality
Trality was founded by Moritz Putzhammer and Christopher Held in 2019, after the surge in crypto markets resulted in losses for various traders. The company provides powerful trading bots that make trading as straightforward as it gets. Trality focuses on ensuring the automation of online transactions to help traders with free time that can be spent on other tasks of the day.
The owners have highlighted that most investors fail in the trading markets due to the lack of timing or emotional decision. Trality claims to have found the solution for the problem. It consists of several indicators that have been utilized to study and back-test past data. The study’s goal is to ensure that multiple strategies can be devised for investors’ needs. The trading platform contains several prepared trading philosophies that investors can use for better profitability.
Nevertheless, Trality goes a step ahead in ensuring the automation is as customizable as possible. It allows python experts to code different functions for their trading needs. Nonetheless, the custom coding shouldn’t serve as a deterrent for casual traders, as Trality has several expert-advice trading strategies ready to use that can help young traders make the best deal. All you need to do is select from over 100 technical indicators and align them in accordance with the boolean logic.
#9. WunderBit
Wunderbit was founded in 2017 and has earned a credibility for its trading algorithms. The company currently has less than 100 employees, and its headquarters is situated in Kuusalu Vald, Harju Maakond. Wunderbit was rated amongst the top 15 fastest-growing startups in the United States. The main reason behind its rapid growth is the simplicity of its trading platforms.
Like other automated trading software, Wunderbit offers seamless trading for cryptocurrency, forex, and other securities. The company aims at freeing the traders from the hassle of making manual deals and losing out on great profits. Any investor can use the latest trading strategies or create custom rules for trades. The trading platform completes the transaction efficiently as soon as the conditions are achieved.
A notable feature of Wunderbit is its copy, a trade feature that most other trading platforms lack. As a result, any investor can copy more experienced traders for better results. In addition, the platform allows selective copying, and the user can choose any investor for the duplication of trades. Despite its new entry into the market, Wunderbit has gained trust amongst its users, and the early reviews show an excellent prospect for the firm.
Stock Trading Software Pros and Cons
Pros
- No emotional influence
- Better compliance with trading strategies
- Backtesting allows better results
- Less time is required in finding the right deals
- Timely decisions
Cons
- System lags may prevent any benefit
- Selecting strategies can be challenging
- Lesser say of the investor
What is Automated Trading Software
Bitcoin is currently in its slump, and the value is falling rapidly. Undoubtedly, the situation isn’t likable for traders holding the currency, and they might have regrets. Bitcoin’s downward recession started in November, but most traders feared that selling the currency right now may result in loss, and the currency might bounce back.
However, the reversal didn’t happen. Instead, Bitcoin kept on falling, which worsened their losses, and their principal amount was impacted. So how can we prevent fear of losing out from affecting our deals?
The solution is Automated trading software, also known as algorithmic trading platforms. The trading systems offer an easy route for traders that can’t stick to their screens during the market timings. The automated trading systems allow users to create a custom set of rules or conditions for each trade order.
The rules may include a stop-loss percentage, profit targets, buy and sell signals. The flexibility provided by automated systems has been famous amongst investors. A survey shows that more than 70% of the trades of the online markets take place through automated systems.
It is essential to know how the system works. The trading platforms include multiple functions designed to fit various investors’ needs. For example, once the investors select a certain set of rules, the computer bots will ensure they are abided by at all costs.
Various brokerages now offer trading bots that create trading strategies based on technical indicators: they are first tested on historical data to determine their efficacy. After that, the trading strategies are open for investors to employ to their wallets, and bots will then carry out trading decisions.
What to look for in an Automated Trading Software
After reading the above section about the best automated trading software, you might have a mind map of essential services that are necessary for a trading platform. However, if you are still unclear, here are some aspects to note in your platform search. The degree of automation is probably the most crucial factor to check before selecting your ultimate platform.
There is a wide range of trading systems in the market, all of which come with a fair degree of automation. Profit and loss stops are expected for most service providers, but they might not be helpful from the investor’s point of view. Automation works as a resort for investors to avoid time wastage in identifying manual trades and finalizing deals. Hence, if a trading platform doesn’t include trading bots for the entry and exit orders, it might not be the ideal match.
Similarly, the customization options also play an essential part in the usefulness of automated trading software. If a trading system allows for minor adjustments to its codes, it won’t address the trading needs of a wider audience. Hence, it might hinder your long-term growth due to the rigid strategies.
You should aim for a trading platform that provides customization options for its users. Some trading platforms allow users to add trading rules using a programming language. Hence, they can be sustainable for your changing goals and discipline.
Finally, A trading system prone to malfunction and lags will eventually result in more loss than profit. Hence, you must ensure that your trading platform has a positive reputation amongst its existing users and no flaws in its accuracy or efficiency are highlighted. If you think that a trading platform doesn’t perform optimally, limiting its control over your investments is better.
Nevertheless, it is difficult to identify whether a system is lag-free based on a review, so you may look out for any free trials that the companies might be offering for better judgment.
Best Online Brokers for Stock Trading
Best Forex Trading Course
Asia Forex Mentor by: Ezekiel Chew
Digital asset trading is a challenging game, and it is difficult to identify deals that can eventually bring profits. New investors often end up making the wrong trading decisions due to a lack of understanding of the market. The losses hinder their confidence, and they end up quitting the market. It is better for new investors to seek professional advice and consultancy before starting their journey. However, just like trading platforms, the choice of selecting the best course isn’t simple.
Our recommendation will be Ezekiel Chew’s, Asia Forex Mentor. Ezekiel Chew has made a name for himself in the forex industry. His brilliant expertise and commendable portfolio are second to none. He has crafted a detailed five-step guide to succeeding in the forex market; the videos take you from building a basic understanding of the forex market to eventually reading the technical indicators and finally making profitable deals.
Ezekiel Chew started his services as a Forex coach from a small social media community in 2008, but with time and efforts, his audience kept on growing, and today, he has helped thousands of newbies quit their jobs for a better forex livelihood. The 5-step course used to retail for more than a thousand dollars in pre-covid times; however, the founder has decided to help aspiring investors by giving it away for free.
Conclusion
To sum it up, digital asset trading wasn’t a part-time gig, and it required consistent efforts to make profitable trades. However, the growth of technology has come with a glare for busy investors who can now opt for automated trading systems that will place and execute deals on the investors’ behalf. Mechanical trading systems, also known as algorithmic trading software, are made under scrutiny to include several functions that make them worthwhile for investors.
The integration of multiple trading bots in the trading platforms ensures that each of your trades turns profitable. These trading systems help investors avoid losses due to fear of losing out and mistiming. However, in the sea of automated trading software, it is hard to identify the most appropriate system for your trading needs.
You must ensure that your final selection is a reliable firm that provides customizable trading strategies and helpful technical indicators, which will eventually help you enjoy some free time from your computer screen.
We have finally come to the end of the blog. I hope it helped you understand what automated trading systems are and how the popular trading platforms are different. It is important to note that digital asset trading isn’t like conventional investments, and solid returns are difficult to visualize.
Good results are a possibility only if you are well aware of how the market works. Failures are a part of every business; you should not avoid calculated risk.
Best Automated Trading Software FAQs
What is the best-automated trading?
Automated trading is a simplification to your manual trades, where an individual can delegate the computer to make trading decisions on their behalf. The latest automation procedures have also allowed investors to set entry and exit calls, which helps them make profitable deals even when they aren’t physically present.
From our discussion above, you can analyze that the title of best-automated trading platform is entirely subjective. It depends on the requirements of an investor and their preference for automation. Most traders would like to have control over their investments; thus, they won’t appreciate platforms like Zen trading strategies or coin rule.
Nevertheless, the same firms may act as a messiah for other investors; the ready-to-use strategies from experienced traders takes all the arduous work away from the trading process, making life easier for such investors.
Is automated trading profitable?
Automated trading works on a set of rules or strategies that are embedded into your account. The decisions are taken based on prior commands; hence, the losses due to emotional decisions are reduced to a minimum. Similarly, most traders cannot match the right time for a deal, and they end up missing a significant chunk of the profit. Hence, automated trading can also help these investors.
However, it may also serve as a limiter to your profits. For instance, if you’ve set a sell order for a 5% raise, the trading platform will act on the command as soon as the rise is achieved. Hence, if the share keeps rising further, you will miss out on additional profit.
Does automated trading software work?
Automated trading software is a solution for traders who don’t have free time to conduct a market analysis before making a trade. Automated software allows investors to copy or create a trading strategy that can be followed for their trading cycle. The conditions determine the action taken; hence, the trading bots will carry out the task on their behalf even if the investor isn’t physically active.
The flexibility of creating and copying trading strategies has been a game-changer for busy investors, as they are able to utilize the trading patterns of more experienced traders for more profitable trades.
