8 Best Automated Trading Platforms [Beginner-Friendly & Free] (2024)

Discover the Top Automated Trading Brokers of 2023

Subscribe to stay updated on the best brokers for automated trading in 2023. We provide thorough reviews and comparisons to help you find the platform that best suits your trading strategy and goals.

Capitalise.ai is without a doubt one of the most functional and user-friendly automated trading platforms on the market as of this writing. You can build your own automated trading strategy and tweak it along the way, or choose from premade trading strategies that have worked in the past.

You can easily create, test, automate and automate trading scenarios with everyday English. Smart and efficient automated execution takes the emotion out of trading. You can arrange the bot to execute simple orders like setting the bot to trade at a specific time, entering a dynamic entry price, or arranging triggered alerts. Or arrange fairly advanced rules like assets correlation, and setting buying/selling positions based on the pivot indicator or Ballinger bands.

Note that you will need to integrate Capitalise.ai with an online broker to execute your orders, but as the platform is free of charge, you don’t have to worry about additional costs. It integrates with major platforms like Interactive Brokers.

eToro has recently launched the ambitious Academy program, which covers all the basics of investing and trading with videos, articles, podcasts, and webinars. The classes are neatly organized based on topic and level of knowledge. Besides the academy, the platform also offers a social hub where users can discuss and share their trading experience, allowing self-starters an opportunity to observe the trading behavior of other investors.

Copy Portfolio feature allows you to take this one step further and copy more experienced investors’ trading strategies into your own portfolio. With a filtered search, you can find an investor that matches your goals and risk tolerance from eToro’s over 2 million users, and view their preferred assets, average returns, and risk ratings. As you find a suitable investor, you can automate the copying process fully.

One of the few, and arguably the most outstanding, regulated forex brokers in the US, IG offer various ways of automating forex trades. Traders can use;

• ProRealTime to build a range of strategies without coding. The platform has over 100 indicators and provides an easy-to-use backtesting suite to test strategies. Traders who place at least four positions a month can access the system for free, and it caters to seasoned and novice traders alike.

• MetaTrader 4 to automate their trades with the help of Expert Advisors. Traders can set up entry and exit positions, as well as more sophisticated parameters, and allow EAs to find opportunities in line with the parameters. It’s possible to set up EAs to open and close positions automatically, or alternatively, they can notify traders to do so.

• APIs to build their own platform and create advanced trading solutions. Catering to tech-savvy users, API access requires coding knowledge.

Sofi’s automated investing service comes with a robo-advisor free of charge, with which you can choose a ​​tax-advantaged individual retirement account (IRA) or a taxable investment account. The robot gets to know you by asking you a series of questions to assess your risk tolerance, after which it crafts a suitable portfolio design, at any point you can contact a financial advisor provided by the platform.

Based on your investment goals and personality, the robot manages your money by investing in EFTs, expense ratios of which vary from 0% to 0.49% — which are quite competitive when compared to other asset management platforms, especially when factoring in the no-fee advisor help. You can view and approve your asset allocation and retain control over your portfolio.

Webull’s mobile app neatly bundles up all services with a sleek and modern interface. The services on the application and web services differ only slightly. Mobile traders can access charting tools, options contracts, reporting capabilities, watchlists, and alert settings, along with an extensive library of educational resources, but not screener capabilities. However, any changes made to watchlists on the desktop are also reflected on mobile.

Recurring investments are one of the most outstanding automated features. By setting up precise trade entry and exit points along with a predetermined price, you can set your trades to be placed on a regular basis without having to do it manually.

Many active traders like to trade the market in the pre and/or extended-hour trading periods, and Webull customers have the ability to access these hours. Traders can choose whether they want their orders active during the non-regular trading day times.

E*Trade supports an extensive options trading section with capabilities like pre-built trading strategies based on risk-tolerance factors, robust analytical tools like Live Action, which helps to identify unusual options and volatility, and Spectral Analysis, which allows visualization of your strategy to assess profit/loss probabilities better.

By putting in your long-term investment goals, you can opt for an auto portfolio manager which designs a tailored, diversified portfolio depending on your particulars. The manager shifts easily if you wish to tweak your goals along the way. For further help, the platform includes extensive research amenities like real-time news feeds, market reports, educational videos, and more. Overall, E*TRADE offers an extremely well-rounded platform that serves all types of investors.

With no commissions, management costs, or trading fees for stocks or EFTs, Public.com is among the most cost-efficient automated brokers. For those who seek even cheaper entry to the market, Public.com also offers fractional share trading to bring down the entry barrier further. The platform has a mobile-first approach, so you will find navigating on the mobile app much easier compared to its web services.

Using its recurrent investing feature, you can automate your trades at weekly, biweekly, or monthly intervals at predetermined prices. While it’s not suitable for every trader, it may come in handy for dedicated investors with a solid strategy. Much like eToro, Public.com is also a social trading platform (it’s in the name) and supports a hub where investors can share insights with one another. You can view other investors’ portfolios for inspiration and even drop them a private message should you have any questions.

Combining a range of investment products from stocks to mutual funds with an intuitive design, Tradestation is well-cherished by its users. The platform offers exceptional and highly personalized charting functionalities with a built-in automated technical analysis tool, including real-time data, a range of customizable overlays, and numerous indicators. Note that while the interface is intuitive, the sheer amount of moving parts may overwhelm traders with little experience.

Its portfolio analysis tool allows you to backtest your strategy depending on historical data to assess its performance prior to execution and help analyze your allocation with the help of robust reporting capabilities.

You can automate any trading strategy after backtesting. While non-technical traders can utilize technical indicators and pre-built strategy components, programmers can develop custom indicators and strategies and put them to work. The Walk Forward Optimizer offers your strategy a pass/fail report before automation.

Accessibility across devices

While auto trading platforms regularly offer various deployment models, due to the high computing power it requires, automated systems are found more in the form of web services or desktop workstations rather than mobile applications.

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