Selecting Broker for Algo Trading

Selecting a Broker for Algo trading in India is easy these days because of competition in the stock broking industry. For selecting a broker, Cheap brokerage rates are no longer a decisive factor that traders consider. One should consider the following checklist when selecting a broker for Algo trading.

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Selecting Broker Based on API

API stands for Application Programming Interface. You can simply plugin APIBridge with Amibroker/Mt4/NinjaTrader/Python/Excel etc for automated trading. Here is the list of Indian brokers offering API. For detailed comparitive analysis, click on the particular Broker’s name.

Broker NameAPI CostAPIBridge Integration
FyersFreeYES
AliceBlue* (Not integrated due to changed API)FreeNO
5paisa (Only XTS API)FreeYES
SMC (XTS API)FreeYES
Goodwill Wealth* (Not integrated due to changed API)FreeNO
Acumen CapitalFreeYES
Profitmart (Not integrated due to changed API)FreeNO
TradeSmartOnlineFreeYES
Enrich BrokingFreeYES
Shoonya By FinvasiaFreeYES
Angel BrokingFreeYES
IIFL (XTS API Only)FreeYES
CompositeEdgeFreeYES
NirmalBang (XTS API)FreeYES
SAS OnlineFreeYES
Zebu (Not integrated due to changed API)FreeNO
MasterTrust (Not integrated due to changed API)FreeNO
Gill BrokingFreeYES
SS CorporateFreeYES
Pure BrokingFreeYES
StoxkartFreeYES
AgaramFreeYES
AsthaFreeYES
Suresh RathiFreeYES
Arham WealthFreeYES
AC Agarwal*FreeYES
Aditya Trading Solutions*FreeYES
Basan*FreeYES
BNR Securities*FreeYES
Bonanza*FreeYES
Chalomandalam*FreeYES
Elixir Equities*FreeYES
Enrich Broking*FreeYES
Findoc*FreeYES
Hensex Securities*FreeYES
Jainam Share*FreeYES
JM Financial*FreeYES
Northeast BrokingFreeYES
Prabhudas Liladhar*FreeYES
Prithvi Finmart*FreeYES
Religare*FreeYES
RmoneyFreeYES
Rudra*FreeYES
GRD*FreeYES
Tradebulls*FreeYES
Trustline*FreeYES
Thincredblu Securities*FreeYES
Sushil Finance*FreeYES
Wealth Discovery*FreeYES
DhanFreeYES
Ganganagar Commodity Limited (GCL)FreeYES

Notes: (1) For brokers marked with * formal approval required before starting live trading (2) API monthly cost may change and depends on various plans given by the particular broker

Exposure/Margin

Since APIBridge has an additional layer of risk management by the decision logic, traders often expect a high margin from the broker. You can negotiate for margin depending on exchange guidelines and your own trading style.

Monthly API Costs

API may cost anything between zero to Rs. 2,000 per id per month. Add to that the brokerage costs depending upon your expected monthly turnover. It is wise to select a broker which has low monthly (Software Costs + Brokerage Costs)

Getting Started with Automated Trading

Watch the two videos below for some our amazing solutions, and contact us through https://algoji.com/#contact