Algo trading, or algorithmic trading, is a type of trading that uses computer programs to execute orders based on predefined rules and strategies. Algo trading can help traders to save time, reduce costs, and optimize their performance. However, algo trading also requires a reliable broker that can provide the necessary tools, platforms, and support for this kind of trading.
In this article, I will review some of the best algo trading brokers in India, based on my personal experience and the feedback of other traders. I will also compare their pros and cons, and suggest who should choose which broker depending on their needs and preferences. I hope this article will help you to find the best algo trading broker for you.
The following table summarizes the main features and ratings of the brokers that I will review in detail:
| Broker | Algo Trading Platforms and Software | Data Feeds and APIs | Fees and Commissions | Customer Support and Education | Regulation and Reputation |
|---|---|---|---|---|---|
| Zerodha | Kite Connect, Streak, Zerodha Pi | NSE, BSE, MCX | Flat Rs. 20 per order | 24/7 phone, email, chat, help center, webinars, blogs | SEBI registered, NSE, BSE, MCX members |
| Upstox | Upstox Pro Web, Upstox Algo Lab | NSE, BSE, MCX | Flat Rs. 20 per order | 24/7 phone, email, chat, help center, videos, blogs | SEBI registered, NSE, BSE, MCX members |
| Angel one | 5paisa Algo Trader | NSE | Flat Rs. 20 per order | Phone, email, chat, help center | SEBI registered, NSE member |
Let’s take a closer look at each of these brokers and see what they offer for algo trading.
Zerodha
Zerodha is the largest and most popular discount broker in India, with over 5 million clients and a daily turnover of over Rs. 2 lakh crore. Zerodha offers Kite Connect API, which is a set of REST-like APIs that enable algo trading on its platform. Kite Connect API supports multiple programming languages, such as Python, Java, PHP, C#, Ruby, and R. It also supports various platforms, such as AmiBroker, MetaTrader, TradingView, Excel, Google Sheets, and more making it one of the best algo trading broker in India.
Kite Connect API allows traders to access live market data, place orders, manage portfolios, stream quotes, and get historical data. It also provides webhooks and alerts for order updates and events. Kite Connect API is well-documented and has a large community of developers and users who can help with any queries or issues.
However, Kite Connect API is not free. Zerodha charges Rs. 2000 per month for API access, which is quite expensive compared to other brokers. Moreover, Zerodha does not provide any technical support or guidance for algo trading. Traders have to rely on their own skills and knowledge to develop and deploy their algorithms.
Streak: A cloud-based platform that allows you to create and backtest your own trading strategies without coding. You can use Streak to generate signals based on technical indicators, candlestick patterns, or custom conditions. You can also automate your trades using Streak’s integration with Kite Connect.
Pros:
- Largest discount broker in India with a high reputation and trust
- Offers Kite Connect API for algo trading with multiple features and functionalities
- Supports multiple programming languages and platforms for algo trading
- Provides extensive documentation and community support for Kite Connect API
Cons:
- Charges Rs. 2000 per month for API access, which is quite expensive compared to other brokers
- Does not provide any technical support or guidance for algo trading
- Zerodha Pi is not very user-friendly and requires coding skills
- Zerodha does not offer margin trading or leverage for algo trading
Who should choose Zerodha?
Zerodha is suitable for traders who are looking for a reliable and reputable broker with a high-quality platform and a wide range of features for algo trading. Zerodha is also suitable for traders who are proficient in programming and can develop and deploy their own algorithms without much assistance from the broker.
Upstox
Upstox is the second largest discount broker in India, with over 3 million clients and a daily turnover of over Rs. 1 lakh crore. Upstox offers Upstox API, which is a set of REST APIs that enable algo trading on its platform. Upstox API supports Python, Java, Node.js, and Excel for algo trading. It also supports AmiBroker, MetaTrader, and TradingView through third-party bridges making it 2nd best algo trading broker in India
Upstox API allows traders to access live market data, place orders, manage portfolios, stream quotes, and get historical data. It also provides webhooks and alerts for order updates and events. Upstox API is moderately documented and has a small community of developers and users who can help with some queries or issues.
However, Upstox API is not free. Upstox charges Rs. 500 per month for API access, which is cheaper than Zerodha but still not very affordable for many traders. Moreover, Upstox does not provide any technical support or guidance for algo trading. Traders have to rely on their own skills and knowledge to develop and deploy their algorithms.
- Upstox Pro Web: A web-based platform that allows you to trade across multiple segments and exchanges using advanced charting tools and indicators. You can also use Upstox Pro Web to create your own watchlists, alerts, and orders.
- Upstox Algo Lab: A cloud-based platform that allows you to create and backtest your own trading strategies without coding. You can use Upstox Algo Lab to generate signals based on technical indicators, candlestick patterns, or custom conditions. You can also automate your trades using Upstox Algo Lab’s integration with Upstox Pro Web.
Pros:
- Second largest discount broker in India with a good reputation and trust
- Offers Upstox API for algo trading with some features and functionalities
- Supports Python, Java, Node.js, and Excel for algo trading
- Charges Rs. 500 per month for API access, which is cheaper than Zerodha
- Low fees and commissions
Cons:
- Does not provide any technical support or guidance for algo trading
- Upstox Algo Lab has a monthly subscription fee
- Provides basic documentation and limited support for Upstox API
- Upstox does not offer margin trading or leverage for algo trading
Who should choose Upstox?
Upstox is suitable for traders who are looking for a decent and trustworthy broker with a moderate-quality platform and some features for algo trading. Upstox is also suitable for traders who are proficient in programming and can develop and deploy their own algorithms without much assistance from the broker.
Angel Broking
Angel Broking is a full-service broker with over 30 years of experience in the Indian stock market. Angel Broking offers Smart API, which is a set of REST APIs that enable algo trading on its platform. Smart API supports Python, Java, Node.js, and C# for algo trading. It also supports AmiBroker, MetaTrader, TradingView, Excel, Google Sheets, and more through third-party bridges.
Smart API allows traders to access live market data, place orders, manage portfolios, stream quotes, and get historical data. It also provides webhooks and alerts for order updates and events. Smart API is moderately documented and has a moderate community of developers and users who can help with some queries or issues.
However, Smart API is not free. Angel Broking charges Rs. 1000 per month for API access, which is more expensive than Upstox but cheaper than Zerodha. Moreover, Angel Broking does not provide any technical support or guidance for algo trading. Traders have to rely on their own skills and knowledge to develop and deploy their algorithms.
Pros:
- Full-service broker with over 30 years of experience in the Indian stock market
- Offers Smart API for algo trading with some features and functionalities
- Supports Python, Java, Node.js, and C# for algo trading
- Charges Rs. 1000 per month for API access, which is more affordable than Zerodha
Cons:
- Does not provide any technical support or guidance for algo trading
- Provides moderate documentation and support for Smart API
Who should choose Angel Broking?
Angel Broking is suitable for traders who are looking for an experienced and reliable broker with a moderate-quality platform and some features for algo trading. Angel Broking is also suitable for traders who are proficient in programming and can develop and deploy their own algorithms without much assistance from the broker making it 3rd best algo trading broker in India
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